PFO Global

Financials

v3.5.0.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Cash $ 130,413 $ 26,250
Accounts receivable 362,322 485,192
Inventories 721,072 724,009
Prepaid expenses and other assets 16,703 104,546
Total current assets 1,230,510 1,339,997
Property and equipment, net 117,358 152,031
Deferred costs 293,732 293,732
Other assets 110,151 85,462
Total assets 1,751,751 1,871,222
LIABILITIES AND STOCKHOLDERS' (DEFICIT)    
Accounts payable 1,963,134 2,348,824
Accrued liabilities 3,544,537 2,145,442
Accrued interest, related parties 1,414,249 1,188,182
Note payable, related parties – current portion 2,312,761
Note payable, net of discount - current portion 13,532,236 6,705,000
Royalty obligation 1,750,000 1,750,000
Derivative obligation 1,769,000
General unsecured claims - current portion 10,941 26,641
Total current liabilities 24,527,858 15,933,089
Total long term notes to related parties, net of current maturities 2,312,761 4,677,630
Notes payable, less current maturities 1,532,884 3,214,591
Deferred Revenue, Noncurrent 2,582,198 2,582,198
General unsecured claims - net of current portion 8,655 12,662
Total long term debt 6,436,498 10,487,081
Total liabilities 30,964,356 26,420,170
Commitments and contingencies
STOCKHOLDERS' (DEFICIT)    
Preferred stock, $0.001 par value; 5,000,000 preferred shares authorized, 23.988 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively
Common stock, $.0001 par value, 500,000,000 shares authorized, 18,417, 506 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively 1,842 1,842
Additional paid in capital 9,287,583 9,215,458
Accumulated deficit (38,502,030) (33,766,248)
Total stockholders' deficit (29,212,605) (24,548,948)
Total liabilities and stockholders' deficit $ 1,751,751 $ 1,871,222

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v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Sales $ 789,530 $ 710,050 $ 2,795,130 $ 2,160,730
COST OF GOODS SOLD (excluding depreciation shown below) 577,759 508,191 1,840,759 1,530,468
Gross profit 211,771 201,859 954,371 630,262
OPERATING EXPENSES:        
Selling, general and administrative expenses 1,337,337 2,242,760 3,826,084 6,172,109
Depreciation and amortization 20,510 57,900 95,374 177,508
Total operating expenses 1,357,847 2,300,660 3,921,458 6,349,617
Loss from operations (1,146,076) (2,098,801) (2,967,087) (5,719,355)
OTHER INCOME (EXPENSE):        
Other income (expense) (147) 71,257 28,508 177,980
Loss on extinguishment of debt (583,326)
Change in fair value of derivative liabilities 1,124,391 (455,000) 1,769,000 (487,751)
Interest expense, related parties (72,919) (74,750) (223,847) (224,238)
Interest expense, others (1,094,195) (1,282,741) (3,342,356) (4,135,787)
Total other expense (42,870) (1,741,234) (1,768,695) (5,253,122)
Net loss before provision for income taxes (1,188,946) (3,840,035) (4,735,782) (10,972,477)
Income tax (benefit)
NET LOSS $ (1,188,946) $ (3,840,035) $ (4,735,782) $ (10,972,477)
Net loss per common share, basic and diluted (in dollars per share) $ (0.06) $ (0.18) $ (0.23) $ (0.65)
Weighted average number of common shares outstanding, basic and diluted (in shares) 20,917,506 20,917,506 20,917,506 16,765,551

Source

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Hillair Notes [Member]    
Non-cash investing and financing activities:    
Debt discount related to original issue discount on Hillair notes $ 391,800
Class B Warrants [Member]    
Non-cash investing and financing activities:    
Exercise of Class B Warrants 170
Patents [Member]    
Non-cash investing and financing activities:    
Patents 15,000
Goodwill [Member]    
Non-cash investing and financing activities:    
Patents 4,153,463
Preferred Stock [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss  
Non-cash investing and financing activities:    
Fair value of preferred stock retained 1,650,000
Common Stock [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss  
Non-cash investing and financing activities:    
Fair value of preferred stock retained 2,256,215
Net loss (4,735,782) (10,972,477)
Depreciation and amortization 95,374 177,508
Stock based compensation 72,125 228,776
Provision for doubtful accounts 20,672 99,520
Change in fair value of derivative liability (1,769,000) 487,751
Interest expense, related parties 223,847 224,238
Interest expense, others 1,393,008 984,861
Amortization of debt issue costs 501,356 804,325
Amortization of debt discount 1,447,992 2,346,601
Loss on extinguishment of debt 583,326
Write off prepaid IPO costs 215,464
Accounts receivable 102,198 (161,246)
Inventories 2,937 (79,415)
Prepaid expenses 87,843 (37,151)
Other assets (24,689) (19,467)
Deferred costs (39,751)
Deferred revenue 45,000
Accounts payable and accrued expenses (429,586) (640,951)
Net cash used in operating activities (3,011,705) (5,753,088)
Purchase of property, plant and equipment (60,701) (63,092)
Net cash used in operating activities (60,701) (63,092)
Proceeds from long term debt, net of debt issue costs 3,197,948 6,564,356
Payments on long term debt (21,379) (492,845)
Repurchase of common stock (18)
Net cash provided by financing activities 3,176,569 6,071,493
Net increase in cash 104,163 255,313
Cash beginning of period 26,250 75,536
Cash end of period 130,413 330,849
Interest paid 240,244
Debt issuance costs 147,879
Debt discount related to issuance of warrants 2,448,753
Derivative obligation related to issuance of warrants 1,539,559
Issuance of warrants in conjunction with issuance of promissory notes and amendments of promissory notes 1,057,073
Cancellation of shares subscribed 440,000
Assumption of liabilities $ 262,248

Source