0001019687-16-006112.txt : 20160505 0001019687-16-006112.hdr.sgml : 20160505 20160505080136 ACCESSION NUMBER: 0001019687-16-006112 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160505 DATE AS OF CHANGE: 20160505 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: 161621626 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-033116.htm TELKONET, INC. 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 March 31, 2016

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 April 30, 2016 is 132,266,390.

TELKONET, INC.

FORM 10-Q for the Three Months Ended March 31, 2016

Index

	Page

PART I. FINANCIAL INFORMATION	3

Item 1. Financial Statements	3

Condensed Consolidated Balance Sheets (Unaudited): March 31, 2016 and December 31, 2015	3

Condensed Consolidated Statements of Operations (Unaudited): Three Months Ended March 31, 2016 and 2015	4

Condensed Consolidated Statement of Stockholders’ Equity (Unaudited): January 1, 2016 through March 31, 2016	5

Condensed Consolidated Statements of Cash Flows (Unaudited): Three Months Ended March 31, 2016 and 2015	6

Notes to Condensed Consolidated Financial Statements (Unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 4. Controls and Procedures	26

PART II. OTHER INFORMATION	27

Item 1. Legal Proceedings	27

Item 1A. Risk Factors	27

Item 6. Exhibits	27

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TELKONET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31, 2016			December 31, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	964,825		$	951,249
Restricted cash on deposit		31,277			31,277
Accounts receivable, net		2,798,776			2,263,347
Inventories		702,144			812,052
Prepaid expenses and other current assets		235,563			157,500
Total current assets		4,732,585			4,215,425

Property and equipment, net		136,333			142,004

Other assets:
Goodwill		5,796,430			5,796,430
Intangible assets, net		714,837			775,257
Deposits		34,001			34,001
Deferred financing costs, net		9,896			14,633
Total other assets		6,555,164			6,620,321

Total Assets	$	11,424,082		$	10,977,750

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,688,473		$	1,754,566
Accrued liabilities and expenses		1,203,260			882,041
Notes payable – current		39,746			93,340
Line of credit		1,061,771			901,771
Deferred revenue		242,716			291,965
Deferred lease liability - current		16,804			15,214
Customer deposits		271,602			309,840
Total current liabilities		4,524,372			4,248,737

Long-term liabilities:
Deferred lease liability – long term		99,316			103,804
Deferred income taxes		785,359			734,047
Total long-term liabilities		884,675			837,851

Commitments and contingencies

Stockholders’ Equity
Series A, par value $.001 per share; 215 shares issued, 185 shares outstanding at March 31, 2016 and December 31, 2015, preference in liquidation of $1,396,340 and $1,377,886 as of March 31, 2016 and December 31, 2015, respectively		1,340,566			1,340,566
Series B, par value $.001 per share; 538 shares issued, 55 shares outstanding at March 31, 2016 and December 31, 2015, preference in liquidation of $399,545 and $394,055 as of March 31, 2016 and December 31, 2015, respectively		382,951			382,951
Common stock, par value $.001 per share; 190,000,000 shares authorized; 127,054,848 shares issued and outstanding at March 31, 2016 and at December 31, 2015		127,054			127,054
Additional paid-in-capital		126,139,463			126,135,712
Accumulated deficit		(121,974,999	)		(122,095,121	)
Total stockholders’ equity		6,015,035			5,891,162

Total Liabilities and Stockholders’ Equity	$	11,424,082		$	10,977,750

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	For The Three Months Ended March 31,
	2016			2015
Revenues, net:
Product	$	3,546,683		$	1,575,367
Recurring		1,077,423			999,179
Total Net Revenues		4,624,106			2,574,546

Cost of Sales:
Product		1,787,454			1,089,824
Recurring		278,035			238,264
Total Cost of Sales		2,065,489			1,328,088

Gross Profit		2,558,617			1,246,458

Operating Expenses:
Research and development		426,814			359,529
Selling, general and administrative		1,874,714			1,489,464
Depreciation and amortization		68,834			69,302
Total Operating Expenses		2,370,362			1,918,295

Income (Loss) from Operations		188,255			(671,837	)

Other (Expenses) Income:
Interest income (expense), net		(16,196	)		(20,054	)
Total Other (Expense) Income		(16,196	)		(20,054	)

Income (Loss) Before Provision for Income Taxes		172,059			(691,891	)

Provision for Income Taxes		51,937			52,187

Net Income (Loss)		120,122			(744,078	)

Accretion of preferred dividends and discount		–			(18,253	)
Net Income (Loss) attributable to common stockholders	$	120,122		$	(762,331	)

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

Weighted Average Common Shares Outstanding – basic		127,054,848			125,035,612
Weighted Average Common Shares Outstanding – diluted		129,335,871			125,035,612

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

THREE MONTHS FROM JANUARY 1, 2016 THROUGH MARCH 31, 2016

	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, 2016		185	$	1,340,566		55	$	382,951		127,054,848	$	127,054	$	126,135,712	$	(122,095,121	)	$	5,891,162

Stock-based compensation expense related to employee stock options		–		–		–		–		–		–		3,751		–			3,751

Net income		–		–		–		–		–		–		–		120,122			120,122

Balance at March 31, 2016		185	$	1,340,566		55	$	382,951		127,054,848	$	127,054	$	126,139,463	$	(121,974,999	)	$	6,015,035

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended March 31,
	2016			2015
Cash Flows From Operating Activities:
Net income (loss)	$	120,122		$	(744,078	)

Adjustments to reconcile net income (loss) from operations to cash used in operating activities:
Stock-based compensation expense		3,751			4,203
Amortization of deferred financing costs		4,737			4,737
Depreciation		8,414			8,882
Amortization		60,420			60,420
Provision for doubtful accounts, net of recoveries		18,796			(3,991	)
Deferred income taxes		51,312			51,312

Changes in assets and liabilities:
Accounts receivable		(554,225	)		546,695
Inventories		109,908			(130,992	)
Prepaid expenses and other current assets		(78,063	)		(37,556	)
Deposits and other long term assets		–			238
Accounts payable		(66,093	)		(278,636	)
Accrued liabilities and expenses		321,219			53,271
Deferred revenue		(49,249	)		60,824
Customer deposits		(38,238	)		(10,529	)
Deferred lease liability		(2,898	)		97
Net Cash Used In Operating Activities		(90,087	)		(415,103	)

Cash Flows From Investing Activities:
Purchase of property and equipment		(2,743	)		–
Net Cash Used In Investing Activities		(2,743	)		–

Cash Flows From Financing Activities:
Payments on notes payable		(53,594	)		(82,528	)
Net proceeds (payments) from line of credit		160,000			(75,000	)
Net Cash Provided By (Used In) Financing Activities		106,406			(157,528	)

Net increase (decrease) in cash and cash equivalents		13,576			(572,631	)
Cash and cash equivalents at the beginning of the period		951,249			1,128,072
Cash and cash equivalents at the end of the period	$	964,825		$	555,441

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(UNAUDITED)

	Three Months Ended March 31,
	2016		2015
Supplemental Disclosures of Cash Flow Information:

Cash transactions:
Cash paid during the period for interest	$	11,684	$	19,937
Non-cash transactions:
Accretion of dividends on redeemable preferred stock		–		23,684

See accompanying notes to the unaudited condensed consolidated financial statements

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(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 three months ended March 31, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated December 31, 2015 financial statements and footnotes thereto included in the Company's Form 10-K filed with the SEC.

Business and Basis of Presentation

Telkonet, 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. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company operates in one reportable segment based on management’s view of its business for purposes of evaluating performance and making operating decisions. The Company utilizes shared services including but not limited to, human resources, payroll, finance, sales, support services, as well as certain shared assets and sales, general and administrative costs. The Company’s approach is to make operational decisions and assess performance based on delivering products and services that together provide solutions to its customer base, utilizing a functional management structure and shared services where possible. Based upon this business model, the chief operating decision maker only reviews consolidated financial information.

Liquidity and Financial Condition

The Company reported net income of $120,122 for the three months ended March 31, 2016, had cash used in operating activities of $90,087, had an accumulated deficit of $121,974,999 and a working capital surplus of $208,213 as of March 31, 2016. Since inception, the Company’s primary sources of ongoing liquidity for operations have come through private and public offerings of equity securities, and the issuance of various debt instruments and asset-based lending.

As discussed in Note G, the Series A preferred stock became redeemable at the option of the preferred stock holders on November 19, 2014 and for a period of 180 days thereafter, provided that at least 50% of the holders provide written notice to the Company requesting redemption. As of March 31, 2016 and December 31, 2015, no redemption of the preferred stock occurred and any future redemption of the Series A or B preferred stock would be entirely at the option of the Company. Furthermore, on February 17, 2016, an amendment to the revolving credit facility with Heritage Bank of Commerce, a California state chartered bank (“Heritage Bank”) was executed extending the maturity date of the revolving credit facility to September 30, 2018, unless earlier accelerated under the terms of the Loan and Security Agreement (the “Loan Agreement”). The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the revolving credit facility bears interest at the Prime Rate plus 3.00%. The outstanding balance was $1,061,771 as of March 31, 2016 and the remaining available borrowing capacity was approximately $687,000. As of March 31, 2016, the Company was in compliance with all financial covenants.

The Company’s liquidity plan includes reviewing options for raising additional capital including, but not limited to, asset-based or equity financing, private placements, and/or disposition of assets. Management believes that with additional financing, the Company will be able to fund required working capital, research and development and marketing expenses attendant to promoting revenue growth. However, any equity financing may be dilutive to stockholders and any additional debt financing would increase expenses and may involve restrictive covenants. While we have been successful in securing financing through September 30, 2018 to provide adequate funding for working capital purposes, there is no assurance that obtaining additional or replacement financing, if needed, will sufficiently fund future operations, repay existing debt or implement the Company’s growth strategy. The Company’s failure to execute on this strategy may have a material adverse effect on its business, results of operations and financial position.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

Restricted Cash on Deposit

The Company executes 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 March 31, 2016 and December 31, 2015. The outstanding balance as of March 31, 2016 and December 31, 2015 was $31,277.

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 using the treasury stock method, which assumes that the proceeds to be received on exercise of outstanding stock options and warrants are used to repurchase shares of the Company at the average market price of the common shares for the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding stock options and warrants. For the three months ended March 31, 2016 and 2015, there were 7,463,635 and 9,845,758 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. Assuming all conditions for revenue recognition have been satisfied, product revenue is recognized when products are shipped and installation revenue is recognized when the services are completed. 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

MARCH 31, 2016

(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.

Under the estimated selling price method, revenue is recognized in MEAs based on estimated selling prices for all of the elements in the arrangement, assuming all other conditions for revenue recognition have been satisfied. To determine the estimated selling price, the Company establishes the selling price for its products and installation services using the Company’s established pricing guidelines, which the proceeds are allocated between the elements and the arrangement.

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. Deferred revenue includes deferrals for the monthly support service fees and Internet access.

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 three months ended March 31, 2016 and the year ended December 31, 2015, the Company experienced returns of approximately 1% to 2% of materials included in the cost of sales. As of March 31, 2016 and December 31, 2015, the Company recorded warranty liabilities in the amount of $73,822 and $66,555, respectively, using this experience factor range.

Product warranties for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows:

	March 31, 2016			December 31, 2015
Beginning balance	$	66,555		$	44,288
Warranty claims incurred		(14,733	)		(52,833	)
Provision charged to expense		22,000			75,100
Ending balance	$	73,822		$	66,555

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

NOTE B – NEW ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 guidance for this standard was initially effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, however in August 2015 the FASB delayed the effective date of the standard for one full year. Companies will adopt the standard 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 it will adopt the standard in 2018.

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 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.

In November 2015, the FASB issued ASU No. 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740), which requires deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in the consolidated balance sheets. ASU No. 2015-17 is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. The ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company does not believe this guidance will have a material impact on the Company's future statement of operations or financial position.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of its pending adoption of ASU 2016-02 on its consolidated financial statements.

NOTE C – INTANGIBLE ASSETS AND GOODWILL

Total identifiable intangible assets acquired and their carrying values at March 31, 2016 are:

	Cost		Accumulated Amortization			Accumulated Impairment			Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(2,185,163	)	$	–		$	714,837		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(2,185,163	)		–			714,837
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	$	(2,185,163	)	$	(3,000,000	)	$	6,511,267

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

Total identifiable intangible assets acquired and their carrying values at December 31, 2015 are:

	Cost		Accumulated Amortization			Accumulated Impairment			Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(2,124,743	)	$	–		$	775,257		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(2,124,743	)		–			775,257
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	$	(2,124,743	)	$	(3,000,000	)	$	6,571,687

Total amortization expense charged to operations for each of the three months ended March 31, 2016 and 2015 was $60,420. The weighted average remaining amortization period for the subscriber list is 2.95 years.

Estimated future amortization expense as of March 31, 2016 is as follows:

Remainder of 2016	$	181,260
2017		241,680
2018		241,680
2019		50,217
Total	$	714,837

The Company does not amortize goodwill. The Company recorded goodwill in the amount of $8,796,430 as a result of the acquisition of EthoStream 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 of goodwill for EthoStream.

NOTE D – ACCOUNTS RECEIVABLE

Components of accounts receivable as of March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016			December 31, 2015
Accounts receivable	$	2,827,293		$	2,286,690
Allowance for doubtful accounts		(28,517	)		(23,343	)
Accounts receivable, net	$	2,798,776		$	2,263,347

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

NOTE E – ACCRUED LIABILITIES AND EXPENSES

Accrued liabilities and expenses at March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016		December 31, 2015
Accrued liabilities and expenses	$	333,481	$	198,906
Accrued payroll and payroll taxes		567,047		386,521
Accrued sales taxes, penalties, and interest		228,844		229,768
Accrued interest		66		291
Product warranties		73,822		66,555
Total accrued liabilities and expenses	$	1,203,260	$	882,041

NOTE F – 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 March 31, 2016 and December 31, 2015 were $39,746 and $52,579, 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. 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 year ended December 31, 2015, the Company made additional payments of $20,000 in aggregate beyond the required monthly payments of principal and interest. The principal balance of the Note as of March 31, 2016 and December 31, 2015 was zero and $40,761, respectively.

Revolving Credit Facility

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 with 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 6.50% at March 31, 2016 and December 31, 2015. 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. On February 17, 2016, an amendment to the Credit Facility was executed extending the maturity date to September 30, 2018, unless earlier accelerated under the terms of the Loan Agreement.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

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, 2016, the Company was in compliance with all financial covenants. The outstanding balance on the Credit Facility was $1,061,771 and $901,771 at March 31, 2016 and December 31, 2015 leaving an available borrowing base of approximately $687,000 and $532,700 at March 31, 2016 and December 31, 2015, respectively.

NOTE G – 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 consolidated balance sheets, to permanent equity during the year ended December 31, 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 and the carrying value of the preferred stock, net of discount and including accumulated dividends, had been classified as redeemable preferred stock on the consolidated balance sheets. The redemption feature at the option of the holders expired, thereby, resulting in the reclassification from temporary equity to permanent equity during the year ended December 31, 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 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) and an increase to the net loss attributable to common stockholders.

For the three months ended March 31, 2016 and 2015, the Company has accrued dividends for Series A in the amount of zero and $18,253, and cumulative accrued dividends of $471,340 and $397,112, 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.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

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 the Company’s Common Stock at a 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 are not 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 Company’s 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 was 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, had been classified as redeemable preferred stock on the consolidated balance sheets. During the year ended December 31, 2011, shareholders converted 45 redeemable preferred shares issued on August 4, 2010, to, in aggregate 1,730,762 shares of common stock. 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 from the August 4, 2010 offering 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 was 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, a 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 was 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, August 4, 2010, 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 from the April 18, 2011 offering 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.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

For the three months ended March 31, 2016 and 2015, the Company has accrued dividends for Series B in the amount of zero and $5,431, respectively, and cumulative accrued dividends of $124,545 and $102,461 as of March 31, 2016 and 2015, 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 $399,545 and second, Series A with a preference value of $1,396,340. Both series of preferred stock are equal in their dividend preference over common stock.

NOTE H – 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. As of March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015 the Company had 127,054,848 common shares issued and outstanding.

NOTE I – 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 as of March 31, 2016.

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		1.57	$	0.14		175,000	$	0.14
$	0.16 - $0.99		1,570,225		6.84		0.18		1,323,683		0.18
$	1.00 - $3.03		80,000		0.85		2.28		80,000		2.28
			1,825,225		6.07	$	0.28		1,578,683	$	0.28

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

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2015		1,930,225		$	0.40
Granted		50,000			0.18
Exercised		–			–
Cancelled or expired		(155,000	)		1.81
Outstanding at December 31, 2015		1,825,225		$	0.28
Granted		–			–
Exercised		–			–
Cancelled or expired		–			–
Outstanding at March 31, 2016		1,825,225		$	0.28

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

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 three months ended March 31, 2016 and 2015. Total stock-based compensation expense in connection with options granted to employees recognized in the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015 was $3,751 and $4,203, 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		5,211,542		0.02	$	0.13		5,211,542	$	0.13
	0.18		50,000		1.66		0.18		50,000		0.18
	0.20		250,000		5.52		0.20		250,000		0.20
	3.00		126,868		0.02		3.00		126,868		3.00
			5,638,410		0.28	$	0.20		5,638,410	$	0.20

Transactions involving warrants are summarized as follows:

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2015		7,915,533		$	0.27
Issued		–			–
Exercised		(2,019,236	)		0.13
Cancelled or expired		(257,887	)		3.00
Outstanding at December 31, 2015		5,638,410			0.20
Issued		–			–
Exercised		–			–
Cancelled or expired		–			–
Outstanding at March 31, 2016		5,638,410		$	0.20

There were no warrants granted, exercised, cancelled or forfeited during the three months ended March 31, 2016 and 2015, respectively.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

NOTE J – RELATED PARTY TRANSACTIONS

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.

On July 15 and July 17, 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 $2,000, grossed up to accommodate their 2015 federal income tax liability associated with the payments. The amounts owed to Messrs. Davis and Tienor as of March 31, 2016 and December 31, 2015, were $4,000 and $11,994, respectively, and were recorded in accrued liabilities and expenses 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 March 31, 2016 and December 31, 2015, there were no such arrangements.

NOTE K – 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.

In January 2016, the Company entered into a lease agreement for 2,237 square feet of commercial office space in Germantown, Maryland for its engineering employee’s in Maryland. The lease commitment expires in January 2017.

Commitments for minimum rentals under non-cancelable leases at March 31, 2016 are as follows:

2016 (remainder of)	$	191,205
2017		254,740
2018		258,381
2019		265,305
2020		128,863
2021		28,014
Total	$	1,126,508

Rental expenses charged to operations for the three months ended March 31, 2016 and 2015 was $108,462 and $162,212, respectively. Rental income received for the three months ended March 31, 2016 and 2015 was zero and $34,301, 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 $229,000 and $230,000 accrued as of March 31, 2016 and December 31, 2015, respectively.

TELKONET, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

(UNAUDITED)

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 $20,000, not including any applicable interest and penalties.

Prior to 2016, 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 three months ended March 31, 2016, the Company executed two VDA’s totaling approximately $9,500. The Company is currently in negotiations with one state.

The following table sets forth the change in the sales tax accrual as of March 31, 2016 and December 31, 2015:

	March 31, 2016			December 31, 2015
Balance, beginning of year	$	229,768		$	353,260
Sales tax collected		117,300			401,031
Interest and penalties		(3,017	)		(117,700	)
Payments		(115,207	)		(406,823	)
Balance, end of period	$	228,844		$	229,768

NOTE L – BUSINESS CONCENTRATION

For the three months ended March 31, 2016 one customer represented approximately 11% or more of total net revenues. For the three months ended March 31, 2015, no single customer represented 10% or more of total net revenues. As of March 31, 2016, one customer accounted for approximately 13% of the Company’s net accounts receivable. As of December 31, 2015, no single customer accounted for 10% of the Company’s net accounts receivable.

Purchases from two major suppliers approximated $744,000, or 64%, of purchases, and $837,000, or 79%, of purchases, for the three months ended March 31, 2016 and 2015, respectively. Total due to these suppliers, net of deposits, was approximately $374,643 as of March 31, 2016, and $584,288 as of December 31, 2015.

NOTE M – SUBSEQUENT EVENT

Between April 1, 2016 and April 8, 2016, all of the holders, twenty six (26), of the April 8, 2011, Series B preferred stock issuance, submitted warrant exercise forms notifying the Company of their intent to exercise their warrants to purchase an aggregate of 5,211,542 shares of the Company’s common stock at $0.13 per share. The warrants were exercised on April 8, 2016. The Company received gross proceeds of $677,500 from the exercise of these warrants.

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 months ended March 31, 2016, 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, 2015, filed March 30, 2016.

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.

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 effort target’s 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 2016 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

•

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

Management believes that certain non-GAAP financial measures may be useful to investors 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 (“Adjusted EBITDA”) is a metric used by management and frequently used by the financial community. Adjusted EBITDA provides insight into an organization’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 is one of the measures used for determining our debt covenant compliance. 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 our GAAP financial results. Adjusted EBITDA is not, and should not be considered, an alternative to net income (loss), income (loss) from operations, or any other measure for determining operating performance of liquidity, as determined under accounting principles generally accepted in the United States (GAAP). In assessing the overall health of its business for the three months ended March 31, 2016 and 2015, the Company excluded items in the following general category described below:

Stock-based compensation: The Company believes that because of the variety of equity awards used by companies, varying methodologies for determining stock-based compensation and the assumptions and estimates involved in those determinations, the exclusion of non-cash stock-based compensation enhances the ability of management and investors to understand the impact of non-cash stock-based compensation on our operating results. Further, the Company believes that excluding stock-based compensation expense allows for a more transparent comparison of its financial results to the previous period.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

FOR THE THREE MONTHS ENDED MARCH 31,

	2016		2015
Net income (loss)	$	120,122	$	(744,078	)
Interest expense, net		16,196		20,054
Provision for income taxes		51,937		52,187
Depreciation and amortization		68,834		69,302
EBITDA		257,089		(602,535	)
Adjustments:
Stock-based compensation		3,751		4,203
Adjusted EBITDA	$	260,840	$	(598,332	)

Revenues

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

	Three Months Ended
	March 31, 2016			March 31, 2015			Variance

Product	$	3,546,683	77%	$	1,575,367	61%	$	1,971,316	125%
Recurring		1,077,423	23%		999,179	39%		78,244	8%
Total	$	4,624,106	100%	$	2,574,546	100%	$	2,049,560	80%

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 months ended March 31, 2016, product revenue increased by 125% when compared to the prior year period. Product revenue in 2016 includes approximately $2.8 million attributed to the sale and installation of the Company’s EcoSmart Platform products, and approximately $0.7 million for the sale and installation of HSIA products. Sales from the EcoSmart Platform products increased $2.0 million over the prior year period. The hospitality market increased $1.3 million, the education market increased $0.3 million and the Multiple Dwelling Unit (“MDU”) market increased by $0.4 million over the prior year period. The Company’s commitment to access distribution channels through resellers and value added distribution partners continued to grow. Product revenue derived from channel partners increased by $0.8 million for the three months ended March 31, 2016 compared to the prior year period.

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 approximately 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 months ended March 31, 2016, recurring revenue increased by 8% when compared to the prior year period. The increase in recurring revenue was mostly attributed to a $0.06 million increase associated with 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 $0.02 million compared to the prior year.

Cost of Sales

	Three Months Ended
	March 31, 2016			March 31, 2015			Variance

Product	$	1,787,454	50%	$	1,089,824	69%	$	697,630	64%
Recurring		278,035	26%		238,264	24%		39,771	17%
Total	$	2,065,489	45%	$	1,328,088	52%	$	737,401	56%

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 months ended March 31, 2016, product costs increased by 64% when compared to the prior year period. The increase was attributed to material costs of $0.50 million, outside contractor expenses of $0.26 million, parts, supplies, freight and travel of $0.04 million offset by a $0.10 million decrease to inventory valuation adjustments.

Costs of Recurring Revenue

Recurring costs are comprised of support wages and telecommunication services for the Company’s Customer Service department. For the three months ended March 31, 2016, recurring costs increased by 17% compared to the prior year period. The variance is attributed to a $0.04 million increase in support payroll costs.

Gross Profit

	Three Months Ended
	March 31, 2016			March 31, 2015			Variance

Product	$	1,759,229	50%	$	485,543	31%	$	1,273,686	262%
Recurring		799,388	74%		760,915	76%		38,473	5%
Total	$	2,558,617	55%	$	1,246,458	48%	$	1,312,159	105%

Gross Profit on Product Revenue

Gross profit for the three months ended March 31, 2016 increased by 262% when compared to the prior year period. The actual gross profit percentages increased to 50% compared to 31% for the comparable periods. This was a result of an increase in product sales of the Company’s EcoSmart energy management platform which have higher gross margins than the Company’s HSIA products. Sales from the EcoSmart Platform products increased $2.0 million over the prior year period.

Gross Profit on Recurring Revenue

The gross profit associated with recurring revenue increased by 5% for the three months ended March 31, 2016 when compared to the prior year period. The gross profit percentage actually decreased 2% compared to the prior year period. This was due mainly to the cost associated with the addition of three support staff personal.

Operating Expenses

	Three Months Ended March 31,
	2016		2015		Variance

Total	$	2,370,362	$	1,918,295	$	452,067	24%

During the three months ended March 31, 2016, operating expenses increased by 24% when compared to the prior year period as outlined below.

Research and Development

	Three Months Ended March 31,
	2016		2015		Variance

Total	$	426,814	$	359,529	$	67,285	19%

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 months ended March 31, 2016, research and development costs increased 19% when compared to the prior year period. The majority of the variance is due to an approximate $0.07 million increase in expenditures for salaries and consulting. The additional personnel were needed for developing the Company’s new products and software applications.

Selling, General and Administrative Expenses

	Three Months Ended March 31,
	2016		2015		Variance

Total	$	1,874,714	$	1,489,464	$	385,250	26%

During the three months ended March 31, 2016, selling, general and administrative expenses increased over the prior year period by 26%. For the three month comparison, the variance is the result of increased expenditures for temporary staffing, marketing, accounting, and administration salaries and benefits of approximately $0.20 million. The Company added a Controller as well as two Channel Account Managers. These were new positions added since the prior year period. Commission expense increased $0.05 million from the prior year period, the result of the increase in sales over the prior year period. Public company fees increased $0.03 million. The remaining variance is due to an increase in bad debt expense of $0.02 million, professional fees of $0.04 million and trade show and advertising expense of $0.04 million.

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 increased by $241,525 during the three months ended March 31, 2016 from working capital deficit (current liabilities in excess of current assets) of $33,312 at December 31, 2015 to a working capital surplus (current assets in excess of current liabilities) of $208,213 at March 31, 2016.

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 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 March 31, 2016 and December 31, 2015 were $39,746 and $52,579, respectively.

Promissory Note

On March 4, 2011, the Company sold all its Series 5 PLC product line assets to Wisconsin-based Dynamic Ratings, Inc. under an Asset Purchase Agreement. Per the APA, the Company signed an unsecured Promissory 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. 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 year ended December 31, 2015, the Company made additional payments of $20,000 in aggregate beyond the required monthly payments of principal and interest. The principal balance of the Note as of March 31, 2016 and December 31, 2015 was zero and $40,761, respectively.

Revolving Credit Facility

On September 30, 2014, the Company and its wholly owned subsidiary, EthoStream, as co-borrowers, entered into a Loan and Security Agreement with Heritage Bank of Commerce, governing a new revolving credit facility in a principal amount not to exceed $2,000,000. 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 6.50% at March 31, 2016 and December 31, 2015. 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. On February 17, 2016, an amendment to the Credit Facility was executed extending the maturity date to September 30, 2018, unless earlier accelerated under the terms of the Loan Agreement.

Cash Flow Analysis

Cash used in continuing operations was $90,087 and $415,103 during the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, our primary capital needs included costs incurred to increase energy management sales, inventory procurement, funding performance bonds and managing current liabilities. The working capital changes during the three months ended March 31, 2016 were primarily related to an approximately $554,000 increase in accounts receivable, offset by a $110,000 decrease in inventory and a $321,000 increase in accrued liabilities and expenses. The working capital changes during the three months ended March 31, 2015 were primarily related to an approximately $278,000 decrease in accounts payable, a $131,000 increase in inventory offset by an $547,000 decrease in accounts receivable. Accounts receivable fluctuates based on the negotiated billing terms with customers and collections. We purchase inventory based on forecasts and orders, and when those forecasts and orders change, the amount of inventory may also fluctuate. Accounts payable fluctuates with changes in inventory levels, volume of inventory purchases, and negotiated supplier and vendor terms.

Cash used in investing activities was $2,743 and zero during the three months ended March 31, 2016 and 2015 respectively. During the three months ended March 31, 2016, the Company purchased approximately $2,743 of computer equipment. This asset will be depreciated over its respective estimated useful life.

Cash provided by financing activities was $106,406 and cash used in financing activities was $157,528 during the three months ended March 31, 2016 and 2015, respectively. The increase in cash borrowed from the line of credit was $160,000 and cash used in financing activities to repay indebtedness was $53,594 during the three months ended March 31, 2016. Cash used in financing activities to repay indebtedness was $82,528 and cash used to repay cash borrowed from the line of credit was $75,000 during the three months ended March 31, 2015.

We are working to manage our current liabilities while we continue to make changes in operations to improve our cash flow and liquidity position.

Management expects that global economic conditions, in particular the decreasing price of energy, along with competition will continue to present a challenging operating environment through 2016; therefore working capital management will continue to be a high priority for 2016. The Company’s estimated cash requirements for our operations for the next 12 months is not anticipated to differ significantly from our present cash requirements for our operations.

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.

Item 4. Controls and Procedures.

As of March 31, 2016, 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 three months ended March 31, 2016, 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, 2015 in response to Item 1A of Form 10-K.

Item 6. Exhibits.

Exhibit Number		Description Of Document
31.1		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Jason L. Tienor
31.2		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of F. John Stark III
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 F. John Stark III 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: May 5, 2016	By:	/s/ Jason L. Tienor
		Jason L. Tienor Chief Executive Officer (principal executive officer)

Date: May 5, 2016

By:

/s/ F. John Stark III

F. John Stark III

Chief Financial Officer

(principal financial officer)

EX-31.1 2 telkonet_10q-ex3101.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATIONS

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: May 5, 2016

By: /s/ Jason L. Tienor

Jason L. Tienor

Chief Executive Officer

EX-31.2 3 telkonet_10q-ex3102.htm CERTIFICATIONS

EXHIBIT 31.2

CERTIFICATIONS

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

I, F. John Stark III 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: May 5, 2016

By: /s/ F. John Stark III

F. John Stark III

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 March 31, 2016 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

May 5, 2016

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 March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, F. John Stark III, 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/ F. John Stark III

F. John Stark III

Chief Financial Officer

May 5, 2016

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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 three months ended March 31, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated December 31, 2015 financial statements and footnotes thereto included in the Company's Form 10-K filed with the SEC.   Business and Basis of Presentation   Telkonet, 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. All significant intercompany balances and transactions have been eliminated in consolidation.   The Company operates in one reportable segment based on managements view of its business for purposes of evaluating performance and making operating decisions. The Company utilizes shared services including but not limited to, human resources, payroll, finance, sales, support services, as well as certain shared assets and sales, general and administrative costs. The Companys approach is to make operational decisions and assess performance based on delivering products and services that together provide solutions to its customer base, utilizing a functional management structure and shared services where possible. Based upon this business model, the chief operating decision maker only reviews consolidated financial information.   Liquidity and Financial Condition   The Company reported net income of $120,122 for the three months ended March 31, 2016, had cash used in operating activities of $90,087, had an accumulated deficit of $121,974,999 and a working capital surplus of $208,213 as of March 31, 2016. Since inception, the Companys primary sources of ongoing liquidity for operations have come through private and public offerings of equity securities, and the issuance of various debt instruments and asset-based lending.   As discussed in Note G, the Series A preferred stock became redeemable at the option of the preferred stock holders on November 19, 2014 and for a period of 180 days thereafter, provided that at least 50% of the holders provide written notice to the Company requesting redemption. As of March 31, 2016 and December 31, 2015, no redemption of the preferred stock occurred and any future redemption of the Series A or B preferred stock would be entirely at the option of the Company. Furthermore, on February 17, 2016, an amendment to the revolving credit facility with Heritage Bank of Commerce, a California state chartered bank (Heritage Bank) was executed extending the maturity date of the revolving credit facility to September 30, 2018, unless earlier accelerated under the terms of the Loan and Security Agreement (the Loan Agreement). The Loan Agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the revolving credit facility bears interest at the Prime Rate plus 3.00%. The outstanding balance was $1,061,771 as of March 31, 2016 and the remaining available borrowing capacity was approximately $687,000. As of March 31, 2016, the Company was in compliance with all financial covenants.    The Companys liquidity plan includes reviewing options for raising additional capital including, but not limited to, asset-based or equity financing, private placements, and/or disposition of assets.  Management believes that with additional financing, the Company will be able to fund required working capital, research and development and marketing expenses attendant to promoting revenue growth. However, any equity financing may be dilutive to stockholders and any additional debt financing would increase expenses and may involve restrictive covenants. While we have been successful in securing financing through September 30, 2018 to provide adequate funding for working capital purposes, there is no assurance that obtaining additional or replacement financing, if needed, will sufficiently fund future operations, repay existing debt or implement the Companys growth strategy. The Companys failure to execute on this strategy may have a material adverse effect on its business, results of operations and financial position.   Restricted Cash on Deposit   The Company executes 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 March 31, 2016 and December 31, 2015. The outstanding balance as of March 31, 2016 and December 31, 2015 was $31,277.   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 using the treasury stock method, which assumes that the proceeds to be received on exercise of outstanding stock options and warrants are used to repurchase shares of the Company at the average market price of the common shares for the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding stock options and warrants. For the three months ended March 31, 2016 and 2015, there were 7,463,635 and 9,845,758 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. Assuming all conditions for revenue recognition have been satisfied, product revenue is recognized when products are shipped and installation revenue is recognized when the services are completed. 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"> </td> <td style="vertical-align: top; width: 2%"></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: top; 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"> </td> <td style="vertical-align: top; width: 2%"></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: top; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"> </td> <td style="vertical-align: top; width: 2%"></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: top">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>   Under the estimated selling price method, revenue is recognized in MEAs based on estimated selling prices for all of the elements in the arrangement, assuming all other conditions for revenue recognition have been satisfied.  To determine the estimated selling price, the Company establishes the selling price for its products and installation services using the Companys established pricing guidelines, which the proceeds are allocated between the elements and the arrangement.   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. Deferred revenue includes deferrals for the monthly support service fees and Internet access.   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 three months ended March 31, 2016 and the year ended December 31, 2015, the Company experienced returns of approximately 1% to 2% of materials included in the cost of sales. As of March 31, 2016 and December 31, 2015, the Company recorded warranty liabilities in the amount of $73,822 and $66,555, respectively, using this experience factor range.   Product warranties for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Beginning balance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">66,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">44,288</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warranty claims incurred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,733</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,833</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Provision charged to expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">75,100</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">66,555</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Total identifiable intangible assets acquired and their carrying values at March 31, 2016 are:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Cost </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Impairment</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Carrying Value</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"> Weighted Average Amortization Period (Years)</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Amortized Identifiable Intangible Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt; width: 35%">Subscriber lists EthoStream</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,900,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2,185,163</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">714,837</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 10%; padding-bottom: 1pt; text-align: right">12.0</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Amortized Identifiable Intangible Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,185,163</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">714,837</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Goodwill EthoStream</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,696,430</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,185,163</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,000,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,511,267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Total identifiable intangible assets acquired and their carrying values at December 31, 2015 are:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Impairment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Amortization Period (Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Amortized Identifiable Intangible Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt; width: 35%">Subscriber lists EthoStream</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,900,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2,124,743</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">775,257</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 10%; padding-bottom: 1pt; text-align: right">12.0</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Amortized Identifiable Intangible Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,124,743</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Goodwill EthoStream</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,696,430</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,124,743</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,000,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,571,687</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>     Total amortization expense charged to operations for each of the three months ended March 31, 2016 and 2015 was $60,420. The weighted average remaining amortization period for the subscriber list is 2.95 years.   Estimated future amortization expense as of March 31, 2016 is as follows:    <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 30%; text-align: center">Remainder of 2016</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">181,260</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center">2018</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">2019</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">714,837</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company does not amortize goodwill. The Company recorded goodwill in the amount of $8,796,430 as a result of the acquisition of EthoStream 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 of goodwill for EthoStream.

Components of accounts receivable as of March 31, 2016 and December 31, 2015 are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,827,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,286,690</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(28,517</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(23,343</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,798,776</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,263,347</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued liabilities and expenses at March 31, 2016 and December 31, 2015 are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Accrued liabilities and expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">333,481</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">198,906</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued payroll and payroll taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">567,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,521</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Accrued sales taxes, penalties, and interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228,844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229,768</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">291</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Product warranties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">73,822</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">66,555</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued liabilities and expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,203,260</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">882,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </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 March 31, 2016 and December 31, 2015 were $39,746 and $52,579, 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. 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 year ended December 31, 2015, the Company made additional payments of $20,000 in aggregate beyond the required monthly payments of principal and interest. The principal balance of the Note as of March 31, 2016 and December 31, 2015 was zero and $40,761, respectively.   Revolving Credit Facility   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 with 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 6.50% at March 31, 2016 and December 31, 2015. 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. On February 17, 2016, an amendment to the Credit Facility was executed extending the maturity date to September 30, 2018, unless earlier accelerated under the terms of the Loan Agreement.   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, 2016, the Company was in compliance with all financial covenants. The outstanding balance on the Credit Facility was $1,061,771 and $901,771 at March 31, 2016 and December 31, 2015 leaving an available borrowing base of approximately $687,000 and $532,700 at March 31, 2016 and December 31, 2015, respectively.

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 as of March 31, 2016.   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="14" style="border-bottom: black 1pt solid; text-align: center">Options Outstanding</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Options Exercisable</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Exercise Prices</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Number Outstanding</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Number Exercisable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">0.01 - $0.15</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">175,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">1.57</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">0.14</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">175,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">0.14</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>$</td> <td style="text-align: right">0.16 - $0.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,570,225</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.84</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.18</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,323,683</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.18</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>$</td> <td style="text-align: right">1.00 - $3.03</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.85</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2.28</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2.28</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,825,225</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.07</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.28</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">1,578,683</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.28</td> <td> </td></tr> </table>   Transactions involving stock options issued to employees are summarized as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Price Per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%">Outstanding at January 1, 2015</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">1,930,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">0.40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(155,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1.81</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Outstanding at December 31, 2015</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,825,225</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.28</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2016</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,825,225</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.28</td><td style="padding-bottom: 2.5pt; text-align: left"> </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 three months ended March 31, 2016 and 2015. Total stock-based compensation expense in connection with options granted to employees recognized in the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015 was $3,751 and $4,203, 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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Warrants Outstanding</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Warrants Exercisable</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Exercise Prices</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number Outstanding</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number Exercisable</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.13</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">5,211,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">0.02</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.13</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">5,211,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.13</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,868</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.02</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,868</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,638,410</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.28</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,638,410</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Transactions involving warrants are summarized as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Price Per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%">Outstanding at January 1, 2015</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">7,915,533</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">0.27</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,019,236</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(257,887</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Outstanding at December 31, 2015</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,638,410</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2016</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,638,410</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   There were no warrants granted, exercised, cancelled or forfeited during the three months ended March 31, 2016 and 2015, respectively.

For the three months ended March 31, 2016 one customer represented approximately 11% or more of total net revenues. For the three months ended March 31, 2015, no single customer represented 10% or more of total net revenues. As of March 31, 2016, one customer accounted for approximately 13% of the Companys net accounts receivable. As of December 31, 2015, no single customer accounted for 10% of the Companys net accounts receivable.   Purchases from two major suppliers approximated $744,000, or 64%, of purchases, and $837,000, or 79%, of purchases, for the three months ended March 31, 2016 and 2015, respectively. Total due to these suppliers, net of deposits, was approximately $374,643 as of March 31, 2016, and $584,288 as of December 31, 2015.

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. Assuming all conditions for revenue recognition have been satisfied, product revenue is recognized when products are shipped and installation revenue is recognized when the services are completed. 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"> </td> <td style="vertical-align: top; width: 2%"></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: top; 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"> </td> <td style="vertical-align: top; width: 2%"></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: top; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"> </td> <td style="vertical-align: top; width: 2%"></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: top">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>   Under the estimated selling price method, revenue is recognized in MEAs based on estimated selling prices for all of the elements in the arrangement, assuming all other conditions for revenue recognition have been satisfied.  To determine the estimated selling price, the Company establishes the selling price for its products and installation services using the Companys established pricing guidelines, which the proceeds are allocated between the elements and the arrangement.   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. Deferred revenue includes deferrals for the monthly support service fees and Internet access.

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 three months ended March 31, 2016 and the year ended December 31, 2015, the Company experienced returns of approximately 1% to 2% of materials included in the cost of sales. As of March 31, 2016 and December 31, 2015, the Company recorded warranty liabilities in the amount of $73,822 and $66,555, respectively, using this experience factor range.   Product warranties for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Beginning balance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">66,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">44,288</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warranty claims incurred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,733</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,833</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Provision charged to expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">75,100</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">66,555</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Beginning balance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">66,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">44,288</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warranty claims incurred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,733</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,833</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Provision charged to expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">75,100</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">66,555</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Total identifiable intangible assets acquired and their carrying values at March 31, 2016 are:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Cost </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Impairment</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Carrying Value</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"> Weighted Average Amortization Period (Years)</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Amortized Identifiable Intangible Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt; width: 35%">Subscriber lists EthoStream</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,900,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2,185,163</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">714,837</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 10%; padding-bottom: 1pt; text-align: right">12.0</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Amortized Identifiable Intangible Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,185,163</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">714,837</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Goodwill EthoStream</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,696,430</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,185,163</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,000,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,511,267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Total identifiable intangible assets acquired and their carrying values at December 31, 2015 are:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Impairment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Amortization Period (Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Amortized Identifiable Intangible Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt; width: 35%">Subscriber lists EthoStream</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,900,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2,124,743</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">775,257</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 10%; padding-bottom: 1pt; text-align: right">12.0</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Amortized Identifiable Intangible Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,124,743</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Goodwill EthoStream</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,000,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,796,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5pt; text-indent: -5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,696,430</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,124,743</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,000,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,571,687</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Estimated future amortization expense as of March 31, 2016 is as follows:    <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 30%; text-align: center">Remainder of 2016</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">181,260</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center">2018</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">2019</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">714,837</td></tr></table>

Components of accounts receivable as of March 31, 2016 and December 31, 2015 are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,827,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,286,690</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(28,517</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(23,343</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,798,776</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,263,347</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Accrued liabilities and expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">333,481</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">198,906</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued payroll and payroll taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">567,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,521</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Accrued sales taxes, penalties, and interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228,844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229,768</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">291</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Product warranties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">73,822</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">66,555</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued liabilities and expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,203,260</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">882,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="14" style="border-bottom: black 1pt solid; text-align: center">Options Outstanding</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Options Exercisable</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Exercise Prices</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Number Outstanding</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Number Exercisable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">0.01 - $0.15</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">175,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">1.57</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">0.14</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">175,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">0.14</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>$</td> <td style="text-align: right">0.16 - $0.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,570,225</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.84</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.18</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,323,683</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.18</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>$</td> <td style="text-align: right">1.00 - $3.03</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.85</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2.28</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2.28</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,825,225</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.07</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.28</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">1,578,683</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">0.28</td> <td> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Price Per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%">Outstanding at January 1, 2015</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">1,930,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">0.40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(155,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1.81</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Outstanding at December 31, 2015</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,825,225</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.28</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2016</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,825,225</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.28</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Warrants Outstanding</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Warrants Exercisable</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Exercise Prices</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number Outstanding</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number Exercisable</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.13</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">5,211,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">0.02</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.13</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">5,211,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.13</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,868</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.02</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,868</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,638,410</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.28</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,638,410</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Price Per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%">Outstanding at January 1, 2015</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">7,915,533</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">0.27</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,019,236</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(257,887</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Outstanding at December 31, 2015</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,638,410</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2016</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,638,410</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 30%">2016 (remainder of)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">191,205</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,740</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">2018</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258,381</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">265,305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">128,863</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2021</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,014</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,126,508</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2015</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 45%; text-align: left">Balance, beginning of year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">229,768</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">353,260</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales tax collected</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,031</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Interest and penalties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,017</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(117,700</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(115,207</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(406,823</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Balance, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">228,844</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">229,768</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

14733

52833

22000

75100

2827293

2286690

28517

23343

333481

198906

567047

386521

228844

229768

291

0.18

1.81

117300 401031

3017

117700

115207

406823

3000000

8796430

Prime rate plus 3.00%

2018-09-30

1322112 9500

136333

142004

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.   On July 15 and July 17, 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 $2,000, grossed up to accommodate their 2015 federal income tax liability associated with the payments. The amounts owed to Messrs. Davis and Tienor as of March 31, 2016 and December 31, 2015, were $4,000 and $11,994, respectively, and were recorded in accrued liabilities and expenses 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 March 31, 2016 and December 31, 2015, there were no such arrangements.

1340566

382951

160000

-75000

.065

191205

127054848

185

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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 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 Deferred lease liability - current Customer deposits Total current liabilities Long-term liabilities: Deferred lease liability - long term Deferred income taxes Total long-term liabilities Commitments and contingencies Stockholders' Equity Preferred stock value Common stock, par value $.001 per share; 190,000,000 shares authorized; 127,054,848 shares issued and outstanding at March 31, 2016 and at December 31, 2015 Additional paid-in-capital Accumulated deficit Total stockholders' equity Total Liabilities and Stockholders' Equity Preferred stock, shares authorized Preferred stock, par value Preferred stock, shares issued Preferred stock, shares outstanding Preferred stock, liquidiation preference Common stock, par value Common stock, shares authorized Common stock, shares outstanding Common stock, shares issued Income Statement [Abstract] Revenues, net: Product Recurring Total Net Revenues 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 Expense Income (Loss) from Operations Other (Expenses) Income: Interest income (expense), net Total Other (Expense) Income 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 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, Amount Stock-based compensation expense related to employee stock options Net income Ending Balance, Shares Ending Balance, Amount Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Net income (loss) Adjustments to reconcile net income (loss) from operations to cash used in 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 Operating Activities Cash Flows From Investing Activities: Purchase of property and equipment Net Cash Used In Investing Activities Cash Flows From Financing Activities: Payments on notes payable Net Proceeds (payments) from line of credit Net Cash Provided By (Used In) Financing Activities Net increase (decrease) 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 Supplemental Disclosures of Cash Flow Information: Cash transactions: Cash paid during the year for interest Non-cash transactions: Accretion of dividends on redeemable preferred stock Accounting Policies [Abstract] SUMMARY OF ACCOUNTING POLICIES New Accounting Pronouncements and Changes in Accounting Principles [Abstract] NEW ACCOUNTING PRONOUNCEMENTS Goodwill and Intangible Assets Disclosure [Abstract] INTANGIBLE ASSETS AND GOODWILL Receivables [Abstract] ACCOUNTS RECEIVABLE Payables and Accruals [Abstract] ACCRUED LIABILITIES AND EXPENSES Debt Disclosure [Abstract] DEBT Equity [Abstract] PREFERRED STOCK CAPITAL STOCK Disclosure of Compensation Related Costs, Share-based Payments [Abstract] STOCK OPTIONS AND WARRANTS Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES EX-101.PRE 11 tkoi-20160331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 30, 2016
Document And Entity Information
Entity Registrant Name	TELKONET INC
Entity Central Index Key	0001094084
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		132,266,390
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2016

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 964,825	$ 951,249
Restricted cash on deposit	31,277	31,277
Accounts receivable, net	2,798,776	2,263,347
Inventories	702,144	812,052
Prepaid expenses and other current assets	235,563	157,500
Total current assets	4,732,585	4,215,425
Property and equipment, net	136,333	142,004
Other assets:
Goodwill	5,796,430	5,796,430
Intangible assets, net	714,837	775,257
Deposits	34,001	34,001
Deferred financing costs, net	9,896	14,633
Total other assets	6,555,164	6,620,321
Total Assets	11,424,082	10,977,750
Current liabilities:
Accounts payable	1,688,473	1,754,566
Accrued liabilities and expenses	1,203,260	882,041
Notes payable - current	39,746	93,340
Line of credit	1,061,771	901,771
Deferred revenues	242,716	291,965
Deferred lease liability - current	16,804	15,214
Customer deposits	271,602	309,840
Total current liabilities	4,524,372	4,248,737
Long-term liabilities:
Deferred lease liability - long term	99,316	103,804
Deferred income taxes	785,359	734,047
Total long-term liabilities	$ 884,675	$ 837,851
Commitments and contingencies
Stockholders' Equity
Common stock, par value $.001 per share; 190,000,000 shares authorized; 127,054,848 shares issued and outstanding at March 31, 2016 and at December 31, 2015	$ 127,054	$ 127,054
Additional paid-in-capital	126,139,463	126,135,712
Accumulated deficit	(121,974,999)	(122,095,121)
Total stockholders' equity	6,015,035	5,891,162
Total Liabilities and Stockholders' Equity	11,424,082	10,977,750
Series B Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	1,340,566	1,340,566
Series A Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	$ 382,951	$ 382,951

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares outstanding	127,054,848	127,054,848
Common stock, shares issued	127,054,848	127,054,848
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	215	215
Preferred stock, shares outstanding	185	185
Preferred stock, liquidiation preference	$ 1,396,340	$ 1,377,886
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	538	538
Preferred stock, shares outstanding	55	55
Preferred stock, liquidiation preference	$ 399,545	$ 394,055

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues, net:
Product	$ 3,546,683	$ 1,575,367
Recurring	1,077,423	999,179
Total Net Revenues	4,624,106	2,574,546
Cost of Sales:
Product	1,787,454	1,089,824
Recurring	278,035	238,264
Total Cost of Sales	2,065,489	1,328,088
Gross Profit	2,558,617	1,246,458
Operating Expenses:
Research and development	426,814	359,529
Selling, general and administrative	1,874,714	1,489,464
Depreciation and amortization	68,834	69,302
Total Operating Expense	2,370,362	1,918,295
Income (Loss) from Operations	188,255	(671,837)
Other (Expenses) Income:
Interest income (expense), net	(16,196)	(20,054)
Total Other (Expense) Income	(16,196)	(20,054)
Income (Loss) Before Provision for Income Taxes	172,059	(691,891)
Provision for Income Taxes	51,937	52,187
Net Income (Loss)	120,122	(744,078)
Accretion of preferred dividends and discount	0	(18,253)
Net Income (Loss) attributable to common stockholders	$ 120,122	$ (762,331)
Net loss per common share:
Net income (loss) attributable to common stockholders per common share - basic	$ 0.00	$ (.01)
Net income (loss) attributable to common stockholders per common share - diluted	$ 0.00	$ (.01)
Weighted Average Common Shares Outstanding - basic	127,054,848	125,035,612
Weighted Average Common Shares Outstanding - diluted	129,335,871	125,035,612

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 3 months ended Mar. 31, 2016 - USD ($)	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Beginning Balance, Shares at Dec. 31, 2015	185	55	127,054,848
Beginning Balance, Amount at Dec. 31, 2015	$ 1,340,566	$ 382,951	$ 127,054	$ 126,135,712	$ (122,095,121)	$ 5,891,162
Stock-based compensation expense related to employee stock options				3,751		3,751
Net income					120,122	120,122
Ending Balance, Shares at Mar. 31, 2016	185	55	127,054,848
Ending Balance, Amount at Mar. 31, 2016	$ 1,340,566	$ 382,951	$ 127,054	$ 126,139,463	$ (121,974,999)	$ 6,015,035

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net income (loss)	$ 120,122	$ (744,078)
Adjustments to reconcile net income (loss) from operations to cash used in operating activities:
Stock-based compensation expense	3,751	4,203
Amortization of deferred financing costs	4,737	4,737
Depreciation	8,414	8,882
Amortization	60,420	60,420
Provision for doubtful accounts, net of recoveries	18,796	(3,991)
Deferred income taxes	51,312	51,312
Changes in assets and liabilities:
Accounts receivable	(554,225)	546,695
Inventories	109,908	(130,992)
Prepaid expenses and other current assets	(78,063)	(37,556)
Deposits and other long term assets	0	238
Accounts payable	(66,093)	(278,636)
Accrued liabilities and expenses	321,219	53,271
Deferred revenue	(49,249)	60,824
Customer deposits	(38,238)	(10,529)
Deferred lease liability	(2,898)	97
Net Cash Used In Operating Activities	(90,087)	(415,103)
Cash Flows From Investing Activities:
Purchase of property and equipment	(2,743)	0
Net Cash Used In Investing Activities	(2,743)	0
Cash Flows From Financing Activities:
Payments on notes payable	(53,594)	(82,528)
Net Proceeds (payments) from line of credit	160,000	(75,000)
Net Cash Provided By (Used In) Financing Activities	106,406	(157,528)
Net increase (decrease) in cash and cash equivalents	13,576	(572,631)
Cash and cash equivalents at the beginning of the period	951,249	1,128,072
Cash and cash equivalents at the end of the period	964,825	555,441
Cash transactions:
Cash paid during the year for interest	11,684	19,937
Non-cash transactions:
Accretion of dividends on redeemable preferred stock	$ 0	$ 23,684

XML 18 R7.htm IDEA: XBRL DOCUMENT

A. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

SUMMARY OF ACCOUNTING POLICIES

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

General

Business and Basis of Presentation

Liquidity and Financial Condition

Restricted Cash on Deposit

Income (Loss) per Common Share

Use of Estimates

Income Taxes

Revenue Recognition

•

Guarantees and Product Warranties

Product warranties for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows:

	March 31, 2016			December 31, 2015
Beginning balance	$	66,555		$	44,288
Warranty claims incurred		(14,733	)		(52,833	)
Provision charged to expense		22,000			75,100
Ending balance	$	73,822		$	66,555

XML 19 R8.htm IDEA: XBRL DOCUMENT

B. NEW ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

NEW ACCOUNTING PRONOUNCEMENTS

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.10-01.(b)(6))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6503790

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

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+ Details

XML 20 R9.htm IDEA: XBRL DOCUMENT

C. INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Total identifiable intangible assets acquired and their carrying values at March 31, 2016 are:

	Cost		Accumulated Amortization			Accumulated Impairment			Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(2,185,163	)	$	–		$	714,837		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(2,185,163	)		–			714,837
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	$	(2,185,163	)	$	(3,000,000	)	$	6,511,267

Total identifiable intangible assets acquired and their carrying values at December 31, 2015 are:

	Cost		Accumulated Amortization			Accumulated Impairment			Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(2,124,743	)	$	–		$	775,257		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(2,124,743	)		–			775,257
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	$	(2,124,743	)	$	(3,000,000	)	$	6,571,687

Estimated future amortization expense as of March 31, 2016 is as follows:

Remainder of 2016	$	181,260
2017		241,680
2018		241,680
2019		50,217
Total	$	714,837

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

XML 21 R10.htm IDEA: XBRL DOCUMENT

D. ACCOUNTS RECEIVABLE

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

ACCOUNTS RECEIVABLE

Components of accounts receivable as of March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016			December 31, 2015
Accounts receivable	$	2,827,293		$	2,286,690
Allowance for doubtful accounts		(28,517	)		(23,343	)
Accounts receivable, net	$	2,798,776		$	2,263,347

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 22 R11.htm IDEA: XBRL DOCUMENT

E. ACCRUED LIABILITIES AND EXPENSES

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND EXPENSES

Accrued liabilities and expenses at March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016		December 31, 2015
Accrued liabilities and expenses	$	333,481	$	198,906
Accrued payroll and payroll taxes		567,047		386,521
Accrued sales taxes, penalties, and interest		228,844		229,768
Accrued interest		66		291
Product warranties		73,822		66,555
Total accrued liabilities and expenses	$	1,203,260	$	882,041

XML 23 R12.htm IDEA: XBRL DOCUMENT

F. DEBT

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

DEBT

Business Loan

Promissory Note

Revolving Credit Facility

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 with 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 6.50% at March 31, 2016 and December 31, 2015. 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. On February 17, 2016, an amendment to the Credit Facility was executed extending the maturity date to September 30, 2018, unless earlier accelerated under the terms of the Loan Agreement.

XML 24 R13.htm IDEA: XBRL DOCUMENT

G. PREFERRED STOCK

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

PREFERRED STOCK

Series A

Series B

XML 25 R14.htm IDEA: XBRL DOCUMENT

H. CAPITAL STOCK

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

CAPITAL STOCK

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

I. STOCK OPTIONS AND WARRANTS

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK OPTIONS AND WARRANTS

Employee Stock Options

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		1.57	$	0.14		175,000	$	0.14
$	0.16 - $0.99		1,570,225		6.84		0.18		1,323,683		0.18
$	1.00 - $3.03		80,000		0.85		2.28		80,000		2.28
			1,825,225		6.07	$	0.28		1,578,683	$	0.28

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

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2015		1,930,225		$	0.40
Granted		50,000			0.18
Exercised		–			–
Cancelled or expired		(155,000	)		1.81
Outstanding at December 31, 2015		1,825,225		$	0.28
Granted		–			–
Exercised		–			–
Cancelled or expired		–			–
Outstanding at March 31, 2016		1,825,225		$	0.28

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		5,211,542		0.02	$	0.13		5,211,542	$	0.13
	0.18		50,000		1.66		0.18		50,000		0.18
	0.20		250,000		5.52		0.20		250,000		0.20
	3.00		126,868		0.02		3.00		126,868		3.00
			5,638,410		0.28	$	0.20		5,638,410	$	0.20

Transactions involving warrants are summarized as follows:

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2015		7,915,533		$	0.27
Issued		–			–
Exercised		(2,019,236	)		0.13
Cancelled or expired		(257,887	)		3.00
Outstanding at December 31, 2015		5,638,410			0.20
Issued		–			–
Exercised		–			–
Cancelled or expired		–			–
Outstanding at March 31, 2016		5,638,410		$	0.20

There were no warrants granted, exercised, cancelled or forfeited during the three months ended March 31, 2016 and 2015, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 27 R16.htm IDEA: XBRL DOCUMENT

J. RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2016

RELATED PARTY TRANSACTIONS

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K. COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Office Lease Obligations

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.

Commitments for minimum rentals under non-cancelable leases at March 31, 2016 are as follows:

2016 (remainder of)	$	191,205
2017		254,740
2018		258,381
2019		265,305
2020		128,863
2021		28,014
Total	$	1,126,508

Litigation

Sales Tax

Prior to 2016, 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 three months ended March 31, 2016, the Company executed two VDA’s totaling approximately $9,500. The Company is currently in negotiations with one state.

The following table sets forth the change in the sales tax accrual as of March 31, 2016 and December 31, 2015:

	March 31, 2016			December 31, 2015
Balance, beginning of year	$	229,768		$	353,260
Sales tax collected		117,300			401,031
Interest and penalties		(3,017	)		(117,700	)
Payments		(115,207	)		(406,823	)
Balance, end of period	$	228,844		$	229,768

XML 29 R18.htm IDEA: XBRL DOCUMENT

L. BUSINESS CONCENTRATION

3 Months Ended

Mar. 31, 2016

Risks and Uncertainties [Abstract]

BUSINESS CONCENTRATION

XML 30 R19.htm IDEA: XBRL DOCUMENT

M. SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENT

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A. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Business and Basis of Presentation

Business and Basis of Presentation

Liquidity and Financial Condition

Liquidity and Financial Condition

Restricted Cash on Deposit

Restricted Cash on Deposit

Income (Loss) per Common Share

Income (Loss) per Common Share

Use of Estimates

Use of Estimates

Income Taxes

Income Taxes

Revenue Recognition

Revenue Recognition

•

Guarantees and Product Warranties

Guarantees and Product Warranties

Product warranties for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows:

	March 31, 2016			December 31, 2015
Beginning balance	$	66,555		$	44,288
Warranty claims incurred		(14,733	)		(52,833	)
Provision charged to expense		22,000			75,100
Ending balance	$	73,822		$	66,555

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

XML 32 R21.htm IDEA: XBRL DOCUMENT

A. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Product warranties

	March 31, 2016			December 31, 2015
Beginning balance	$	66,555		$	44,288
Warranty claims incurred		(14,733	)		(52,833	)
Provision charged to expense		22,000			75,100
Ending balance	$	73,822		$	66,555

XML 33 R22.htm IDEA: XBRL DOCUMENT

C. INTANGIBLE ASSETS AND GOODWILL (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying value of intangible assets

Total identifiable intangible assets acquired and their carrying values at March 31, 2016 are:

	Cost		Accumulated Amortization			Accumulated Impairment			Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(2,185,163	)	$	–		$	714,837		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(2,185,163	)		–			714,837
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	$	(2,185,163	)	$	(3,000,000	)	$	6,511,267

Total identifiable intangible assets acquired and their carrying values at December 31, 2015 are:

	Cost		Accumulated Amortization			Accumulated Impairment			Carrying Value		Weighted Average Amortization Period (Years)
Amortized Identifiable Intangible Assets:
Subscriber lists – EthoStream	$	2,900,000	$	(2,124,743	)	$	–		$	775,257		12.0
Total Amortized Identifiable Intangible Assets		2,900,000		(2,124,743	)		–			775,257
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	$	(2,124,743	)	$	(3,000,000	)	$	6,571,687

Estimated future amortization expense

Estimated future amortization expense as of March 31, 2016 is as follows:

Remainder of 2016	$	181,260
2017		241,680
2018		241,680
2019		50,217
Total	$	714,837

XML 34 R23.htm IDEA: XBRL DOCUMENT

D. ACCOUNTS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Accounts Receivable

Components of accounts receivable as of March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016			December 31, 2015
Accounts receivable	$	2,827,293		$	2,286,690
Allowance for doubtful accounts		(28,517	)		(23,343	)
Accounts receivable, net	$	2,798,776		$	2,263,347

XML 35 R24.htm IDEA: XBRL DOCUMENT

E. ACCRUED LIABILITIES AND EXPENSES (Tables)

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Accrued Liabilities and Expenses

	March 31, 2016		December 31, 2015
Accrued liabilities and expenses	$	333,481	$	198,906
Accrued payroll and payroll taxes		567,047		386,521
Accrued sales taxes, penalties, and interest		228,844		229,768
Accrued interest		66		291
Product warranties		73,822		66,555
Total accrued liabilities and expenses	$	1,203,260	$	882,041

XML 36 R25.htm IDEA: XBRL DOCUMENT

I. STOCK OPTIONS AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [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		1.57	$	0.14		175,000	$	0.14
$	0.16 - $0.99		1,570,225		6.84		0.18		1,323,683		0.18
$	1.00 - $3.03		80,000		0.85		2.28		80,000		2.28
			1,825,225		6.07	$	0.28		1,578,683	$	0.28

Option activity

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2015		1,930,225		$	0.40
Granted		50,000			0.18
Exercised		–			–
Cancelled or expired		(155,000	)		1.81
Outstanding at December 31, 2015		1,825,225		$	0.28
Granted		–			–
Exercised		–			–
Cancelled or expired		–			–
Outstanding at March 31, 2016		1,825,225		$	0.28

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		5,211,542		0.02	$	0.13		5,211,542	$	0.13
	0.18		50,000		1.66		0.18		50,000		0.18
	0.20		250,000		5.52		0.20		250,000		0.20
	3.00		126,868		0.02		3.00		126,868		3.00
			5,638,410		0.28	$	0.20		5,638,410	$	0.20

Warrant activity

	Number of Shares			Weighted Average Price Per Share
Outstanding at January 1, 2015		7,915,533		$	0.27
Issued		–			–
Exercised		(2,019,236	)		0.13
Cancelled or expired		(257,887	)		3.00
Outstanding at December 31, 2015		5,638,410			0.20
Issued		–			–
Exercised		–			–
Cancelled or expired		–			–
Outstanding at March 31, 2016		5,638,410		$	0.20

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 37 R26.htm IDEA: XBRL DOCUMENT

K. COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Office Lease Obligations

2016 (remainder of)	$	191,205
2017		254,740
2018		258,381
2019		265,305
2020		128,863
2021		28,014
Total	$	1,126,508

Sales tax accrual

	March 31, 2016			December 31, 2015
Balance, beginning of year	$	229,768		$	353,260
Sales tax collected		117,300			401,031
Interest and penalties		(3,017	)		(117,700	)
Payments		(115,207	)		(406,823	)
Balance, end of period	$	228,844		$	229,768

XML 38 R27.htm IDEA: XBRL DOCUMENT

A. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details-Product warranties) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Product warranties
Beginning balance	$ 66,555	$ 44,288
Warranty claims incurred	(14,733)	(52,833)
Provision charged to expense	22,000	75,100
Ending balance	$ 73,822	$ 66,555

XML 39 R28.htm IDEA: XBRL DOCUMENT

A. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Net income	$ 120,122	$ (744,078)
Cash used in operating activities	(90,087)	$ (415,103)
Accumulated deficit	(121,974,999)		$ (122,095,121)
Working capital	$ 208,213
Line of credit interest rate description	Prime rate plus 3.00%
Line of credit maturity date	Sep. 30, 2018
Line of credit balance	$ 1,061,771		901,771
Line of credit remaining borrowing capacity	687,000
Restricted cash on deposit	$ 31,277		$ 31,277
Shares excluded from EPS calculation	7,463,635	9,845,758
Guarantees and product warranty return percentage	1.00%		2.00%
Warranty liabilities	$ 73,822		$ 66,555	$ 44,288

XML 40 R29.htm IDEA: XBRL DOCUMENT

C. INTANGIBLE ASSETS AND GOODWILL (Details-Intangible Assets) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Intangible assets cost	$ 11,696,430	$ 11,696,430
Goodwill	5,796,430	5,796,430
Accumulated Amortization	(2,185,163)	(2,124,743)
Accumulated Impairment	(3,000,000)	(3,000,000)
Carrying Value intangible assets excluding goodwill	714,837	775,257
Total intangible assets including goodwill	6,511,267	6,571,687
Goodwill EthoStream [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill	8,796,430	8,796,430
Accumulated Impairment	(3,000,000)	(3,000,000)
Total intangible assets including goodwill	5,796,430	5,796,430
Total Goodwill [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill	8,796,430	8,796,430
Accumulated Impairment	(3,000,000)	(3,000,000)
Total intangible assets including goodwill	5,796,430	5,796,430
Subscriber lists EthoStream [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets cost	2,900,000	2,900,000
Accumulated Amortization	(2,185,163)	(2,124,743)
Carrying Value intangible assets excluding goodwill	$ 714,837	$ 775,257
Weighted Average Amortization Period	12 years	12 years
Total Amortized Identifiable Intangible Assets [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets cost	$ 2,900,000	$ 2,900,000
Accumulated Amortization	(2,185,163)	(2,124,743)
Carrying Value intangible assets excluding goodwill	$ 714,837	$ 775,257

XML 41 R30.htm IDEA: XBRL DOCUMENT

C. INTANGIBLE ASSETS AND GOODWILL (Details-Future Amortization Expense) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Estimated amortization expense
Remainder of 2016	$ 181,260
2017	241,680
2018	241,680
2019	50,217
Total future amortization	$ 714,837	$ 775,257

XML 42 R31.htm IDEA: XBRL DOCUMENT

C. INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended	99 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Total amortization expense charged to operations	$ 60,420	$ 60,420
Goodwill for acquisition of EthoStream	$ 8,796,430		$ 8,796,430
Goodwill EthoStream [Member]
Goodwill impairment since acquisition			$ 3,000,000
Subscriber lists EthoStream [Member]
Total remaining amortization period for subscriber list	2 years 11 months 12 days

XML 43 R32.htm IDEA: XBRL DOCUMENT

D. ACCOUNTS RECEIVABLE (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Components of accounts receivable
Accounts receivable	$ 2,827,293	$ 2,286,690
Allowance for doubtful accounts	(28,517)	(23,343)
Accounts receivable, net	$ 2,798,776	$ 2,263,347

XML 44 R33.htm IDEA: XBRL DOCUMENT

E. ACCRUED LIABILITIES AND EXPENSES (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accrued liabilities and expenses
Accrued liabilities and expenses	$ 333,481	$ 198,906
Accrued payroll and payroll taxes	567,047	386,521
Accrued sales taxes, penalties, and interest	228,844	229,768
Accrued interest	66	291
Product warranties	73,822	66,555	$ 44,288
Total accrued liabilities and expenses	$ 1,203,260	$ 882,041

XML 45 R34.htm IDEA: XBRL DOCUMENT

F. DEBT (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
F. DEBT (Details Narrative) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Payments on notes payable	$ 53,594	$ 82,528
Line of credit interest rate description	Prime rate plus 3.00%
Line of credit maturity date	Sep. 30, 2018
Line of credit balance	$ 1,061,771		$ 901,771
Line of credit remaining borrowing capacity	$ 687,000
Effective interest rate	6.50%
Wisconsin Department of Commerce [Member]
Debt Instrument [Line Items]
Long-term debt outstanding	$ 39,746		52,579
Promissory Note [Member]
Debt Instrument [Line Items]
Long-term debt outstanding	$ 0		40,761
Payments on notes payable			$ 50,000

XML 46 R35.htm IDEA: XBRL DOCUMENT

G. PREFERRED STOCK (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
G. PREFERRED STOCK (Details Narrative) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Series A Preferred Stock [Member]
Redeemable preferred stock reclassified from temporary equity to permanent equity		$ 1,322,112
Charge to additional paid in capital for amortization of discount and costs	$ 471,340	397,112
Accrued dividends	0	18,253
Cumulative accrued dividends	471,340	397,112
Liquidation preference	1,396,340	1,377,886
Series B Preferred Stock [Member]
Charge to additional paid in capital for amortization of discount and costs	124,545	102,461
Accrued dividends	0	5,431
Cumulative accrued dividends	124,545	102,461
Liquidation preference	$ 399,545	$ 394,055

XML 47 R36.htm IDEA: XBRL DOCUMENT

I. STOCK OPTIONS AND WARRANTS (Details-Options Outstanding and Exercisable) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding Number Outstanding		1,825,225	1,930,225
Options Outstanding Weighted Average Exercise Price		$ 0.28	$ 0.40
Employee Stock Options [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding Number Outstanding	1,825,255	1,825,255
Options Outstanding Weighted Average Remaining Contractual Life (Years)	6 years 26 days
Options Outstanding Weighted Average Exercise Price	$ .28	$ .28
Options Exercisable Number Exercisable	1,578,683
Options Exercisable Weighted Average Exercise Price	$ 0.28
Employee Stock Options [Member] \| $0.01 - $0.15 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding Number Outstanding	175,000
Options Outstanding Weighted Average Remaining Contractual Life (Years)	1 year 6 months 26 days
Options Outstanding Weighted Average Exercise Price	$ 0.14
Options Exercisable Number Exercisable	175,000
Options Exercisable Weighted Average Exercise Price	$ 0.14
Employee Stock Options [Member] \| $0.16 - $0.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding Number Outstanding	1,570,225
Options Outstanding Weighted Average Remaining Contractual Life (Years)	6 years 10 months 2 days
Options Outstanding Weighted Average Exercise Price	$ 0.18
Options Exercisable Number Exercisable	1,323,683
Options Exercisable Weighted Average Exercise Price	$ 0.18
Employee Stock Options [Member] \| $1.00 - $3.03 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding Number Outstanding	80,000
Options Outstanding Weighted Average Remaining Contractual Life (Years)	10 months 6 days
Options Outstanding Weighted Average Exercise Price	$ 2.28
Options Exercisable Number Exercisable	80,000
Options Exercisable Weighted Average Exercise Price	$ 2.28

XML 48 R37.htm IDEA: XBRL DOCUMENT

I. STOCK OPTIONS AND WARRANTS (Details-Option Activity) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Number of shares
Number of shares - beginning balance	1,825,225	1,930,225
Number of shares - granted		50,000
Number of shares - exercised
Number of shares - cancelled or expired		(155,000)
Number of shares - ending balance		1,825,225
Weighted Average Price Per Share
Weighted average price per share - beginning balance	$ 0.28	$ 0.40
Weighted average price per share - granted		$ 0.18
Weighted average price per share - exercised
Weighted average price per share - cancelled or expired		$ 1.81
Weighted average price per share - ending balance		$ 0.28
Employee Stock Options [Member]
Number of shares
Number of shares - beginning balance	1,825,255
Number of shares - granted
Number of shares - exercised
Number of shares - cancelled or expired
Number of shares - ending balance	1,825,255	1,825,255
Weighted Average Price Per Share
Weighted average price per share - beginning balance	$ .28
Weighted average price per share - granted
Weighted average price per share - exercised
Weighted average price per share - cancelled or expired
Weighted average price per share - ending balance	$ .28	$ .28

XML 49 R38.htm IDEA: XBRL DOCUMENT

I. STOCK OPTIONS AND WARRANTS (Details-Warrants Outstanding and Exercisable) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Warrants Outstanding, Number Outstanding		5,638,410	7,915,533
Weighted Average Exercise Price		$ 0.20	$ .20
Warrant [Member]
Warrants Outstanding, Number Outstanding	5,638,410	5,638,410
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	3 months 11 days
Weighted Average Exercise Price	$ .20	$ .20
Warrants Exercisable, Number Exercisable	5,638,410
Warrants Exercisable, Weighted Average Exercise Price	$ 0.20
Warrant [Member] \| $0.13 [Member]
Warrants Outstanding, Number Outstanding	5,211,542
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	7 days
Weighted Average Exercise Price	$ 0.13
Warrants Exercisable, Number Exercisable	5,211,542
Warrants Exercisable, Weighted Average Exercise Price	$ 0.13
Warrant [Member] \| $0.18 [Member]
Warrants Outstanding, Number Outstanding	50,000
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	1 year 7 months 28 days
Weighted Average Exercise Price	$ .18
Warrants Exercisable, Number Exercisable	50,000
Warrants Exercisable, Weighted Average Exercise Price	$ .18
Warrant [Member] \| $0.20 [Member]
Warrants Outstanding, Number Outstanding	250,000
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	5 years 6 months 7 days
Weighted Average Exercise Price	$ .20
Warrants Exercisable, Number Exercisable	250,000
Warrants Exercisable, Weighted Average Exercise Price	$ .20
Warrant [Member] \| $3.00 [Member]
Warrants Outstanding, Number Outstanding	126,868
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years)	7 days
Weighted Average Exercise Price	$ 3.00
Warrants Exercisable, Number Exercisable	126,868
Warrants Exercisable, Weighted Average Exercise Price	$ 3.00

XML 50 R39.htm IDEA: XBRL DOCUMENT

I. STOCK OPTIONS AND WARRANTS (Details-Warrant Activity) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Number of shares - beginning balance	5,638,410	7,915,533
Number of shares - issued
Number of shares - exercised		(2,019,236)
Number of shares - cancelled or expired		(257,887)
Number of shares - ending balance		5,638,410
Weighted average price per share - beginning balance	$ 0.20	$ .20
Weighted average price per share - issued
Weighted average price per share - exercised		$ 0.13
Weighted average price per share - cancelled or expired		3.00
Weighted average price per share - ending balance		$ 0.20
Warrant [Member]
Number of shares - beginning balance	5,638,410
Number of shares - issued
Number of shares - exercised
Number of shares - cancelled or expired
Number of shares - ending balance	5,638,410	5,638,410
Weighted average price per share - beginning balance	$ .20
Weighted average price per share - issued
Weighted average price per share - exercised
Weighted average price per share - cancelled or expired
Weighted average price per share - ending balance	$ .20	$ .20

XML 51 R40.htm IDEA: XBRL DOCUMENT

I. STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Options issued			50,000
Stock-based compensation expense with options granted	$ 3,751	$ 4,203
Employee Stock Options [Member]
Options issued
Stock-based compensation expense with options granted	$ 3,751		$ 4,203

XML 52 R41.htm IDEA: XBRL DOCUMENT

J. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Davis [Member]
Due to related parties	$ 4,000	$ 11,994
Tienor [Member]
Due to related parties	$ 4,000	$ 11,994

XML 53 R42.htm IDEA: XBRL DOCUMENT

K. COMMITMENTS AND CONTINGENCIES (Details-Lease Commitments)	Mar. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016 (remainder of)	$ 191,205
2017	254,740
2018	258,381
2019	265,305
2020	128,863
2021	28,014
Total	$ 1,126,508

XML 54 R43.htm IDEA: XBRL DOCUMENT

K. COMMITMENTS AND CONTINGENCIES (Details-Sales Tax Accrual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Change in the sales tax accrual
Balance, Beginning of year	$ 229,768	$ 353,260
Sales tax collected	117,300	401,031
Interest and penalties	(3,017)	(117,700)
Payments	(115,207)	(406,823)
Balance, End of period	$ 228,844	$ 229,768

XML 55 R44.htm IDEA: XBRL DOCUMENT

K. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Rental expenses	$ 108,462	$ 162,212
Rental income received	0	34,301
Sales tax accrual	229,000	$ 230,000
Voluntary disclosure agreements executed	$ 9,500

XML 56 R45.htm IDEA: XBRL DOCUMENT

L. BUSINESS CONCENTRATION (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
L. BUSINESS CONCENTRATION (Details Narrative) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Supplier Concentration Risk [Member]
Concentration percentage	64.00%	79.00%
Purchases from major suppliers	$ 744,000	$ 837,000
Due to suppliers	$ 374,643	$ 584,288
Sales Revenue, Net [Member] \| One Customer
Concentration percentage	11.00%
Accounts Receivable [Member] \| One Customer
Concentration percentage	13.00%

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