• Filing Date: 2013-04-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash $ 45,861 $ 3,608
Accounts Receivable, net 203,967 63,738
Inventory, net 454,211 271,203
Employee Advances 11,832 27,140
Notes Receivable - Related Parties 0 959,449
Accrued Interest - Related Parties 0 122,090
Deferred Loan Costs 7,400 41,742
Deferred Compensation 309,450 0
Prepaid and Other Assets 11,306 100,214
Total Current Assets 1,044,027 1,589,184
LONG-TERM ASSETS:    
Property and Equipment, net 0 0
Intangible Assets, net 344,459 432,675
Deferred Loan Costs, 5,126 26,090
Other Assets 0 27,137
Note Receivable. 0 1,750,000
Accrued Interest. 0 7,431
Total Long-Term Assets 349,585 2,243,333
TOTAL ASSETS 1,393,612 3,832,517
CURRENT LIABILITIES:    
Accounts Payable 205,206 4,804
Accrued Royalties 803,238 428,238
Accrued Liabilities 263,165 411,686
Accrued Interest - Related Parties. 34,054 2,137
Accrued Interest.. 132,018 60,261
Derivative Liabilities 1,336,574 5,417,525
Notes Payable - Related Parties 415,620 500,000
Notes Payable, net of discount 1,814,287 58,189
Stock Subscription Payable 6,000 0
Total Current Liabilities 5,010,162 6,882,840
LONG-TERM LIABILITIES    
Notes Payable, net of discount. 0 275,041
Debentures, net of discount 189,256 534,651
Total Long-Term Liabilities 189,256 809,692
TOTAL LIABILITIES 5,199,418 7,692,532
STOCKHOLDERS' EQUITY (DEFICIT)    
Series A Preferred Stock, $10 par value, 5,000,000 shares authorized; 0 issued and outstanding 0 0
Series B Preferred Stock, $10 par value, 75,000 shares authorized; 0 issued and outstanding 0 0
Common Stock: $.001 par value; 100,000,000 shares authorized; 68,782,470 issued and 68,778,381 outstanding as of December 31, 2012 and 58,754,110 issued and 58,750,021 outstanding as of December 31, 2011 68,782 58,754
Additional Paid-in Capital 35,154,736 33,265,232
Treasury Stock (12,039) (12,039)
Accumulated Deficit (39,017,285) (37,171,962)
Total Stockholders' Equity (Deficit) (3,805,806) (3,860,015)
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY $ 1,393,612 $ 3,832,517