Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 753,563 $ 4,069,477
Accounts receivable 304,374 1,013,423
Lease receivable 41,375 45,300
Inventory 5,027,569 4,621,942
Prepaid expenses and deposits 215,769 946,134
Current assets, Total 6,342,650 10,696,276
Property, plant and equipment, at cost:    
Land 700,000 700,000
Buildings 5,900,000 5,900,000
Leasehold improvements 19,236 19,225
Software 86,050 86,050
Equipment 829,742 829,742
Vehicles and prototypes 156,567 156,567
Less: accumulated depreciation (2,143,942) (2,095,571)
Net property, plant and equipment 5,547,653 5,596,013
Lease receivable 231,700 212,004
Assets, Total 12,122,003 16,504,293
Current liabilities:    
Accounts payable 4,202,116 4,311,135
Accrued liabilities 1,757,392 1,718,397
Accounts payable, related parties 116,226 54,914
Customer deposits 267,000 54,405
Current portion of long-term debt 381,746 381,497
Current liabilities, Total 6,724,480 6,520,348
Principal amount of notes payable 5,750,000 5,750,000
Less: unamortized discount and debt issuance costs 493,750 987,500
Notes payable 5,256,250 4,762,500
Total current liabilities 11,980,730 11,282,848
Long-term debt 1,700,608 1,709,881
Stockholders' equity (deficit):    
Series A preferred stock, par value of $.001 per share 75,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2018 and December 31, 2017
Common stock, par value of $.001 per share 100,000,000 shares authorized, 41,966,550 shares issued and outstanding at March 31, 2018 and 41,529,181 shares issued and outstanding at December 31, 2017 41,966 41,529
Additional paid-in capital 109,106,507 107,760,036
Accumulated deficit (110,707,808) (104,290,001)
Stockholders' equity (deficit), Total (1,559,335) 3,511,564
Liabilities and Stockholders' Equity (Deficit), Total $ 12,122,003 $ 16,504,293