Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 7,751,557 $ 1,083,280
Accounts receivable 3,553,096 1,150,602
Inventory 609,072 2,715,913
Prepaid expenses and other assets 199,495 161,813
Total current assets 12,113,220 5,111,608
Property and Equipment, net 2,569,354 1,243,450
Deferred tax asset 500,000
License, net 52,945 58,825
Prepaid expenses and other assets 4,058
Customer acquisition costs, net 642,203 897,428
Total assets 15,877,722 7,315,369
Current liabilities    
Accounts payable and accrued expenses 4,363,553 1,235,162
Deferred revenue 2,281,760
Current portion of notes payable 1,500,000
Current portion of convertible notes payable 2,497,114
Current portion of equipment notes payable 39,499 20,979
Customer credits 590,206 936,500
Total current liabilities 6,493,258 6,971,515
Notes payable, net of discount and issuance costs 11,678,669
Convertible notes payable, net of discount and issuance costs 1,142,154 3,175,085
Warrant liability 1,313,000 9,854,400
Accrued interest 78,750 169,202
Equipment notes payable 143,135 90,165
Total liabilities 20,848,966 20,260,367
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 73,509,663 shares issued and outstanding as of December 31, 2016 47,194,118 shares issued and outstanding as of December 31, 2015 73,510 47,194
Additional paid-in capital 49,838,469 25,008,016
Accumulated deficit (54,883,223) (38,000,208)
Total stockholders' deficit (4,971,244) (12,944,998)
Total liabilities and stockholders' deficit $ 15,877,722 $ 7,315,369