Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v2.4.0.8
BALANCE SHEETS (USD $)
Dec. 31, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 186,864 $ 1,021,475
Accounts receivable 19,200 30,451
Prepaid expenses and other current assets 80,386 56,368
Inventory 228,256 48,749
Total current assets 514,706 1,157,043
Other assets:    
Equipment, net of depreciation 369,775 316,357
Intangible assets, net of amortization 2,053,572 2,410,715
Total other assets 2,423,347 2,727,072
Total assets 2,938,053 3,884,115
Current liabilities:    
Accounts payable 77,028 73,172
Accrued liabilities 256,094 112,482
Advance payment 155,497  
Interest payable 1,812 2,630
Income taxes payable 100 150
Loan payable, current 41,186 27,218
Current portion of senior subordinated notes payable 500,000 500,000
Current portion of unsecured notes payable 90,000  
Total current liabilities 1,121,717 715,652
Long-term liabilities:    
Loan payable 145,458 106,158
Senior subordinated notes payable   500,000
Total long-term liabilities 145,458 606,158
Total liabilities 1,267,175 1,321,810
Commitments and contingencies      
Stockholders' equity:    
Preferred stock value 101 286
Common stock value 808 190
Additional paid-in capital 8,483,727 5,992,636
Accumulated deficit during development stage 6,813,758 3,430,807
Total stockholders' equity 1,670,878 2,562,305
Total liabilities and stockholders' equity $ 2,938,053 $ 3,884,115