Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES (Tables)  
Schedule of net sales

The following table presents the Company’s net sales by product category for the three months ended March 31, 2020 and 2019:

 

 

Three Months Ended

March 31,

 

2020

 

2019

 

Sales/access fees

 

$

8,250

 

$

6,750

 

Distribution rights income

 

28,645

 

58,524

 

Net sales

 

$

36,895

 

$

65,274

 

Schedule of changes in deferred revenue

The following table presents the changes in deferred revenue, reflected as current and long term liabilities on the Company’s condensed consolidated balance sheet:

 

Balance as of December 31, 2019

 

Short term

 

$

134,924

 

Long term

 

103,313

 

Total as of December 31, 2019

 

$

238,237

 

Cash payments received

 

-

 

Net sales recognized

 

(28,645

)

Balance as of March 31, 2020

 

209,592

 

Less short term

 

115,000

 

Long term

 

$

94,592

Schedule of computations of weighted average shares outstanding

 

Three Months Ended

 

March 31,

 

2020

 

2019

 

Shares underlying options outstanding

 

$

822,797

 

$

790,350

 

Shares underlying warrants outstanding

 

72,500

 

85,250

 

Shares underlying convertible notes outstanding

 

-

 

1,312,500

 

Convertible preferred stock outstanding

 

240,000

 

240,000

 

$

1,135,297

 

$

2,428,100