0001019687-15-003083.txt : 20150813 0001019687-15-003083.hdr.sgml : 20150813 20150813080059 ACCESSION NUMBER: 0001019687-15-003083 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150813 DATE AS OF CHANGE: 20150813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELKONET INC CENTRAL INDEX KEY: 0001094084 STANDARD INDUSTRIAL CLASSIFICATION: AUTO CONTROLS FOR REGULATING RESIDENTIAL & COMML ENVIRONMENT [3822] IRS NUMBER: 870627421 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31972 FILM NUMBER: 151048748 BUSINESS ADDRESS: STREET 1: 20800 SWENSON DRIVE STREET 2: SUITE 175 CITY: WAUKESHA STATE: WI ZIP: 53186 BUSINESS PHONE: 414-223-0473 MAIL ADDRESS: STREET 1: 20800 SWENSON DRIVE STREET 2: SUITE 175 CITY: WAUKESHA STATE: WI ZIP: 53186 FORMER COMPANY: FORMER CONFORMED NAME: COMSTOCK COAL CO INC DATE OF NAME CHANGE: 19990830 10-Q 1 telkonet_10q-063015.htm QUARTERLY REPORT

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________ to __________.

Commission file number 001-31972

TELKONET, INC.

(Exact name of Registrant as specified in its charter)

Utah	87-0627421
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

20800 Swenson Drive, Suite 175, Waukesha, WI	53186
(Address of Principal Executive Offices)	(Zip Code)

(414) 223-0473

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer o

Non-accelerated filer o	Smaller reporting company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes o No x

The number of shares outstanding of the registrant’s common stock, par value $0.001 per share, as of July 31, 2015 is 126,631,770.

TELKONET, INC.

FORM 10-Q for the Six Months Ended June 30, 2015

Index

	Page

PART I. FINANCIAL INFORMATION	3

Item 1. Financial Statements	3

Condensed Consolidated Balance Sheets (Unaudited): June 30, 2015 and December 31, 2014	3

Condensed Consolidated Statements of Operations (Unaudited): Three and Six Months Ended June 30, 2015 and 2014	4

Condensed Consolidated Statement of Stockholders’ Equity (Unaudited): January 1, 2015 through June 30, 2015	5

Condensed Consolidated Statements of Cash Flows (Unaudited): Six Months Ended June 30, 2015 and 2014	6

Notes to Condensed Consolidated Financial Statements (Unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 4. Controls and Procedures	28

PART II. OTHER INFORMATION	29

Item 1. Legal Proceedings	29

Item 1A. Risk Factors	29

Item 6. Exhibits	29

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TELKONET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	June 30, 2015			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	861,647		$	1,128,072
Restricted cash on deposit		63,550			63,000
Accounts receivable, net		2,117,489			1,460,422
Inventories, net		937,125			1,027,250
Prepaid expenses and other current assets		146,919			95,282
Total current assets		4,126,730			3,774,026

Property and equipment, net		120,914			131,750

Other assets:
Goodwill		5,796,430			5,796,430
Intangible assets, net		896,097			1,016,937
Deposits		34,000			34,238
Deferred financing costs, net		24,108			33,582
Total other assets		6,750,635			6,881,187

Total Assets	$	10,998,279		$	10,786,963

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,719,049		$	1,680,692
Accrued liabilities and expenses		1,227,741			1,090,025
Notes payable – current		209,507			279,740
Line of credit		1,034,856			628,204
Deferred revenues		166,644			120,754
Customer deposits		252,998			394,717
Total current liabilities		4,610,795			4,194,132

Long-term liabilities:
Deferred lease liability		133,454			140,575
Notes payable – long term		26,336			114,212
Deferred income taxes		637,285			534,661
Total long-term liabilities		797,075			789,448

Redeemable preferred stock:
15,000,000 shares authorized, par value $.001 per share
Series A; 215 shares issued, 185 shares outstanding at December 31, 2014, preference in liquidation of $1,303,859 as of December 31, 2014		–			1,303,859
Total redeemable preferred stock		–			1,303,859

Commitments and contingencies

Stockholders’ Equity
Series A, par value $.001 per share; 215 shares issued, 185 shares outstanding at June 30, 2015, preference in liquidation of $1,340,566 as of June 30, 2015		1,340,566			–
Series B, par value $.001 per share; 538 shares issued, 55 shares outstanding at June 30, 2015 and December 31, 2014, preference in liquidation of $382,951 and $372,030 as of June 30, 2015 and December 31, 2014, respectively		382,951			372,030
Common stock, par value $.001 per share; 190,000,000 shares authorized; 125,035,612 shares issued and outstanding at June 30, 2015 and December 31, 2014		125,035			125,035
Additional paid-in-capital		125,868,441			125,908,476
Accumulated deficit		(122,126,584	)		(121,906,017	)
Total stockholders’ equity		5,590,409			4,499,524

Total Liabilities and Stockholders’ Equity	$	10,998,279		$	10,786,963

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues, net:
Product	$	3,734,395		$	3,419,956		$	5,309,762		$	5,129,600
Recurring		1,021,079			933,392			2,020,258			1,856,365
Total Net Revenue		4,755,474			4,353,348			7,330,020			6,985,965

Cost of Sales:
Product		1,682,593			1,978,291			2,772,417			3,326,318
Recurring		236,007			263,083			474,271			517,385
Total Cost of Sales		1,918,600			2,241,374			3,246,688			3,843,703

Gross Profit		2,836,874			2,111,974			4,083,332			3,142,262

Operating Expenses:
Research and development		395,357			318,815			754,886			615,505
Selling, general and administrative		1,783,501			1,445,627			3,272,965			2,828,346
Depreciation and amortization		68,719			69,525			138,021			136,186
Total Operating Expenses		2,247,577			1,833,967			4,165,872			3,580,037

Income (Loss) from Operations		589,297			278,007			(82,540	)		(437,775	)

Other Income (Expenses):
Interest income (expense), net		(14,449	)		(7,610	)		(34,503	)		(18,724	)
Total Other Income (Expense)		(14,449	)		(7,610	)		(34,503	)		(18,724	)

Income (Loss) Before Provision for Income Taxes		574,848			270,397			(117,043	)		(456,499	)

Provision for Income Taxes		51,337			51,312			103,524			102,624
Net Income (Loss)		523,511			219,085			(220,567	)		(559,123	)

Accretion of preferred dividends and discount		–			(35,963	)		(18,253	)		(71,724	)
Net income (loss) attributable to common stockholders	$	523,511		$	183,122		$	(238,820	)	$	(630,847	)

Net income (loss) per common share:
Net income (loss) attributable to common stockholders per common share– basic	$	0.00		$	0.00		$	(0.00	)	$	(0.01	)
Net income (loss) attributable to common stockholders per common share - diluted	$	0.00		$	0.00		$	(0.00	)	$	(0.01	)

Weighted Average Common Shares Outstanding – basic		125,035,612			125,035,612			125,035,612			125,035,612
Weighted Average Common Shares Outstanding -diluted		127,613,594			127,412,878			125,035,612			125,035,612

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

SIX MONTHS FROM JANUARY 1, 2015 THROUGH JUNE 30, 2015

	Series A Preferred Stock		Series A Preferred Stock		Series B Preferred Stock		Series B Preferred Stock		Common		Common Stock		Additional Paid-in			Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Deficit			Equity
Balance at January 1, 2015		–	$	–		55	$	372,030		125,035,612	$	125,035	$	125,908,476		$	(121,906,017	)	$	4,499,524

Stock-based compensation expense related to employee stock options		–		–		–		–		–		–		7,593			–			7,593

Accretion of redeemable preferred stock dividends		–		18,454		–		10,921		–		–		(47,628	)		–			(18,253	)

Reclassification from temporary equity to permanent equity		185		1,322,112		–		–		–		–		–			–			1,322,112

Net loss		–		–		–		–		–		–		–			(220,567	)		(220,567	)

Balance at June 30, 2015		185	$	1,340,566		55	$	382,951		125,035,612	$	125,035	$	125,868,441		$	(122,126,584	)	$	5,590,409

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended June 30,
	2015			2014
Cash Flows from Operating Activities:
Net loss	$	(220,567	)	$	(559,123	)

Adjustments to reconcile net loss from operations to net cash (used in) provided by operating activities:
Stock-based compensation expense		7,593			6,641
Amortization of deferred financing costs		9,474			–
Depreciation		17,181			15,346
Amortization		120,840			120,840
Provision for doubtful accounts, net of recoveries		6,254			5,787
Deferred income taxes		102,624			102,624

Changes in assets and liabilities:
Accounts receivable		(663,321	)		159,821
Inventories		90,125			68,573
Prepaid expenses and other current assets		(51,637	)		57,339
Deposits and other long term assets		238			–
Accounts payable		38,357			151,228
Accrued liabilities and expenses		137,716			(329,824	)
Deferred revenue		45,890			177,197
Customer deposits		(141,719	)		464,463
Deferred lease liability		(7,121	)		17,197
Net Cash (Used In) Provided By Operating Activities		(508,073	)		458,109

Cash Flows From Investing Activities:
Purchase of property and equipment		(6,345	)		(120,667	)
Change in restricted cash		(550	)		319,000
Net Cash (Used In) Provided By Investing Activities		(6,895	)		198,333

Cash Flows From Financing Activities:
Payments on notes payable		(158,109	)		(131,255	)
Net proceeds from line of credit		406,652			–
Net Cash Provided By (Used In) Financing Activities		248,543			(131,255	)

Net (decrease) increase in cash and cash equivalents		(266,425	)		525,187
Cash and cash equivalents at the beginning of the period		1,128,072			572,672
Cash and cash equivalents at the end of the period	$	861,647		$	1,097,859

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(UNAUDITED)

	Six Months Ended June 30,
	2015		2014
Supplemental Disclosures of Cash Flow Information:

Cash transactions:
Cash paid during the period for interest	$	37,719	$	19,297
Non-cash transactions:
Accretion of discount on redeemable preferred stock	$	–	$	49,056
Accretion of dividends on redeemable preferred stock		47,628		47,628

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

NOTE A – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the preparation of the accompanying condensed consolidated financial statements follows.

General

The accompanying unaudited condensed consolidated financial statements of Telkonet, Inc. (the “Company”, “Telkonet”) have been prepared in accordance with Rule S-X of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. However, the results from operations for the six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated December 31, 2014 financial statements and footnotes thereto included in the Company's Form 10-K filed with the SEC.

Business and Basis of Presentation

Telkonet, Inc., formed in 1999 and incorporated under the laws of the State of Utah, is made up of two synergistic business divisions, EcoSmart Energy Management Technology and EthoStream High Speed Internet Access (HSIA) Network.

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Telkonet Communications, Inc., and EthoStream, LLC (“Ethostream”). All significant intercompany balances and transactions have been eliminated in consolidation.

Going Concern

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company reported a net loss of $220,567 for the six months ended June 30, 2015 and has an accumulated deficit of $122,126,584 and total current liabilities in excess of current assets of $484,065 as of June 30, 2015.

The Company’s ability to continue as a going concern is subject to its ability to consistently generate a profit and positive operating cash flows and/or obtain necessary funding from outside sources, including by the sale of securities or assets, or obtaining loans from financial institutions, where possible. The Company may also experience net operating losses in the future and the uncertainty regarding contingent liabilities cast doubt on its ability to satisfy such liabilities and the Company cannot make any representations for fiscal 2015 and beyond. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Anticipated cash flows from operations may be insufficient to satisfy the Company’s ongoing capital requirements for at least the next 12 months. On September 30, 2014, the Company and its wholly-owned subsidiary, EthoStream, as co-borrowers (collectively, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with Heritage Bank of Commerce, a California state chartered bank (“Heritage Bank”), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the “Credit Facility”). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Company’s eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Company’s eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. At March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015 the Company was in compliance with all financial performance covenants. The outstanding balance was $1,034,856 on the Credit Facility as of June 30, 2015 and the remaining available borrowing capacity was approximately $150,000 at June 30, 2015.

Management intends to review the options for raising capital including, but not limited to, through asset-based financing, private placements, and/or disposition of assets. Management believes that with this financing, the Company will be able to generate additional revenues that will allow the Company to continue as a going concern. There can be no assurance that the Company will be successful in obtaining additional funding.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

Restricted Cash on Deposit

During 2014, the Company was awarded a contract with a bonding requirement. The Company satisfied this requirement during the year ended December 31, 2014 with cash collateral supported by an irrevocable standby letter of credit in the amount of $63,000. The Company continues to execute contracts with bonding requirements and maintains this cash collateral on deposit for current and future projects. The amount is presented as restricted cash on deposit on the condensed consolidated balance sheet as of June 30, 2015 and December 31, 2014. The outstanding balance as of June 30, 2015 and December 31, 2014 was $63,550 and $63,000, respectively.

Income (Loss) per Common Share

The Company computes earnings per share under ASC 260-10, “Earnings Per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding of common stock. Diluted income (loss) per share is computed using the weighted average number of common and common stock equivalent shares outstanding during the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding stock options and warrants. As a result of the losses for the six months ended June 30, 2015 and 2014, there were 9,745,758 and 11,295,139 shares of common stock underlying options and warrants excluded due to these instruments being anti-dilutive, respectively.

Use of Estimates

The preparation of financial statements in conformity with United States of America (U.S.) generally accepted accounting principles (GAAP) requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for items and matters such as revenue recognition and allowances for uncollectible accounts receivable, inventory obsolescence, depreciation and amortization, long-lived and intangible asset valuations, impairment assessments, taxes and related valuation allowance, income tax provisions, stock-based compensation, and contingencies. The Company believes that the estimates, judgments and assumptions are reasonable, based on information available at the time they are made. Actual results may differ from those estimates.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740-10 “Income Taxes.” Under this method, deferred income taxes (when required) are provided based on the difference between the financial reporting and income tax bases of assets and liabilities and net operating losses at the statutory rates enacted for future periods. The Company has a policy of establishing a valuation allowance when it is more likely than not that the Company will not realize the benefits of its deferred income tax assets in the future.

The Company adopted ASC 740-10-25, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740-10-25 also provides guidance on derecognition, classification, treatment of interest and penalties, and disclosure of such positions.

Revenue Recognition

For revenue from product sales, the Company recognizes revenue in accordance with ASC 605-10, “Revenue Recognition” and ASC 605-10-S99 guidelines that require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The guidelines also address the accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

Multiple-Element Arrangements (“MEAs”): The Company accounts for contracts that have both product and installation under the MEAs guidance in ASC 605-25. Arrangements under such contracts may include multiple deliverables, a combination of equipment and services. The deliverables included in the MEAs are separated into more than one unit of accounting when (i) the delivered equipment has value to the customer on a stand-alone basis, and (ii) delivery of the undelivered service element(s) is probable and substantially in the Company’s control. Arrangement consideration is then allocated to each unit, delivered or undelivered, based on the relative selling price of each unit of accounting based first on vendor-specific objective evidence (“VSOE”) if it exists, second on third-party evidence (“TPE”) if it exists and on estimated selling price (“ESP”) if neither VSOE or TPE exist.

VSOE – In most instances, products are sold separately in stand-alone arrangements. Services are also sold separately through renewals of contracts with varying periods. The Company determines VSOE based on pricing and discounting practices for the specific product or service when sold separately, considering geographical, customer, and other economic or marketing variables, as well as renewal rates or stand-alone prices for the service element(s).

TPE – If the Company cannot establish VSOE of selling price for a specific product or service included in a multiple-element arrangement, the Company uses third-party evidence of selling price. The Company determines TPE based on sales of comparable amount of similar product or service offered by multiple third parties considering the degree of customization and similarity of product or service sold.

ESP – The estimated selling price represents the price at which the Company would sell a product or service if it were sold on a stand-alone basis. When neither VSOE nor TPE exists for all elements, the Company determines ESP for the arrangement element based on sales, cost and margin analysis, as well as other inputs based on the Company’s pricing practices. Adjustments for other market and Company-specific factors are made as deemed necessary in determining ESP.

When MEAs include an element of customer training, it is not essential to the functionality, efficiency or effectiveness of the MEA. Therefore the Company has concluded that this obligation is inconsequential and perfunctory. As such, for MEAs that include training, customer acceptance of said training is not deemed necessary in order to record the related revenue, but is recorded when the installation deliverable is fulfilled. Historically, training revenues have not been significant.

The Company provides call center support services to properties installed by the Company and also to properties installed by other providers. In addition, the Company provides the property with the portal to access the Internet. The Company receives monthly service fees from such properties for its services and Internet access. The Company recognizes the service fee ratably over the term of the contract. The prices for these services are fixed and determinable prior to delivery of the service. The fair value of these services is known due to objective and reliable evidence from standalone executed contracts. The Company reports such revenues as recurring revenues.

Guarantees and Product Warranties

The Company records a liability for potential warranty claims in cost of sales at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. The products sold are generally covered by a warranty for a period of one year. In the event the Company determines that its current or future product repair and replacement costs exceed its estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. For the six months ended June 30, 2015 and the year ended December 31, 2014, the Company experienced returns of approximately 1% to 3% of materials included in the cost of sales. As of June 30, 2015 and December 31, 2014, the Company recorded warranty liabilities in the amount of $57,511 and $44,288, respectively, using this experience factor range.

Product warranties for the six months ended June 30, 2015 and the year ended December 31, 2014 are as follows:

	June 30, 2015			December 31, 2014
Beginning balance	$	44,288		$	77,943
Warranty claims incurred		(25,741	)		(45,710	)
Provision charged to expense		38,964			12,055
Ending balance	$	57,511		$	44,288

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

Lease Abandonment

On July 15, 2011, the Company executed a sublease agreement for approximately 12,000 square feet of commercial office space in Germantown, Maryland. Because the Company no longer has access to this subleased space, the Company recorded a charge of $59,937 in accrued liabilities and expenses related to this abandonment during 2011. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015 and the Company recorded an additional charge of $132,174. The remaining liability at June 30, 2015 was $22,479 and at December 31, 2014 was $46,673.

NOTE B – NEW ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which they will adopt the standard in 2018.

In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718). Under ASU No. 2014-12 an award with a performance target generally requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. This ASU will be effective for reporting periods beginning after December 15, 2015. The Company does not believe this guidance will have a material impact on the Company's future statement of operations, financial position or cash flows.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern which requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable) and provide related disclosures. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and thereafter. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-15 on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In June 2015, at the Emerging Issues Task Force meeting, the FASB clarified that ASU 2015-03 does not address debt issuance costs related to revolving credit debt arrangements. In connection therewith, at the June 2015 meeting, the SEC staff announced that it would not object to the presentation of issuance costs related to revolving debt arrangements as an asset that is amortized over the term of the arrangement. Currently, the Company presents deferred financing costs related to its revolving credit facility as an asset in the consolidated balance sheets. ASU 2015-03 is effective for reporting periods beginning after December 15, 2015. The Company does not believe this guidance will have a material impact on the Company’s future statement of operations, financial position or cash flows.

In July 2015, the FASB issued ASU No. 2015-11, Inventory - Simplifying the Measurement of Inventory (Topic 330). This ASU requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for reporting periods beginning after December 15, 2016 and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2015-11 on its consolidated financial statements.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

NOTE C – INTANGIBLE ASSETS AND GOODWILL

Total identifiable intangible assets acquired and their carrying values at June 30, 2015 are:

	Cost		Accumulated Amortization			Accumulated Impairment		Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(2,003,903	)	$	–	$	896,097		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(2,003,903	)		–		896,097
Goodwill – EthoStream	8,796,430			–			(3,000,000)		5,796,430
Total Goodwill	8,796,430			–			(3,000,000)		5,796,430
Total	$	11,696,430	$	(2,003,903	)	$	(3,000,000)	$	6,692,527

Total identifiable intangible assets acquired and their carrying values at December 31, 2014 are:

	Cost		Accumulated Amortization			Accumulated Impairment		Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(1,883,063	)	$	–	$	1,016,937		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(1,883,063	)		–		1,016,937
Goodwill – EthoStream	8,796,430			–			(3,000,000)		5,796,430
Goodwill – SSI	5,874,016			–			(5,874,016)		-
Total Goodwill	14,670,446			–			(8,874,016)		5,796,430
Total	$	17,570,446	$	(1,883,063	)	$	(8,874,016)	$	6,813,367

Total amortization expense charged to operations for each of the three and six months ended June 30, 2015 and 2014 was $60,420 and $120,840.

Estimated future amortization expense as of June 30, 2015 is as follows:

Remainder of 2015	$	120,840
2016		241,680
2017		241,680
2018		241,680
2019		50,217
Total	$	896,097

The Company does not amortize goodwill. The Company recorded goodwill in the amount of $14,670,446 as a result of the acquisitions of EthoStream and Smart Systems International (“SSI”) during the year ended December 31, 2007. The Company evaluates goodwill for impairment based on the fair value of the reporting units to which this goodwill relates at least once a year. The Company utilizes a discounted cash flow valuation methodology (income approach) to determine the fair value of the reporting unit. Since acquisition, the Company has written off $3,000,000 and $5,874,016 of goodwill for Ethostream and SSI, respectively.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

NOTE D – ACCOUNTS RECEIVABLE

Components of accounts receivable as of June 30, 2015 and December 31, 2014 are as follows:

	June 30, 2015			December 31, 2014
Accounts receivable	$	2,147,706		$	1,497,295
Allowance for doubtful accounts		(30,217	)		(36,873	)
Accounts receivable, net	$	2,117,489		$	1,460,422

NOTE E – INVENTORIES

Components of inventories as of June 30, 2015 and December 31, 2014 are as follows:

	June 30, 2015			December 31, 2014
Product purchased for resale	$	1,094,475		$	1,220,600
Reserve for obsolescence		(157,350	)		(193,350	)
Inventory, net	$	937,125		$	1,027,250

NOTE F – ACCRUED LIABILITIES AND EXPENSES

Accrued liabilities and expenses at June 30, 2015 and December 31, 2014 are as follows:

	June 30, 2015		December 31, 2014
Accrued liabilities and expenses	$	392,930	$	342,841
Accrued payroll and payroll taxes		419,198		345,589
Accrued sales taxes, penalties, and interest		357,271		353,260
Accrued interest		831		4,047
Product warranties		57,511		44,288
Total accrued liabilities and expenses	$	1,227,741	$	1,090,025

NOTE G – DEBT

Business Loan

On September 11, 2009, the Company entered into a Loan Agreement in the aggregate principal amount of $300,000 with the Wisconsin Department of Commerce (the “Department”). The outstanding principal balance bears interest at the annual rate of 2%. Payment of interest and principal is to be made in the following manner: (a) payment of any and all interest that accrues from the date of disbursement commenced on January 1, 2010 and continued on the first day of each consecutive month thereafter through and including December 31, 2010; (b) commencing on January 1, 2011 and continuing on the first day of each consecutive month thereafter through and including November 1, 2016, the Company is required to pay equal monthly installments of $4,426; followed by a final installment on December 1, 2016 which shall include all remaining principal, accrued interest and other amounts owed by the Company to the Department under the Loan Agreement. The Company may prepay amounts outstanding under the Loan Agreement in whole or in part at any time without penalty. The Loan Agreement was secured by substantially all of the Company’s assets. On September 24, 2014, the Department signed a subordination agreement of all the Company’s security interests. The proceeds from this loan were used for the working capital requirements of the Company. The Loan Agreement contains covenants which required, among other things, that the Company keep and maintain 75 existing full-time positions and create and fill 35 additional full-time positions in Milwaukee, Wisconsin by December 31, 2012. On June 18, 2012, the Department agreed to permanently waive all penalties associated with the Company’s noncompliance with this covenant. The outstanding borrowings under the agreement as of June 30, 2015 and December 31, 2014 were $78,356 and $103,979, respectively.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

Promissory Note

On March 4, 2011, the Company sold all its Series 5 PLC product line assets to Wisconsin-based Dynamic Ratings, Inc. (“Purchaser”) under an Asset Purchase Agreement (“APA”). Per the APA, the Company signed an unsecured Promissory Note (the “Note”) due to Purchaser in the aggregate principal amount of $700,000. The outstanding principal balance bears interest at the annual rate of 6% and was originally due on March 31, 2014. The Note may be prepaid in whole or in part, without penalty at any time. The Note contains certain earn-out provisions that encompass both the Company’s and Purchaser’s revenue volumes. Amounts earned under the earn-out provisions were applied against the Note on June 30, 2012 and June 30, 2013. Payments not made when due, by maturity acceleration or otherwise, shall bear interest at the rate of 12% per annum from the date due until fully paid. Effective April 30, 2013, Purchaser approved an amendment to certain terms of the Note. Telkonet commenced a monthly payment of principal and interest of $20,000 to be applied against the outstanding balance starting May 1, 2013. The interest rate remains unchanged at 6% and the maturity date was extended to January 1, 2016. During the six months ended June 30, 2015, the Company made additional payments of $20,000 in aggregate beyond the required monthly payments of principal and interest. The outstanding principal balance of the Note as of June 30, 2015 and December 31, 2014 was $157,487 and $289,973, respectively.

Revolving Credit Facility

On May 31, 2013, the Company entered into a Revolving Credit Facility (the “Agreement”) with Bridge Bank, NA, (the “Bank”) in a principal amount not to exceed $2,000,000. The Agreement was subject to a borrowing base that was equal to the sum of 80% of the Company’s eligible accounts receivable and 25% of the eligible inventory. On August 1, 2013 the Agreement was modified to include the eligible receivables and the eligible inventory of EthoStream. The Agreement was available for working capital and other lawful general corporate purposes. As of December 31, 2013 and March 31, 2014, the Company was in violation of a financial performance covenant. Although the Company’s violation of the financial performance covenant constituted a default under the Agreement, the Bank did not pursue any remedies under the default provisions of the Agreement. On May 31, 2014, the Company and the Bank mutually agreed to terminate the Agreement and the Company paid the remaining outstanding principal balance of $50,000.

On September 30, 2014, the Company and its wholly owned subsidiary, EthoStream, as co-borrowers (collectively, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with Heritage Bank of Commerce, a California state chartered bank (“Heritage Bank”), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the “Credit Facility”). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Company’s eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Company’s eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%, which was 6.25% at June 30, 2015 and December 31, 2014. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. On October 9, 2014, as part of the Loan Agreement, Heritage Bank was granted a warrant to purchase 250,000 shares of Telkonet common stock. The warrant has an exercise price of $0.20 and expires October 9, 2021.

The Loan Agreement also contains financial covenants that place restrictions on, among other things, the incurrence of debt, granting of liens and sale of assets. The Loan Agreement also contains financial covenants that require the Borrowers to maintain a minimum EBITDA level, measured quarterly, and a minimum asset coverage ratio, measured monthly. A violation of any of these covenants could result in an event of default under the Loan Agreement. Upon the occurrence of such an event of default or certain other customary events of defaults, payment of any outstanding amounts under the Credit Facility may be accelerated and Heritage Bank’s commitment to extend credit under the Loan Agreement may be terminated. The Loan Agreement contains other representations and warranties, covenants, and other provisions customary to transactions of this nature. As of March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015, the Company was in compliance with all financial covenants. The outstanding balance on the Credit Facility was $1,034,856 and $628,204 at June 30, 2015 and December 31, 2014 leaving an available borrowing base of approximately $150,000 and $241,000 at June 30, 2015 and December 31, 2014, respectively.

Aggregate annual future maturities of the Company’s debt as of June 30, 2015 are as follows:

Years ended December 31,	Amount
2015 (remainder of)	$	142,606
2016		93,237
		235,843
Less: Current portion		(209,507	)
Notes payable long term	$	26,336

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

NOTE H – REDEEMABLE PREFERRED STOCK

Series A

The Company has designated 215 shares of preferred stock as Series A Preferred Stock (“Series A”). Each share of Series A is convertible, at the option of the holder thereof, at any time, into shares of Common Stock at an initial conversion price of $0.363 per share. In the event of a change of control (as defined in the purchase agreement with respect to the Series A), or at the holder’s option, on November 19, 2014 and for a period of 180 days thereafter, provided that at least 50% of the shares of Series A issued on the Series A Original Issue Date remain outstanding as of November 19, 2014, and the holders of at least a majority of the then outstanding shares of Series A provide written notice requesting redemption of all shares of Series A, the Company was required to redeem the Series A for the purchase price of $5,000 per share, plus any accrued but unpaid dividends. By way of the redemption option available to holders of the Company’s Series A shares having expired on May 18, 2015 with no Series A holders requesting redemption of their shares, the redemption feature at the option of the holders was eliminated, thereby, resulting in the reclassification of $1,322,112 from temporary equity, which was classified as “redeemable preferred stock” in the Company’s condensed consolidated balance sheets, to permanent equity during the three months ended June 30, 2015.

On November 16, 2009, the Company sold 215 shares of Series A with attached warrants to purchase an aggregate of 1,628,800 shares of the Company’s common stock at $0.33 per share. The Series A shares were sold at a price per share of $5,000 and each Series A share is convertible into approximately 13,774 shares of common stock at a conversion price of $0.363 per share. The Company received $1,075,000 from the sale of the Series A shares. On November 19, 2014 and for a period of 180 days thereafter, the Series A were redeemable at the option of the holder, the carrying value of the preferred stock, net of discount and including accumulated dividends, had been classified as redeemable preferred stock on the condensed consolidated balance sheets. The redemption feature at the option of the holders expired, thereby, resulting in the reclassification of $1,340,566 from temporary equity, which was classified as “redeemable preferred stock” in the Company’s condensed consolidated balance sheets, to permanent equity during the period ended June 30, 2015.

A portion of the proceeds were allocated to the warrants based on their relative fair value, which totaled $287,106 using the Black Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $70,922 to the Series A preferred shares based upon the difference between the effective conversion price of those shares and the closing price of the Company’s common stock on the date of issuance. The assumptions used in the Black-Scholes model were as follows: (1) dividend yield of 0%; (2) expected volatility of 123%, (3) weighted average risk-free interest rate of 2.2%, (4) expected life of 5 years, and (5) fair value of Telkonet common stock of $0.24 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $358,028, were recorded as a discount and deducted from the face value of the preferred stock. The discount was amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings) and an increase to the net income (loss) attributable to common stockholders.

The charge to additional paid in capital for amortization of Series A discount and costs for the three and six months ended June 30, 2014 was $17,508 and $35,016, respectively.

For the three and six months ended June 30, 2015 and 2014, the Company has accrued dividends for Series A in the amount of $18,454 and $36,707, and cumulative accrued dividends of $415,566 and $341,539, respectively. The accrued dividends have been charged to additional paid-in capital (since there is a deficit in retained earnings) and an increase to the net income (loss) attributable to common stockholders and the net unpaid accrued dividends been added to the carrying value of the preferred stock.

Series B

The Company has designated 538 shares of preferred stock as Series B Preferred Stock (“Series B”). Each share of Series B is convertible, at the option of the holder thereof, at any time, into shares of Common Stock at an initial conversion price of $0.13 per share. As a result of the Series B conversions during the year ended December 31, 2013, the outstanding Series B shares will not become redeemable at the option of the holders. The Series B accrues dividends at an annual rate of 8% of the original purchase price, payable only when, as, and if declared by the Board of Directors.

On August 4, 2010, the Company sold 267 shares of Series B with attached warrants to purchase an aggregate of 5,134,626 shares of the Company’s common stock at $0.13 per share. The Series B shares were sold at a price per share of $5,000 and each Series B share is convertible into approximately 38,461 shares of common stock at a conversion price of $0.13 per share. The Company received $1,335,000 from the sale of the Series B shares. Up and until the quarter ended September 30, 2013, the Series B were redeemable at the option of the holder, the carrying value of the preferred stock, net of discount and including accumulated dividends, has been classified as redeemable preferred stock on the consolidated balance sheets. During the year ended December 31, 2013, shareholders converted 167 redeemable preferred shares issued on August 4, 2010, to, in aggregate, 6,423,072 shares of common stock.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

A portion of the proceeds was allocated to the warrants based on their relative fair value, which totaled $394,350 using the Black-Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $394,350 to the Series B preferred shares based upon the difference between the effective conversion price of those shares and the closing price of the Company’s common stock on the date of issuance. The assumptions used in the Black-Scholes model were as follows: (1) dividend yield of 0%; (2) expected volatility of 123%, (3) weighted average risk-free interest rate of 1.76%, (4) expected term of approximately 4 years, and (5) estimated fair value of Telkonet common stock of $0.109 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $788,700, were recorded as a discount and deducted from the face value of the preferred stock. The discount is being amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings). During the year ended December 31, 2013, the remaining portion of the discount of approximately $123,100 was accelerated and recognized immediately as a charge to additional paid-in capital and accretion of preferred stock discounts and an increase to the net loss attributable to common stockholders for the 167 redeemable preferred shares converted to common stock.

On April 8, 2011, the Company sold 271 additional shares of Series B with attached warrants to purchase an aggregate of 5,211,542 shares of the Company’s common stock at $0.13 per share. The Series B shares were sold at a price per share of $5,000 and each Series B share is convertible into approximately 38,461 shares of common stock at a conversion price of $0.13 per share. The Company received $1,355,000 from the sale of the Series B shares. During the year ended December 31, 2013, all 271 of the redeemable preferred shares issued on April 8, 2011, were converted to, in aggregate, 10,423,067 shares of common stock.

As a result of the Series B conversions during the year ended December 31, 2013, fewer than 50% of the Series B shares issued on the Series B Original Issuance Date remain outstanding, and the balance of the outstanding Series B shares will not become redeemable at the option of the holders. The redemption feature at the option of the holders is eliminated, thereby, resulting in the reclassification of $324,063 from temporary equity, which was classified as “redeemable preferred stock” in the Company’s consolidated balance sheets, to permanent equity during the year ended December 31, 2013.

A portion of the proceeds were allocated to the warrants based on their relative fair value, which totaled $427,895 using the Black-Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $427,895 to the Series B shares based upon the difference between the effective conversion price of those shares and the closing price of the Company’s common stock on the date of issuance. The assumptions used in the Black-Scholes model are as follows: (1) dividend yield of 0%; (2) expected volatility of 129%, (3) weighted average risk-free interest rate of 0.26%, (4) expected life of approximately 3.5 years, and (5) estimated fair value of Telkonet common stock of $0.12 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $855,790, have been recorded as a discount and deducted from the face value of the Series B shares. The discount is being amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings). During the year ended December 31, 2013, the remaining discount of approximately $261,300 was accelerated and recognized immediately as a charge to additional paid-in capital and accretion of preferred stock discounts upon the 271 redeemable preferred stock conversions to common stock.

The charge to additional paid in capital for amortization of Series B discount and costs for the three and six months ended June 30, 2014 was $7,020 and $14,040, respectively.

For the three and six months ended June 30, 2015 and 2014, the Company has accrued dividends for Series B in the amount of $5,490 and $5,490 and $10,921 and $10,920, respectively, and cumulative accrued dividends of $107,951 and $85,925 as of June 30 2015 and 2014, respectively. The accrued dividends have been charged to additional paid-in capital (since there is a deficit in retained earnings) and the net unpaid accrued dividends been added to the carrying value of the preferred stock.

Preferred stock carries certain preference rights as detailed in the Company’s Amended Articles of Incorporation related to both the payment of dividends and as to payments upon liquidation in preference to any other class or series of capital stock of the Company. Liquidation preference of the preferred stock is based on the following order: first, Series B with a preference value of $382,951 and second, Series A with a preference value of $1,340,566. Both series of preferred stock are equal in their dividend preference over common stock.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

NOTE I – CAPITAL STOCK

The Company has authorized 15,000,000 shares of preferred stock (designated and undesignated), with a par value of $.001 per share. The Company has designated 215 shares as Series A preferred stock and 538 shares as Series B preferred stock. At both June 30, 2015 and December 31, 2014, there were 185 shares of Series A and 55 shares of Series B outstanding.

The Company has authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of both June 30, 2015 and December 31, 2014 the Company had 125,035,612 common shares issued and outstanding.

NOTE J – STOCK OPTIONS AND WARRANTS

Employee Stock Options

The Company maintains an equity incentive plan, (the “Plan”). The Plan was established in 2010 as an incentive plan for officers, employees, non-employee directors, prospective employees and other key persons. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a better alignment of their interests with those of the Company and its stockholders.

The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to employees of the Company under the Plan.

Options Outstanding								Options Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.01 - $0.15		175,000		2.32	$	0.14		175,000	$	0.14
$	0.16 - $0.99		1,520,225		7.43		0.18		1,280,225		0.18
$	1.00 - $5.60		135,000		1.02		3.29		135,000		3.29
			1,830,225		6.47	$	0.41		1,590,225	$	0.44

Transactions involving stock options issued to employees are summarized as follows:

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2014		1,735,225		$	0.43
Granted		200,000			0.19
Exercised		–			–
Cancelled or expired		(5,000	)		3.50
Outstanding at December 31, 2014		1,930,225		$	0.40
Granted		–			–
Exercised		–			–
Cancelled or expired		(100,000	)		0.19
Outstanding at June 30, 2015		1,830,225		$	0.40

The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, exercise patterns and pre-vesting and post-vesting forfeitures. The Company estimates the volatility of the Company’s common stock based on the calculated historical volatility of the Company’s own common stock using the trailing 24 months of share price data prior to the date of the award. The Company bases the risk-free interest rate used in the Black-Scholes option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on the Company’s common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. The Company uses historical data to estimate pre-vesting option forfeitures and record share-based compensation for those awards that are expected to vest. In accordance with ASC 718-10, the Company adjusts share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience.

There were no options granted and no options exercised during the six months ended June 30, 2015 and 2014, respectively. Total stock-based compensation expense in connection with options granted to employees recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 was $3,390 and $4,617 and $7,593 and $6,641, respectively.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

Warrants

The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Company’s common stock issued to non-employees of the Company.

		Warrants Outstanding						Warrants Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.13		7,230,778		0.62	$	0.13		7,230,778	$	0.13
	0.18		50,000		2.41		0.18		50,000	$	0.18
	0.20		250,000		6.28		0.20		250,000		0.20
	3.00		384,755		0.33		3.00		384,755		3.00
			7,915,533		0.79	$	0.27		7,915,533	$	0.27

Transactions involving warrants are summarized as follows:

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2014		9,359,914		$	0.32
Issued		300,000			0.20
Exercised		–			–
Canceled or expired		(1,744,381	)		0.51
Outstanding at December 31, 2014		7,915,533			0.27
Issued		–			–
Exercised		–			–
Canceled or expired		–			–
Outstanding at June 30, 2015		7,915,533		$	0.27

There were no warrants granted, exercised, cancelled or forfeited during the six months ended June 30, 2015 and 2014.

NOTE K – RELATED PARTY TRANSACTIONS

On July 17, 2014, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for a customer contract that required bonding. The Company agreed to compensate each in the amount of $9,000, grossed up to accommodate their 2014 federal income tax liability associated with the payments.

On May 18 and June 4, 2015, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for another customer contract that required bonding. The Company agreed to compensate each in the amount of $3,000, grossed up to accommodate their 2015 federal income tax liability associated with the payments. The amounts owed to Messrs. Davis and Tienor as of June 30, 2015 and December 31, 2014, were $7,994 and $24,090 recorded in accounts payable and accrued expense on the accompanying condensed consolidated balance sheets.

From time to time the Company may receive advances from certain of its officers in the form of salary deferment, cash advances to meet short term working capital needs. These advances may not have formal repayment terms or arrangements. As of June 30, 2015 and December 31, 2014, there were no such arrangements.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

NOTE L – COMMITMENTS AND CONTINGENCIES

Office Lease Obligations

In October 2013, the Company entered into a lease agreement for 6,362 square feet of commercial office space in Waukesha, Wisconsin for its corporate headquarters. The Waukesha lease expires in April 2021.

The Company presently leases approximately 14,000 square feet of office space in Milwaukee, Wisconsin for its operations facility. The Milwaukee lease expires in March 2020.

The Company presently leases 16,416 square feet of commercial office space in Germantown, Maryland. The lease commitments expire in December 2015. On July 15, 2011, Telkonet executed a sublease agreement for 11,626 square feet of the office space in Germantown, Maryland. The subtenant received one month rent abatement and had the option to extend the sublease from January 31, 2013 to December 31, 2015. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015.

Commitments for minimum rentals under non-cancelable leases at June 30, 2015 are as follows:

2015 (remainder of)	$	251,099
2016		245,274
2017		251,740
2018		258,381
2019		265,305
2020 and thereafter		156,877
Total	$	1,428,676

Expected rent payments to be received under the sublease agreement as of June 30, 2015 are $70,317 for the year ended December 31, 2015.

Rental expenses charged to operations for the three and six months ended June 30, 2015 and 2014 were $163,990 and $154,576, and $326,202 and $310,151, respectively. Rental income received for the three and six months ended June 30, 2015 and 2014 was $34,301 and $33,925, and $68,602 and $67,227, respectively.

Litigation

The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity.

Sales Tax

During 2012, the Company engaged a sales tax consultant to assist in determining the extent of its potential sales tax exposure. Based upon this analysis, management determined the Company had probable exposure for certain unpaid obligations, including interest and penalty, of approximately $1,100,000 including and prior to the year ended December 31, 2011. The Company has approximately $357,000 and $353,000 accrued as of June 30, 2015 and December 31, 2014, respectively.

The Company continues to manage the liability by establishing voluntary disclosure agreements (VDAs) with the applicable states, which establishes a maximum look-back period and payment arrangements. However, if the aforementioned methods prove unsuccessful and the Company is examined or challenged by taxing authorities, there exists possible exposure of an additional $200,000, not including any applicable interest and penalties.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2015

(UNAUDITED)

Prior to 2015, the Company successfully executed and paid in full VDAs in thirty one states totaling approximately $695,000 and is current with the subsequent filing requirements.

During the six months ended June 30, 2015, the Company executed one VDA totaling approximately $25,000. The Company is currently in negotiations with three states.

The following table sets forth the change in the sales tax accrual as of June 30, 2015 and December 31, 2014:

	June 30, 2015			December 31, 2014
Balance, beginning of year	$	353,260		$	1,080,482
Sales tax collected		208,883			426,599
Provisions		–			(599,295	)
Interest and penalties		–			–
Payments		(204,872	)		(554,526	)
Balance, end of period	$	357,271		$	353,260

NOTE M – BUSINESS CONCENTRATION

For the six months ended June 30, 2015 and 2014, no single customer represented 10% or more of total net revenues. As of June 30, 2015, one customer accounted for 17% of the Company’s net accounts receivable.

Purchases from two major suppliers approximated $1,713,000, or 85%, of purchases, and $1,767,000, or 75%, of purchases, for the six months ended June 30, 2015 and 2014, respectively. Total due to these suppliers, net of deposits, was approximately $748,000 as of June 30, 2015, and $750,000 as of December 31, 2014.

NOTE N – SUBSEQUENT EVENT

Between July 1, 2015 and August 6, 2015, twenty six (26) Series B warrants were exercised for 2,019,236 shares of the Company’s common stock at an exercise price of $0.13 per share; resulting in gross proceeds to the Company of approximately $263,000.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the accompanying condensed consolidated financial statements and related notes thereto for the three and six months ended June 30, 2015, as well as the Company’s consolidated financial statements and related notes thereto and management’s discussion and analysis of financial condition and results of operations in the Company’s Form 10-K for the year ended December 31, 2014, filed March 31, 2015.

Business

Telkonet, Inc. (the “Company”, “Telkonet”), formed in 1999 and incorporated under the laws of the State of Utah, is the creator of the EcoSmart Platform of in-room automation solutions integrated to optimize energy efficiency, comfort and analytics to support the emerging Internet of Things (“IoT”). Telkonet’s business is based on two synergistic divisions, its EcoSmart division offering intelligent automation solutions and EthoStream division providing the underlying networking technology.

The EcoSmart Platform provides comprehensive savings, management reporting, analytics and virtual engineering of a customer’s portfolio and/or property’s room-by-room energy consumption. Telkonet has deployed more than a half million intelligent devices worldwide in properties within the hospitality, military, educational, healthcare and other commercial markets. The EcoSmart Platform is rapidly being recognized as a leading solution for reducing energy consumption, operational costs and carbon footprints, and eliminating the need for new energy generation in these marketplaces – all whilst improving occupant comfort and convenience.

Controlling energy consumption can make a significant impact on a property owner’s bottom line, as heating, ventilation and air conditioning (“HVAC”) costs represent a substantial portion of a facility’s overall utility bill. Hospitality is a key market for Telkonet. According to the EPA EnergySTAR for Hospitality analysis, the median hotel uses approximately 70,000 Btu/ft2 from all energy sources. On average, America’s approximately 53,000 hotels spend $2,196 per available room each year on energy. This represents about 6% of all operating costs. Through a strategic approach to energy efficiency, a 10% reduction in energy consumption would have the same financial effect as increasing the average daily room rate by $0.60 in limited-service hotels and by $2.00 in full-service hotels.

Telkonet’s EthoStream is one of the largest public High-Speed Internet Access (“HSIA”) providers in the world, providing services to more than 8.0 million users monthly across a network of approximately 2,300 locations. With a wide range of product and service offerings and one of the most comprehensive management platforms available for HSIA networks, EthoStream offers solutions for any public access location.

The Company’s direct sales efforts target the hospitality, education, commercial, utility and government/military markets. Taking advantage of legislation, including the Energy Independence and Security Act of 2007, or EISA, the Energy Policy Act of 2005, and the American Recovery and Reinvestment Act the Company’s focused its sales efforts in areas with available public funding and incentives, such as rebate programs offered by utilities for efficiency upgrades. Through the Company’s proprietary platform, technology and partnerships with energy efficiency providers, the Company’s management intends to position the Company as a leading provider of energy management solutions.

Forward-Looking Statements

In accordance with the Private Securities Litigation Reform Act of 1995, the Company can obtain a “safe-harbor” for forward-looking statements by identifying those statements and by accompanying those statements with cautionary statements which identify factors that could cause actual results to differ materially from those in the forward-looking statements. Accordingly, the following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” may contain certain forward-looking statements regarding strategic growth initiatives, growth opportunities and management’s expectations regarding orders and financial results for the remainder of 2015 and future periods. These forward-looking statements are based on current expectations and current assumptions which management believes are reasonable. However, these statements involve risks and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those risks affecting the Company’s business as described in the Company’s filings with the SEC, including the current reports on Form 8-K, which factors are incorporated herein by reference. The Company expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates significant estimates used in preparing its condensed consolidated financial statements including those related to revenue recognition and allowances for uncollectible accounts receivable, inventory obsolescence, depreciation and amortization, long-lived and intangible asset valuations, impairment assessments, taxes and related valuation allowance, income tax provisions, stock-based compensation, and contingencies. The Company bases its estimates on historical experience, underlying run rates and various other assumptions that the Company believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. The following are critical judgments, assumptions, and estimates used in the preparation of the condensed consolidated financial statements.

Revenue Recognition

Total revenues do not include sales tax as the Company is a pass through conduit for collection and remitting sales tax.

New Accounting Pronouncements

For information regarding recent accounting pronouncements and their effect on the Company, see “New Accounting Pronouncements” in Note B of the Notes to Unaudited Condensed Consolidated Financial Statements contained herein.

EBITDA

The Company defines EBITDA as net income (loss), excluding income tax expense (benefit), interest expense, interest income, and depreciation and amortization expense. Management believes that certain non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Adjusted earnings before interest, taxes, depreciation and amortization and other non-operating income and expenses (“Adjusted EBITDA”) is a metric used by management and frequently used by the financial community. Management believes that adjusted EBITDA provides insight into the Company’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA excludes certain items that are unusual in nature or not comparable from period to period. While management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company’s GAAP financial results.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015			2014

Net income (loss)	$	523,511	$	219,085	$	(220,567	)	$	(559,123	)
Interest expense, net		14,449		7,610		34,503			18,724
Provision for income taxes		51,337		51,312		103,524			102,624
Depreciation and amortization expense		68,719		69,525		138,021			136,186
EBITDA		658,016		347,532		55,481			(301,589	)
Adjustments:
Stock-based compensation expense		3,390		4,617		7,593			6,641
Adjusted EBITDA	$	661,406	$	352,149	$	63,074		$	(294,948	)

Revenues

The table below outlines product versus recurring revenues for comparable periods:

	Three Months Ended
	June 30, 2015			June 30, 2014			Variance

Product	$	3,734,395	79%	$	3,419,956	79%	$	314,439	9%
Recurring		1,021,079	21%		933,392	21%		87,687	9%
Total	$	4,755,474	100%	$	4,353,348	100%	$	402,126	9%

	Six Months Ended
	June 30, 2015			June 30, 2014			Variance

Product	$	5,309,762	72%	$	5,129,600	73%	$	180,162	4%
Recurring		2,020,258	28%		1,856,365	27%		163,893	9%
Total	$	7,330,020	100%	$	6,985,965	100%	$	344,055	5%

Product Revenue

Product revenue principally arises from the sale and installation of EcoSmart energy management platform, SmartGrid and High Speed Internet Access equipment. The EcoSmart Suite of products consists of thermostats, sensors, controllers, wireless networking products switches, outlets and a control platform. The HSIA product suite consists of gateway servers, switches and access points. The Company markets and sells to the hospitality, education, healthcare and government/military markets.

For the three and six months ended June 30, 2015, product revenue increased by 9% and 4% respectively, when compared to the prior year periods. Product revenue in 2015 includes approximately $3.1 million attributed to the sale and installation of the Company’s EcoSmart Platform products, and approximately $2.2 million for the sale and installation of HSIA products. For the six month comparison, the variance in product revenue can be attributed to a $0.4 million increase in EcoSmart installations offset by a $0.2 million decrease in HSIA installations. The Company’s commitment to access distribution channels through resellers and value added distribution partners is gaining momentum. Product revenue derived from channel partners increased $0.7 million and $0.2 million for the three and six months ended June 30, 2015 compared to the prior year periods, respectively.

Recurring Revenue

Recurring revenue is primarily attributed to recurring services. The Company recognizes revenue ratably over the service month for monthly support revenues and defers revenue for annual support services over the term of the service period. The recurring revenue consists primarily of HSIA support services, and Telkonet’s EcoCare service and support program. Advertising revenue, which is less than 1% of the Company’s support revenue, is based on impression-based statistics for a given period from customer site visits to the Company’s login portal page under the terms of advertising agreements entered into with third-parties. A component of the Company’s recurring revenue is derived from fees, less payback costs, associated with less than 1% of its hospitality customers who do not internally manage guest-related, internet transactions.

Recurring revenue includes approximately 2,300 hotels in the Company’s broadband network portfolio. The Company currently supports approximately 234,000 HSIA rooms with approximately 8.0 million monthly users. For the three and six months ended June 30, 2015, recurring revenue increased by 9% when compared to the prior year periods. For the six month comparison, the variance in recurring revenue was partially attributed to a $0.07 million increase associated with the rollout of the Company’s EcoCare service and support program for the EcoSmart Suite of products. Support revenue from the Company’s HSIA support services added approximately $0.09 million compared to the prior year.

Cost of Sales

	Three Months Ended
	June 30, 2015			June 30, 2014			Variance

Product	$	1,682,593	45%	$	1,978,291	58%	$	(295,698	)	-15%
Recurring		236,007	23%		263,083	28%		(27,076	)	-10%
Total	$	1,918,600	40%	$	2,241,374	51%	$	(322,774	)	-14%

	Six Months Ended
	June 30, 2015			June 30, 2014			Variance

Product	$	2,772,417	52%	$	3,326,318	65%	$	(553,901	)	-17%
Recurring		474,271	23%		517,385	28%		(43,114	)	-8%
Total	$	3,246,688	44%	$	3,843,703	55%	$	(597,015	)	-16%

Costs of Product Sales

Costs of product sales include equipment and installation labor related to the sale of SmartGrid and broadband networking equipment, including EcoSmart technology and Telkonet iWire. For the three and six months ended June 30, 2015, product costs decreased by 15% and 17% compared to the prior year period. For the six month comparison, the decrease included a benefit resulting from the decrease in the Company’s inventory reserve for obsolescence from December 31, 2014 to June 30, 2015 of $0.20 million compared to the change in the prior year. A $0.10 million decrease in outside contractor services was a result of a contract requiring EthoStream to use an outside contractor for an HSIA installation and Telkonet using an outside contractor for a large university installation for the six months ended June 30, 2014. The remaining decrease of $0.20 million was a result of a decrease in travel expense, parts and supplies, a broadband equipment rebate, salaries and international freight charges for inventory procurement.

Costs of Recurring Revenue

Recurring costs are comprised of support wages and telecommunication services for the Company’s Customer Service department. For the three and six months ended June 30, 2015, recurring costs decreased by 10% and 8% compared to the prior year period. The variance is attributed to the decrease in support payroll costs associated with recurring sales. The Company’s Internet Service Provider (“ISP”) fees and telecommunications costs for the Company’s support team also decreased when compared to the prior year period.

Gross Profit

	Three Months Ended
	June 30, 2015			June 30, 2014			Variance

Product	$	2,051,802	55%	$	1,441,665	42%	$	610,137	42%
Recurring		785,072	77%		670,309	72%		114,763	17%
Total	$	2,836,874	60%	$	2,111,974	49%	$	724,900	34%

	Six Months Ended
	June 30, 2015			June 30, 2014			Variance

Product	$	2,537,345	48%	$	1,803,282	35%	$	734,063	41%
Recurring		1,545,987	77%		1,338,980	72%		207,007	15%
Total	$	4,083,332	56%	$	3,142,262	45%	$	941,070	30%

Gross Profit on Product Revenue

The gross profit on product revenue for the three and six months ended June 30, 2015 increased by 42% and 41% when compared to the prior year period. The variance was the result of an increase in sales, a decrease in the Company’s inventory reserve for obsolescence, and a reduction in broadband equipment and outside service costs associated with HSIA and EcoSmart installations.

Gross Profit on Recurring Revenue

The gross profit associated with recurring revenue increased by 17% and 15% for the three and six months ended June 30, 2015 when compared to the prior year period. The variance was due mainly to an increase in revenues as well as a decrease in ISP fee and telecommunication and payroll costs for the Company’s support team.

Operating Expenses

	Three Months Ended June 30,
	2015		2014		Variance

Total	$	2,247,577	$	1,833,967	$	413,610	23%

	Six Months Ended June 30,
	2015		2014		Variance

Total	$	4,165,872	$	3,580,037	$	585,835	16%

During the three and six months ended June 30, 2015, operating expenses increased by 23% and 16% when compared to the prior year period as outlined below.

Research and Development

	Three Months Ended June 30,
	2015		2014		Variance

Total	$	395,357	$	318,815	$	76,542	24%

	Six Months Ended June 30,
	2015		2014		Variance

Total	$	754,886	$	615,505	$	139,381	23%

Research and development costs are related to both present and future products and are expensed in the period incurred. Current research and development costs are associated with product development and integration. During the three and six months ended June 30, 2015, research and development costs increased 24% and 23% when compared to the prior year period. The majority of variance is due to an approximate $0.10 million increase in expenditures for salaries and recruiting and a $0.04 million increase to expenses for the Company’s new EcoTouch thermostat.

Selling, General and Administrative Expenses

	Three Months Ended June 30,
	2015		2014		Variance

Total	$	1,783,501	$	1,445,627	$	337,874	23%

	Six Months Ended June 30,
	2015		2014		Variance

Total	$	3,272,965	$	2,828,346	$	444,619	16%

During the three and six months ended June 30, 2015, selling, general and administrative expenses increased over the prior year period by 23% and 16%, respectively. For the six month comparison, the variance is partially the result of increased expenditures for marketing and project management salaries and benefits of approximately $0.2 million. The Company added a Director of Sales and Marketing, two Channel Account Managers and an Account Executive for direct sales. Prior to and including the period ended June 30, 2014, twenty seven VDA’s were settled with states for amounts that were less than the Company had accrued resulting in a benefit of approximately $0.12 million being recognized during the six months ended June 30, 2014 with no similar benefit recognized during the six months ended June 30, 2015. Increased expenses associated with the Company’s bonus plan of approximately $0.05 million, tradeshow expenses of approximately $0.05 million, and director fees of approximately $0.02 million also contributed to the increase for the six months ended June 30, 2015.

Liquidity and Capital Resources

The Company has financed its operations since inception primarily through private and public offerings of the Company’s equity securities, the issuance of various debt instruments and asset based lending, and cash generated from operations.

Working Capital

Working capital decreased by $63,959 during the six months ended June 30, 2015 from working capital deficit (current liabilities in excess of current assets) of $420,106 at December 31, 2014 to a working capital deficit of $484,065 at June 30, 2015.

Business Loan

Promissory Note

On March 4, 2011, the Company sold all its Series 5 PLC product line assets to Wisconsin-based Dynamic Ratings, Inc. (“Purchaser”) under an Asset Purchase Agreement (“APA”). Per the APA, the Company signed an unsecured Promissory Note (the “Note”) due to Purchaser in the aggregate principal amount of $700,000. The outstanding principal balance bears interest at the annual rate of 6% and was originally due on March 31, 2014. The Note may be prepaid in whole or in part, without penalty at any time. The Note contains certain earn-out provisions that encompass both the Company’s and Purchaser’s revenue volumes. Amounts earned under the earn-out provisions were applied against the Note on June 30, 2012 and June 30, 2013. Payments not made when due, by maturity acceleration or otherwise, shall bear interest at the rate of 12% per annum from the date due until fully paid. Effective April 30, 2013, Purchaser approved an amendment to certain terms of the Note. Telkonet commenced a monthly payment of principal and interest of $20,000 to be applied against the outstanding balance starting May 1, 2013. The interest rate remains unchanged at 6% and the maturity date was extended to January 1, 2016. The outstanding principal balance of the Note as of June 30, 2015 and December 31, 2014 was $157,487 and $289,973, respectively.

Revolving Credit Facility

On May 31, 2013, the Company entered into a Revolving Credit Facility (the “Agreement”) with Bridge Bank, NA, (the “Bank”) in a principal amount not to exceed $2,000,000. The Agreement was subject to a borrowing base that was equal to the sum of 80% of the Company’s eligible accounts receivable and 25% of the eligible inventory. On August 1, 2013 the Agreement was modified to include the eligible receivables and the eligible inventory of Ethostream. The Agreement was available for working capital and other lawful general corporate purposes. As of December 31, 2013 and March 31, 2014, the Company was in violation of a financial performance covenant. Although the Company’s violation of the financial performance covenant constituted a default under the Agreement, the Bank did not pursue any remedies under the default provisions of the Agreement. On May 31, 2014, the Company and the Bank mutually agreed to terminate the Agreement and the Company paid the remaining outstanding principal balance of $50,000.

Cash Flow Analysis

Cash used in continuing operations was $508,073 and cash provided by continuing operations was $458,109 during the six months ended June 30, 2015 and 2014, respectively. A change in accounts receivable of approximately $663,000 due to the increase in sales is the primary driver for the change in cash flows from operating activities between the two periods. As of June 30, 2015, the Company’s primary capital needs included business strategy execution, inventory procurement and managing current liabilities.

Cash used in investing activities was $6,895 and cash provided by investing activities was $198,333 during the six months ended June 30, 2015 and 2014, respectively. During the year ended December 31, 2012, the Company was awarded a contract with a bonding requirement. During the three months ended March 31, 2013, the Company satisfied this requirement with cash collateral supported by an irrevocable standby letter of credit in the amount of $382,000. In March 2014, the Company satisfied all obligations related to the bonding requirement and the cash of $319,000 was released. During the six months ended June 30, 2014, the Company purchased approximately $120,667 of furniture and fixtures to furnish its new corporate office located in Waukesha, Wisconsin. These assets will be depreciated over their respective estimated useful lives. During the six months ended June 30, 2015, the Company purchased approximately $6,345 in computer equipment.

Cash provided by financing activities was $248,543 and cash used in financing activities was $131,255 during the six months ended June 30, 2015 and 2014, respectively. The Company paid down principal on notes payable of $158,109 and borrowed $406,652 on the line of credit during the six months ended June 30, 2015. During the six months ended June 30, 2015, the Company made additional principal payments of $20,000 in aggregate beyond the required monthly payments of principal and interest. The Company paid down principal on notes payable of $131,255 during the six months ended June 30, 2014.

The Company’s independent registered public accountants report on its consolidated financial statements for the year ended December 31, 2014 includes an explanatory paragraph relating to the Company’s ability to continue as a going concern. The Company has incurred operating losses in past years and is dependent upon management’s ability to develop profitable operations and/or obtain necessary funding from outside sources, including by the sale of securities, or obtaining loans from financial institutions, where possible. These factors, among others, raise doubt about the Company’s ability to continue as a going concern and may also affect its ability to obtain financing in the future.

Management expects working capital management will continue to be a high priority for 2015.

The Company continues to manage its sales and use tax liability by establishing voluntary disclosure agreements (VDAs) with the applicable states, which establishes a maximum look-back period and payment arrangements. However, if the aforementioned methods prove unsuccessful and the Company is examined or challenged by taxing authorities, there exists possible exposure of an additional $200,000, not including any applicable interest and penalties.

Prior to 2015, the Company successfully executed and paid in full VDAs in thirty one states totaling approximately $695,000 and is current with the subsequent filing requirements.

During the six months ended June 30, 2015, the Company executed one VDA totaling approximately $25,000. The Company is currently in negotiations with three states.

Off-Balance Sheet Arrangements

The Company has no material off-balance sheet arrangements.

Acquisition or Disposition of Property and Equipment

The Company does not anticipate any significant purchases of property or equipment during the next twelve months, other than computer equipment and peripherals to be used in the Company’s day-to-day operations.

The Company presently leases two commercial office spaces in Germantown, Maryland totaling, in the aggregate, 16,400 square feet. Both leases expire in December 2015. On July 15, 2011, Telkonet executed a sublease agreement for 11,626 square feet of its space located in Germantown, Maryland. On June 27, 2012 the subtenant exercised its option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015.

Item 4. Controls and Procedures.

As of June 30, 2015, the Company performed an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Due to the lack of a segregation of duties and failure to implement accounting controls, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were ineffective as of the end of the period covered by this report.

During the six months ended June 30, 2015, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Item 1A. Risk Factors.

There have been no material changes to risk factors previously disclosed in our annual report on Form 10-K for the year ended December 31, 2014 in response to Item 1A of Form 10-K.

Item 6. Exhibits.

Exhibit Number		Description Of Document

32.1		Certification of Jason L. Tienor pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of Richard E. Mushrush pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Schema Document
101.CAL		XBRL Calculation Linkbase Document
101.DEF		XBRL Definition Linkbase Document
101.LAB		XBRL Label Linkbase Document
101.PRE		XBRL Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Telkonet, Inc. Registrant

Date: August 13, 2015	By:	/s/ Jason L. Tienor
		Jason L. Tienor Chief Executive Officer (principal executive officer)

Date: August 13, 2015

By:

/s/ Richard E. Mushrush

Richard E. Mushrush

Chief Financial Officer

(principal financial officer)

EX-31.1 2 telkonet_10q-ex3101.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Jason L. Tienor, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Telkonet, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 13, 2015

By: /s/ Jason L. Tienor

Jason L. Tienor

Chief Executive Officer

EX-31.2 3 telkonet_10q-ex3102.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Richard E. Mushrush certify that:

1. I have reviewed this quarterly report on Form 10-Q of Telkonet, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 13, 2015

By: /s/ Richard E. Mushrush

Richard E. Mushrush

Chief Financial Officer

EX-32.1 4 telkonet_10q-ex3201.htm CERTIFICATION

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Telkonet, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jason L. Tienor, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

This certification is being provided pursuant to 18 U.S.C. Section 1350 and is not to be deemed a part of the Report, nor is it to be deemed to be “filed” for any purpose whatsoever.

/s/ Jason L. Tienor

Jason L. Tienor

Chief Executive Officer

August 13, 2015

EX-32.2 5 telkonet_10q-ex3202.htm CERTIFICATION

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Telkonet, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard E. Mushrush, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

This certification is being provided pursuant to 18 U.S.C. Section 1350 and is not to be deemed a part of the Report, nor is it to be deemed to be “filed” for any purpose whatsoever.

/s/ Richard E. Mushrush

Richard E. Mushrush

Chief Financial Officer

August 13, 2015

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A summary of the significant accounting policies applied in the preparation of the accompanying condensed consolidated financial statements follows.   General   The accompanying unaudited condensed consolidated financial statements of Telkonet, Inc. (the Company, Telkonet) have been prepared in accordance with Rule S-X of the Securities and Exchange Commission (the SEC) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.   In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  However, the results from operations for the six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.  The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated December 31, 2014 financial statements and footnotes thereto included in the Company's Form 10-K filed with the SEC.   Business and Basis of Presentation   Telkonet, Inc., formed in 1999 and incorporated under the laws of the State of Utah, is made up of two synergistic business divisions, EcoSmart Energy Management Technology and EthoStream High Speed Internet Access (HSIA) Network.   The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Telkonet Communications, Inc., and EthoStream, LLC (Ethostream). All significant intercompany balances and transactions have been eliminated in consolidation.   Going Concern   The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company reported a net loss of $220,567 for the six months ended June 30, 2015 and has an accumulated deficit of $122,126,584 and total current liabilities in excess of current assets of $484,065 as of June 30, 2015.    The Companys ability to continue as a going concern is subject to its ability to consistently generate a profit and positive operating cash flows and/or obtain necessary funding from outside sources, including by the sale of securities or assets, or obtaining loans from financial institutions, where possible.  The Company may also experience net operating losses in the future and the uncertainty regarding contingent liabilities cast doubt on its ability to satisfy such liabilities and the Company cannot make any representations for fiscal 2015 and beyond. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.   Anticipated cash flows from operations may be insufficient to satisfy the Companys ongoing capital requirements for at least the next 12 months. On September 30, 2014, the Company and its wholly-owned subsidiary, EthoStream, as co-borrowers (collectively, the Borrowers), entered into a Loan and Security Agreement (the Loan Agreement) with Heritage Bank of Commerce, a California state chartered bank (Heritage Bank), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the Credit Facility). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Companys eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Companys eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. At March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015 the Company was in compliance with all financial performance covenants. The outstanding balance was $1,034,856 on the Credit Facility as of June 30, 2015 and the remaining available borrowing capacity was approximately $150,000 at June 30, 2015.   Management intends to review the options for raising capital including, but not limited to, through asset-based financing, private placements, and/or disposition of assets. Management believes that with this financing, the Company will be able to generate additional revenues that will allow the Company to continue as a going concern. There can be no assurance that the Company will be successful in obtaining additional funding.   Restricted Cash on Deposit   During 2014, the Company was awarded a contract with a bonding requirement. The Company satisfied this requirement during the year ended December 31, 2014 with cash collateral supported by an irrevocable standby letter of credit in the amount of $63,000. The Company continues to execute contracts with bonding requirements and maintains this cash collateral on deposit for current and future projects. The amount is presented as restricted cash on deposit on the condensed consolidated balance sheet as of June 30, 2015 and December 31, 2014. The outstanding balance as of June 30, 2015 and December 31, 2014 was $63,550 and $63,000, respectively.   Income (Loss) per Common Share   The Company computes earnings per share under ASC 260-10, Earnings Per Share.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding of common stock.  Diluted income (loss) per share is computed using the weighted average number of common and common stock equivalent shares outstanding during the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding stock options and warrants. As a result of the losses for the six months ended June 30, 2015 and 2014, there were 9,745,758 and 11,295,139 shares of common stock underlying options and warrants excluded due to these instruments being anti-dilutive, respectively.   Use of Estimates   The preparation of financial statements in conformity with United States of America (U.S.) generally accepted accounting principles (GAAP) requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for items and matters such as revenue recognition and allowances for uncollectible accounts receivable, inventory obsolescence, depreciation and amortization, long-lived and intangible asset valuations, impairment assessments, taxes and related valuation allowance, income tax provisions, stock-based compensation, and contingencies. The Company believes that the estimates, judgments and assumptions are reasonable, based on information available at the time they are made. Actual results may differ from those estimates.   Income Taxes   The Company accounts for income taxes in accordance with ASC 740-10 Income Taxes. Under this method, deferred income taxes (when required) are provided based on the difference between the financial reporting and income tax bases of assets and liabilities and net operating losses at the statutory rates enacted for future periods. The Company has a policy of establishing a valuation allowance when it is more likely than not that the Company will not realize the benefits of its deferred income tax assets in the future.   The Company adopted ASC 740-10-25, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740-10-25 also provides guidance on derecognition, classification, treatment of interest and penalties, and disclosure of such positions.   Revenue Recognition   For revenue from product sales, the Company recognizes revenue in accordance with ASC 605-10, Revenue Recognition and ASC 605-10-S99 guidelines that require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on managements judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts.  Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.  The guidelines also address the accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets.   Multiple-Element Arrangements (MEAs): The Company accounts for contracts that have both product and installation under the MEAs guidance in ASC 605-25. Arrangements under such contracts may include multiple deliverables, a combination of equipment and services.  The deliverables included in the MEAs are separated into more than one unit of accounting when (i) the delivered equipment has value to the customer on a stand-alone basis, and (ii) delivery of the undelivered service element(s) is probable and substantially in the Companys control.  Arrangement consideration is then allocated to each unit, delivered or undelivered, based on the relative selling price of each unit of accounting based first on vendor-specific objective evidence (VSOE) if it exists, second on third-party evidence (TPE) if it exists and on estimated selling price (ESP) if neither VSOE or TPE exist.   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 3%"> </td> <td style="width: 3%; font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify"></td> <td style="width: 94%; font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify">VSOE In most instances, products are sold separately in stand-alone arrangements.  Services are also sold separately through renewals of contracts with varying periods.  The Company determines VSOE based on pricing and discounting practices for the specific product or service when sold separately, considering geographical, customer, and other economic or marketing variables, as well as renewal rates or stand-alone prices for the service element(s).</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 3%"> </td> <td style="width: 3%; font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify"></td> <td style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify; width: 94%">TPE If the Company cannot establish VSOE of selling price for a specific product or service included in a multiple-element arrangement, the Company uses third-party evidence of selling price. The Company determines TPE based on sales of comparable amount of similar product or service offered by multiple third parties considering the degree of customization and similarity of product or service sold.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 3%"> </td> <td style="width: 3%; font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify"></td> <td style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify; width: 94%">ESP The estimated selling price represents the price at which the Company would sell a product or service if it were sold on a stand-alone basis.  When neither VSOE nor TPE exists for all elements, the Company determines ESP for the arrangement element based on sales, cost and margin analysis, as well as other inputs based on the Companys pricing practices. Adjustments for other market and Company-specific factors are made as deemed necessary in determining ESP.</td></tr> </table>   When MEAs include an element of customer training, it is not essential to the functionality, efficiency or effectiveness of the MEA. Therefore the Company has concluded that this obligation is inconsequential and perfunctory. As such, for MEAs that include training, customer acceptance of said training is not deemed necessary in order to record the related revenue, but is recorded when the installation deliverable is fulfilled. Historically, training revenues have not been significant.   The Company provides call center support services to properties installed by the Company and also to properties installed by other providers. In addition, the Company provides the property with the portal to access the Internet. The Company receives monthly service fees from such properties for its services and Internet access. The Company recognizes the service fee ratably over the term of the contract. The prices for these services are fixed and determinable prior to delivery of the service. The fair value of these services is known due to objective and reliable evidence from standalone executed contracts.  The Company reports such revenues as recurring revenues.   Guarantees and Product Warranties   The Company records a liability for potential warranty claims in cost of sales at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. The products sold are generally covered by a warranty for a period of one year. In the event the Company determines that its current or future product repair and replacement costs exceed its estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. For the six months ended June 30, 2015 and the year ended December 31, 2014, the Company experienced returns of approximately 1% to 3% of materials included in the cost of sales. As of June 30, 2015 and December 31, 2014, the Company recorded warranty liabilities in the amount of $57,511 and $44,288, respectively, using this experience factor range.   Product warranties for the six months ended June 30, 2015 and the year ended December 31, 2014 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">December 31,  2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%; line-height: 115%">Beginning balance</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">44,288</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">77,943</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Warranty claims incurred</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(25,741</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(45,710</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Provision charged to expense</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">38,964</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">12,055</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Ending balance</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">57,511</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">44,288</td> <td style="line-height: 115%"> </td></tr> </table>      Lease Abandonment   On July 15, 2011, the Company executed a sublease agreement for approximately 12,000 square feet of commercial office space in Germantown, Maryland. Because the Company no longer has access to this subleased space, the Company recorded a charge of $59,937 in accrued liabilities and expenses related to this abandonment during 2011. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015 and the Company recorded an additional charge of $132,174. The remaining liability at June 30, 2015 was $22,479 and at December 31, 2014 was $46,673.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which they will adopt the standard in 2018.   In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718). Under ASU No. 2014-12 an award with a performance target generally requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. This ASU will be effective for reporting periods beginning after December 15, 2015. The Company does not believe this guidance will have a material impact on the Company's future statement of operations, financial position or cash flows.   In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern which requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable) and provide related disclosures. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and thereafter. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-15 on its consolidated financial statements.   In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In June 2015, at the Emerging Issues Task Force meeting, the FASB clarified that ASU 2015-03 does not address debt issuance costs related to revolving credit debt arrangements. In connection therewith, at the June 2015 meeting, the SEC staff announced that it would not object to the presentation of issuance costs related to revolving debt arrangements as an asset that is amortized over the term of the arrangement. Currently, the Company presents deferred financing costs related to its revolving credit facility as an asset in the consolidated balance sheets. ASU 2015-03 is effective for reporting periods beginning after December 15, 2015. The Company does not believe this guidance will have a material impact on the Companys future statement of operations, financial position or cash flows.   In July 2015, the FASB issued ASU No. 2015-11, Inventory - Simplifying the Measurement of Inventory (Topic 330). This ASU requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for reporting periods beginning after December 15, 2016 and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2015-11 on its consolidated financial statements.

Total identifiable intangible assets acquired and their carrying values at June 30, 2015 are:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Cost</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">Accumulated Amortization</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Accumulated Impairment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying Value</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">Weighted Average Amortization Period (Years)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Amortized Identifiable Intangible Assets:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 30%; padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Subscriber lists EthoStream</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,900,000</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(2,003,903</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">896,097</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif">12.0</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Amortized Identifiable Intangible Assets</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">2,900,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">(2,003,903</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">896,097</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Goodwill EthoStream</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">8,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">8,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">11,696,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(2,003,903</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">6,692,527</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   Total identifiable intangible assets acquired and their carrying values at December 31, 2014 are:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Cost</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">Accumulated Amortization</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Accumulated Impairment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying Value</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">Weighted Average Amortization Period (Years)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Amortized Identifiable Intangible Assets:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 30%; padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Subscriber lists EthoStream</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,900,000</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(1,883,063</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,016,937</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif">12.0</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Amortized Identifiable Intangible Assets</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">2,900,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">(1,883,063</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,016,937</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Goodwill EthoStream</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif">8,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Goodwill SSI</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,874,016</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(5,874,016)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">  -</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">14,670,446</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(8,874,016)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">17,570,446</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(1,883,063</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(8,874,016)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">6,813,367</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   Total amortization expense charged to operations for each of the three and six months ended June 30, 2015 and 2014 was $60,420 and $120,840.   Estimated future amortization expense as of June 30, 2015 is as follows:    <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; width: 68%; text-align: center; font: 8pt Times New Roman, Times, Serif">Remainder of 2015</td> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="vertical-align: bottom; width: 26%; text-align: right; font: 8pt Times New Roman, Times, Serif">120,840</td> <td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif">2016</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif">241,680</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif">2017</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif">241,680</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif">2018</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif">241,680</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif">2019</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">50,217</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">896,097</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   The Company does not amortize goodwill. The Company recorded goodwill in the amount of $14,670,446 as a result of the acquisitions of EthoStream and Smart Systems International (SSI) during the year ended December 31, 2007. The Company evaluates goodwill for impairment based on the fair value of the reporting units to which this goodwill relates at least once a year. The Company utilizes a discounted cash flow valuation methodology (income approach) to determine the fair value of the reporting unit. Since acquisition, the Company has written off $3,000,000 and $5,874,016 of goodwill for Ethostream and SSI, respectively.

Components of accounts receivable as of June 30, 2015 and December 31, 2014 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">December 31,  2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%; line-height: 115%">Accounts receivable</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">2,147,706</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">1,497,295</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Allowance for doubtful accounts</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(30,217</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(36,873</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Accounts receivable, net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,117,489</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,460,422</td> <td style="line-height: 115%"> </td></tr> </table>

Components of inventories as of June 30, 2015 and December 31, 2014 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">December 31,  2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%; line-height: 115%">Product purchased for resale</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">1,094,475</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">1,220,600</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Reserve for obsolescence</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(157,350</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(193,350</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Inventory, net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">937,125</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,027,250</td> <td style="line-height: 115%"> </td></tr> </table>

Accrued liabilities and expenses at June 30, 2015 and December 31, 2014 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">December 31,  2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%; line-height: 115%">Accrued liabilities and expenses</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">392,930</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">342,841</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued payroll and payroll taxes</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">419,198</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">345,589</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Accrued sales taxes, penalties, and interest</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">357,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">353,260</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued interest</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">831</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4,047</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Product warranties</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">57,511</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">44,288</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total accrued liabilities and expenses</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,227,741</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,090,025</td> <td style="line-height: 115%"> </td></tr> </table>

Business Loan   On September 11, 2009, the Company entered into a Loan Agreement in the aggregate principal amount of $300,000 with the Wisconsin Department of Commerce (the Department).  The outstanding principal balance bears interest at the annual rate of 2%. Payment of interest and principal is to be made in the following manner: (a) payment of any and all interest that accrues from the date of disbursement commenced on January 1, 2010 and continued on the first day of each consecutive month thereafter through and including December 31, 2010; (b) commencing on January 1, 2011 and continuing on the first day of each consecutive month thereafter through and including November 1, 2016, the Company is required to pay equal monthly installments of $4,426; followed by a final installment on December 1, 2016 which shall include all remaining principal, accrued interest and other amounts owed by the Company to the Department under the Loan Agreement. The Company may prepay amounts outstanding under the Loan Agreement in whole or in part at any time without penalty. The Loan Agreement was secured by substantially all of the Companys assets. On September 24, 2014, the Department signed a subordination agreement of all the Companys security interests. The proceeds from this loan were used for the working capital requirements of the Company. The Loan Agreement contains covenants which required, among other things, that the Company keep and maintain 75 existing full-time positions and create and fill 35 additional full-time positions in Milwaukee, Wisconsin by December 31, 2012. On June 18, 2012, the Department agreed to permanently waive all penalties associated with the Companys noncompliance with this covenant. The outstanding borrowings under the agreement as of June 30, 2015 and December 31, 2014 were $78,356 and $103,979, respectively.   Promissory Note   On March 4, 2011, the Company sold all its Series 5 PLC product line assets to Wisconsin-based Dynamic Ratings, Inc. (Purchaser) under an Asset Purchase Agreement (APA).  Per the APA, the Company signed an unsecured Promissory Note (the Note) due to Purchaser in the aggregate principal amount of $700,000. The outstanding principal balance bears interest at the annual rate of 6% and was originally due on March 31, 2014. The Note may be prepaid in whole or in part, without penalty at any time. The Note contains certain earn-out provisions that encompass both the Companys and Purchasers revenue volumes.  Amounts earned under the earn-out provisions were applied against the Note on June 30, 2012 and June 30, 2013.  Payments not made when due, by maturity acceleration or otherwise, shall bear interest at the rate of 12% per annum from the date due until fully paid. Effective April 30, 2013, Purchaser approved an amendment to certain terms of the Note. Telkonet commenced a monthly payment of principal and interest of $20,000 to be applied against the outstanding balance starting May 1, 2013. The interest rate remains unchanged at 6% and the maturity date was extended to January 1, 2016. During the six months ended June 30, 2015, the Company made additional payments of $20,000 in aggregate beyond the required monthly payments of principal and interest. The outstanding principal balance of the Note as of June 30, 2015 and December 31, 2014 was $157,487 and $289,973, respectively.   Revolving Credit Facility   On May 31, 2013, the Company entered into a Revolving Credit Facility (the Agreement) with Bridge Bank, NA, (the Bank) in a principal amount not to exceed $2,000,000. The Agreement was subject to a borrowing base that was equal to the sum of 80% of the Companys eligible accounts receivable and 25% of the eligible inventory. On August 1, 2013 the Agreement was modified to include the eligible receivables and the eligible inventory of EthoStream. The Agreement was available for working capital and other lawful general corporate purposes. As of December 31, 2013 and March 31, 2014, the Company was in violation of a financial performance covenant. Although the Companys violation of the financial performance covenant constituted a default under the Agreement, the Bank did not pursue any remedies under the default provisions of the Agreement. On May 31, 2014, the Company and the Bank mutually agreed to terminate the Agreement and the Company paid the remaining outstanding principal balance of $50,000.   On September 30, 2014, the Company and its wholly owned subsidiary, EthoStream, as co-borrowers (collectively, the Borrowers), entered into a Loan and Security Agreement (the Loan Agreement) with Heritage Bank of Commerce, a California state chartered bank (Heritage Bank), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the Credit Facility). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Companys eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Companys eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%, which was 6.25% at June 30, 2015 and December 31, 2014. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. On October 9, 2014, as part of the Loan Agreement, Heritage Bank was granted a warrant to purchase 250,000 shares of Telkonet common stock. The warrant has an exercise price of $0.20 and expires October 9, 2021.   The Loan Agreement also contains financial covenants that place restrictions on, among other things, the incurrence of debt, granting of liens and sale of assets. The Loan Agreement also contains financial covenants that require the Borrowers to maintain a minimum EBITDA level, measured quarterly, and a minimum asset coverage ratio, measured monthly. A violation of any of these covenants could result in an event of default under the Loan Agreement. Upon the occurrence of such an event of default or certain other customary events of defaults, payment of any outstanding amounts under the Credit Facility may be accelerated and Heritage Banks commitment to extend credit under the Loan Agreement may be terminated. The Loan Agreement contains other representations and warranties, covenants, and other provisions customary to transactions of this nature. As of March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015, the Company was in compliance with all financial covenants. The outstanding balance on the Credit Facility was $1,034,856 and $628,204 at June 30, 2015 and December 31, 2014 leaving an available borrowing base of approximately $150,000 and $241,000 at June 30, 2015 and December 31, 2014, respectively.     Aggregate annual future maturities of the Companys debt as of June 30, 2015 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; line-height: 115%">Years ended December 31,</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Amount</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 67%; line-height: 115%">2015 (remainder of)</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%">$ </td> <td style="width: 26%; text-align: right; line-height: 115%">142,606</td> <td style="width: 2%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">93,237</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">235,843</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Less: Current portion</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(209,507</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Notes payable long term</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">26,336</td> <td style="line-height: 115%"> </td></tr> </table>

Series A   The Company has designated 215 shares of preferred stock as Series A Preferred Stock (Series A). Each share of Series A is convertible, at the option of the holder thereof, at any time, into shares of Common Stock at an initial conversion price of $0.363 per share.  In the event of a change of control (as defined in the purchase agreement with respect to the Series A), or at the holders option, on November 19, 2014 and for a period of 180 days thereafter, provided that at least 50% of the shares of Series A issued on the Series A Original Issue Date remain outstanding as of November 19, 2014, and the holders of at least a majority of the then outstanding shares of Series A provide written notice requesting redemption of all shares of Series A, the Company was required to redeem the Series A for the purchase price of $5,000 per share, plus any accrued but unpaid dividends. By way of the redemption option available to holders of the Companys Series A shares having expired on May 18, 2015 with no Series A holders requesting redemption of their shares, the redemption feature at the option of the holders was eliminated, thereby, resulting in the reclassification of $1,322,112 from temporary equity, which was classified as redeemable preferred stock in the Companys condensed consolidated balance sheets, to permanent equity during the three months ended June 30, 2015.     On November 16, 2009, the Company sold 215 shares of Series A with attached warrants to purchase an aggregate of 1,628,800 shares of the Companys common stock at $0.33 per share.  The Series A shares were sold at a price per share of $5,000 and each Series A share is convertible into approximately 13,774 shares of common stock at a conversion price of $0.363 per share. The Company received $1,075,000 from the sale of the Series A shares.  On November 19, 2014 and for a period of 180 days thereafter, the Series A were redeemable at the option of the holder, the carrying value of the preferred stock, net of discount and including accumulated dividends, had been classified as redeemable preferred stock on the condensed consolidated balance sheets. The redemption feature at the option of the holders expired, thereby, resulting in the reclassification of $1,340,566 from temporary equity, which was classified as redeemable preferred stock in the Companys condensed consolidated balance sheets, to permanent equity during the period ended June 30, 2015.   A portion of the proceeds were allocated to the warrants based on their relative fair value, which totaled $287,106 using the Black Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $70,922 to the Series A preferred shares based upon the difference between the effective conversion price of those shares and the closing price of the Companys common stock on the date of issuance. The assumptions used in the Black-Scholes model were as follows:  (1) dividend yield of 0%; (2) expected volatility of 123%, (3) weighted average risk-free interest rate of 2.2%, (4) expected life of 5 years, and (5) fair value of Telkonet common stock of $0.24 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $358,028, were recorded as a discount and deducted from the face value of the preferred stock. The discount was amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings) and an increase to the net income (loss) attributable to common stockholders.   The charge to additional paid in capital for amortization of Series A discount and costs for the three and six months ended June 30, 2014 was $17,508 and $35,016, respectively.   For the three and six months ended June 30, 2015 and 2014, the Company has accrued dividends for Series A in the amount of $18,454 and $36,707, and cumulative accrued dividends of $415,566 and $341,539, respectively. The accrued dividends have been charged to additional paid-in capital (since there is a deficit in retained earnings) and an increase to the net income (loss) attributable to common stockholders and the net unpaid accrued dividends been added to the carrying value of the preferred stock.    Series B   The Company has designated 538 shares of preferred stock as Series B Preferred Stock (Series B). Each share of Series B is convertible, at the option of the holder thereof, at any time, into shares of Common Stock at an initial conversion price of $0.13 per share.  As a result of the Series B conversions during the year ended December 31, 2013, the outstanding Series B shares will not become redeemable at the option of the holders. The Series B accrues dividends at an annual rate of 8% of the original purchase price, payable only when, as, and if declared by the Board of Directors.   On August 4, 2010, the Company sold 267 shares of Series B with attached warrants to purchase an aggregate of 5,134,626 shares of the Companys common stock at $0.13 per share. The Series B shares were sold at a price per share of $5,000 and each Series B share is convertible into approximately 38,461 shares of common stock at a conversion price of $0.13 per share. The Company received $1,335,000 from the sale of the Series B shares. Up and until the quarter ended September 30, 2013, the Series B were redeemable at the option of the holder, the carrying value of the preferred stock, net of discount and including accumulated dividends, has been classified as redeemable preferred stock on the consolidated balance sheets. During the year ended December 31, 2013, shareholders converted 167 redeemable preferred shares issued on August 4, 2010, to, in aggregate, 6,423,072 shares of common stock.    A portion of the proceeds was allocated to the warrants based on their relative fair value, which totaled $394,350 using the Black-Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $394,350 to the Series B preferred shares based upon the difference between the effective conversion price of those shares and the closing price of the Companys common stock on the date of issuance. The assumptions used in the Black-Scholes model were as follows:  (1) dividend yield of 0%; (2) expected volatility of 123%, (3) weighted average risk-free interest rate of 1.76%, (4) expected term of approximately 4 years, and (5) estimated fair value of Telkonet common stock of $0.109 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $788,700, were recorded as a discount and deducted from the face value of the preferred stock. The discount is being amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings). During the year ended December 31, 2013, the remaining portion of the discount of approximately $123,100 was accelerated and recognized immediately as a charge to additional paid-in capital and accretion of preferred stock discounts and an increase to the net loss attributable to common stockholders for the 167 redeemable preferred shares converted to common stock.   On April 8, 2011, the Company sold 271 additional shares of Series B with attached warrants to purchase an aggregate of 5,211,542 shares of the Companys common stock at $0.13 per share.  The Series B shares were sold at a price per share of $5,000 and each Series B share is convertible into approximately 38,461 shares of common stock at a conversion price of $0.13 per share. The Company received $1,355,000 from the sale of the Series B shares.  During the year ended December 31, 2013, all 271 of the redeemable preferred shares issued on April 8, 2011, were converted to, in aggregate, 10,423,067 shares of common stock.   As a result of the Series B conversions during the year ended December 31, 2013, fewer than 50% of the Series B shares issued on the Series B Original Issuance Date remain outstanding, and the balance of the outstanding Series B shares will not become redeemable at the option of the holders. The redemption feature at the option of the holders is eliminated, thereby, resulting in the reclassification of $324,063 from temporary equity, which was classified as redeemable preferred stock in the Companys consolidated balance sheets, to permanent equity during the year ended December 31, 2013.   A portion of the proceeds were allocated to the warrants based on their relative fair value, which totaled $427,895 using the Black-Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $427,895 to the Series B shares based upon the difference between the effective conversion price of those shares and the closing price of the Companys common stock on the date of issuance. The assumptions used in the Black-Scholes model are as follows:  (1) dividend yield of 0%; (2) expected volatility of 129%, (3) weighted average risk-free interest rate of 0.26%, (4) expected life of approximately 3.5 years, and (5) estimated fair value of Telkonet common stock of $0.12 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $855,790, have been recorded as a discount and deducted from the face value of the Series B shares. The discount is being amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings). During the year ended December 31, 2013, the remaining discount of approximately $261,300 was accelerated and recognized immediately as a charge to additional paid-in capital and accretion of preferred stock discounts upon the 271 redeemable preferred stock conversions to common stock.         The charge to additional paid in capital for amortization of Series B discount and costs for the three and six months ended June 30, 2014 was $7,020 and $14,040, respectively.   For the three and six months ended June 30, 2015 and 2014, the Company has accrued dividends for Series B in the amount of $5,490 and $5,490 and $10,921 and $10,920, respectively, and cumulative accrued dividends of $107,951 and $85,925 as of June 30 2015 and 2014, respectively. The accrued dividends have been charged to additional paid-in capital (since there is a deficit in retained earnings) and the net unpaid accrued dividends been added to the carrying value of the preferred stock.   Preferred stock carries certain preference rights as detailed in the Companys Amended Articles of Incorporation related to both the payment of dividends and as to payments upon liquidation in preference to any other class or series of capital stock of the Company.  Liquidation preference of the preferred stock is based on the following order: first, Series B with a preference value of $382,951 and second, Series A with a preference value of $1,340,566. Both series of preferred stock are equal in their dividend preference over common stock.

The Company has authorized 15,000,000 shares of preferred stock (designated and undesignated), with a par value of $.001 per share. The Company has designated 215 shares as Series A preferred stock and 538 shares as Series B preferred stock. At both June 30, 2015 and December 31, 2014, there were 185 shares of Series A and 55 shares of Series B outstanding.   The Company has authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of both June 30, 2015 and December 31, 2014 the Company had 125,035,612 common shares issued and outstanding.

On July 17, 2014, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for a customer contract that required bonding. The Company agreed to compensate each in the amount of $9,000, grossed up to accommodate their 2014 federal income tax liability associated with the payments.   On May 18 and June 4, 2015, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for another customer contract that required bonding. The Company agreed to compensate each in the amount of $3,000, grossed up to accommodate their 2015 federal income tax liability associated with the payments. The amounts owed to Messrs. Davis and Tienor as of June 30, 2015 and December 31, 2014, were $7,994 and $24,090 recorded in accounts payable and accrued expense on the accompanying condensed consolidated balance sheets.   From time to time the Company may receive advances from certain of its officers in the form of salary deferment, cash advances to meet short term working capital needs.  These advances may not have formal repayment terms or arrangements.  As of June 30, 2015 and December 31, 2014, there were no such arrangements.

Office Lease Obligations   In October 2013, the Company entered into a lease agreement for 6,362 square feet of commercial office space in Waukesha, Wisconsin for its corporate headquarters. The Waukesha lease expires in April 2021.   The Company presently leases approximately 14,000 square feet of office space in Milwaukee, Wisconsin for its operations facility. The Milwaukee lease expires in March 2020.   The Company presently leases 16,416 square feet of commercial office space in Germantown, Maryland.  The lease commitments expire in December 2015.  On July 15, 2011, Telkonet executed a sublease agreement for 11,626 square feet of the office space in Germantown, Maryland.  The subtenant received one month rent abatement and had the option to extend the sublease from January 31, 2013 to December 31, 2015. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015.   Commitments for minimum rentals under non-cancelable leases at June 30, 2015 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #EEEEEE"> <td style="vertical-align: bottom; width: 68%; line-height: 115%">2015 (remainder of)</td> <td style="width: 3%; line-height: 115%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">$</td> <td style="vertical-align: bottom; width: 26%; text-align: right; line-height: 115%">251,099</td> <td style="vertical-align: bottom; width: 2%; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">245,274</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #EEEEEE"> <td style="vertical-align: bottom; line-height: 115%">2017</td> <td style="line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">251,740</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 115%">2018</td> <td style="line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">258,381</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #EEEEEE"> <td style="vertical-align: bottom; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="vertical-align: bottom; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">265,305</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 115%">2020 and thereafter</td> <td style="line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 115%">156,877</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> <tr style="background-color: #EEEEEE"> <td style="vertical-align: bottom; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,428,676</td> <td style="vertical-align: bottom; line-height: 115%"> </td></tr> </table>   Expected rent payments to be received under the sublease agreement as of June 30, 2015 are $70,317 for the year ended December 31, 2015.   Rental expenses charged to operations for the three and six months ended June 30, 2015 and 2014 were $163,990 and $154,576, and $326,202 and $310,151, respectively. Rental income received for the three and six months ended June 30, 2015 and 2014 was $34,301 and $33,925, and $68,602 and $67,227, respectively.   Litigation   The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity.   Sales Tax   During 2012, the Company engaged a sales tax consultant to assist in determining the extent of its potential sales tax exposure.  Based upon this analysis, management determined the Company had probable exposure for certain unpaid obligations, including interest and penalty, of approximately $1,100,000 including and prior to the year ended December 31, 2011. The Company has approximately $357,000 and $353,000 accrued as of June 30, 2015 and December 31, 2014, respectively.     The Company continues to manage the liability by establishing voluntary disclosure agreements (VDAs) with the applicable states, which establishes a maximum look-back period and payment arrangements.  However, if the aforementioned methods prove unsuccessful and the Company is examined or challenged by taxing authorities, there exists possible exposure of an additional $200,000, not including any applicable interest and penalties.   Prior to 2015, the Company successfully executed and paid in full VDAs in thirty one states totaling approximately $695,000 and is current with the subsequent filing requirements.   During the six months ended June 30, 2015, the Company executed one VDA totaling approximately $25,000. The Company is currently in negotiations with three states.   The following table sets forth the change in the sales tax accrual as of June 30, 2015 and December 31, 2014:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30, 2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">December 31, 2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 67%; line-height: 115%">Balance, beginning of year</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 13%; text-align: right; line-height: 115%">353,260</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">1,080,482</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Sales tax collected</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">208,883</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">426,599</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Provisions</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(599,295</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Interest and penalties</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Payments</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(204,872</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(554,526</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Balance, end of period</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">357,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">353,260</td> <td style="line-height: 115%"> </td></tr> </table>

For the six months ended June 30, 2015 and 2014, no single customer represented 10% or more of total net revenues. As of June 30, 2015, one customer accounted for 17% of the Companys net accounts receivable.   Purchases from two major suppliers approximated $1,713,000, or 85%, of purchases, and $1,767,000, or 75%, of purchases, for the six months ended June 30, 2015 and 2014, respectively. Total due to these suppliers, net of deposits, was approximately $748,000 as of June 30, 2015, and $750,000 as of December 31, 2014.

General   The accompanying unaudited condensed consolidated financial statements of Telkonet, Inc. (the Company, Telkonet) have been prepared in accordance with Rule S-X of the Securities and Exchange Commission (the SEC) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.   In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  However, the results from operations for the six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.  The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated December 31, 2014 financial statements and footnotes thereto included in the Company's Form 10-K filed with the SEC.

Business and Basis of Presentation   Telkonet, Inc., formed in 1999 and incorporated under the laws of the State of Utah, is made up of two synergistic business divisions, EcoSmart Energy Management Technology and EthoStream High Speed Internet Access (HSIA) Network.   The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Telkonet Communications, Inc., and EthoStream, LLC (Ethostream). All significant intercompany balances and transactions have been eliminated in consolidation.

Going Concern   The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company reported a net loss of $220,567 for the six months ended June 30, 2015 and has an accumulated deficit of $122,126,584 and total current liabilities in excess of current assets of $484,065 as of June 30, 2015.    The Companys ability to continue as a going concern is subject to its ability to consistently generate a profit and positive operating cash flows and/or obtain necessary funding from outside sources, including by the sale of securities or assets, or obtaining loans from financial institutions, where possible.  The Company may also experience net operating losses in the future and the uncertainty regarding contingent liabilities cast doubt on its ability to satisfy such liabilities and the Company cannot make any representations for fiscal 2015 and beyond. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.   Anticipated cash flows from operations may be insufficient to satisfy the Companys ongoing capital requirements for at least the next 12 months. On September 30, 2014, the Company and its wholly-owned subsidiary, EthoStream, as co-borrowers (collectively, the Borrowers), entered into a Loan and Security Agreement (the Loan Agreement) with Heritage Bank of Commerce, a California state chartered bank (Heritage Bank), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the Credit Facility). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Companys eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Companys eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. At March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015 the Company was in compliance with all financial performance covenants. The outstanding balance was $1,034,856 on the Credit Facility as of June 30, 2015 and the remaining available borrowing capacity was approximately $150,000 at June 30, 2015.   Management intends to review the options for raising capital including, but not limited to, through asset-based financing, private placements, and/or disposition of assets. Management believes that with this financing, the Company will be able to generate additional revenues that will allow the Company to continue as a going concern. There can be no assurance that the Company will be successful in obtaining additional funding.

Restricted Cash on Deposit   During 2014, the Company was awarded a contract with a bonding requirement. The Company satisfied this requirement during the year ended December 31, 2014 with cash collateral supported by an irrevocable standby letter of credit in the amount of $63,000. The Company continues to execute contracts with bonding requirements and maintains this cash collateral on deposit for current and future projects. The amount is presented as restricted cash on deposit on the condensed consolidated balance sheet as of June 30, 2015 and December 31, 2014. The outstanding balance as of June 30, 2015 and December 31, 2014 was $63,550 and $63,000, respectively.

Income (Loss) per Common Share   The Company computes earnings per share under ASC 260-10, Earnings Per Share.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding of common stock.  Diluted income (loss) per share is computed using the weighted average number of common and common stock equivalent shares outstanding during the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding stock options and warrants. As a result of the losses for the six months ended June 30, 2015 and 2014, there were 9,745,758 and 11,295,139 shares of common stock underlying options and warrants excluded due to these instruments being anti-dilutive, respectively.

Use of Estimates   The preparation of financial statements in conformity with United States of America (U.S.) generally accepted accounting principles (GAAP) requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for items and matters such as revenue recognition and allowances for uncollectible accounts receivable, inventory obsolescence, depreciation and amortization, long-lived and intangible asset valuations, impairment assessments, taxes and related valuation allowance, income tax provisions, stock-based compensation, and contingencies. The Company believes that the estimates, judgments and assumptions are reasonable, based on information available at the time they are made. Actual results may differ from those estimates.

Income Taxes   The Company accounts for income taxes in accordance with ASC 740-10 Income Taxes. Under this method, deferred income taxes (when required) are provided based on the difference between the financial reporting and income tax bases of assets and liabilities and net operating losses at the statutory rates enacted for future periods. The Company has a policy of establishing a valuation allowance when it is more likely than not that the Company will not realize the benefits of its deferred income tax assets in the future.   The Company adopted ASC 740-10-25, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740-10-25 also provides guidance on derecognition, classification, treatment of interest and penalties, and disclosure of such positions.

Revenue Recognition   For revenue from product sales, the Company recognizes revenue in accordance with ASC 605-10, Revenue Recognition and ASC 605-10-S99 guidelines that require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on managements judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts.  Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.  The guidelines also address the accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets.   Multiple-Element Arrangements (MEAs): The Company accounts for contracts that have both product and installation under the MEAs guidance in ASC 605-25. Arrangements under such contracts may include multiple deliverables, a combination of equipment and services.  The deliverables included in the MEAs are separated into more than one unit of accounting when (i) the delivered equipment has value to the customer on a stand-alone basis, and (ii) delivery of the undelivered service element(s) is probable and substantially in the Companys control.  Arrangement consideration is then allocated to each unit, delivered or undelivered, based on the relative selling price of each unit of accounting based first on vendor-specific objective evidence (VSOE) if it exists, second on third-party evidence (TPE) if it exists and on estimated selling price (ESP) if neither VSOE or TPE exist.   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif; text-align: justify"></td> <td style="width: 94%; font: 8pt Times New Roman, Times, Serif; text-align: justify">VSOE In most instances, products are sold separately in stand-alone arrangements.  Services are also sold separately through renewals of contracts with varying periods.  The Company determines VSOE based on pricing and discounting practices for the specific product or service when sold separately, considering geographical, customer, and other economic or marketing variables, as well as renewal rates or stand-alone prices for the service element(s).</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif; text-align: justify"></td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; width: 94%">TPE If the Company cannot establish VSOE of selling price for a specific product or service included in a multiple-element arrangement, the Company uses third-party evidence of selling price. The Company determines TPE based on sales of comparable amount of similar product or service offered by multiple third parties considering the degree of customization and similarity of product or service sold.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif; text-align: justify"></td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; width: 94%">ESP The estimated selling price represents the price at which the Company would sell a product or service if it were sold on a stand-alone basis.  When neither VSOE nor TPE exists for all elements, the Company determines ESP for the arrangement element based on sales, cost and margin analysis, as well as other inputs based on the Companys pricing practices. Adjustments for other market and Company-specific factors are made as deemed necessary in determining ESP.</td></tr> </table>   When MEAs include an element of customer training, it is not essential to the functionality, efficiency or effectiveness of the MEA. Therefore the Company has concluded that this obligation is inconsequential and perfunctory. As such, for MEAs that include training, customer acceptance of said training is not deemed necessary in order to record the related revenue, but is recorded when the installation deliverable is fulfilled. Historically, training revenues have not been significant.   The Company provides call center support services to properties installed by the Company and also to properties installed by other providers. In addition, the Company provides the property with the portal to access the Internet. The Company receives monthly service fees from such properties for its services and Internet access. The Company recognizes the service fee ratably over the term of the contract. The prices for these services are fixed and determinable prior to delivery of the service. The fair value of these services is known due to objective and reliable evidence from standalone executed contracts.  The Company reports such revenues as recurring revenues.

Guarantees and Product Warranties   The Company records a liability for potential warranty claims in cost of sales at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. The products sold are generally covered by a warranty for a period of one year. In the event the Company determines that its current or future product repair and replacement costs exceed its estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. For the six months ended June 30, 2015 and the year ended December 31, 2014, the Company experienced returns of approximately 1% to 3% of materials included in the cost of sales. As of June 30, 2015 and December 31, 2014, the Company recorded warranty liabilities in the amount of $57,511 and $44,288, respectively, using this experience factor range.   Product warranties for the six months ended June 30, 2015 and the year ended December 31, 2014 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">June 30,  2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">December 31,  2014</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%; line-height: 115%">Beginning balance</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">44,288</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">77,943</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Warranty claims incurred</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(25,741</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(45,710</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Provision charged to expense</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">38,964</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">12,055</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Ending balance</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">57,511</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">44,288</td> <td style="line-height: 115%"> </td></tr> </table>

Lease Abandonment   On July 15, 2011, the Company executed a sublease agreement for approximately 12,000 square feet of commercial office space in Germantown, Maryland. Because the Company no longer has access to this subleased space, the Company recorded a charge of $59,937 in accrued liabilities and expenses related to this abandonment during 2011. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015 and the Company recorded an additional charge of $132,174. The remaining liability at June 30, 2015 was $22,479 and at December 31, 2014 was $46,673.

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">June 30,  2015</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">December 31,  2014</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%">Beginning balance</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">44,288</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">77,943</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Warranty claims incurred</td> <td> </td> <td> </td> <td style="text-align: right">(25,741</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(45,710</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Provision charged to expense</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">38,964</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">12,055</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Ending balance</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">57,511</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">44,288</td> <td> </td></tr> </table>

Total identifiable intangible assets acquired and their carrying values at June 30, 2015 are:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Cost</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> Accumulated Amortization</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Accumulated Impairment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying Value</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> Weighted Average Amortization Period (Years)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Amortized Identifiable Intangible Assets:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 30%; padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Subscriber lists EthoStream</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,900,000</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(2,003,903</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">896,097</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif">12.0</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Amortized Identifiable Intangible Assets</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">2,900,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">(2,003,903</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">896,097</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Goodwill EthoStream</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">8,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">8,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">11,696,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(2,003,903</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">6,692,527</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>   Total identifiable intangible assets acquired and their carrying values at December 31, 2014 are:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Cost</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> Accumulated Amortization</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Accumulated Impairment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying Value</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> Weighted Average Amortization Period (Years)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Amortized Identifiable Intangible Assets:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="width: 30%; padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Subscriber lists EthoStream</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,900,000</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(1,883,063</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">)</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 11%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,016,937</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif">12.0</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Amortized Identifiable Intangible Assets</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">2,900,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">(1,883,063</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">1,016,937</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Goodwill EthoStream</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif">8,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">(3,000,000)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Goodwill SSI</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,874,016</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(5,874,016)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">  -</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total Goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">14,670,446</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(8,874,016)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">5,796,430</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-indent: -10pt; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">17,570,446</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(1,883,063</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(8,874,016)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">6,813,367</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #EEEEEE"> <td style="vertical-align: bottom; width: 68%; text-align: center">Remainder of 2015</td> <td style="width: 3%"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 26%; text-align: right">120,840</td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: center">2016</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">241,680</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #EEEEEE"> <td style="vertical-align: bottom; text-align: center">2017</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">241,680</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: center">2018</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">241,680</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #EEEEEE"> <td style="vertical-align: bottom; text-align: center">2019</td> <td> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">50,217</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: center">Total</td> <td> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right">896,097</td> <td style="vertical-align: bottom"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">June 30,  2015</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">December 31,  2014</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%">Product purchased for resale</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,094,475</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,220,600</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Reserve for obsolescence</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(157,350</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(193,350</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Inventory, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">937,125</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,027,250</td> <td> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">June 30,  2015</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31,  2014</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="width: 56%; font: 8pt Times New Roman, Times, Serif">Accrued liabilities and expenses</td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 18%; text-align: right; font: 8pt Times New Roman, Times, Serif">392,930</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 18%; text-align: right; font: 8pt Times New Roman, Times, Serif">342,841</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accrued payroll and payroll taxes</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">419,198</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">345,589</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accrued sales taxes, penalties, and interest</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">357,271</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">353,260</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Accrued interest</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">831</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">4,047</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Product warranties</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">57,511</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">44,288</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Total accrued liabilities and expenses</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,227,741</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,090,025</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">Years ended December 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Amount</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="width: 67%; font: 8pt Times New Roman, Times, Serif">2015 (remainder of)</td> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">$ </td> <td style="width: 26%; text-align: right; font: 8pt Times New Roman, Times, Serif">142,606</td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">2016</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">93,237</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">235,843</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Less: Current portion</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(209,507</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Notes payable long term</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">26,336</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="14" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Options Outstanding</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Options Exercisable</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Prices</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Remaining Contractual Life  (Years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Exercisable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 13%; text-align: right; line-height: 115%">0.01 - $0.15</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">175,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">2.32</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">    0.14</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">175,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">    0.14</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.16 - $0.99</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,520,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">7.43</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,280,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00 - $5.60</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">135,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">1.02</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.29</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">135,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.29</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,830,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6.47</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.41</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,590,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.44</td> <td style="line-height: 115%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Prices</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Remaining Contractual Life (Years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Exercisable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 13%; text-align: right; line-height: 115%">0.13</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">7,230,778</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">   0.62</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">   0.13</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">7,230,778</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">   0.13</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.41</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">250,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6.28</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">250,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">384,755</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">0.33</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">384,755</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.00</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,915,533</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.79</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.27</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,915,533</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.27</td> <td style="line-height: 115%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Number of  Shares</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted Average  Price Per Share</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="width: 67%; font: 8pt Times New Roman, Times, Serif">Outstanding at January 1, 2014</td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif">9,359,914</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 12%; text-align: right; font: 8pt Times New Roman, Times, Serif">0.32</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Issued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">300,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.20</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Canceled or expired</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(1,744,381</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">0.51</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding at December 31, 2014</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">7,915,533</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">0.27</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Issued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Canceled or expired</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding at June 30, 2015</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">7,915,533</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">0.27</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; width: 68%; font: 8pt Times New Roman, Times, Serif">2015 (remainder of)</td> <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="vertical-align: bottom; width: 26%; text-align: right; font: 8pt Times New Roman, Times, Serif">251,099</td> <td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">2016</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif">245,274</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">2017</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif">251,740</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">2018</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif">258,381</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">2019</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif">265,305</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">2020 and thereafter</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">156,877</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,428,676</td> <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">June 30, 2015</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2014</td> <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="width: 67%; font: 8pt Times New Roman, Times, Serif">Balance, beginning of year</td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif">353,260</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">$</td> <td style="width: 12%; text-align: right; font: 8pt Times New Roman, Times, Serif">1,080,482</td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Sales tax collected</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">208,883</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">426,599</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Provisions</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif">(599,295</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Interest and penalties</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"></td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Payments</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(204,872</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(554,526</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"> <td style="font: 8pt Times New Roman, Times, Serif">Balance, end of period</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">357,271</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">353,260</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table>

57511

44288

77943

25741

45710

38964

12055

484065

1034856

628204

150000

241000

63550

63000

9745758

11295139

22479

46673

11696430

2900000

8796430

2900

2900000

17570446

2003903

1883063

3000000

5874016

8874016

P12Y P12Y

120840

241680

50217

896097

120840

60420

2147706

1497295

30217

36873

2117489

1460422

1094475

1220600

157350

193350

937125

1027250

392930

342841

419198

345589

357271

353260

831

4047

1227741

1090025

142606

93237

235843

157487

78356

103979

289973

35016

14040

17508

7020

10921

36707

10920

18454

5490

18454

5490

415566

107951

341539

85925

1340566

P2Y3M26D

P7Y5M5D

P1Y7D

P6Y5M19D

175000

1280225

135000

1590225

0.14

0.18

3.29

0.44

200000

100000

5000

0.19

3.50

7915533

7230778

250000

384755

50000

7915533

9359914

P9M15D

P7M13D

P6Y3M11D

P3M29D

P2Y4M28D

0.27

0.13

0.20

3.00

0.18

0.27

0.32

7915533

7230778

250000

384755

50000

0.27

0.13

0.20

3.00

0.18

300000

1744381

0.20

0.51

7593

6641

3390

4617

7994

24090

251099

245274

251740

258381

265305

156877

1428676

357271

353260

1080482

208883 426599

599295

0 0

204872

554526

326202

310151

163990

154576

68602

67227

34301

33925

70317

0.85

0.75

0.17

1713000

1767000

750000

748000

125868441

125908476

-122126584

-121906017

10998279

10786963

125035

372030

1340566

382951

Employee Stock Options   The Company maintains an equity incentive plan, (the Plan). The Plan was established in 2010 as an incentive plan for officers, employees, non-employee directors, prospective employees and other key persons. It is anticipated that providing such persons with a direct stake in the Companys welfare will assure a better alignment of their interests with those of the Company and its stockholders.   The following table summarizes the changes in options outstanding and the related prices for the shares of the Companys common stock issued to employees of the Company under the Plan.   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="14" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Options Outstanding</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Options Exercisable</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Prices</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Remaining Contractual Life  (Years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Exercisable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">0.01 - $0.15</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%">175,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">2.32</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">    0.14</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">175,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">    0.14</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.16 - $0.99</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,520,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">7.43</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,280,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00 - $5.60</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">135,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">1.02</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.29</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">135,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.29</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,830,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6.47</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.41</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,590,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.44</td> <td style="line-height: 115%"> </td></tr> </table>   Transactions involving stock options issued to employees are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Number of  Shares</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Weighted Average  Price Per Share</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 68%; line-height: 115%">Outstanding at January 1, 2014</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 13%; text-align: right; line-height: 115%">1,735,225</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">0.43</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">200,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.19</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Cancelled or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(5,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.50</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Outstanding at December 31, 2014</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">1,930,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">0.40</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Cancelled or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(100,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">0.19</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Outstanding at June 30, 2015</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,830,225</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.40</td> <td style="line-height: 115%"> </td></tr> </table>   The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, exercise patterns and pre-vesting and post-vesting forfeitures. The Company estimates the volatility of the Companys common stock based on the calculated historical volatility of the Companys own common stock using the trailing 24 months of share price data prior to the date of the award. The Company bases the risk-free interest rate used in the Black-Scholes option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on the Companys common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. The Company uses historical data to estimate pre-vesting option forfeitures and record share-based compensation for those awards that are expected to vest. In accordance with ASC 718-10, the Company adjusts share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience.   There were no options granted and no options exercised during the six months ended June 30, 2015 and 2014, respectively. Total stock-based compensation expense in connection with options granted to employees recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 was $3,390 and $4,617 and $7,593 and $6,641, respectively.   Warrants   The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Companys common stock issued to non-employees of the Company.   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Warrants Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Prices</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Remaining Contractual Life (Years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Number Exercisable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">0.13</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%">7,230,778</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">   0.62</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">   0.13</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">7,230,778</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 14%; text-align: right; line-height: 115%">   0.13</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.41</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.18</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">250,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6.28</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">250,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">384,755</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">0.33</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">384,755</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">3.00</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,915,533</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.79</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.27</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,915,533</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.27</td> <td style="line-height: 115%"> </td></tr> </table>   Transactions involving warrants are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Number of  Shares</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Weighted Average  Price Per Share</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 68%; line-height: 115%">Outstanding at January 1, 2014</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 13%; text-align: right; line-height: 115%">9,359,914</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">0.32</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Issued</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">300,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.20</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Canceled or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(1,744,381</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">0.51</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Outstanding at December 31, 2014</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">7,915,533</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.27</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Issued</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Canceled or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="line-height: 115%">Outstanding at June 30, 2015</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,915,533</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">0.27</td> <td style="line-height: 115%"> </td></tr> </table>   There were no warrants granted, exercised, cancelled or forfeited during the six months ended June 30, 2015 and 2014.

0.001

125035612

185

5590409

4499524

125035

125908476

125868441

-121906017

-122126584

1340566

372030

382951

7593

-18253

-47628

18454

10921

185

1322112

0.001

6692527

6813367

Between July 1, 2015 and August 6, 2015, twenty six (26) Series B warrants were exercised for 2,019,236 shares of the Companys common stock at an exercise price of $0.13 per share; resulting in gross proceeds to the Company of approximately $263,000.

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STOCK OPTIONS AND WARRANTS (Details-Warrants outstanding and exercisable) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - J. STOCK OPTIONS AND WARRANTS (Details-Warrant activity) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - J. STOCK OPTIONS AND WARRANTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - K. RELATED PARTY TRANSACTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - L. COMMITMENTS AND CONTINGENCIES (Details-leases) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - L. COMMITMENTS AND CONTINGENCIES (Details-Sales tax accrual) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - L. COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - M. BUSINESS CONCENTRATION (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 tkoi-20150630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 tkoi-20150630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 tkoi-20150630_lab.xml XBRL LABEL FILE Office Lease Obligations [Member] Other Commitments [Axis] Series A Preferred Stock Statement Class Of Stock [Axis] Series B Preferred Stock Subscriber lists EthoStream Finite-Lived Intangible Assets by Major Class [Axis] Total Amortized Identifiable Intangible Assets Goodwill EthoStream Indefinite Lived Intangible Assets By Major Class [Axis] Goodwill SSI Total Goodwill Warrant [Member] Award Type [Axis] $0.01 - $0.15 [Member] Range [Axis] $0.16 - $0.99 [Member] $1.00 - $5.60 [Member] $0.13 [Member] ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRange [Axis] $0.20 [Member] $3.00 [Member] Promissory Note Long-term Debt, Type [Axis] Promissory Note #1 President and Chief Executive Officer Title of Individual [Axis] ExecutiveVicePresidentMember Chief Operating Officer Options DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensation [Axis] Revolving Credit Facility [Member] Line Of Credit Facility [Axis] Supplier Concentration Risk [Member] Concentration Risk Benchmark [Axis] Concentration Risk Type [Axis] Wisconsin Department of Commerce Options Business Loan [Member] Accounts Receivable [Member] Common Stock Equity Components [Axis] Additional Paid-In Capital Accumulated Deficit Stock Options $0.18 [Member] Davis [Member] Related Party [Axis] Tienor [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] Class of Stock [Axis] ASSETS Current assets: Cash and cash equivalents Restricted cash on deposit Accounts receivable, net Inventories, net Prepaid expenses and other current assets Total current assets Property and equipment, net Other assets: Goodwill Intangible assets, net Deposits Deferred financing costs, net Total other assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued liabilities and expenses Notes payable - current Line of credit Deferred revenues Customer deposits Total current liabilities Long-term liabilities: Deferred lease liability Notes payable - long term Deferred income taxes Total long-term liabilities Redeemable preferred stock: 15,000,000 shares authorized, par value $.001 per share Series A; 215 shares issued, 185 shares outstanding at December 31, 2014, preference in liquidation of $1,303,859 as of December 31, 2014 Total redeemable preferred stock Commitments and contingencies Stockholders' Equity Preferred stock Common stock, par value $.001 per share; 190,000,000 shares authorized; 125,035,612 shares issued and outstanding at June 30, 2015 and December 31, 2014 Additional paid-in-capital Accumulated deficit Total stockholders' equity Total Liabilities and Stockholders' Equity Redeemable preferred stock shares authorized Redeemable preferred stock par value (in Dollars per share) Preferred Stock shares authorized Preferred Stock shares par value Preferred Stock shares issued Preferred Stock shares outstanding Preferred Stock liquidiation preference Common stock, par value (in Dollars per share) Common stock, shares authorized Common stock, shares outstanding Common stock, shares issued Income Statement [Abstract] Revenues, net: Product Recurring Total Net Revenue Cost of Sales: Product Recurring Total Cost of Sales Gross Profit Operating Expenses: Research and development Selling, general and administrative Depreciation and amortization Total Operating Expenses Income (Loss) from Operations Other Income (Expenses): Interest income (expense), net Total Other Income (Expense) Income (Loss) Before Provision for Income Taxes Provision for Income Taxes Net Income (Loss) Accretion of preferred dividends and discount Net income (loss) attributable to common stockholders Net income (loss) per common share: Net income (loss) attributable to common stockholders per common share - basic Net income (loss) attributable to common stockholders per common share - diluted Weighted Average Common Shares Outstanding - basic Weighted Average Common Shares Outstanding - diluted Beginning balance, shares Beginning balance, value Stock-based compensation expense related to employee stock options Accretion of redeemable preferred stock dividends Reclassification from temporary equity to permanent equity, shares Reclassification from temporary equity to permanent equity, value Net loss Ending balance, shares Ending balance, value Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Adjustments to reconcile net loss from operations to net cash (used in) provided by operating activities: Stock-based compensation expense Amortization of deferred financing costs Depreciation Amortization Provision for doubtful accounts, net of recoveries Deferred income taxes Changes in assets and liabilities: Accounts receivable Inventories Prepaid expenses and other current assets Deposits and other long term assets Accounts payable Accrued liabilities and expenses Deferred revenue Customer deposits Deferred lease liability Net Cash (Used In) Provided By Operating Activities Cash Flows From Investing Activities: Purchase of property and equipment Change in restricted cash Net Cash (Used In) Provided By Investing Activities Cash Flows From Financing Activities: Payments on notes payable Net proceeds from line of credit Net Cash Provided By (Used In) Financing Activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash transactions: Cash paid during the period for interest Non-cash transactions: Accretion of discount on redeemable preferred stock Accretion of dividends on redeemable preferred stock Organization, Consolidation and Presentation of Financial Statements [Abstract] NOTE A - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES New Accounting Pronouncements and Changes in Accounting Principles [Abstract] EX-101.PRE 11 tkoi-20150630_pre.xml XBRL PRESENTATION FILE XML 12 R39.htm IDEA: XBRL DOCUMENT

G. DEBT (Details Narrative) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Line of credit balance	$ 1,034,856
Line of credit available borrowing base	150,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit balance	1,034,856	$ 628,204
Line of credit available borrowing base	150,000	241,000
Business Loan [Member]
Debt Instrument [Line Items]
Long-term debt balance outstanding	78,356	103,979
Promissory Note
Debt Instrument [Line Items]
Long-term debt balance outstanding	$ 157,487	$ 289,973

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 13 R48.htm IDEA: XBRL DOCUMENT

L. COMMITMENTS AND CONTINGENCIES (Details-leases) - Office Lease Obligations [Member]	Jun. 30, 2015 USD ($)
2015 (Remainder of)	$ 251,099
2016	245,274
2017	251,740
2018	258,381
2019	265,305
2020 and thereafter	156,877
Total	$ 1,428,676

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J. STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Stock-based compensation expense with options granted $ 3,390 $ 4,617

Options

Stock-based compensation expense with options granted $ 7,593 $ 6,641

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C. INTANGIBLE ASSETS AND GOODWILL (Details-Amortization)

Jun. 30, 2015

USD ($)

Estimated amortization expense

Remainder of 2015 $ 120,840

2016 241,680

2017 241,680

2018 241,680

2019 50,217

Total $ 896,097

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E. INVENTORIES (Tables)
6 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

Inventory

June 30,
2015 December 31,
2014

Product purchased for resale $ 1,094,475 $ 1,220,600

Reserve for obsolescence (157,350 ) (193,350 )

Inventory, net $ 937,125 $ 1,027,250

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L. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Rental expenses $ 163,990 $ 154,576 $ 326,202 $ 310,151

Rental income received $ 34,301 $ 33,925 68,602 $ 67,227

Sublease rental income received $ 70,317

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J. STOCK OPTIONS AND WARRANTS (Details-Options Outstanding and Exercisable) - Jun. 30, 2015 - Stock Options - $ / shares

Total

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Options Outstanding Number Outstanding 1,830,225

Options Outstanding Weighted Average Remaining Contractual Life (Years) 6 years 5 months 19 days

Options Outstanding Weighted Average Exercise Price $ .41

Options Exercisable Number Exercisable 1,590,225

Options Exercisable Weighted Average Exercise Price $ 0.44

$0.01 - $0.15 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Options Outstanding Number Outstanding 175,000

Options Outstanding Weighted Average Remaining Contractual Life (Years) 2 years 3 months 26 days

Options Outstanding Weighted Average Exercise Price $ .14

Options Exercisable Number Exercisable 175,000

Options Exercisable Weighted Average Exercise Price $ 0.14

$0.16 - $0.99 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Options Outstanding Number Outstanding 1,520,225

Options Outstanding Weighted Average Remaining Contractual Life (Years) 7 years 5 months 5 days

Options Outstanding Weighted Average Exercise Price $ .18

Options Exercisable Number Exercisable 1,280,225

Options Exercisable Weighted Average Exercise Price $ 0.18

$1.00 - $5.60 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Options Outstanding Number Outstanding 135,000

Options Outstanding Weighted Average Remaining Contractual Life (Years) 1 year 7 days

Options Outstanding Weighted Average Exercise Price $ 3.29

Options Exercisable Number Exercisable 135,000

Options Exercisable Weighted Average Exercise Price $ 3.29

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F. ACCRUED LIABILITIES AND EXPENSES (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Dec. 31, 2013

Accrued liabilities and expenses

Accrued liabilities and expenses $ 392,930 $ 342,841

Accrued payroll and payroll taxes 419,198 345,589

Accrued sales taxes, penalties, and interest 357,271 353,260

Accrued interest 831 4,047

Product warranties 57,511 44,288 $ 77,943

Total accrued liabilities and expenses $ 1,227,741 $ 1,090,025

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K. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Davis [Member]

Due to related parties $ 7,994

Tienor [Member]

Due to related parties $ 24,090

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C. INTANGIBLE ASSETS AND GOODWILL
6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE C - INTANGIBLE ASSETS AND GOODWILL
Total identifiable intangible assets acquired and their carrying values at June 30, 2015 are:

Cost
Accumulated

Amortization
Accumulated Impairment Carrying Value
Weighted Average

Amortization Period

(Years)

Amortized Identifiable Intangible Assets:

Subscriber lists – EthoStream $ 2,900,000 $ (2,003,903 ) $ – $ 896,097 12.0

Total Amortized Identifiable Intangible Assets 2,900,000 (2,003,903 ) – 896,097

Goodwill – EthoStream 8,796,430 – (3,000,000) 5,796,430

Total Goodwill 8,796,430 – (3,000,000) 5,796,430

Total $ 11,696,430 $ (2,003,903 ) $ (3,000,000) $ 6,692,527

Total identifiable intangible assets acquired and their carrying values at December 31, 2014 are:

Cost
Accumulated

Amortization
Accumulated Impairment Carrying Value
Weighted Average

Amortization Period

(Years)

Amortized Identifiable Intangible Assets:

Subscriber lists – EthoStream $ 2,900,000 $ (1,883,063 ) $ – $ 1,016,937 12.0

Total Amortized Identifiable Intangible Assets 2,900,000 (1,883,063 ) – 1,016,937

Goodwill – EthoStream 8,796,430 – (3,000,000) 5,796,430

Goodwill – SSI 5,874,016 – (5,874,016)   -

Total Goodwill 14,670,446 – (8,874,016) 5,796,430

Total $ 17,570,446 $ (1,883,063 ) $ (8,874,016) $ 6,813,367

Total amortization expense charged to operations for each of the three and six months ended June 30, 2015 and 2014 was $60,420 and $120,840.

Estimated future amortization expense as of June 30, 2015 is as follows:



Remainder of 2015 $ 120,840

2016 241,680

2017 241,680

2018 241,680

2019 50,217

Total $ 896,097

The Company does not amortize goodwill. The Company recorded goodwill in the amount of $14,670,446 as a result of the acquisitions of EthoStream and Smart Systems International (“SSI”) during the year ended December 31, 2007. The Company evaluates goodwill for impairment based on the fair value of the reporting units to which this goodwill relates at least once a year. The Company utilizes a discounted cash flow valuation methodology (income approach) to determine the fair value of the reporting unit. Since acquisition, the Company has written off $3,000,000 and $5,874,016 of goodwill for Ethostream and SSI, respectively.

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J. STOCK OPTIONS AND WARRANTS (Details-Option activity) - Options - $ / shares
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Number of shares

Shares outstanding - beginning balance 1,930,225 1,735,225

Number of shares - granted 0 200,000

Number of shares - exercised 0 0

Number of shares - cancelled or expired (100,000) (5,000)

Shares outstanding - ending balance 1,830,225 1,930,225

Weighted Average Price Per Share

Weighted average price per share - beginning balance $ 0.40 $ 0.43

Weighted average price per share - granted $ 0.19

Weighted average price per share - exercised

Weighted average price per share - cancelled or expired $ 0.19 $ 3.50

Weighted average price per share - ending balance $ 0.40 $ 0.40

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L. COMMITMENTS AND CONTINGENCIES (Tables)
6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Office Lease Obligations

2015 (remainder of) $ 251,099

2016 245,274

2017 251,740

2018 258,381

2019 265,305

2020 and thereafter 156,877

Total $ 1,428,676

Sales tax accrual

June 30, 2015 December 31, 2014

Balance, beginning of year $ 353,260 $ 1,080,482

Sales tax collected 208,883 426,599

Provisions – (599,295 )

Interest and penalties – –

Payments (204,872 ) (554,526 )

Balance, end of period $ 357,271 $ 353,260

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J. STOCK OPTIONS AND WARRANTS (Tables)
6 Months Ended

Jun. 30, 2015

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Options outstanding and exercisable

Options Outstanding Options Exercisable

Exercise Prices
Number

Outstanding

Weighted Average

Remaining

Contractual Life

(Years)

Weighted Average

Exercise Price

Number

Exercisable

Weighted Average

Exercise Price

$ 0.01 - $0.15 175,000 2.32 $     0.14 175,000 $     0.14

$ 0.16 - $0.99 1,520,225 7.43 0.18 1,280,225 0.18

$ 1.00 - $5.60 135,000 1.02 3.29 135,000 3.29

1,830,225 6.47 $ 0.41 1,590,225 $ 0.44

Option activity

Number of
Shares Weighted Average
Price Per Share

Outstanding at January 1, 2014 1,735,225 $ 0.43

Granted 200,000 0.19

Exercised – –

Cancelled or expired (5,000 ) 3.50

Outstanding at December 31, 2014 1,930,225 $ 0.40

Granted – –

Exercised – –

Cancelled or expired (100,000 ) 0.19

Outstanding at June 30, 2015 1,830,225 $ 0.40

Warrants outstanding and exercisable

Warrants Outstanding Warrants Exercisable

Exercise Prices
Number

Outstanding

Weighted Average

Remaining

Contractual Life

(Years)

Weighted Average

Exercise Price

Number

Exercisable

Weighted Average

Exercise Price

$ 0.13 7,230,778    0.62 $    0.13 7,230,778 $    0.13

0.18 50,000 2.41 0.18 50,000 $ 0.18

0.20 250,000 6.28 0.20 250,000 0.20

3.00 384,755 0.33 3.00 384,755 3.00

7,915,533 0.79 $ 0.27 7,915,533 $ 0.27

Warrant activity

Number of
Shares Weighted Average
Price Per Share

Outstanding at January 1, 2014 9,359,914 $ 0.32

Issued 300,000 0.20

Exercised – –

Canceled or expired (1,744,381 ) 0.51

Outstanding at December 31, 2014 7,915,533 0.27

Issued – –

Exercised – –

Canceled or expired – –

Outstanding at June 30, 2015 7,915,533 $ 0.27

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J. STOCK OPTIONS AND WARRANTS (Details-Warrants outstanding and exercisable) - Warrant [Member] - $ / shares
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Dec. 31, 2013

Warrants Outstanding, Number Outstanding 7,915,533 7,915,533 9,359,914

Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) 9 months 15 days

Weighted Average Exercise Price $ 0.27 $ 0.27 $ 0.32

Warrants Exercisable, Number Exercisable 7,915,533

Warrants Exercisable, Weighted Average Exercise Price $ 0.27

$0.13 [Member]

Warrants Outstanding, Number Outstanding 7,230,778

Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) 7 months 13 days

Weighted Average Exercise Price $ 0.13

Warrants Exercisable, Number Exercisable 7,230,778

Warrants Exercisable, Weighted Average Exercise Price $ 0.13

$0.18 [Member]

Warrants Outstanding, Number Outstanding 50,000

Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) 2 years 4 months 28 days

Weighted Average Exercise Price $ 0.18

Warrants Exercisable, Number Exercisable 50,000

Warrants Exercisable, Weighted Average Exercise Price $ 0.18

$0.20 [Member]

Warrants Outstanding, Number Outstanding 250,000

Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) 6 years 3 months 11 days

Weighted Average Exercise Price $ 0.20

Warrants Exercisable, Number Exercisable 250,000

Warrants Exercisable, Weighted Average Exercise Price $ 0.20

$3.00 [Member]

Warrants Outstanding, Number Outstanding 384,755

Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) 3 months 29 days

Weighted Average Exercise Price $ 3.00

Warrants Exercisable, Number Exercisable 384,755

Warrants Exercisable, Weighted Average Exercise Price $ 3.00

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A. SIGNIFICANT ACCOUNTING POLICIES (Details-Product warranties) - USD ($)
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Product warranties

Beginning balance $ 44,288 $ 77,943

Warranty claims incurred (25,741) (45,710)

Provision charged to expense 38,964 12,055

Ending balance $ 57,511 $ 44,288

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A. SUMMARY OF ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Accounting Policies [Abstract]

Net loss $ 523,511 $ 219,085 $ (220,567) $ (559,123)

Accumulated deficit (122,126,584) (122,126,584) $ (121,906,017)

Working capital 484,065 484,065

Line of credit balance 1,034,856 1,034,856

Line of credit remaining borrowing capacity 150,000 150,000

Restricted cash on deposit 63,550 $ 63,550 63,000

Shares excluded from EPS calculation 9,745,758 11,295,139

Lease liability $ 22,479 $ 22,479 $ 46,673

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B. NEW ACCOUNTING PRONOUNCEMENTS
6 Months Ended

Jun. 30, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

NOTE B - NEW ACCOUNTING PRONOUNCEMENTS
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which they will adopt the standard in 2018.

In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718). Under ASU No. 2014-12 an award with a performance target generally requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. This ASU will be effective for reporting periods beginning after December 15, 2015. The Company does not believe this guidance will have a material impact on the Company's future statement of operations, financial position or cash flows.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern which requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable) and provide related disclosures. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and thereafter. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-15 on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In June 2015, at the Emerging Issues Task Force meeting, the FASB clarified that ASU 2015-03 does not address debt issuance costs related to revolving credit debt arrangements. In connection therewith, at the June 2015 meeting, the SEC staff announced that it would not object to the presentation of issuance costs related to revolving debt arrangements as an asset that is amortized over the term of the arrangement. Currently, the Company presents deferred financing costs related to its revolving credit facility as an asset in the consolidated balance sheets. ASU 2015-03 is effective for reporting periods beginning after December 15, 2015. The Company does not believe this guidance will have a material impact on the Company’s future statement of operations, financial position or cash flows.

In July 2015, the FASB issued ASU No. 2015-11, Inventory - Simplifying the Measurement of Inventory (Topic 330). This ASU requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for reporting periods beginning after December 15, 2016 and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2015-11 on its consolidated financial statements.

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C. INTANGIBLE ASSETS AND GOODWILL (Details-Intangible assets) - USD ($)
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Indefinite-lived Intangible Assets [Line Items]

Intangible assets cost $ 11,696,430 $ 17,570,446

Goodwill 5,796,430 5,796,430

Accumulated Amortization (2,003,903) (1,883,063)

Accumulated Impairment (3,000,000) (8,874,016)

Carrying Value intangible assets excluding goodwill 896,097 1,016,937

Total intangible assets 6,692,527 6,813,367

Goodwill EthoStream

Indefinite-lived Intangible Assets [Line Items]

Intangible assets cost 8,796,430

Goodwill 8,796,430 8,796,430

Accumulated Impairment (3,000,000) (3,000,000)

Carrying Value intangible assets excluding goodwill 5,796,430 5,796,430

Total Goodwill

Indefinite-lived Intangible Assets [Line Items]

Goodwill 8,796,430 14,670,446

Accumulated Impairment (3,000,000) (8,874,016)

Carrying Value intangible assets excluding goodwill 5,796,430

Goodwill SSI

Indefinite-lived Intangible Assets [Line Items]

Goodwill 5,874,016

Accumulated Impairment (5,874,016)

Carrying Value intangible assets excluding goodwill 0

Subscriber lists EthoStream

Indefinite-lived Intangible Assets [Line Items]

Intangible assets cost 2,900,000 2,900

Accumulated Amortization (2,003,903) (1,883,063)

Carrying Value intangible assets excluding goodwill $ 896,097 $ 1,016,937

Weighted Average Amortization Period 12 years 12 years

Total Amortized Identifiable Intangible Assets

Indefinite-lived Intangible Assets [Line Items]

Intangible assets cost $ 2,900,000 $ 2,900,000

Accumulated Amortization (2,003,903) (1,883,063)

Carrying Value intangible assets excluding goodwill $ 896,097 $ 1,016,937

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H. REDEEMABLE PREFERRED STOCK (Details Narative) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Series A Preferred Stock

Additional paid in capital for amortization $ 17,508 $ 35,016

Accrued dividends $ 18,454 18,454 $ 36,707 36,707

Cumulative accrued dividends 415,566 341,539 415,566 341,539

Liquidation preference 1,340,566 1,340,566

Series B Preferred Stock

Additional paid in capital for amortization 7,020 14,040

Accrued dividends 5,490 5,490 10,921 10,920

Cumulative accrued dividends $ 107,951 $ 85,925 $ 107,951 $ 85,925

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Current assets:

Cash and cash equivalents $ 861,647 $ 1,128,072

Restricted cash on deposit 63,550 63,000

Accounts receivable, net 2,117,489 1,460,422

Inventories, net 937,125 1,027,250

Prepaid expenses and other current assets 146,919 95,282

Total current assets 4,126,730 3,774,026

Property and equipment, net 120,914 131,750

Other assets:

Goodwill 5,796,430 5,796,430

Intangible assets, net 896,097 1,016,937

Deposits 34,000 34,238

Deferred financing costs, net 24,108 33,582

Total other assets 6,750,635 6,881,187

Total Assets 10,998,279 10,786,963

Current liabilities:

Accounts payable 1,719,049 1,680,692

Accrued liabilities and expenses 1,227,741 1,090,025

Notes payable - current 209,507 279,740

Line of credit 1,034,856 628,204

Deferred revenues 166,644 120,754

Customer deposits 252,998 394,717

Total current liabilities 4,610,795 4,194,132

Long-term liabilities:

Deferred lease liability 133,454 140,575

Notes payable - long term 26,336 114,212

Deferred income taxes 637,285 534,661

Total long-term liabilities 797,075 789,448

Redeemable preferred stock: 15,000,000 shares authorized, par value $.001 per share Series A; 215 shares issued, 185 shares outstanding at December 31, 2014, preference in liquidation of $1,303,859 as of December 31, 2014 0 1,303,859

Total redeemable preferred stock $ 0 $ 1,303,859

Commitments and contingencies

Stockholders' Equity

Common stock, par value $.001 per share; 190,000,000 shares authorized; 125,035,612 shares issued and outstanding at June 30, 2015 and December 31, 2014 $ 125,035 $ 125,035

Additional paid-in-capital 125,868,441 125,908,476

Accumulated deficit (122,126,584) (121,906,017)

Total stockholders' equity 5,590,409 4,499,524

Total Liabilities and Stockholders' Equity 10,998,279 10,786,963

Series A Preferred Stock

Stockholders' Equity

Preferred stock 1,340,566 0

Series B Preferred Stock

Stockholders' Equity

Preferred stock $ 382,951 $ 372,030

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J. STOCK OPTIONS AND WARRANTS (Details-Warrant activity) - Warrant [Member] - $ / shares
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Number of shares - beginning balance 7,915,533 9,359,914

Number of shares - issued 0 300,000

Number of shares - exercised 0 0

Number of shares - cancelled or expired 0 (1,744,381)

Number of shares - ending balance 7,915,533 7,915,533

Weighted average price per share - beginning balance $ 0.27 $ 0.32

Weighted average price per share - issued $ 0.20

Weighted average price per share - exercised

Weighted average price per share - cancelled or expired $ 0.51

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Cash Flows from Operating Activities:

Net loss $ (220,567) $ (559,123)

Adjustments to reconcile net loss from operations to net cash (used in) provided by operating activities:

Stock-based compensation expense 7,593 6,641

Amortization of deferred financing costs 9,474 0

Depreciation 17,181 15,346

Amortization 120,840 120,840

Provision for doubtful accounts, net of recoveries 6,254 5,787

Deferred income taxes 102,624 102,624

Changes in assets and liabilities:

Accounts receivable (663,321) 159,821

Inventories 90,125 68,573

Prepaid expenses and other current assets (51,637) 57,339

Deposits and other long term assets 238 0

Accounts payable 38,357 151,228

Accrued liabilities and expenses 137,716 (329,824)

Deferred revenue 45,890 177,197

Customer deposits (141,719) 464,463

Deferred lease liability (7,121) 17,197

Net Cash (Used In) Provided By Operating Activities (508,073) 458,109

Cash Flows From Investing Activities:

Purchase of property and equipment (6,345) (120,667)

Change in restricted cash (550) 319,000

Net Cash (Used In) Provided By Investing Activities (6,895) 198,333

Cash Flows From Financing Activities:

Payments on notes payable (158,109) (131,255)

Net proceeds from line of credit 406,652 0

Net Cash Provided By (Used In) Financing Activities 248,543 (131,255)

Net (decrease) increase in cash and cash equivalents (266,425) 525,187

Cash and cash equivalents at the beginning of the period 1,128,072 572,672

Cash and cash equivalents at the end of the period 861,647 1,097,859

Cash paid during the period for interest 37,719 19,297

Non-cash transactions:

Accretion of discount on redeemable preferred stock 0 49,056

Accretion of dividends on redeemable preferred stock $ 47,628 $ 47,628

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D. ACCOUNTS RECEIVABLE (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Components of accounts receivable

Accounts receivable $ 2,147,706 $ 1,497,295

Allowance for doubtful accounts (30,217) (36,873)

Accounts receivable, net $ 2,117,489 $ 1,460,422

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A. SUMMARY OF ACCOUNTING POLICIES (Tables)
6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Product warranties

June 30,
2015 December 31,
2014

Beginning balance $ 44,288 $ 77,943

Warranty claims incurred (25,741 ) (45,710 )

Provision charged to expense 38,964 12,055

Ending balance $ 57,511 $ 44,288

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E. INVENTORY (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Components of inventories

Product purchased for resale $ 1,094,475 $ 1,220,600

Reserve for obsolescence (157,350) (193,350)

Inventory, net $ 937,125 $ 1,027,250

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D. ACCOUNTS RECEIVABLE (Tables)
6 Months Ended

Jun. 30, 2015

Accounts Receivable Additional Disclosures [Abstract]

Accounts Receivable

June 30,
2015 December 31,
2014

Accounts receivable $ 2,147,706 $ 1,497,295

Allowance for doubtful accounts (30,217 ) (36,873 )

Accounts receivable, net $ 2,117,489 $ 1,460,422

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A. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE A - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies applied in the preparation of the accompanying condensed consolidated financial statements follows.

General

The accompanying unaudited condensed consolidated financial statements of Telkonet, Inc. (the “Company”, “Telkonet”) have been prepared in accordance with Rule S-X of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  However, the results from operations for the six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.  The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated December 31, 2014 financial statements and footnotes thereto included in the Company's Form 10-K filed with the SEC.

Business and Basis of Presentation

Telkonet, Inc., formed in 1999 and incorporated under the laws of the State of Utah, is made up of two synergistic business divisions, EcoSmart Energy Management Technology and EthoStream High Speed Internet Access (HSIA) Network.

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Telkonet Communications, Inc., and EthoStream, LLC (“Ethostream”). All significant intercompany balances and transactions have been eliminated in consolidation.

Going Concern

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company reported a net loss of $220,567 for the six months ended June 30, 2015 and has an accumulated deficit of $122,126,584 and total current liabilities in excess of current assets of $484,065 as of June 30, 2015.



The Company’s ability to continue as a going concern is subject to its ability to consistently generate a profit and positive operating cash flows and/or obtain necessary funding from outside sources, including by the sale of securities or assets, or obtaining loans from financial institutions, where possible.  The Company may also experience net operating losses in the future and the uncertainty regarding contingent liabilities cast doubt on its ability to satisfy such liabilities and the Company cannot make any representations for fiscal 2015 and beyond. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Anticipated cash flows from operations may be insufficient to satisfy the Company’s ongoing capital requirements for at least the next 12 months. On September 30, 2014, the Company and its wholly-owned subsidiary, EthoStream, as co-borrowers (collectively, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with Heritage Bank of Commerce, a California state chartered bank (“Heritage Bank”), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the “Credit Facility”). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Company’s eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Company’s eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. At March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015 the Company was in compliance with all financial performance covenants. The outstanding balance was $1,034,856 on the Credit Facility as of June 30, 2015 and the remaining available borrowing capacity was approximately $150,000 at June 30, 2015.

Management intends to review the options for raising capital including, but not limited to, through asset-based financing, private placements, and/or disposition of assets. Management believes that with this financing, the Company will be able to generate additional revenues that will allow the Company to continue as a going concern. There can be no assurance that the Company will be successful in obtaining additional funding.

Restricted Cash on Deposit

During 2014, the Company was awarded a contract with a bonding requirement. The Company satisfied this requirement during the year ended December 31, 2014 with cash collateral supported by an irrevocable standby letter of credit in the amount of $63,000. The Company continues to execute contracts with bonding requirements and maintains this cash collateral on deposit for current and future projects. The amount is presented as restricted cash on deposit on the condensed consolidated balance sheet as of June 30, 2015 and December 31, 2014. The outstanding balance as of June 30, 2015 and December 31, 2014 was $63,550 and $63,000, respectively.

Income (Loss) per Common Share

The Company computes earnings per share under ASC 260-10, “Earnings Per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding of common stock. Diluted income (loss) per share is computed using the weighted average number of common and common stock equivalent shares outstanding during the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding stock options and warrants. As a result of the losses for the six months ended June 30, 2015 and 2014, there were 9,745,758 and 11,295,139 shares of common stock underlying options and warrants excluded due to these instruments being anti-dilutive, respectively.

Use of Estimates

The preparation of financial statements in conformity with United States of America (U.S.) generally accepted accounting principles (GAAP) requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for items and matters such as revenue recognition and allowances for uncollectible accounts receivable, inventory obsolescence, depreciation and amortization, long-lived and intangible asset valuations, impairment assessments, taxes and related valuation allowance, income tax provisions, stock-based compensation, and contingencies. The Company believes that the estimates, judgments and assumptions are reasonable, based on information available at the time they are made. Actual results may differ from those estimates.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740-10 “Income Taxes.” Under this method, deferred income taxes (when required) are provided based on the difference between the financial reporting and income tax bases of assets and liabilities and net operating losses at the statutory rates enacted for future periods. The Company has a policy of establishing a valuation allowance when it is more likely than not that the Company will not realize the benefits of its deferred income tax assets in the future.

The Company adopted ASC 740-10-25, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740-10-25 also provides guidance on derecognition, classification, treatment of interest and penalties, and disclosure of such positions.

Revenue Recognition

For revenue from product sales, the Company recognizes revenue in accordance with ASC 605-10, “Revenue Recognition” and ASC 605-10-S99 guidelines that require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts.  Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.  The guidelines also address the accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets.

Multiple-Element Arrangements (“MEAs”): The Company accounts for contracts that have both product and installation under the MEAs guidance in ASC 605-25. Arrangements under such contracts may include multiple deliverables, a combination of equipment and services.  The deliverables included in the MEAs are separated into more than one unit of accounting when (i) the delivered equipment has value to the customer on a stand-alone basis, and (ii) delivery of the undelivered service element(s) is probable and substantially in the Company’s control.  Arrangement consideration is then allocated to each unit, delivered or undelivered, based on the relative selling price of each unit of accounting based first on vendor-specific objective evidence (“VSOE”) if it exists, second on third-party evidence (“TPE”) if it exists and on estimated selling price (“ESP”) if neither VSOE or TPE exist.

• VSOE – In most instances, products are sold separately in stand-alone arrangements.  Services are also sold separately through renewals of contracts with varying periods.  The Company determines VSOE based on pricing and discounting practices for the specific product or service when sold separately, considering geographical, customer, and other economic or marketing variables, as well as renewal rates or stand-alone prices for the service element(s).

• TPE – If the Company cannot establish VSOE of selling price for a specific product or service included in a multiple-element arrangement, the Company uses third-party evidence of selling price. The Company determines TPE based on sales of comparable amount of similar product or service offered by multiple third parties considering the degree of customization and similarity of product or service sold.

• ESP – The estimated selling price represents the price at which the Company would sell a product or service if it were sold on a stand-alone basis.  When neither VSOE nor TPE exists for all elements, the Company determines ESP for the arrangement element based on sales, cost and margin analysis, as well as other inputs based on the Company’s pricing practices. Adjustments for other market and Company-specific factors are made as deemed necessary in determining ESP.

When MEAs include an element of customer training, it is not essential to the functionality, efficiency or effectiveness of the MEA. Therefore the Company has concluded that this obligation is inconsequential and perfunctory. As such, for MEAs that include training, customer acceptance of said training is not deemed necessary in order to record the related revenue, but is recorded when the installation deliverable is fulfilled. Historically, training revenues have not been significant.

The Company provides call center support services to properties installed by the Company and also to properties installed by other providers. In addition, the Company provides the property with the portal to access the Internet. The Company receives monthly service fees from such properties for its services and Internet access. The Company recognizes the service fee ratably over the term of the contract. The prices for these services are fixed and determinable prior to delivery of the service. The fair value of these services is known due to objective and reliable evidence from standalone executed contracts.  The Company reports such revenues as recurring revenues.

Guarantees and Product Warranties

The Company records a liability for potential warranty claims in cost of sales at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. The products sold are generally covered by a warranty for a period of one year. In the event the Company determines that its current or future product repair and replacement costs exceed its estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. For the six months ended June 30, 2015 and the year ended December 31, 2014, the Company experienced returns of approximately 1% to 3% of materials included in the cost of sales. As of June 30, 2015 and December 31, 2014, the Company recorded warranty liabilities in the amount of $57,511 and $44,288, respectively, using this experience factor range.

Product warranties for the six months ended June 30, 2015 and the year ended December 31, 2014 are as follows:

June 30,
2015 December 31,
2014

Beginning balance $ 44,288 $ 77,943

Warranty claims incurred (25,741 ) (45,710 )

Provision charged to expense 38,964 12,055

Ending balance $ 57,511 $ 44,288



Lease Abandonment

On July 15, 2011, the Company executed a sublease agreement for approximately 12,000 square feet of commercial office space in Germantown, Maryland. Because the Company no longer has access to this subleased space, the Company recorded a charge of $59,937 in accrued liabilities and expenses related to this abandonment during 2011. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015 and the Company recorded an additional charge of $132,174. The remaining liability at June 30, 2015 was $22,479 and at December 31, 2014 was $46,673.

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Redeemable preferred stock shares authorized 15,000,000 15,000,000

Redeemable preferred stock par value (in Dollars per share) $ 0.001 $ 0.001

Preferred Stock shares authorized 15,000,000 15,000,000

Common stock, par value (in Dollars per share) $ .001 $ .001

Common stock, shares authorized 190,000,000 190,000,000

Common stock, shares outstanding 125,035,612 125,035,612

Common stock, shares issued 125,035,612 125,035,612

Series A Preferred Stock

Preferred Stock shares par value $ 0.001 $ 0.001

Preferred Stock shares issued 215 215

Preferred Stock shares outstanding 185 185

Preferred Stock liquidiation preference $ 1,340,566 $ 1,303,859

Series B Preferred Stock

Preferred Stock shares par value $ 0.001 $ 0.001

Preferred Stock shares issued 538 538

Preferred Stock shares outstanding 55 55

Preferred Stock liquidiation preference $ 382,951 $ 372,030

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K. RELATED PARTY TRANSACTIONS
6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

NOTE K. RELATED PARTY TRANSACTIONS
On July 17, 2014, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for a customer contract that required bonding. The Company agreed to compensate each in the amount of $9,000, grossed up to accommodate their 2014 federal income tax liability associated with the payments.

On May 18 and June 4, 2015, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for another customer contract that required bonding. The Company agreed to compensate each in the amount of $3,000, grossed up to accommodate their 2015 federal income tax liability associated with the payments. The amounts owed to Messrs. Davis and Tienor as of June 30, 2015 and December 31, 2014, were $7,994 and $24,090 recorded in accounts payable and accrued expense on the accompanying condensed consolidated balance sheets.

From time to time the Company may receive advances from certain of its officers in the form of salary deferment, cash advances to meet short term working capital needs.  These advances may not have formal repayment terms or arrangements.  As of June 30, 2015 and December 31, 2014, there were no such arrangements.

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Document and Entity Information - shares
6 Months Ended

Jun. 30, 2015

Jul. 31, 2015

Document And Entity Information

Entity Registrant Name TELKONET INC

Entity Central Index Key 0001094084

Document Type 10-Q

Document Period End Date Jun. 30, 2015

Amendment Flag false

Current Fiscal Year End Date --12-31

Is Entity a Well-known Seasoned Issuer? No

Is Entity a Voluntary Filer? No

Is Entity's Reporting Status Current? Yes

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 126,631,770

Document Fiscal Period Focus Q2

Document Fiscal Year Focus 2015

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L. COMMITMENTS AND CONTINGENCIES
6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

NOTE L - COMMITMENTS AND CONTINGENCIES
Office Lease Obligations

In October 2013, the Company entered into a lease agreement for 6,362 square feet of commercial office space in Waukesha, Wisconsin for its corporate headquarters. The Waukesha lease expires in April 2021.

The Company presently leases approximately 14,000 square feet of office space in Milwaukee, Wisconsin for its operations facility. The Milwaukee lease expires in March 2020.

The Company presently leases 16,416 square feet of commercial office space in Germantown, Maryland.  The lease commitments expire in December 2015.  On July 15, 2011, Telkonet executed a sublease agreement for 11,626 square feet of the office space in Germantown, Maryland.  The subtenant received one month rent abatement and had the option to extend the sublease from January 31, 2013 to December 31, 2015. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015.

Commitments for minimum rentals under non-cancelable leases at June 30, 2015 are as follows:

2015 (remainder of) $ 251,099

2016 245,274

2017 251,740

2018 258,381

2019 265,305

2020 and thereafter 156,877

Total $ 1,428,676

Expected rent payments to be received under the sublease agreement as of June 30, 2015 are $70,317 for the year ended December 31, 2015.

Rental expenses charged to operations for the three and six months ended June 30, 2015 and 2014 were $163,990 and $154,576, and $326,202 and $310,151, respectively. Rental income received for the three and six months ended June 30, 2015 and 2014 was $34,301 and $33,925, and $68,602 and $67,227, respectively.

Litigation

The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity.

Sales Tax

During 2012, the Company engaged a sales tax consultant to assist in determining the extent of its potential sales tax exposure.  Based upon this analysis, management determined the Company had probable exposure for certain unpaid obligations, including interest and penalty, of approximately $1,100,000 including and prior to the year ended December 31, 2011. The Company has approximately $357,000 and $353,000 accrued as of June 30, 2015 and December 31, 2014, respectively.

The Company continues to manage the liability by establishing voluntary disclosure agreements (VDAs) with the applicable states, which establishes a maximum look-back period and payment arrangements.  However, if the aforementioned methods prove unsuccessful and the Company is examined or challenged by taxing authorities, there exists possible exposure of an additional $200,000, not including any applicable interest and penalties.

Prior to 2015, the Company successfully executed and paid in full VDAs in thirty one states totaling approximately $695,000 and is current with the subsequent filing requirements.

During the six months ended June 30, 2015, the Company executed one VDA totaling approximately $25,000. The Company is currently in negotiations with three states.

The following table sets forth the change in the sales tax accrual as of June 30, 2015 and December 31, 2014:

June 30, 2015 December 31, 2014

Balance, beginning of year $ 353,260 $ 1,080,482

Sales tax collected 208,883 426,599

Provisions – (599,295 )

Interest and penalties – –

Payments (204,872 ) (554,526 )

Balance, end of period $ 357,271 $ 353,260

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Revenues, net:

Product $ 3,734,395 $ 3,419,956 $ 5,309,762 $ 5,129,600

Recurring 1,021,079 933,392 2,020,258 1,856,365

Total Net Revenue 4,755,474 4,353,348 7,330,020 6,985,965

Cost of Sales:

Product 1,682,593 1,978,291 2,772,417 3,326,318

Recurring 236,007 263,083 474,271 517,385

Total Cost of Sales 1,918,600 2,241,374 3,246,688 3,843,703

Gross Profit 2,836,874 2,111,974 4,083,332 3,142,262

Operating Expenses:

Research and development 395,357 318,815 754,886 615,505

Selling, general and administrative 1,783,501 1,445,627 3,272,965 2,828,346

Depreciation and amortization 68,719 69,525 138,021 136,186

Total Operating Expenses 2,247,577 1,833,967 4,165,872 3,580,037

Income (Loss) from Operations 589,297 278,007 (82,540) (437,775)

Other Income (Expenses):

Interest income (expense), net (14,449) (7,610) (34,503) (18,724)

Total Other Income (Expense) (14,449) (7,610) (34,503) (18,724)

Income (Loss) Before Provision for Income Taxes 574,848 270,397 (117,043) (456,499)

Provision for Income Taxes 51,337 51,312 103,524 102,624

Net Income (Loss) 523,511 219,085 (220,567) (559,123)

Accretion of preferred dividends and discount 0 (35,963) (18,253) (71,724)

Net income (loss) attributable to common stockholders $ 523,511 $ 183,122 $ (238,820) $ (630,847)

Net income (loss) per common share:

Net income (loss) attributable to common stockholders per common share - basic $ 0.00 $ 0.00 $ 0.00 $ (0.01)

Net income (loss) attributable to common stockholders per common share - diluted $ 0.00 $ 0.00 $ 0.00 $ (0.01)

Weighted Average Common Shares Outstanding - basic 125,035,612 125,035,612 125,035,612 125,035,612

Weighted Average Common Shares Outstanding - diluted 127,613,594 127,412,878 125,035,612 125,035,612

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F. ACCRUED LIABILITIES AND EXPENSES
6 Months Ended

Jun. 30, 2015

Additional Other Liabilities Disclosure [Abstract]

NOTE F - ACCRUED LIABILITIES AND EXPENSES
Accrued liabilities and expenses at June 30, 2015 and December 31, 2014 are as follows:

June 30,
2015 December 31,
2014

Accrued liabilities and expenses $ 392,930 $ 342,841

Accrued payroll and payroll taxes 419,198 345,589

Accrued sales taxes, penalties, and interest 357,271 353,260

Accrued interest 831 4,047

Product warranties 57,511 44,288

Total accrued liabilities and expenses $ 1,227,741 $ 1,090,025

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E. INVENTORIES
6 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

NOTE E - INVENTORY
Components of inventories as of June 30, 2015 and December 31, 2014 are as follows:

June 30,
2015 December 31,
2014

Product purchased for resale $ 1,094,475 $ 1,220,600

Reserve for obsolescence (157,350 ) (193,350 )

Inventory, net $ 937,125 $ 1,027,250

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C. INTANGIBLE ASSETS AND GOODWILL (Tables)
6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying value of intangible assets
Total identifiable intangible assets acquired and their carrying values at June 30, 2015 are:

Cost
Accumulated

Amortization
Accumulated Impairment Carrying Value
Weighted Average

Amortization Period

(Years)

Amortized Identifiable Intangible Assets:

Subscriber lists – EthoStream $ 2,900,000 $ (2,003,903 ) $ – $ 896,097 12.0

Total Amortized Identifiable Intangible Assets 2,900,000 (2,003,903 ) – 896,097

Goodwill – EthoStream 8,796,430 – (3,000,000) 5,796,430

Total Goodwill 8,796,430 – (3,000,000) 5,796,430

Total $ 11,696,430 $ (2,003,903 ) $ (3,000,000) $ 6,692,527

Total identifiable intangible assets acquired and their carrying values at December 31, 2014 are:

Cost
Accumulated

Amortization
Accumulated Impairment Carrying Value
Weighted Average

Amortization Period

(Years)

Amortized Identifiable Intangible Assets:

Subscriber lists – EthoStream $ 2,900,000 $ (1,883,063 ) $ – $ 1,016,937 12.0

Total Amortized Identifiable Intangible Assets 2,900,000 (1,883,063 ) – 1,016,937

Goodwill – EthoStream 8,796,430 – (3,000,000) 5,796,430

Goodwill – SSI 5,874,016 – (5,874,016)   -

Total Goodwill 14,670,446 – (8,874,016) 5,796,430

Total $ 17,570,446 $ (1,883,063 ) $ (8,874,016) $ 6,813,367

Estimated amortization expense

Remainder of 2015 $ 120,840

2016 241,680

2017 241,680

2018 241,680

2019 50,217

Total $ 896,097

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M. BUSINESS CONCENTRATION
6 Months Ended

Jun. 30, 2015

M. Business Concentration

NOTE M - BUSINESS CONCENTRATION
For the six months ended June 30, 2015 and 2014, no single customer represented 10% or more of total net revenues. As of June 30, 2015, one customer accounted for 17% of the Company’s net accounts receivable.

Purchases from two major suppliers approximated $1,713,000, or 85%, of purchases, and $1,767,000, or 75%, of purchases, for the six months ended June 30, 2015 and 2014, respectively. Total due to these suppliers, net of deposits, was approximately $748,000 as of June 30, 2015, and $750,000 as of December 31, 2014.

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I. CAPITAL STOCK
6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

NOTE I - CAPITAL STOCK
The Company has authorized 15,000,000 shares of preferred stock (designated and undesignated), with a par value of $.001 per share. The Company has designated 215 shares as Series A preferred stock and 538 shares as Series B preferred stock. At both June 30, 2015 and December 31, 2014, there were 185 shares of Series A and 55 shares of Series B outstanding.

The Company has authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of both June 30, 2015 and December 31, 2014 the Company had 125,035,612 common shares issued and outstanding.

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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

-Glossary Preferred Stock

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-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

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G. DEBT
6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

NOTE G - DEBT
Business Loan

On September 11, 2009, the Company entered into a Loan Agreement in the aggregate principal amount of $300,000 with the Wisconsin Department of Commerce (the “Department”).  The outstanding principal balance bears interest at the annual rate of 2%. Payment of interest and principal is to be made in the following manner: (a) payment of any and all interest that accrues from the date of disbursement commenced on January 1, 2010 and continued on the first day of each consecutive month thereafter through and including December 31, 2010; (b) commencing on January 1, 2011 and continuing on the first day of each consecutive month thereafter through and including November 1, 2016, the Company is required to pay equal monthly installments of $4,426; followed by a final installment on December 1, 2016 which shall include all remaining principal, accrued interest and other amounts owed by the Company to the Department under the Loan Agreement. The Company may prepay amounts outstanding under the Loan Agreement in whole or in part at any time without penalty. The Loan Agreement was secured by substantially all of the Company’s assets. On September 24, 2014, the Department signed a subordination agreement of all the Company’s security interests. The proceeds from this loan were used for the working capital requirements of the Company. The Loan Agreement contains covenants which required, among other things, that the Company keep and maintain 75 existing full-time positions and create and fill 35 additional full-time positions in Milwaukee, Wisconsin by December 31, 2012. On June 18, 2012, the Department agreed to permanently waive all penalties associated with the Company’s noncompliance with this covenant. The outstanding borrowings under the agreement as of June 30, 2015 and December 31, 2014 were $78,356 and $103,979, respectively.

Promissory Note

On March 4, 2011, the Company sold all its Series 5 PLC product line assets to Wisconsin-based Dynamic Ratings, Inc. (“Purchaser”) under an Asset Purchase Agreement (“APA”).  Per the APA, the Company signed an unsecured Promissory Note (the “Note”) due to Purchaser in the aggregate principal amount of $700,000. The outstanding principal balance bears interest at the annual rate of 6% and was originally due on March 31, 2014. The Note may be prepaid in whole or in part, without penalty at any time. The Note contains certain earn-out provisions that encompass both the Company’s and Purchaser’s revenue volumes.  Amounts earned under the earn-out provisions were applied against the Note on June 30, 2012 and June 30, 2013.  Payments not made when due, by maturity acceleration or otherwise, shall bear interest at the rate of 12% per annum from the date due until fully paid. Effective April 30, 2013, Purchaser approved an amendment to certain terms of the Note. Telkonet commenced a monthly payment of principal and interest of $20,000 to be applied against the outstanding balance starting May 1, 2013. The interest rate remains unchanged at 6% and the maturity date was extended to January 1, 2016. During the six months ended June 30, 2015, the Company made additional payments of $20,000 in aggregate beyond the required monthly payments of principal and interest. The outstanding principal balance of the Note as of June 30, 2015 and December 31, 2014 was $157,487 and $289,973, respectively.

Revolving Credit Facility

On May 31, 2013, the Company entered into a Revolving Credit Facility (the “Agreement”) with Bridge Bank, NA, (the “Bank”) in a principal amount not to exceed $2,000,000. The Agreement was subject to a borrowing base that was equal to the sum of 80% of the Company’s eligible accounts receivable and 25% of the eligible inventory. On August 1, 2013 the Agreement was modified to include the eligible receivables and the eligible inventory of EthoStream. The Agreement was available for working capital and other lawful general corporate purposes. As of December 31, 2013 and March 31, 2014, the Company was in violation of a financial performance covenant. Although the Company’s violation of the financial performance covenant constituted a default under the Agreement, the Bank did not pursue any remedies under the default provisions of the Agreement. On May 31, 2014, the Company and the Bank mutually agreed to terminate the Agreement and the Company paid the remaining outstanding principal balance of $50,000.

On September 30, 2014, the Company and its wholly owned subsidiary, EthoStream, as co-borrowers (collectively, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with Heritage Bank of Commerce, a California state chartered bank (“Heritage Bank”), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the “Credit Facility”). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Company’s eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Company’s eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%, which was 6.25% at June 30, 2015 and December 31, 2014. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. On October 9, 2014, as part of the Loan Agreement, Heritage Bank was granted a warrant to purchase 250,000 shares of Telkonet common stock. The warrant has an exercise price of $0.20 and expires October 9, 2021.

The Loan Agreement also contains financial covenants that place restrictions on, among other things, the incurrence of debt, granting of liens and sale of assets. The Loan Agreement also contains financial covenants that require the Borrowers to maintain a minimum EBITDA level, measured quarterly, and a minimum asset coverage ratio, measured monthly. A violation of any of these covenants could result in an event of default under the Loan Agreement. Upon the occurrence of such an event of default or certain other customary events of defaults, payment of any outstanding amounts under the Credit Facility may be accelerated and Heritage Bank’s commitment to extend credit under the Loan Agreement may be terminated. The Loan Agreement contains other representations and warranties, covenants, and other provisions customary to transactions of this nature. As of March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015, the Company was in compliance with all financial covenants. The outstanding balance on the Credit Facility was $1,034,856 and $628,204 at June 30, 2015 and December 31, 2014 leaving an available borrowing base of approximately $150,000 and $241,000 at June 30, 2015 and December 31, 2014, respectively.



Aggregate annual future maturities of the Company’s debt as of June 30, 2015 are as follows:

Years ended December 31, Amount

2015 (remainder of) $ 142,606

2016 93,237

235,843

Less: Current portion (209,507 )

Notes payable long term $ 26,336

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H. REDEEMABLE PREFERRED STOCK
6 Months Ended

Jun. 30, 2015

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

NOTE H - REDEEMABLE PREFERRED STOCK
Series A

The Company has designated 215 shares of preferred stock as Series A Preferred Stock (“Series A”). Each share of Series A is convertible, at the option of the holder thereof, at any time, into shares of Common Stock at an initial conversion price of $0.363 per share.  In the event of a change of control (as defined in the purchase agreement with respect to the Series A), or at the holder’s option, on November 19, 2014 and for a period of 180 days thereafter, provided that at least 50% of the shares of Series A issued on the Series A Original Issue Date remain outstanding as of November 19, 2014, and the holders of at least a majority of the then outstanding shares of Series A provide written notice requesting redemption of all shares of Series A, the Company was required to redeem the Series A for the purchase price of $5,000 per share, plus any accrued but unpaid dividends. By way of the redemption option available to holders of the Company’s Series A shares having expired on May 18, 2015 with no Series A holders requesting redemption of their shares, the redemption feature at the option of the holders was eliminated, thereby, resulting in the reclassification of $1,322,112 from temporary equity, which was classified as “redeemable preferred stock” in the Company’s condensed consolidated balance sheets, to permanent equity during the three months ended June 30, 2015.



On November 16, 2009, the Company sold 215 shares of Series A with attached warrants to purchase an aggregate of 1,628,800 shares of the Company’s common stock at $0.33 per share.  The Series A shares were sold at a price per share of $5,000 and each Series A share is convertible into approximately 13,774 shares of common stock at a conversion price of $0.363 per share. The Company received $1,075,000 from the sale of the Series A shares.  On November 19, 2014 and for a period of 180 days thereafter, the Series A were redeemable at the option of the holder, the carrying value of the preferred stock, net of discount and including accumulated dividends, had been classified as redeemable preferred stock on the condensed consolidated balance sheets. The redemption feature at the option of the holders expired, thereby, resulting in the reclassification of $1,340,566 from temporary equity, which was classified as “redeemable preferred stock” in the Company’s condensed consolidated balance sheets, to permanent equity during the period ended June 30, 2015.

A portion of the proceeds were allocated to the warrants based on their relative fair value, which totaled $287,106 using the Black Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $70,922 to the Series A preferred shares based upon the difference between the effective conversion price of those shares and the closing price of the Company’s common stock on the date of issuance. The assumptions used in the Black-Scholes model were as follows:  (1) dividend yield of 0%; (2) expected volatility of 123%, (3) weighted average risk-free interest rate of 2.2%, (4) expected life of 5 years, and (5) fair value of Telkonet common stock of $0.24 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $358,028, were recorded as a discount and deducted from the face value of the preferred stock. The discount was amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings) and an increase to the net income (loss) attributable to common stockholders.

The charge to additional paid in capital for amortization of Series A discount and costs for the three and six months ended June 30, 2014 was $17,508 and $35,016, respectively.

For the three and six months ended June 30, 2015 and 2014, the Company has accrued dividends for Series A in the amount of $18,454 and $36,707, and cumulative accrued dividends of $415,566 and $341,539, respectively. The accrued dividends have been charged to additional paid-in capital (since there is a deficit in retained earnings) and an increase to the net income (loss) attributable to common stockholders and the net unpaid accrued dividends been added to the carrying value of the preferred stock.



Series B

The Company has designated 538 shares of preferred stock as Series B Preferred Stock (“Series B”). Each share of Series B is convertible, at the option of the holder thereof, at any time, into shares of Common Stock at an initial conversion price of $0.13 per share.  As a result of the Series B conversions during the year ended December 31, 2013, the outstanding Series B shares will not become redeemable at the option of the holders. The Series B accrues dividends at an annual rate of 8% of the original purchase price, payable only when, as, and if declared by the Board of Directors.

On August 4, 2010, the Company sold 267 shares of Series B with attached warrants to purchase an aggregate of 5,134,626 shares of the Company’s common stock at $0.13 per share. The Series B shares were sold at a price per share of $5,000 and each Series B share is convertible into approximately 38,461 shares of common stock at a conversion price of $0.13 per share. The Company received $1,335,000 from the sale of the Series B shares. Up and until the quarter ended September 30, 2013, the Series B were redeemable at the option of the holder, the carrying value of the preferred stock, net of discount and including accumulated dividends, has been classified as redeemable preferred stock on the consolidated balance sheets. During the year ended December 31, 2013, shareholders converted 167 redeemable preferred shares issued on August 4, 2010, to, in aggregate, 6,423,072 shares of common stock.



A portion of the proceeds was allocated to the warrants based on their relative fair value, which totaled $394,350 using the Black-Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $394,350 to the Series B preferred shares based upon the difference between the effective conversion price of those shares and the closing price of the Company’s common stock on the date of issuance. The assumptions used in the Black-Scholes model were as follows:  (1) dividend yield of 0%; (2) expected volatility of 123%, (3) weighted average risk-free interest rate of 1.76%, (4) expected term of approximately 4 years, and (5) estimated fair value of Telkonet common stock of $0.109 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $788,700, were recorded as a discount and deducted from the face value of the preferred stock. The discount is being amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings). During the year ended December 31, 2013, the remaining portion of the discount of approximately $123,100 was accelerated and recognized immediately as a charge to additional paid-in capital and accretion of preferred stock discounts and an increase to the net loss attributable to common stockholders for the 167 redeemable preferred shares converted to common stock.

On April 8, 2011, the Company sold 271 additional shares of Series B with attached warrants to purchase an aggregate of 5,211,542 shares of the Company’s common stock at $0.13 per share.  The Series B shares were sold at a price per share of $5,000 and each Series B share is convertible into approximately 38,461 shares of common stock at a conversion price of $0.13 per share. The Company received $1,355,000 from the sale of the Series B shares.  During the year ended December 31, 2013, all 271 of the redeemable preferred shares issued on April 8, 2011, were converted to, in aggregate, 10,423,067 shares of common stock.

As a result of the Series B conversions during the year ended December 31, 2013, fewer than 50% of the Series B shares issued on the Series B Original Issuance Date remain outstanding, and the balance of the outstanding Series B shares will not become redeemable at the option of the holders. The redemption feature at the option of the holders is eliminated, thereby, resulting in the reclassification of $324,063 from temporary equity, which was classified as “redeemable preferred stock” in the Company’s consolidated balance sheets, to permanent equity during the year ended December 31, 2013.

A portion of the proceeds were allocated to the warrants based on their relative fair value, which totaled $427,895 using the Black-Scholes option pricing model. Further, the Company attributed a beneficial conversion feature of $427,895 to the Series B shares based upon the difference between the effective conversion price of those shares and the closing price of the Company’s common stock on the date of issuance. The assumptions used in the Black-Scholes model are as follows:  (1) dividend yield of 0%; (2) expected volatility of 129%, (3) weighted average risk-free interest rate of 0.26%, (4) expected life of approximately 3.5 years, and (5) estimated fair value of Telkonet common stock of $0.12 per share. The expected term of the warrants represents the estimated period of time until exercise and is based on historical experience of similar awards and giving consideration to the contractual terms. The amounts attributable to the warrants and beneficial conversion feature, aggregating $855,790, have been recorded as a discount and deducted from the face value of the Series B shares. The discount is being amortized over the period from issuance to November 19, 2014 (the initial redemption date) as a charge to additional paid-in capital (since there is a deficit in retained earnings). During the year ended December 31, 2013, the remaining discount of approximately $261,300 was accelerated and recognized immediately as a charge to additional paid-in capital and accretion of preferred stock discounts upon the 271 redeemable preferred stock conversions to common stock.



The charge to additional paid in capital for amortization of Series B discount and costs for the three and six months ended June 30, 2014 was $7,020 and $14,040, respectively.

For the three and six months ended June 30, 2015 and 2014, the Company has accrued dividends for Series B in the amount of $5,490 and $5,490 and $10,921 and $10,920, respectively, and cumulative accrued dividends of $107,951 and $85,925 as of June 30 2015 and 2014, respectively. The accrued dividends have been charged to additional paid-in capital (since there is a deficit in retained earnings) and the net unpaid accrued dividends been added to the carrying value of the preferred stock.

Preferred stock carries certain preference rights as detailed in the Company’s Amended Articles of Incorporation related to both the payment of dividends and as to payments upon liquidation in preference to any other class or series of capital stock of the Company. Liquidation preference of the preferred stock is based on the following order: first, Series B with a preference value of $382,951 and second, Series A with a preference value of $1,340,566. Both series of preferred stock are equal in their dividend preference over common stock.

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J. STOCK OPTIONS AND WARRANTS
6 Months Ended

Jun. 30, 2015

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

NOTE J - STOCK OPTIONS AND WARRANTS
Employee Stock Options

The Company maintains an equity incentive plan, (the “Plan”). The Plan was established in 2010 as an incentive plan for officers, employees, non-employee directors, prospective employees and other key persons. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a better alignment of their interests with those of the Company and its stockholders.

The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to employees of the Company under the Plan.

Options Outstanding Options Exercisable

Exercise Prices
Number

Outstanding

Weighted Average

Remaining

Contractual Life

(Years)

Weighted Average

Exercise Price

Number

Exercisable

Weighted Average

Exercise Price

$ 0.01 - $0.15 175,000 2.32 $     0.14 175,000 $     0.14

$ 0.16 - $0.99 1,520,225 7.43 0.18 1,280,225 0.18

$ 1.00 - $5.60 135,000 1.02 3.29 135,000 3.29

1,830,225 6.47 $ 0.41 1,590,225 $ 0.44

Transactions involving stock options issued to employees are summarized as follows:

Number of
Shares Weighted Average
Price Per Share

Outstanding at January 1, 2014 1,735,225 $ 0.43

Granted 200,000 0.19

Exercised – –

Cancelled or expired (5,000 ) 3.50

Outstanding at December 31, 2014 1,930,225 $ 0.40

Granted – –

Exercised – –

Cancelled or expired (100,000 ) 0.19

Outstanding at June 30, 2015 1,830,225 $ 0.40

The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, exercise patterns and pre-vesting and post-vesting forfeitures. The Company estimates the volatility of the Company’s common stock based on the calculated historical volatility of the Company’s own common stock using the trailing 24 months of share price data prior to the date of the award. The Company bases the risk-free interest rate used in the Black-Scholes option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on the Company’s common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. The Company uses historical data to estimate pre-vesting option forfeitures and record share-based compensation for those awards that are expected to vest. In accordance with ASC 718-10, the Company adjusts share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience.

There were no options granted and no options exercised during the six months ended June 30, 2015 and 2014, respectively. Total stock-based compensation expense in connection with options granted to employees recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 was $3,390 and $4,617 and $7,593 and $6,641, respectively.

Warrants

The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Company’s common stock issued to non-employees of the Company.

Warrants Outstanding Warrants Exercisable

Exercise Prices
Number

Outstanding

Weighted Average

Remaining

Contractual Life

(Years)

Weighted Average

Exercise Price

Number

Exercisable

Weighted Average

Exercise Price

$ 0.13 7,230,778    0.62 $    0.13 7,230,778 $    0.13

0.18 50,000 2.41 0.18 50,000 $ 0.18

0.20 250,000 6.28 0.20 250,000 0.20

3.00 384,755 0.33 3.00 384,755 3.00

7,915,533 0.79 $ 0.27 7,915,533 $ 0.27

Transactions involving warrants are summarized as follows:

Number of
Shares Weighted Average
Price Per Share

Outstanding at January 1, 2014 9,359,914 $ 0.32

Issued 300,000 0.20

Exercised – –

Canceled or expired (1,744,381 ) 0.51

Outstanding at December 31, 2014 7,915,533 0.27

Issued – –

Exercised – –

Canceled or expired – –

Outstanding at June 30, 2015 7,915,533 $ 0.27

There were no warrants granted, exercised, cancelled or forfeited during the six months ended June 30, 2015 and 2014.

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C. INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Total amortization expense charged to operations $ 60,420 $ 60,420 $ 120,840 $ 120,840

X

- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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M. BUSINESS CONCENTRATION (Details Narrative) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Supplier Concentration Risk [Member]

Due to suppliers $ 748,000 $ 750,000

Accounts Receivable [Member]

Concentration risk percentage 17.00%

Supplier Concentration Risk [Member]

Concentration risk percentage 85.00% 75.00%

Purchases from major suppliers $ 1,713,000 $ 1,767,000

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A. SUMMARY OF ACCOUNTING POLICIES (Policies)
6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

General

General

The accompanying unaudited condensed consolidated financial statements of Telkonet, Inc. (the “Company”, “Telkonet”) have been prepared in accordance with Rule S-X of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  However, the results from operations for the six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.  The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated December 31, 2014 financial statements and footnotes thereto included in the Company's Form 10-K filed with the SEC.

Business and Basis of Presentation
Business and Basis of Presentation

Telkonet, Inc., formed in 1999 and incorporated under the laws of the State of Utah, is made up of two synergistic business divisions, EcoSmart Energy Management Technology and EthoStream High Speed Internet Access (HSIA) Network.

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Telkonet Communications, Inc., and EthoStream, LLC (“Ethostream”). All significant intercompany balances and transactions have been eliminated in consolidation.

Going Concern
Going Concern

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company reported a net loss of $220,567 for the six months ended June 30, 2015 and has an accumulated deficit of $122,126,584 and total current liabilities in excess of current assets of $484,065 as of June 30, 2015.



The Company’s ability to continue as a going concern is subject to its ability to consistently generate a profit and positive operating cash flows and/or obtain necessary funding from outside sources, including by the sale of securities or assets, or obtaining loans from financial institutions, where possible.  The Company may also experience net operating losses in the future and the uncertainty regarding contingent liabilities cast doubt on its ability to satisfy such liabilities and the Company cannot make any representations for fiscal 2015 and beyond. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Anticipated cash flows from operations may be insufficient to satisfy the Company’s ongoing capital requirements for at least the next 12 months. On September 30, 2014, the Company and its wholly-owned subsidiary, EthoStream, as co-borrowers (collectively, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with Heritage Bank of Commerce, a California state chartered bank (“Heritage Bank”), governing a new revolving credit facility in a principal amount not to exceed $2,000,000 (the “Credit Facility”). Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based on the Company’s eligible accounts receivable and eligible inventory each multiplied by an applicable advance rate, with an overall limitation tied to the Company’s eligible accounts receivable. The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the Credit Facility bears interest at the Prime Rate plus 3.00%. The Credit Facility matures on September 30, 2016, unless earlier accelerated under the terms of the Loan Agreement. At March 31, 2015, the Company was in violation of a financial performance covenant and Heritage Bank granted a waiver of that violation. Heritage Bank, by waiving the violation, was not surrendering any of their rights as granted to them in the Loan Agreement. As of June 30, 2015 the Company was in compliance with all financial performance covenants. The outstanding balance was $1,034,856 on the Credit Facility as of June 30, 2015 and the remaining available borrowing capacity was approximately $150,000 at June 30, 2015.

Management intends to review the options for raising capital including, but not limited to, through asset-based financing, private placements, and/or disposition of assets. Management believes that with this financing, the Company will be able to generate additional revenues that will allow the Company to continue as a going concern. There can be no assurance that the Company will be successful in obtaining additional funding.

Restricted Cash on Deposit
Restricted Cash on Deposit

During 2014, the Company was awarded a contract with a bonding requirement. The Company satisfied this requirement during the year ended December 31, 2014 with cash collateral supported by an irrevocable standby letter of credit in the amount of $63,000. The Company continues to execute contracts with bonding requirements and maintains this cash collateral on deposit for current and future projects. The amount is presented as restricted cash on deposit on the condensed consolidated balance sheet as of June 30, 2015 and December 31, 2014. The outstanding balance as of June 30, 2015 and December 31, 2014 was $63,550 and $63,000, respectively.

Income (Loss) per Common Share
Income (Loss) per Common Share

The Company computes earnings per share under ASC 260-10, “Earnings Per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding of common stock. Diluted income (loss) per share is computed using the weighted average number of common and common stock equivalent shares outstanding during the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding stock options and warrants. As a result of the losses for the six months ended June 30, 2015 and 2014, there were 9,745,758 and 11,295,139 shares of common stock underlying options and warrants excluded due to these instruments being anti-dilutive, respectively.

Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with United States of America (U.S.) generally accepted accounting principles (GAAP) requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for items and matters such as revenue recognition and allowances for uncollectible accounts receivable, inventory obsolescence, depreciation and amortization, long-lived and intangible asset valuations, impairment assessments, taxes and related valuation allowance, income tax provisions, stock-based compensation, and contingencies. The Company believes that the estimates, judgments and assumptions are reasonable, based on information available at the time they are made. Actual results may differ from those estimates.

Income Taxes
Income Taxes

The Company accounts for income taxes in accordance with ASC 740-10 “Income Taxes.” Under this method, deferred income taxes (when required) are provided based on the difference between the financial reporting and income tax bases of assets and liabilities and net operating losses at the statutory rates enacted for future periods. The Company has a policy of establishing a valuation allowance when it is more likely than not that the Company will not realize the benefits of its deferred income tax assets in the future.

The Company adopted ASC 740-10-25, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740-10-25 also provides guidance on derecognition, classification, treatment of interest and penalties, and disclosure of such positions.

Revenue Recognition
Revenue Recognition

For revenue from product sales, the Company recognizes revenue in accordance with ASC 605-10, “Revenue Recognition” and ASC 605-10-S99 guidelines that require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts.  Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.  The guidelines also address the accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets.

Multiple-Element Arrangements (“MEAs”): The Company accounts for contracts that have both product and installation under the MEAs guidance in ASC 605-25. Arrangements under such contracts may include multiple deliverables, a combination of equipment and services.  The deliverables included in the MEAs are separated into more than one unit of accounting when (i) the delivered equipment has value to the customer on a stand-alone basis, and (ii) delivery of the undelivered service element(s) is probable and substantially in the Company’s control.  Arrangement consideration is then allocated to each unit, delivered or undelivered, based on the relative selling price of each unit of accounting based first on vendor-specific objective evidence (“VSOE”) if it exists, second on third-party evidence (“TPE”) if it exists and on estimated selling price (“ESP”) if neither VSOE or TPE exist.

• VSOE – In most instances, products are sold separately in stand-alone arrangements.  Services are also sold separately through renewals of contracts with varying periods.  The Company determines VSOE based on pricing and discounting practices for the specific product or service when sold separately, considering geographical, customer, and other economic or marketing variables, as well as renewal rates or stand-alone prices for the service element(s).

• TPE – If the Company cannot establish VSOE of selling price for a specific product or service included in a multiple-element arrangement, the Company uses third-party evidence of selling price. The Company determines TPE based on sales of comparable amount of similar product or service offered by multiple third parties considering the degree of customization and similarity of product or service sold.

• ESP – The estimated selling price represents the price at which the Company would sell a product or service if it were sold on a stand-alone basis.  When neither VSOE nor TPE exists for all elements, the Company determines ESP for the arrangement element based on sales, cost and margin analysis, as well as other inputs based on the Company’s pricing practices. Adjustments for other market and Company-specific factors are made as deemed necessary in determining ESP.

When MEAs include an element of customer training, it is not essential to the functionality, efficiency or effectiveness of the MEA. Therefore the Company has concluded that this obligation is inconsequential and perfunctory. As such, for MEAs that include training, customer acceptance of said training is not deemed necessary in order to record the related revenue, but is recorded when the installation deliverable is fulfilled. Historically, training revenues have not been significant.

The Company provides call center support services to properties installed by the Company and also to properties installed by other providers. In addition, the Company provides the property with the portal to access the Internet. The Company receives monthly service fees from such properties for its services and Internet access. The Company recognizes the service fee ratably over the term of the contract. The prices for these services are fixed and determinable prior to delivery of the service. The fair value of these services is known due to objective and reliable evidence from standalone executed contracts.  The Company reports such revenues as recurring revenues.

Guarantees and Product Warranties
Guarantees and Product Warranties

The Company records a liability for potential warranty claims in cost of sales at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. The products sold are generally covered by a warranty for a period of one year. In the event the Company determines that its current or future product repair and replacement costs exceed its estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. For the six months ended June 30, 2015 and the year ended December 31, 2014, the Company experienced returns of approximately 1% to 3% of materials included in the cost of sales. As of June 30, 2015 and December 31, 2014, the Company recorded warranty liabilities in the amount of $57,511 and $44,288, respectively, using this experience factor range.

Product warranties for the six months ended June 30, 2015 and the year ended December 31, 2014 are as follows:

June 30,
2015 December 31,
2014

Beginning balance $ 44,288 $ 77,943

Warranty claims incurred (25,741 ) (45,710 )

Provision charged to expense 38,964 12,055

Ending balance $ 57,511 $ 44,288

Lease Abandonment
Lease Abandonment

On July 15, 2011, the Company executed a sublease agreement for approximately 12,000 square feet of commercial office space in Germantown, Maryland. Because the Company no longer has access to this subleased space, the Company recorded a charge of $59,937 in accrued liabilities and expenses related to this abandonment during 2011. On June 27, 2012 the subtenant exercised the option to extend the expiration of the term of the sublease from January 31, 2013 to December 31, 2015 and the Company recorded an additional charge of $132,174. The remaining liability at June 30, 2015 was $22,479 and at December 31, 2014 was $46,673.

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F. ACCRUED LIABILITIES AND EXPENSES (Tables)
6 Months Ended

Jun. 30, 2015

Additional Other Liabilities Disclosure [Abstract]

Accrued Liabilities and Expenses

June 30,
2015 December 31,
2014

Accrued liabilities and expenses $ 392,930 $ 342,841

Accrued payroll and payroll taxes 419,198 345,589

Accrued sales taxes, penalties, and interest 357,271 353,260

Accrued interest 831 4,047

Product warranties 57,511 44,288

Total accrued liabilities and expenses $ 1,227,741 $ 1,090,025

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L. COMMITMENTS AND CONTINGENCIES (Details-Sales tax accrual) - USD ($)
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Change in the sales tax accrual

Balance, beginning of year $ 353,260 $ 1,080,482

Sales tax collected 208,883 426,599

Provisions 0 (599,295)

Interest and penalties 0 0

Payments (204,872) (554,526)

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I. CAPITAL STOCK (Details Narrative) - shares

Jun. 30, 2015

Dec. 31, 2014

Common stock, shares outstanding 125,035,612 125,035,612

Common stock, shares issued 125,035,612 125,035,612

Series A Preferred Stock

Preferred Stock shares outstanding 185 185

Series B Preferred Stock

Preferred Stock shares outstanding 55 55

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2015 - USD ($)

Series A Preferred Stock

Series B Preferred Stock

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Total

Beginning balance, shares at Dec. 31, 2014 0 55 125,035,612

Beginning balance, value at Dec. 31, 2014 $ 0 $ 372,030 $ 125,035 $ 125,908,476 $ (121,906,017) $ 4,499,524

Stock-based compensation expense related to employee stock options 7,593 7,593

Accretion of redeemable preferred stock dividends $ 18,454 $ 10,921 (47,628) (18,253)

Reclassification from temporary equity to permanent equity, shares 185

Reclassification from temporary equity to permanent equity, value $ 1,322,112 1,322,112

Net loss (220,567) (220,567)

Ending balance, shares at Jun. 30, 2015 185 55 125,035,612

Ending balance, value at Jun. 30, 2015 $ 1,340,566 $ 382,951 $ 125,035 $ 125,868,441 $ (122,126,584) $ 5,590,409

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D. ACCOUNTS RECEIVABLE
6 Months Ended

Jun. 30, 2015

Accounts Receivable Additional Disclosures [Abstract]

NOTE D - ACCOUNTS RECEIVABLE
Components of accounts receivable as of June 30, 2015 and December 31, 2014 are as follows:

June 30,
2015 December 31,
2014

Accounts receivable $ 2,147,706 $ 1,497,295

Allowance for doubtful accounts (30,217 ) (36,873 )

Accounts receivable, net $ 2,117,489 $ 1,460,422

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G. DEBT (Tables)
6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Aggregate annual future maturities of long-term debt

Years ended December 31, Amount

2015 (remainder of) $ 142,606

2016 93,237

235,843

Less: Current portion (209,507 )

Notes payable long term $ 26,336

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G. DEBT (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

For the years ending December 31,

2015 (Remainder of) $ 142,606

2016 93,237

Total 235,843

Less: Current portion (209,507) $ (279,740)

Total Long term portion $ 26,336 $ 114,212

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N. SUBSEQUENT EVENT
6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

N. SUBSEQUENT EVENT

Between July 1, 2015 and August 6, 2015, twenty six (26) Series B warrants were exercised for 2,019,236 shares of the Company’s common stock at an exercise price of $0.13 per share; resulting in gross proceeds to the Company of approximately $263,000.

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J. STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock-based compensation expense with options granted	$ 3,390	$ 4,617
Options
Stock-based compensation expense with options granted			$ 7,593	$ 6,641

C. INTANGIBLE ASSETS AND GOODWILL (Details-Amortization)	Jun. 30, 2015 USD ($)
Estimated amortization expense
Remainder of 2015	$ 120,840
2016	241,680
2017	241,680
2018	241,680
2019	50,217
Total	$ 896,097

J. STOCK OPTIONS AND WARRANTS (Details-Options Outstanding and Exercisable) - Jun. 30, 2015 - Stock Options - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options Outstanding Number Outstanding	1,830,225
Options Outstanding Weighted Average Remaining Contractual Life (Years)	6 years 5 months 19 days
Options Outstanding Weighted Average Exercise Price	$ .41
Options Exercisable Number Exercisable	1,590,225
Options Exercisable Weighted Average Exercise Price	$ 0.44
$0.01 - $0.15 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options Outstanding Number Outstanding	175,000
Options Outstanding Weighted Average Remaining Contractual Life (Years)	2 years 3 months 26 days
Options Outstanding Weighted Average Exercise Price	$ .14
Options Exercisable Number Exercisable	175,000
Options Exercisable Weighted Average Exercise Price	$ 0.14
$0.16 - $0.99 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options Outstanding Number Outstanding	1,520,225
Options Outstanding Weighted Average Remaining Contractual Life (Years)	7 years 5 months 5 days
Options Outstanding Weighted Average Exercise Price	$ .18
Options Exercisable Number Exercisable	1,280,225
Options Exercisable Weighted Average Exercise Price	$ 0.18
$1.00 - $5.60 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options Outstanding Number Outstanding	135,000
Options Outstanding Weighted Average Remaining Contractual Life (Years)	1 year 7 days
Options Outstanding Weighted Average Exercise Price	$ 3.29
Options Exercisable Number Exercisable	135,000
Options Exercisable Weighted Average Exercise Price	$ 3.29

F. ACCRUED LIABILITIES AND EXPENSES (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Accrued liabilities and expenses
Accrued liabilities and expenses	$ 392,930	$ 342,841
Accrued payroll and payroll taxes	419,198	345,589
Accrued sales taxes, penalties, and interest	357,271	353,260
Accrued interest	831	4,047
Product warranties	57,511	44,288	$ 77,943
Total accrued liabilities and expenses	$ 1,227,741	$ 1,090,025

K. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Davis [Member]
Due to related parties	$ 7,994
Tienor [Member]
Due to related parties		$ 24,090

J. STOCK OPTIONS AND WARRANTS (Details-Option activity) - Options - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Number of shares
Shares outstanding - beginning balance	1,930,225	1,735,225
Number of shares - granted	0	200,000
Number of shares - exercised	0	0
Number of shares - cancelled or expired	(100,000)	(5,000)
Shares outstanding - ending balance	1,830,225	1,930,225
Weighted Average Price Per Share
Weighted average price per share - beginning balance	$ 0.40	$ 0.43
Weighted average price per share - granted		$ 0.19
Weighted average price per share - exercised
Weighted average price per share - cancelled or expired	$ 0.19	$ 3.50
Weighted average price per share - ending balance	$ 0.40	$ 0.40

J. STOCK OPTIONS AND WARRANTS (Details-Warrants outstanding and exercisable) - Warrant [Member] - $ / shares	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Warrants Outstanding, Number Outstanding	7,915,533	7,915,533	9,359,914
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	9 months 15 days
Weighted Average Exercise Price	$ 0.27	$ 0.27	$ 0.32
Warrants Exercisable, Number Exercisable	7,915,533
Warrants Exercisable, Weighted Average Exercise Price	$ 0.27
$0.13 [Member]
Warrants Outstanding, Number Outstanding	7,230,778
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	7 months 13 days
Weighted Average Exercise Price	$ 0.13
Warrants Exercisable, Number Exercisable	7,230,778
Warrants Exercisable, Weighted Average Exercise Price	$ 0.13
$0.18 [Member]
Warrants Outstanding, Number Outstanding	50,000
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	2 years 4 months 28 days
Weighted Average Exercise Price	$ 0.18
Warrants Exercisable, Number Exercisable	50,000
Warrants Exercisable, Weighted Average Exercise Price	$ 0.18
$0.20 [Member]
Warrants Outstanding, Number Outstanding	250,000
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	6 years 3 months 11 days
Weighted Average Exercise Price	$ 0.20
Warrants Exercisable, Number Exercisable	250,000
Warrants Exercisable, Weighted Average Exercise Price	$ 0.20
$3.00 [Member]
Warrants Outstanding, Number Outstanding	384,755
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	3 months 29 days
Weighted Average Exercise Price	$ 3.00
Warrants Exercisable, Number Exercisable	384,755
Warrants Exercisable, Weighted Average Exercise Price	$ 3.00

A. SIGNIFICANT ACCOUNTING POLICIES (Details-Product warranties) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Product warranties
Beginning balance	$ 44,288	$ 77,943
Warranty claims incurred	(25,741)	(45,710)
Provision charged to expense	38,964	12,055
Ending balance	$ 57,511	$ 44,288

C. INTANGIBLE ASSETS AND GOODWILL (Details-Intangible assets) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Intangible assets cost	$ 11,696,430	$ 17,570,446
Goodwill	5,796,430	5,796,430
Accumulated Amortization	(2,003,903)	(1,883,063)
Accumulated Impairment	(3,000,000)	(8,874,016)
Carrying Value intangible assets excluding goodwill	896,097	1,016,937
Total intangible assets	6,692,527	6,813,367
Goodwill EthoStream
Indefinite-lived Intangible Assets [Line Items]
Intangible assets cost	8,796,430
Goodwill	8,796,430	8,796,430
Accumulated Impairment	(3,000,000)	(3,000,000)
Carrying Value intangible assets excluding goodwill	5,796,430	5,796,430
Total Goodwill
Indefinite-lived Intangible Assets [Line Items]
Goodwill	8,796,430	14,670,446
Accumulated Impairment	(3,000,000)	(8,874,016)
Carrying Value intangible assets excluding goodwill		5,796,430
Goodwill SSI
Indefinite-lived Intangible Assets [Line Items]
Goodwill		5,874,016
Accumulated Impairment		(5,874,016)
Carrying Value intangible assets excluding goodwill		0
Subscriber lists EthoStream
Indefinite-lived Intangible Assets [Line Items]
Intangible assets cost	2,900,000	2,900
Accumulated Amortization	(2,003,903)	(1,883,063)
Carrying Value intangible assets excluding goodwill	$ 896,097	$ 1,016,937
Weighted Average Amortization Period	12 years	12 years
Total Amortized Identifiable Intangible Assets
Indefinite-lived Intangible Assets [Line Items]
Intangible assets cost	$ 2,900,000	$ 2,900,000
Accumulated Amortization	(2,003,903)	(1,883,063)
Carrying Value intangible assets excluding goodwill	$ 896,097	$ 1,016,937

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 861,647	$ 1,128,072
Restricted cash on deposit	63,550	63,000
Accounts receivable, net	2,117,489	1,460,422
Inventories, net	937,125	1,027,250
Prepaid expenses and other current assets	146,919	95,282
Total current assets	4,126,730	3,774,026
Property and equipment, net	120,914	131,750
Other assets:
Goodwill	5,796,430	5,796,430
Intangible assets, net	896,097	1,016,937
Deposits	34,000	34,238
Deferred financing costs, net	24,108	33,582
Total other assets	6,750,635	6,881,187
Total Assets	10,998,279	10,786,963
Current liabilities:
Accounts payable	1,719,049	1,680,692
Accrued liabilities and expenses	1,227,741	1,090,025
Notes payable - current	209,507	279,740
Line of credit	1,034,856	628,204
Deferred revenues	166,644	120,754
Customer deposits	252,998	394,717
Total current liabilities	4,610,795	4,194,132
Long-term liabilities:
Deferred lease liability	133,454	140,575
Notes payable - long term	26,336	114,212
Deferred income taxes	637,285	534,661
Total long-term liabilities	797,075	789,448
Redeemable preferred stock: 15,000,000 shares authorized, par value $.001 per share Series A; 215 shares issued, 185 shares outstanding at December 31, 2014, preference in liquidation of $1,303,859 as of December 31, 2014	0	1,303,859
Total redeemable preferred stock	$ 0	$ 1,303,859
Commitments and contingencies
Stockholders' Equity
Common stock, par value $.001 per share; 190,000,000 shares authorized; 125,035,612 shares issued and outstanding at June 30, 2015 and December 31, 2014	$ 125,035	$ 125,035
Additional paid-in-capital	125,868,441	125,908,476
Accumulated deficit	(122,126,584)	(121,906,017)
Total stockholders' equity	5,590,409	4,499,524
Total Liabilities and Stockholders' Equity	10,998,279	10,786,963
Series A Preferred Stock
Stockholders' Equity
Preferred stock	1,340,566	0
Series B Preferred Stock
Stockholders' Equity
Preferred stock	$ 382,951	$ 372,030

J. STOCK OPTIONS AND WARRANTS (Details-Warrant activity) - Warrant [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Number of shares - beginning balance	7,915,533	9,359,914
Number of shares - issued	0	300,000
Number of shares - exercised	0	0
Number of shares - cancelled or expired	0	(1,744,381)
Number of shares - ending balance	7,915,533	7,915,533
Weighted average price per share - beginning balance	$ 0.27	$ 0.32
Weighted average price per share - issued		$ 0.20
Weighted average price per share - exercised
Weighted average price per share - cancelled or expired		$ 0.51
Weighted average price per share - beginning balance	$ 0.27	$ 0.27

D. ACCOUNTS RECEIVABLE (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Components of accounts receivable
Accounts receivable	$ 2,147,706	$ 1,497,295
Allowance for doubtful accounts	(30,217)	(36,873)
Accounts receivable, net	$ 2,117,489	$ 1,460,422

E. INVENTORY (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Components of inventories
Product purchased for resale	$ 1,094,475	$ 1,220,600
Reserve for obsolescence	(157,350)	(193,350)
Inventory, net	$ 937,125	$ 1,027,250

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Redeemable preferred stock shares authorized	15,000,000	15,000,000
Redeemable preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred Stock shares authorized	15,000,000	15,000,000
Common stock, par value (in Dollars per share)	$ .001	$ .001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares outstanding	125,035,612	125,035,612
Common stock, shares issued	125,035,612	125,035,612
Series A Preferred Stock
Preferred Stock shares par value	$ 0.001	$ 0.001
Preferred Stock shares issued	215	215
Preferred Stock shares outstanding	185	185
Preferred Stock liquidiation preference	$ 1,340,566	$ 1,303,859
Series B Preferred Stock
Preferred Stock shares par value	$ 0.001	$ 0.001
Preferred Stock shares issued	538	538
Preferred Stock shares outstanding	55	55
Preferred Stock liquidiation preference	$ 382,951	$ 372,030

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information
Entity Registrant Name	TELKONET INC
Entity Central Index Key	0001094084
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		126,631,770
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

M. BUSINESS CONCENTRATION (Details Narrative) - USD ($)	6 Months Ended
M. BUSINESS CONCENTRATION (Details Narrative) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Supplier Concentration Risk [Member]
Due to suppliers	$ 748,000	$ 750,000
Accounts Receivable [Member]
Concentration risk percentage	17.00%
Supplier Concentration Risk [Member]
Concentration risk percentage	85.00%	75.00%
Purchases from major suppliers	$ 1,713,000	$ 1,767,000

L. COMMITMENTS AND CONTINGENCIES (Details-Sales tax accrual) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Change in the sales tax accrual
Balance, beginning of year	$ 353,260	$ 1,080,482
Sales tax collected	208,883	426,599
Provisions	0	(599,295)
Interest and penalties	0	0
Payments	(204,872)	(554,526)
Balance, end of period	$ 357,271	$ 353,260

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2015 - USD ($)	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2014	0	55	125,035,612
Beginning balance, value at Dec. 31, 2014	$ 0	$ 372,030	$ 125,035	$ 125,908,476	$ (121,906,017)	$ 4,499,524
Stock-based compensation expense related to employee stock options				7,593		7,593
Accretion of redeemable preferred stock dividends	$ 18,454	$ 10,921		(47,628)		(18,253)
Reclassification from temporary equity to permanent equity, shares	185
Reclassification from temporary equity to permanent equity, value	$ 1,322,112					1,322,112
Net loss					(220,567)	(220,567)
Ending balance, shares at Jun. 30, 2015	185	55	125,035,612
Ending balance, value at Jun. 30, 2015	$ 1,340,566	$ 382,951	$ 125,035	$ 125,868,441	$ (122,126,584)	$ 5,590,409

G. DEBT (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
For the years ending December 31,
2015 (Remainder of)	$ 142,606
2016	93,237
Total	235,843
Less: Current portion	(209,507)	$ (279,740)
Total Long term portion	$ 26,336	$ 114,212