Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 4,204,916 $ 15,022,286
Accounts receivable, net 378,658 872,874
Inventories, net 1,245,147 648,009
Prepayments and other current assets 312,593 296,355
Total current assets 6,141,314 16,839,524
Property and equipment, net 936,486 925,899
Intangible assets, net 1,905,556 1,466,811
Other assets 17,920 17,920
Total assets 9,001,276 19,250,154
Current liabilities:    
Accounts payable 346,767 1,338,828
Accrued expenses 1,149,129 1,240,093
Total current liabilities 1,495,896 2,578,921
Long-term liabilities 265,418 0
Total liabilities 1,761,314 2,578,921
Commitments
Stockholders’ equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized; 9,560,896 shares issued and 9,559,213 shares outstanding at December 31, 2016, and 9,550,544 shares issued and 9,549,544 shares outstanding at December 31, 2015 9,561 9,550
Additional paid-in capital 52,310,481 50,757,414
Treasury stock, at cost, 1,683 and 1,000 shares at December 31, 2016 and 2015, respectively (5,915) (2,657)
Accumulated deficit (45,074,165) (34,093,074)
Total stockholders’ equity 7,239,962 16,671,233
Total liabilities and stockholders’ equity $ 9,001,276 $ 19,250,154