Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 10,022,247 $ 4,204,916
Accounts receivable, net 221,084 378,658
Inventories, net 251,363 1,245,147
Prepayments and other current assets 283,208 312,593
Total current assets 10,777,902 6,141,314
Property and equipment, net 669,571 936,486
Intangible assets, net 2,082,014 1,905,556
Other assets 37,500 17,920
Total assets 13,566,987 9,001,276
Current liabilities:    
Accounts payable 449,475 346,767
Accrued expenses 1,081,155 1,149,129
Total current liabilities 1,530,630 1,495,896
Long-term liabilities 456,234 265,418
Total liabilities 1,986,864 1,761,314
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 shares issued and outstanding at December 31, 2017 1,518 0
Common stock, $0.001 par value; 50,000,000 shares authorized; 13,998,465 shares issued and 13,996,121 shares outstanding at December 31, 2017 and 9,560,896 shares issued and 9,559,213 shares outstanding at December 31, 2016, respectively 13,998 9,561
Additional paid-in capital 67,081,359 52,310,481
Treasury stock, at cost; 2,344 shares at December 31, 2017 and 1,683 shares at December 31, 2016, respectively (7,489) (5,915)
Accumulated deficit (55,509,263) (45,074,165)
Total stockholders' equity 11,580,123 7,239,962
Total liabilities and stockholders' equity $ 13,566,987 $ 9,001,276