Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash $ 34,460 $ 162,795
Accounts Receivable 68,346 157,013
Prepaid Expenses and Other Current Assets 120,290 132,950
Inventories 1,209,093 1,127,072
Total current assets 1,432,189 1,579,830
Fixed Assets, net 101,547 99,001
Website Acquisition Assets, net 891,308 967,114
Tradenames 150,000 150,000
Other Assets 170,316 184,400
Total Assets 2,745,360 2,980,345
Current Liabilities    
Accounts payable 663,909 654,140
Accrued Interest 42,361 11,111
Accrued Interest to Related Party 9,407 5,592
Premium Finance Loan Payable 28,401 53,643
Deferred Rent 6,015
Note Payable 500,000 500,000
Total Current Liabilities 1,250,093 1,224,486
Long Term Deferred Rent 5,177
Long Term Debt to Related Parties, net 317,064 185,905
Total Liabilities 1,572,334 1,410,391
Commitments and contingencies (See Note 9)
Shareholders' Equity    
Common stock, par value $0.01, 324,000,000 shares authorized, 44,915,131 issued and outstanding and 44,901,531 issued and outstanding, respectively 449,152 449,016
Additional paid-in capital 10,230,927 9,944,744
Accumulated Deficit (9,508,053) (8,824,806)
Total shareholders' equity 1,173,026 1,569,954
Total liabilities and shareholders' equity 2,745,360 2,980,345
Series A Preferred Stock [Member]    
Shareholders' Equity    
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding 1,000 1,000
Series B Preferred Stock [Member]    
Shareholders' Equity    
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding
Series C Preferred Stock [Member]    
Shareholders' Equity    
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding
Series D Preferred Stock [Member]    
Shareholders' Equity    
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Product Sales $ 551,355 $ 347,779
Revenues from services 109,743 76,636
Total revenues 661,098 424,415
Cost of sales 376,056 270,535
Gross profit 285,042 153,880
Selling, general and administrative expenses 884,203 786,714
Loss from operations (599,161) (632,834)
Other income (expense)    
Interest income 82 4
Interest expense (35,160) (16,127)
Interest expense - related party (49,008)
Total other income (expense) (84,086) (16,123)
Net loss before income taxes (683,247) (648,957)
Income taxes
Net loss (683,247) (648,957)
Preferred stock dividends    
Series A, Series B, Series C and Series D preferred stock 1,973 90,102
Total preferred stock dividends 1,973 90,102
Net loss attributable to common shareholders $ (685,220) $ (739,059)
Basic and diluted net loss per share $ (0.02) $ (0.02)
Weighted average shares outstanding - basic and diluted 44,913,531 36,477,625

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (683,247) $ (648,957)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation 5,489 3,334
Amortization of debt discount 28,887 7,777
Amortization 75,806 62,843
Stock option compensation expense 38,259 17,573
Common stock issued for services 3,060 44,480
Changes in operating assets and liabilities:    
Accounts receivable 88,667 9,938
Inventory (82,021) 36,318
Prepaid expenses and other current assets 63,077 18,455
Accounts payable 7,040 (67,170)
Accrued interest 31,250
Accrued interest - related party 3,815
Deferred rents 11,192  
Other assets (36,332)  
Net cash used in operating activities (445,058) (515,409)
Cash flows from investing activities:    
Purchase of fixed assets (8,035) (5,622)
Purchase of websites (119,500)
Net cash used in investing activities (8,035) (125,122)
Cash flows from financing activities:    
Sale of common stock 350,000
Repayments on insurance premium notes payable (25,242) (27,034)
Long-term debt - Loan from related parties 350,000 100,000
Net cash provided by financing activities 324,758 422,966
Net decrease in cash (128,335) (217,565)
Cash at beginning of period 162,795 416,187
Cash at end of period 34,460 198,622
Supplemental disclosure of cash flow information    
Cash paid for Interest 20,216 8,350
Cash paid for Income taxes
Non-cash investing and financing activities    
Premium finance loan payable recorded as prepaid 28,401 63,061
Payable for purchase of website 150,000
Debt discount on convertible notes payable $ 245,000

Source