v2.4.0.8

Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013
Statements of Operations [Abstract] |  |  |  |
Sales | $ 161,574 | $ 328,617 | $ 291,444 | $ 437,260
Cost of Goods Sold | 135,667 | 324,614 | 230,550 | 521,845
Gross Margin/(Loss) | 25,907 | 4,003 | 60,894 | (84,585)
Operating Expenses: |  |  |  |
Research and development expenses | 0 | 130,164 | 22,517 | 256,702
Selling, general and administrative expenses | 297,667 | 631,131 | 826,479 | 1,365,261
Total expenses | 297,667 | 761,295 | 848,996 | 1,621,963
Loss from operations | (271,760) | (757,292) | (788,102) | (1,706,548)
Non-operating revenue/(expense) |  |  |  |
Interest expense | (112,097) | (181,109) | (224,519) | (405,930)
Unrealized gain (loss) on change in fair value of derivative liabilities | 2,212,006 | (18,570) | 2,090,356 | (18,570)
Net loss before income taxes | 1,828,149 | (956,971) | 1,077,735 | (2,131,048)
Income taxes (credits) | 0 | (103,971) | 1,875 | (103,471)
Net income (loss) | 1,828,149 | (853,000) | 1,075,860 | (2,027,577)
Less preferred stock dividends | (54,269) | 0 | (54,269) | 0
Net Income (loss) available to common shareholders | $ 1,773,880 | $ (853,000) | $ 1,021,591 | $ (2,027,577)
Net income (loss) per common share - basic | $ 0.09 | $ (0.07) | $ 0.05 | $ (0.16)
Weighted average number of common shares outstanding - basic | 20,003,281 | 12,918,138 | 19,247,686 | 12,797,517
Net income (loss) per common share - diluted | $ 0.06 | $ (0.07) | $ 0.04 | $ (0.16)
Weighted average number of common shares outstanding - diluted | 29,911,001 | 12,918,138 | 23,065,044 | 12,797,517

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