Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

SIGNIFICANT ACCOUNTING POLICIES (Tables)

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