TNF Pharmaceuticals (TNFA) 10-Q 14 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 13, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Akers Biosciences, Inc.
Entity Central Index Key	1,321,834
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		12,474,028
Trading symbol	AKER
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash	$ 1,301,418	$ 438,432
Marketable Securities	4,866,033	5,011,607
Trade Receivables, net	283,228	964,671
Deposits and other receivables	30,426	16,590
Deposits and other receivables - Related Party	30,243
Inventories, net	807,975	947,612
Prepaid expenses	513,348	145,488
Prepaid expenses - Related Party	77,500	251,499
Total Current Assets	7,910,171	7,775,899
Non-Current Assets
Prepaid expenses - Related Party	273,411	120,118
Restricted Cash	500,000
Property, Plant and Equipment, net	258,611	235,113
Intangible Assets, net	1,002,336	1,130,667
Other Assets	76,093	76,093
Total Non-Current Assets	2,110,451	1,561,991
Total Assets	10,020,622	9,337,890
Current Liabilities
Trade and Other Payables	2,254,199	1,745,216
Trade and Other Payables - Related Party	47,187	39,821
Total Current Liabilities	2,301,386	1,785,037
Total Liabilities	2,301,386	1,785,037
SHAREHOLDERS' EQUITY
Convertible Preferred Stock, No par value, 50,000,000 shares authorized, 0 and 1,755 shares issued and outstanding as of September 30, 2018 and December 31, 2017		1,755,000
Common Stock, No par value, 500,000,000 shares authorized, 11,779,584 and 5,543,867 issued and outstanding as of September 30, 2018 and December 31, 2017	119,582,020	110,647,169
Deferred Compensation		(3,469)
Comprehensive Loss	(5,543)
Accumulated Deficit	(111,857,241)	(104,845,847)
Total Shareholders' Equity	7,719,236	7,552,853
Total Liabilities and Shareholders' Equity	$ 10,020,622	$ 9,337,890

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Convertible preferred stock, no par value
Convertible preferred stock, shares authorized	50,000,000	50,000,000
Convertible preferred stock, shares issued	0	1,755
Convertible preferred stock, shares outstanding	0	1,755
Common stock, no par value
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	11,779,584	5,543,867
Common stock, shares outstanding	11,779,584	5,543,867

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total Revenues	$ 557,089	$ 675,831	$ 1,386,165	$ 2,415,941
Cost of Sales:
Product Cost of Sales	(476,453)	(323,527)	(1,076,779)	(872,847)
Gross Income	80,636	352,304	309,386	1,543,094
Administrative Expenses	1,650,226	819,565	4,112,444	2,440,023
Administrative Expenses - Related Party	56,425		75,342
Sales and Marketing Expenses	381,994	342,763	1,292,844	1,254,308
Sales and Marketing Expenses - Related Party	(17,353)	34,328	41,418	128,108
Research and Development Expenses	160,867	290,447	805,619	929,730
Research and Development Expenses - Related Party			54,342	22,994
Litigation Settlement Expenses	930,000		930,000
Amortization of Non-Current Assets	42,777	42,777	128,331	128,331
Loss from Operations	(3,124,300)	(1,177,576)	(7,130,954)	(3,360,400)
Other (Income)/Expenses
Foreign Currency Transaction (Gain)/Loss	(634)	3,195	5,271	(6,172)
Other Income	(4,172)		(4,172)
Interest and Dividend Income	(35,545)	(3,127)	(120,659)	(9,296)
Total Other Income	(40,351)	68	(119,560)	(15,468)
Loss Before Income Taxes	(3,083,949)	(1,177,644)	(7,011,394)	(3,344,932)
Income Tax Benefit
Net Loss Attributable to Common Shareholders	(3,083,949)	(1,177,644)	(7,011,394)	(3,344,932)
Other Comprehensive Income/(Loss)
Net Unrealized Gain/(Loss) on Marketable Securities	6,900	(1,009)	(5,543)
Total Other Comprehensive Income/(Loss)	6,900	(1,009)	(5,543)
Comprehensive Loss	$ (3,077,049)	$ (1,178,653)	$ (7,016,937)	$ (3,344,932)
Basic and Diluted loss per common share	$ (0.26)	$ (1.04)	$ (0.65)	$ (3.2)
Weighted average basic and diluted common shares outstanding	11,779,584	1,111,510	10,805,151	1,033,606
Product Revenue [Member]
Revenues:
Total Revenues	$ 557,089	$ 638,331	$ 1,386,165	$ 2,378,441
License And Service Revenue [Member]
Revenues:
Total Revenues		$ 37,500		$ 37,500

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Shareholder's Equity - 9 months ended Sep. 30, 2018 - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Deferred Compensation [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2017	$ 1,755,000	$ 110,647,169	$ (3,469)	$ (104,845,847)		$ 7,552,853
Balance, shares at Dec. 31, 2017	1,755	5,543,867
Net loss				(7,011,394)		(7,011,394)
Exercise of warrants for common stock		$ 7,155,200				7,155,200
Exercise of warrants for common stock, shares		4,770,092
Conversion of preferred stock to common stock	$ (1,755,000)	$ 1,755,000
Conversion of preferred stock to common stock, shares	(1,755)	1,462,500
Amortization of deferred compensation			3,469			3,469
Issuance of restricted stock to key employees		$ 5,175				5,175
Issuance of restricted stock to key employees, shares		3,125
Issuance of non-qualified stock options to key employees		$ 6,931				6,931
Issuance of restricted stock for services for non-employees		12,545				12,545
Net unrealized loss on marketable securities					(5,543)	(5,543)
Balance at Sep. 30, 2018		$ 119,582,020		$ (111,857,241)	$ (5,543)	$ 7,719,236
Balance, shares at Sep. 30, 2018		11,779,584

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net loss	$ (7,011,394)	$ (3,344,932)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued income on marketable securities	(10,633)	(148)
Depreciation and amortization	173,047	182,866
Charge for obsolescence	218,799
Allowance for doubtful accounts	97,000	46,239
Amortization of deferred compensation	3,469	15,784
Share based compensation to employees - options	6,931	14,502
Share based compensation to employees - restricted stock	5,175
Share based compensation to non-employees - options		2,183
Share based compensation to non-employees - restricted stock	12,545	5,455
Changes in assets and liabilities:
(Increase)/decrease in trade receivables	584,443	(570,065)
Decrease in trade receivables - related party		31,892
(Increase)/decrease in deposits and other receivables	(13,836)	2,034
Increase in deposit and other receivables - related party	(30,243)
Increase in inventories	(79,162)	(111,486)
(Increase)/decrease in prepaid expenses	(367,860)	68,797
Decrease in prepaid expenses - related party	20,706	38,438
Increase in other assets		(9,280)
Increase in trade and other payables	508,983	174,185
Increase/(decrease) in trade and other payables - related party	7,366	(213,822)
Increase in deferred revenue		12,500
Net cash used in operating activities	(5,874,664)	(3,654,858)
Cash flows from investing activities
Purchases of property, plant and equipment	(68,214)	(37,191)
Purchases of marketable securities	(5,309,998)	(2,709,148)
Proceeds from sale of marketable securities	5,460,662	2,749,119
Net cash provided by investing activities	82,450	2,780
Cash flows from financing activities
Net proceeds from issuance of common stock		3,413,311
Net proceeds from exercise of warrants for common stock	7,155,200	301,200
Net cash provided by financing activities	7,155,200	3,714,511
Net increase in cash and restricted cash	1,362,986	62,433
Cash and restricted cash at beginning of period	438,432	72,700
Cash and restricted cash at end of period	1,801,418	135,133
Supplemental Schedule of Non-Cash Financing and Investing Activities
Net unrealized losses on marketable securities	(5,543)
Conversion of Series B Preferred Stock to common shares	$ 1,755,000

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1 – Organization and Description of Business Akers Biosciences, Inc. (“Akers”), is a New Jersey corporation. These condensed consolidated financial statements include two wholly owned subsidiaries, Akers Acquisition Sub, Inc. and Bout Time Marketing Corporation, (together, the “Company”). All material intercompany transactions have been eliminated in consolidation. The Company’s primary focus is the development and sale of disposable diagnostic testing devices that can be performed in minutes, to facilitate time sensitive therapeutic decisions. The Company’s main products are a disposable breathalyzer test that measures the blood alcohol content of the user, a rapid test detecting the antibody causing an allergic reaction to Heparin.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 - Significant Accounting Policies (a) Basis of Presentation The Condensed Consolidated Financial Statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP). Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2017 and 2016 included in the Company’s 2017 Form 10-K/A, Amendment No. 1, as filed on July 13, 2018. In the opinion of the management, these condensed consolidated financial statements include all adjustments, consisting of only normal recurring nature, necessary for a fair statement of the financial position of the Company as of September 30, 2018 and its results of operations and cash flows for the three and nine months ended September 30, 2018 and 2017. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2018. The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements. On November 8, 2018, the Company effectuated a reverse stock split of its shares of common stock whereby every eight (8) pre-split shares of common stock were exchanged for one (1) post-split share of the Company's common stock (“Reverse Stock Split”). No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise have held a fractional share of the common stock were given one additional full share of the Company’s common stock. Numbers presented in these financial statements have been adjusted to reflect the Reverse Stock Split. (b) Use of Estimates and Judgments The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes for revenue recognition, allowances for doubtful accounts, inventory write-downs, impairment of intangible assets and valuation of share-based payments. (c) Functional and Presentation Currency These condensed consolidated financial statements are presented in U.S. Dollars, which is the Company’s functional currency. All financial information presented in U.S. Dollars has been rounded to the nearest dollar. Foreign Currency Transaction Gains or Losses, resulting from loans and cash balances denominated in Foreign Currencies, are recorded in the Condensed Consolidated Statement of Operations and Comprehensive Loss. (d) Comprehensive Income (Loss) The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 220 in reporting comprehensive income (loss). Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. (e) Cash and Cash Equivalents Cash and cash equivalents comprise cash balances. The Company considers all highly liquid investments, which include short-term bank deposits (up to 3 months from date of deposit) that are not restricted as to withdrawal date or use, to be cash equivalents. Bank overdrafts are shown as part of trade and other payables in the Condensed Consolidated Balance Sheet. (f) Restricted Cash At September 30, 2018, restricted cash included in non-current assets on the Company’s condensed consolidated balance sheet was $500,000 representing cash in trust for the purpose of funding legal fees for certain threatened litigation. (g) Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, marketable securities, receivables and trade and other payables. The carrying value of cash and cash equivalents, receivables and trade and other payables approximate their fair value because of their short maturities. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; ● inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value as of September 30, 2018 and December 31, 2017. U.S. Agency Securities and Corporate and Municipal Securities: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities at September 30, 2018 $ - $ 4,866,033 $ - Marketable securities at December 31, 2017 $ - $ 5,011,607 $ - Marketable securities include U.S. agency securities, corporate securities, and municipal securities, which are classified as available for sale. The securities are valued at fair market value. Maturities of the securities are less than one year. Unrealized gains and losses relating to the available for sale investment securities were recorded in the Condensed Consolidated Statement of Changes in Shareholders’ Equity as comprehensive income. These amounts were an increase of $6,900 and a decrease of $5,543 in unrealized losses for the three and nine months ended September 30, 2018. These amounts were a decrease of $1,009 and $0 in unrealized gains for the three and nine months ended September 30, 2017. Proceeds from the sale of marketable securities in the three and nine months ended September 30, 2018 were $3,153,987 and $5,460,662. Proceeds from the sale of marketable securities in the three and nine months ended September 30, 2017 were $1,003,565 and $2,749,119. Gross gains and losses, resulting from these sales, amounted to a loss of $6,900 and a gain of $1,719 for the three months ended September 30, 2018 and 2017 and a loss of $11,300 and a gain of $3,375 for the nine months ended September 30, 2018 and 2017. (h) Trade Receivables, Trade Receivables – Related Party and Allowance for Doubtful Accounts The carrying amounts of current trade receivables is stated at cost, net of allowance for doubtful accounts and approximate their fair value given their short-term nature. The normal credit terms extended to customers ranges between 30 and 90 days. Credit terms longer than these may be extended after considering the credit worthiness of the customers and the business requirements. The Company reviews all receivables that exceed terms and establishes an allowance for doubtful accounts based on management’s assessment of the collectability of trade and other receivables. A considerable amount of judgment is required in assessing the amount of allowance. The Company considers the historical level of credit losses, makes judgments about the credit worthiness of each customer based on ongoing credit evaluations and monitors current economic trends that might impact the level of credit losses in the future. As of September 30, 2018 and December 31, 2017, allowances for doubtful accounts for trade receivables were $693,196 and $596,196. Bad debt expenses for trade receivables were $0 and $0 for the three months ended September 30, 2018 and 2017, respectively, and $125,500 and $47,741 for the nine months ended September 30, 2018 and 2017, respectively. (i) Concentrations Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions and accounts receivable. At times, the Company’s cash in banks is in excess of the FDIC insurance limit. The Company has not experienced any loss as a result of these cash deposits. These cash balances are maintained with four banks. Major Customers For the three months ended September 30, 2018, three customers generated 61%, 18% and 16%, or 95% in the aggregate, of the Company’s revenue. For the nine months ended September 30, 2018, two customers generated 55% and 17%, or 72% in the aggregate, of the Company’s revenue. As of September 30, 2018, the amount due from these two customers was $69,567. This concentration makes the Company vulnerable to a near-term severe impact should these relationships be terminated. For the three months ended September 30, 2017, two customers generated 42% and 27%, or 69% in the aggregate, of the Company’s revenue. For the nine months ended September 30, 2017, three customers generated 34%, 21% and 17%, or 72% in the aggregate, of the Company’s revenue. Three customers accounted for 47%, 15%, and 13% or 75%, in the aggregate, of gross trade receivables, before accounting for allowance for doubtful accounts, as of September 30, 2018. To limit such risks, the Company performs ongoing credit evaluations of its customers’ financial condition. As of September 30, 2018, the Company had $457,881, $146,196 and $127,329 in trade receivables, respectively, from these customers. Major Suppliers For the three months ended September 30, 2018, three suppliers accounted for 25%, 18% and 11%, or 54% in the aggregate, of the Company’s purchases. For the nine months ended September 30, 2018, one supplier accounted for 14% of the Company’s purchases. For the three months ended September 30, 2017, two suppliers accounted for 18% and 13%, or 31% in the aggregate, of the Company’s purchases. For the nine months ended September 30, 2017, one supplier accounted for 11% of the Company’s purchases. Two vendors accounted for 21% and 14%, or 35%, in the aggregate, of trade payables as of September 30, 2018. As of September 30, 2018, the Company had $150,668 and $98,738 in trade payables, respectively, from these vendors. (j) Property, Plant and Equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized within “other income” in the Condensed Consolidated Statement of Operations and Comprehensive Loss. Depreciation is recognized in profit and loss on the accelerated basis over the estimated useful lives of the property, plant and equipment. Leased assets are depreciated over the shorter of the lease term or their useful lives. Depreciation expense totaled $17,366 and $18,709 for the three months ended September 30, 2018 and 2017, respectively, and $44,716 and $54,536 for the nine months ended September 30, 2018 and 2017, respectively. (k) Intangible Assets The Company’s long-lived intangible assets, other than goodwill, are assessed for impairment when events or circumstances indicate there may be an impairment. These assets were initially recorded at their estimated fair value at the time of acquisition and assets not acquired in acquisitions were recorded at historical cost. However, if their estimated fair value is less than the carrying amount, other intangible assets with indefinite life are reduced to their estimated fair value through an impairment charge to our condensed consolidated statements of income. Intangible assets as of September 30, 2018 and December 31, 2017 were $1,002,336 and $1,130,667, respectively. Intangible assets at September 30, 2018 consisted of patents, trademarks and customer lists of $3,897,635 net of accumulated amortization and impairment of $2,895,299. Effective on October 9, 2018, the Company pulled the OxiChek product line from the market (See note 3). This served as a triggering event for testing whether or not our intangible assets were impaired. The Company then preformed a recoverability analysis and determined that as of September 30, 2018, there was no indication of impairment. Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. Amortization expense was $42,777 for the three months ended September 30, 2018 and 2017 and $128,331 for the nine months ended September 30, 2018 and 2017. The following is an annual schedule of approximate future amortization of the Company’s intangible assets: Period Amount 2018 (three months) $ 42,777 2019 171,108 2020 149,298 2021 147,315 2022 147,315 2023 147,315 (l) Revenue Recognition In accordance with FASB ASC 605, the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists, (ii) a retailer, distributor or wholesaler receives the goods and acceptance occurs, (iii) the price is fixed or determinable, and (iv) the collectability of the revenue is reasonably assured. Subject to these criteria, the Company recognizes revenue from product sales when title passes to the customer based on shipping terms. The Company typically does not accept returns nor offer charge backs or rebates except for certain distributors. Revenue recorded is net of any discount, rebate or sales return. The accrual for estimated sales returns was $- as of September 30, 2018 and December 31, 2017. In cases where the right of return is granted, and the Company does not have historical experience to reasonably estimate the sales returns, the revenue is recognized when the return privilege has substantially expired. The Company may provide for rebates to the distributors under limited circumstances. The Company established an accrual of $71,632 and $126,471 as of September 30, 2018 and December 31, 2017. Accounts receivable will be reduced when the rebates are applied by the customer. The Company recognized $26,262 and $51,791 during the three months ended September 30, 2018 and 2017, respectively, for rebates and $70,156 and $224,469 during the nine months ended September 30, 2018 and 2017, respectively, which is included as a reduction of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss. License fee revenue is recognized on a straight-line basis over the term of the license agreement. When the Company enters into arrangements that contain more than one deliverable, the Company allocates revenue to the separate elements under the arrangement based on their relative selling prices in accordance with FASB ASC 605-25. (m) Income Taxes The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of September 30, 2018 and 2017, no liability for unrecognized tax benefits was required to be reported. There was no income tax expense for the three and nine months ended September 30, 2018 and 2017. There is no income tax benefit for the losses for the three and nine months ended September 30, 2018 and 2017 since management has determined that the realization of the net deferred assets is not assured and has created a valuation allowance for the entire amount of such tax benefits. The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the nine months ended September 30, 2018 and 2017. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company has identified its federal tax return and its state tax returns in New Jersey, California, Connecticut and Minnesota as its “major” tax jurisdictions, and such returns for the years 2015 through 2017 remain subject to examination. The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%. As December 31, 2017, the Company had made a reasonable estimate of the effects of the Tax Act. This estimate incorporates assumptions made based upon the Company’s current interpretation of the Tax Act and may change as the Company may receive additional clarification and implementation guidance and as the interpretation of the Tax Act evolves. In accordance with Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows us to record provisional amounts during a measurement period not to extend beyond one year form the enactment date. SAB 118 was codified by the FASB as part of ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (n) Shipping and Handling Fees and Costs The Company charges actual shipping plus a handling fee to customers, which amounted to $8,625 and $13,679 for the three months ended September 30, 2018 and 2017, respectively, and $41,006 and $47,148 for the nine months ended September 30, 2018 and 2017, respectively. These fees are classified as part of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss. Shipping and other related delivery costs, including those for incoming raw materials consumed are classified as part of the cost of sales, which amounted to $18,126 and $16,148 for the three months ended September 30, 2018 and 2017, respectively, and $83,063 and $63,719 for the nine months ended September 30, 2018 and 2017, respectively. (o) Basic and Diluted Earnings per Share of Common Stock Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. The calculation of basic and diluted loss per share for the three months ended September 30, 2018 and 2017 was based on the loss attributable to common shareholders of $3,083,949 and $1,177,644, respectively, and $7,011,394 and $3,344,932 for the nine months ended September 30, 2018 and 2017, respectively. The basic and diluted weighted average number of common shares outstanding for the three months ended September 30, 2018 and 2017 was 11,779,584 and 1,111,510, respectively, and 10,805,151 and 1,033,606 for the nine months ended September 30, 2018 and 2017, respectively. Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: For the Three and Nine Months Ended September 30, 2018 2017 Incentive and Award Stock Options 10,500 31,875 Unvested Restricted Shares of Common Stock - 1,146 Warrants 1,416,229 186,321 Total potentially dilutive shares 1,426,729 219,342 (p) Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements Adopted As the Company is an emerging growth company, it has elected to adopt recently issued accounting pronouncements based on effective dates applicable to other than public business entities. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. The amendments in this Update require that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted this as of January 1, 2018 (See note 2(f)). Recently Issued Accounting Pronouncements Not Adopted In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14 which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2018 and for entities other than public business entities, and to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period for public business entities. Early application is permitted as of annual reporting periods beginning after December 15, 2016 including interim reporting periods within that reporting period. The Company is currently evaluating the effect of the amendments, but it does not anticipate a material impact of its financial statements. The Company expects to use the modified retrospective adoption method and will adopt this Update as of January 1, 2019. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance is effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, ASU 2018-07 is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company is evaluating the impact of adopting this pronouncement. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements

Key Recent Events and Managemen

Key Recent Events and Management Plans	9 Months Ended
	Sep. 30, 2018
Key Recent Events And Management Plans
Key Recent Events and Management Plans	Note 3 – Key Recent Events and Management Plans By way of a letter dated November 28, 2017, the Listing Qualifications Department of NASDAQ advised the Company that it did not comply with NASDAQ Listing Rule 5550(a)(2) for continued listing, because the Company’s common stock did not meet NASDAQ’s minimum $1.00 bid price requirement (the "Price Requirement"). The Company informed Nasdaq that the Company is fully committed to regain compliance with the Price Requirement as quickly as possible and, therefore, proposed to institute a reverse stock split. NASDAQ approved of the Company’s proposal of a reverse stock split and granted the Company until November 26, 2018, for the Company to be in compliance with the Price Requirement. The Company’s latest reported stock price on November 13, 2018 was $2.46. If the Company’s stock remains priced above $1.00 by the end of trading on November 21, 2018, it is expected that Nasdaq would give the Company notice of its compliance with the Price Requirement. On April 25, 2018, the Board of Directors of the Company terminated Dr. Raymond F. Akers from his position as Executive Chairman of the Board and from each of his officer positions as Chief Scientific Director and Secretary of the Company. Dr. Raymond F. Akers continued as a member of the Board of Directors until his resignation on May 27, 2018. On April 25, 2018, the Board appointed Richard Carlyle Tarbox III, a director of the Company as the interim Non-Executive Chairman of the Board, to hold that position until his successor is appointed, and to the position of Secretary of the Company. By way of a letter dated May 22, 2018, the Listing Qualifications Department of NASDAQ advised the Company that it did not comply with NASDAQ Listing Rule 5250(c)(1) for continued listing because NASDAQ has not received the Company’s Quarterly Report. Company filed a Current Report on a Form 8-K with the Securities and Exchange Commission on May 25, 2018, that NASDAQ has informed the Company that the Company is required to submit a plan to regain compliance with NASDAQ’s filing requirements for continued listing within 60 calendar days of the date of the Notice. NASDAQ informed the Company that it is in Compliance with NASDAQ Listing Rule 5250(c)(1) on July 12, 2018. On June 11, 2018, the Company received a letter from the Listing Qualifications Department NASDAQ notifying the Company that it has determined that the Company violated the shareholder approval requirements of Listing Rule 5635(c). Listing Rule 5635(c) requires shareholder approval prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees or consultants. Prior to the Company’s public offering and listing on NASDAQ, the Company’s 2013 Incentive Stock and Award Plan (the “2013 Plan”) was approved by its Board of Directors. NASDAQ has concluded that the 2013 Plan was materially amended on two occasions after the Company’s public offering and listing on NASDAQ. The first amendment, as approved by the Board on January 9, 2015, increased the number of shares available under the 2013 Plan from 50,000 to 100,000 shares and the second amendment, as approved by the Board on October 5, 2016, increased the number of shares under the 2013 Plan from 100,000 to 103,750 shares (the “2013 Plan Amendments”). During the first quarter of 2018, the Company promptly notified NASDAQ, as required by Listing Rule 5625, when it became aware of its potential non-compliance with Listing Rule 5635(c). On May 4, 2018, the Staff requested additional information from the Company with respect to such non-compliance and on May 31, 2018, the Company responded. On June 25, 2018, the Company submitted a plan to NASDAQ to remediate this matter (the “5635 Compliance Plan”). The 5635 Compliance Plan included that a proposal for shareholders of the Company to ratify the 2013 Plan Amendments be included in the proxy statement for the Company’s 2018 annual meeting of the shareholders of the Company and that the Company shall suspend the trading of each share granted, and each share granted upon the exercise of any option granted, in excess of 50,000 shares under the 2013 Plan (the number of shares properly approved pursuant to the 2013 Plan prior to the 2013 Plan Amendments until shareholder ratification). The 5635 Compliance Plan also proposes to prevent the exercise of any option granted under the 2013 Plan until shareholder ratification. On July 12, 2018, NASDAQ approved of the 5635 Compliance Plan and granted the Company until December 10, 2018, to regain compliance with Listing Rule 5635. The Company intends to have a shareholder meeting on December 7, 2018 to approve the amendments to the 2013 Plan. On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company. See Note 10 - Contingencies for details. On July 26, 2018, the Company implemented a reduction in workforce plan which resulted in the elimination of six staff positions in four operating departments. On September 6, 2018, with the recommendation of the Nominating and Corporate Governance Committee (the “N&G Committee”) of the Board appointed Mr. Joshua Silverman as a Director of the Company for a term that expires at the Company’s 2018 Annual Meeting of Stockholders, or until his earlier death, disability, resignation or removal. On September 17, 2018, the Company reached an amicable resolution by way of a settlement agreement and release (the “ Settlement Agreement Plaintiff Court Litigation On October 5, 2018, John J. Gormally submitted to the Board his resignation from his position as the Chief Executive Officer of the Company and as a member of the Board, effective immediately. Mr. Gormally’s resignation was voluntary and not a result of any disagreement with the Company or its executive officers on any matter relating to the Company’s operations, policies or practices. In connection with his resignation from the Board, Mr. Gormally entered into a Resignation Agreement with the Company. Effective on October 5, 2018, the Board appointed Howard R. Yeaton, who through Financial Consulting Strategies LLC (“FCS”) served previously as a consultant to the Company, to serve as the Chief Executive Officer and interim Chief Financial Officer of the Company. Mr. Yeaton is the managing principal of FCS and the Company’s relationship with FCS shall continue, with FCS continuing to provide accounting services to the Company. FCS is considered to be a related party. During the three and nine months ended September 30, 2018, the Company expensed $56,425 and $75,342, respectively, to FCS in connection with these services. As of September 30, 2018, the Company owed FCS $22,862 On October 6, 2018, finnCap Ltd, the Company’s Nominated Adviser on the AIM market of the London Stock Exchange (“ finnCap On October 8, 2018, the Board, following a review of the Company’s commercial and product development strategies, determined that it is in the best interests of the Company to focus primarily on the commercialization of its Particle Immuno-Filtration Assay (PIFA®) Technology platform, and to explore other commercial opportunities for the deployment of PIFA® technology, which is also utilized in the Company’s core commercialized products, the PIFA® Heparin/PF4 and PIFA® Pluss/PF4 rapid assays, which test for an allergic reaction to Heparin. The Company will continue to manufacture BreathScan Alcohol Detectors (based on the Company’s Micro Particle Catalyzed (MPC®) Biosensor technology platform) and Tri-Cholesterol products (based on the Company’s Rapid Enzymatic Assay (REA™) technology platform. The Company is taking steps to improve its market presence for these products including the use of specialized independent sales representatives and through a program to educate the marketplace through the preparation and publication of additional clinical studies and physician seminars on the risks associated with heparin induced thrombocytopenia. On October 18, 2018, Richard C. Tarbox III submitted to the Board his resignation from his positions as interim Non-Executive Chairman of the Board, as Secretary of the Company, as a member of the Board and as a member of each of the committees of the Board upon which he serves On October 19, 2018, as a result of Mr. Tarbox’s resignation from the Board and its committees the Board appointed Joshua Silverman to its Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, having determined that he satisfies all applicable requirements to serve on such committees, including without limitation the applicable requirements of NASDAQ. On November 2, 2018, the Company entered into a securities purchase agreement with certain investors (the “Purchase Agreement”) pursuant to which the Company agreed to sell an aggregate of 694,445 shares of common stock and warrants to purchase approximately 694,445 shares of common stock (the “Warrants”). The combined purchase price for one share of common stock and each Warrant will be priced at $2.88 (the “Offering”). The Purchase Agreement contains customary representations, warranties, and covenants by the Company. Each Warrant has an initial exercise price of $3.76 per share, will be exercisable immediately after the date of issuance and will expire five years from the date it becomes exercisable. Subject to limited exceptions, a holder of the Warrants will not have the right to exercise any portion of such securities if the holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Company’s common stock outstanding immediately after the exercise. The exercise price of the Warrants, and in some cases the number of shares of common stock issuable upon exercise of the Warrants, will be subject to adjustment in the event of stock splits, stock dividends, combinations, rights offerings and similar events affecting the common stock. In addition, the Warrants provide that, in the event of a fundamental transaction (as such term is described in the Warrant), the holder of such Warrant, at the holder’s option, may receive, for each warrant share (as such term is described in the Warrant) that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of such fundamental transaction by a holder of the number of shares of common stock for which the Warrant is exercisable immediately prior to such fundamental transaction. If holders of common stock are given any choice as to the securities, cash or property to be received in a fundamental transaction, then the holder shall be given the same choice as to the alternate consideration it receives upon any exercise of the Warrant following such fundamental transaction. The Company shall cause any successor entity (as such term is described in the Warrant), at the option of the holder, to deliver to the holder in exchange for the Warrant a security of the successor entity evidenced by a written instrument substantially similar in form and substance to the Warrant which is exercisable for a corresponding number of shares of capital stock of such successor entity (or its parent entity) equivalent to the shares of common stock acquirable and receivable upon exercise of the Warrant (without regard to any limitations on the exercise of this Warrant) prior to such fundamental transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock. The Offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-214214), previously filed with the Securities and Exchange Commission on October 24, 2016 and declared effective on November 16, 2016. Such securities are being offered only by means of a prospectus. On November 7, 2018, effective as of November 8, 2018, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of New Jersey to effect a reverse stock split of its common stock at a ratio of eight-for-one (8-for-1). As a result of the reverse stock split, there are approximately 12,474,028 shares of common stock outstanding. The reverse stock split affected all stockholders uniformly and did not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would have resulted in a stockholder owning a fractional share. Fractional shares have not been issued as a result of the reverse stock split; instead, the board of directors of the Company determined to effect an issuance of shares to holders that would otherwise have been entitled to a fractional share such that any fractional shares were rounded up to the nearest whole number. On November 7, 2018, the announced that the Board of Directors has initiated a process to evaluate strategic alternatives to maximize shareholder value. This process will consider a range of potential strategic alternatives including, but not limited to, business combinations, while simultaneously supporting the Company's management and employees in the execution of the Company's current business activities. The Company does not plan to disclose or comment on developments regarding the strategic review process until it is complete or further disclosure is deemed appropriate. There can be no assurance that the exploration of strategic alternatives will result in any transaction or other alternative. Historically, the Company has relied upon public offerings and private placements of Common Stock to raise operating capital. During the year ended December 31, 2017, the Company raised $9,478,897, net of expenses, in public and private offerings and an additional $981,948, net of expenses, from the exercise of warrants. During the first quarter of 2018, the Company raised an additional $7,155,200 from the exercise of warrants (Note 7). On November 2, 2018, the Company raised gross proceeds of $2,000,000 through the sale of 694,445 shares of the Company’s common stock. Each share includes a warrant to purchase one share of common stock at an exercise price of $3.76. As of November 7, 2018, the Company had cash and marketable securities of approximately $6.2 million and working capital of approximately $6.2 million. The Company believes that its current working capital position will be sufficient to meet its obligations as they fall due within one year after these financial statements are issued.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventories	Note 4 - Inventories Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the weighted-average principle, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, costs include an appropriate share of production overhead based on normal operating capacity. Inventories consist of the following: September 30, 2018 December 31, 2017 Raw Materials $ 562,175 $ 458,441 Sub-Assemblies 907,381 886,274 Finished Goods 582,427 815,505 Reserve for Obsolescence (1,244,008 ) (1,212,608 ) $ 807,975 $ 947,612 Obsolete inventory charged to cost of goods during the three months ended September 30, 2018 and 2017 totaled $219,701 and $2,664, respectively, and $251,984 and $3,158 during the nine months ended September 30, 2018 and 2017, respectively. In the three and nine months ended September 30, 2018, the Company reserved $218,799 of inventory for the removal of OxiChek from the market which is included in cost of goods sold and wrote-off, against the reserve, $187,399 of expired BreathScan Alcohol products, resulting in a net increase of $31,400 in the reserve for obsolescence as of September 30, 2018 compared to that as of December 31, 2017.

Trade and Other Payables

Trade and Other Payables	9 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Trade and Other Payables	Note 5 - Trade and Other Payables Trade and other payables consist of the following: September 30, 2018 December 31, 2017 Trade Payables $ 684,966 $ 948,951 Accrued Expenses 1,509,483 736,515 Deferred Compensation 59,750 59,750 $ 2,254,199 $ 1,745,216 Trade and other payables – related party are as follows: September 30, 2018 December 31, 2017 Trade Payables $ 47,187 $ 39,821 $ 47,187 $ 39,821

Share-based Payments

Share-based Payments	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Payments	Note 6 - Share-based Payments On January 23, 2014, upon effectiveness of the registration statement filed with the SEC, the Company adopted the 2013 Stock Incentive Plan (the “Plan”) which will provide for the issuance of up to 50,000 shares. The purpose of the Plan is to provide additional incentive to those officers, employees, consultants and non-employee directors of the Company and its parents, subsidiaries and affiliates whose contributions are essential to the growth and success of the Company’s business. On January 9, 2015, the Board of Directors of the Company approved, upon recommendation from the Compensation Committee of the Board, by unanimous written consent the Amended and Restated 2013 Incentive Stock and Award Plan (the “Amended Plan”), which increases the number of authorized shares of Common Stock subject to the Plan to 100,000 shares (Note 3). On September 30, 2016, the Board of Directors increased the number of authorized shares of Common Stock subject to the Amended Plan to 103,750 shares. As of September 30, 2018, grants of restricted stock and options to purchase 10,500 shares of Common Stock have been issued, pursuant to the Amended Plan, and are unvested or unexercised and 22,287 shares of Common Stock remain available for grants under the Amended Plan (Note 3). On August 7, 2017, the Shareholders approved and the Company adopted the 2017 Equity Incentive Plan (the “Plan”) which will provide for the issuance of up to 168,750 shares. The purpose of the Plan is to provide additional incentive to those officers, employees, consultants and non-employee directors of the Company and its parents, subsidiaries and affiliates whose contributions are essential to the growth and success of the Company’s business. As of September 30, 2018, grants totaling 40,013 shares of restricted Common Stock have been issued pursuant to the Plan and 128,737 shares of Common Stock remain available for grants under the Plan. The Plan is administered by the Board or a Board-appointed committee. Eligible recipients of option awards are employees, officers, consultants or directors (including non-employee directors) of the Company or of any parent, subsidiary or affiliate of the Company. The Board has the authority to grant to any eligible recipient any options, restricted stock or other awards valued in whole or in part by reference to, or otherwise based on, the Company’s Common Stock. The Company did not issue any options or warrants under the above plan during the nine months ended September 30, 2018. Stock Options The following table summarizes the option activities for the nine months ended September 30, 2018: Weighted Average Weighted Weighted Remaining Number Average Average Contractual Aggregate of Exercise Grant Date Term Intrinsic Shares Price Fair Value (years) Value Balance at December 31, 2017 31,875 $ 34.00 $ 20.48 2.02 $ - Granted - - - - - Exercised - - - - - Forfeited (21,375 ) 35.76 22.00 1.07 - Canceled/Expired - - - - - Balance at September 30, 2018 10,500 $ 30.40 $ 17.44 1.69 $ - Exercisable as of September 30, 2018 10,500 $ 30.40 $ 17.44 1.69 $ - The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $2.27 for the Company’s common shares on September 30, 2018. As of September 30, 2018, all of the Company’s outstanding stock options were fully vested and exercisable. During the three months ended September 30, 2018 and 2017, the Company incurred stock option expenses totaling $1,477 and $4,373, respectively, and $6,931 and $16,685 during the nine months ended September 30, 2018 and 2017, respectively. Stock Warrants The table below summarizes the warrant activity for the nine months ended September 30, 2018: Number of Warrants Weighted Average Exercise Price Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance at December 31, 2017 6,186,321 $ 1.76 4.95 $ - Granted - - - Exercised (4,770,092 ) 1.52 - Forfeited - - - Canceled/Expired - - - Balance at September 30, 2018 1,416,229 $ 2.80 4.15 $ 947,029 Exercisable as of September 30, 2018 1,416,229 $ 2.80 4.15 $ 947,029 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $2.27 for the Company’s common shares on September 30, 2018. All warrants were vested on date of grant.

Equity

Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity	Note 7 – Equity The holders of common shares are entitled to one vote per share at meetings of the Company. Holders of Series B convertible preferred shares have no voting rights at meetings of the Company. A restricted stock award is an award of common shares that are subject to certain restrictions during a specified period. Restricted stock awards are independent of option grants and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares on non-vested restricted stock have the same voting rights as Common Stock, are entitled to receive dividends and other distributions thereon and are considered to be currently issued and outstanding. The Company expenses the cost of the restricted stock awards, which is determined to be the fair market value of the shares at the date of grant, straight-line over the period during which the restrictions lapse. For these purposes, the fair market value of the restricted stock is determined based on the closing price of the Company’s Common Stock on the grant date. On April 11, 2017, the Company issued 1,250 restricted shares to a consultant for services to be rendered during the year ending December 31, 2017. These shares vested on the date of the grant. The fair value of these shares was $18,000 and was based on the share price on the date of the grant. During the year ended December 31, 2017, $5,455 was recognized as stock-based compensation expense. The remaining $12,545 fair value of restricted shares issued was recognized during the three months ended March 31, 2018 as sales and marketing expenses on the Condensed Consolidated Statement of Operations and Comprehensive Loss. On January 16, 2018, the Board of Directors issued 3,125 restricted shares of Common Stock to a key employee of the Company as part of the Plan. The fair value of the shares was $5,175 and was based on the closing share price of $1.66 per share. The share grants vested immediately. The Company recorded the expense as sales and marketing expenses on the Condensed Consolidated Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2018. During the nine months ended September 30, 2018, 1,755 shares of the Company’s Series B Preferred Stock, no par value, were converted into 1,462,500 shares of Common Stock. During the nine months ended September 30, 2018, warrant holders from the December 21, 2017 public offering exercised 4,770,092 warrants with an exercise price of $1.50 per common share, raising net proceeds of $7,155,200.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 8 - Related Party Transactions On June 19, 2012, the Company entered into a 3-year exclusive License & Supply Agreement with ChubeWorkx Guernsey Limited (as successor to SONO International Limited) (“ChubeWorkx”) for the purchase and distribution of Akers’ proprietary breathalyzers outside North America. ChubeWorkx paid a licensing fee of $1,000,000 which was recognized over the term of the agreement through September 30, 2015. On June 13, 2013, the Company announced an expansion of the License and Supply Agreement with ChubeWorkx to include worldwide marketing and distribution of the “Be CHUBE” program using the Company’s breathalyzer. On August 17, 2016, the Company entered into a Settlement Agreement (the “Settlement Agreement”) with ChubeWorkx Guernsey Limited (“ChubeWorkx”), a major shareholder, which settled all pending claims between the Company and ChubeWorkx. Specifically, the Company and ChubeWorkx agreed to voluntarily dismiss (i) the action in the United States Federal Court, District of New Jersey brought by the Company against ChubeWorkx for outstanding amounts due to the Company under a promissory note and (ii) the action in The High Court of Justice, Queen’s Bench Division Commercial Court, Royal Courts of Justice, United Kingdom brought by ChubeWorkx against the Company arising from an exclusive licensing agreement between ChubeWorkx and the Company (“Licensing Agreement”). Under the terms of the Settlement Agreement, the Company would receive the full outstanding principal amount in the year ended December 31, 2016 in the form of $750,000 of BreathScan® Alcohol Detector inventory and the balance of $549,609 as prepaid royalty. Akers established an allowance for this doubtful note in the Company’s financial statements for the year ended December 31, 2015. As a result of the Settlement Agreement, the Company reversed the allowance for doubtful note in the amount of $1,299,609 which was included in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2016. In addition to addressing the promissory note described above, the Settlement Agreement also allows the Company to market and sell all of the Company’s breath technology tests worldwide, unencumbered by any past/future claims by ChubeWorkx under the Licensing Agreement (entered into with ChubeWorkx in 2012 and subsequently amended in 2013). Under the terms of the Settlement Agreement, ChubeWorkx no longer holds any rights pertaining to Akers’ BreathScan® technology, which serves as the basis for several commercialized products including BreathScan® Alcohol Detector. In return for the Company regaining the full rights to sell breath technology products, under the terms of the Settlement Agreement, ChubeWorkx is entitled to receive a royalty of 5% of the Company’s gross revenues (the “ChubeWorkx Royalty”) until ChubeWorkx has earned an aggregate $5,000,000, after which point ChubeWorkx will no longer be entitled to receive any royalties from the Company and the Company shall have no further obligation to ChubeWorkx. The Settlement Agreement further allows the Company to retain 50% of the ChubeWorkx Royalty until the full $549,609 cash component of the monies owed by ChubeWorkx to the Company as described above has been satisfied. The Company recorded royalty expenses of $(17,353) and $34,328 for the three months ended September 30, 2018 and 2017, respectively, and $41,418 and $128,108 for the nine months ended September 30, 2018 and 2017, respectively, which are included in sales and marketing expenses – related party on the Condensed Consolidated Statement of Operations and Comprehensive Loss. Other terms of the Settlement include: 1) the pledge as security of all earned but unpaid royalties by the Company to ChubeWorkx all Company assets, worthy to satisfy its obligations, including all inventory and receivables, with the exception of (i) distribution contracts of the Company or any of its affiliates, (ii) customer lists, (iii) manufacturing processes (including all intellectual property required to use those processes and exploit products made thereby), and (iv) all equipment required to perform said manufacturing processes and other equipment; 2) the pledge as security of the settlement sum which remains unpaid by the Company to ChubeWorkx all Company (i) distribution contracts of the Company or any of its affiliates, (ii) customer lists, (iii) manufacturing processes (including all intellectual property required to use those processes and exploit products made thereby), and (iv) all equipment required to perform said manufacturing processes and other equipment; and 3) the grant of voting proxy by ChubeWorkx to the Company which allows the Company to vote ChubeWorkx’s shares for corporate formalities under certain conditions. The pledged assets are only at risk in the event that the Company cannot satisfy any outstanding royalty payment obligations subject to various cure periods and/or through a restructuring and/or liquidation under the United States Bankruptcy laws of the Company in favor of payment of said obligation. During the three months ended September 30, 2018 and 2017, the Company recognized sales of $- and $-, respectively, for the BreathScan Breath Alcohol products acquired from the Settlement and $20,265 and $- during the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, the Company owed ChubeWorkx Guernsey Limited, previously a major shareholder, royalties of $4,864 which is included in trade and other payables – related party on the condensed consolidated financial statements. The Company began purchasing manufacturing molds, plastic components and the assembled BreathScan Lync™ device through Hainan and its related party during the year ended December 31, 2016. The Company purchased a total of $16,300 and $- during the three months ended September 30, 2018 and 2017, respectively, and $20,936 and $16,774 during the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, the Company owed Hainan and its related party $19,460 which is included in trade and other payables – related party on the Condensed Consolidated Balance Sheet. As of September 30, 2018, the Company owed Hainan $670. Senior management at Hainan are actively involved in Shenzhen Savy-Akers Biosciences (“Shenzhen”) which is therefore being included as a related party. The Company owed Shenzhen $18,790 as of September 30, 2018. On January 31, 2018, the Company engaged Medical Horizons, Inc. (“Medical Horizons”), a company owned and operated by the spouse of a member of the Company’s leadership team, to provide engineering and design services. The Company recorded $- and $54,342 during the three and nine months ended September 30, 2018, respectively, related to the engagement of Medical Horizons which is included in research and development – related party on the Condensed Consolidated Statement of Operations and Comprehensive Loss. As of September 30, 2018, the Company owed Medical Horizons $-. Product revenue – related party for the three and nine months ended September 30, 2018 and 2017 were $-. Effective on October 5, 2018, the Board appointed Howard R. Yeaton, who through FCS served previously as a consultant to the Company, to serve as the Chief Executive Officer and interim Chief Financial Officer of the Company. Mr. Yeaton is the managing principal of FCS and the Company’s relationship with FCS shall continue, with FCS continuing to provide accounting services to the Company. FCS is considered to be a related party. During the three and nine months ended September 30, 2018, the Company expensed $56,425 and $75,342, respectively, to FCS in connection with these services. As of September 30, 2018, the Company owed FCS $22,862 which is included in trade and other payables – related party on the Condensed Consolidated Balance Sheet.

Commitments

Commitments	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note 9 – Commitments The Company leases its facility in West Deptford, New Jersey under an operating lease (“Thorofare Lease”) with annual rentals of $132,000 plus common area maintenance (CAM) charges. The lease, which took effect on January 1, 2008, reduced the CAM charges allowing the Company to reach their own agreements with utilities and other maintenance providers. On January 7, 2013, the Company extended its lease agreement for a term of 7 years, expiring December 31, 2019. Rent expense for the Thorofare Lease, including related CAM charges for the three months ended September 30, 2018 and 2017 totaled $40,926 and $40,440, respectively, and $124,070 and $121,220 for the nine months ended September 30, 2018 and 2017, respectively. The Company entered into a 24-month lease for a satellite office located in Ramsey, New Jersey (“Ramsey Lease”) with annual rents of $25,980 plus common area maintenance (CAM) charges. The lease took effect on June 1, 2017 and runs through May 31, 2019. Rent expenses for the Ramsey Lease, including related CAM charges totaled $6,522 and $6,506 for the three months ended September 30, 2018 and 2017, respectively, and $19,512 and $6,506 for the nine months ended September 30, 2018 and 2017, respectively. The Company posted a security deposit of $4,330 which is included in other assets on the Condensed Consolidated Balance Sheet. The Company entered into a 29-month lease for warehouse space located in Pitman, New Jersey (“Pitman Lease”) with annual rents of $39,650. The lease took effect on August 1, 2017 and runs through December 31, 2019. Rent expenses for the Pitman Lease totaled $10,210 and $6,608 for the three months ended September 30, 2018 and 2017, respectively, and $30,035 and $6,608 for the nine months ended September 30, 2018 and 2017, respectively. A security deposit of $4,950 is included in other assets on the Condensed Consolidated Balance Sheet. The Company entered into a 60-month operating lease for equipment with annual rentals of $6,156 on September 29, 2014. The lease commenced on October 21, 2014 upon the delivery of the equipment. The Company entered into a 36-month contract with Oracle Corporation for the NetSuite accounting platform in March 2018 with annual cost commitments pursuant to the table below. During the three and nine months ended September 30, 2018, the Company expensed $46,670 related to this contract. The schedule of lease commitments is as follows: Thorofare Ramsey Pitman Equipment Oracle Lease Lease Lease Lease NetSuite Total Next 12 Months $ 132,000 $ 17,320 $ 39,650 $ 6,156 $ 102,766 $ 297,892 Next 13-24 Months 33,000 - 9,912 513 100,281 143,706 Next 25-36 Months - - - - 46,157 46,157

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 10 – Contingencies On October 17, 2016 the Company was served with a notice that Pulse Health LLC (“Pulse”) filed a lawsuit against the Company on September 30, 2016 in United States Federal District Court, District of Oregon, alleging a breach of contract under the settlement agreement entered into by the Company and Pulse on April 8, 2011 which settled all claims and disputes between the Company and Pulse arising from a previously executed Technology Development Agreement entered into by the Company and Pulse and damages resulting from said alleged breach. Additionally, Pulse alleges false advertising and unlawful trade practices in connection with the Company’s sales activities related to the Company’s OxiChek™ products. The Company filed a series of motions with the Court seeking (1) to dismiss the Pulse complaint for lack of jurisdiction or, in the alternative, transfer the matter to the District Court for the District of New Jersey, Camden Vicinage and (2) to dismiss the unfair competition claims for failure to state a claim on which relief could be granted. Oral arguments on these motions were heard by the Court on March 10, 2017. The Court decided by order dated April 14, 2017 in favor of the Company and has dismissed with prejudice the claims brought by Pulse for unfair competition (both federal and state counts). The court decided against the Company in its motions for transfer of venue and for lack of jurisdiction. As such, the case shall proceed in the District Court of Oregon. The Company filed a Motion for Summary Judgment on January 24, 2018. On June 21, 2018, the Court ruled in favor of the Company on some issues and determined that other issues warranted a trial. As part of its ruling on the Motion for Summary Judgment, the Court held “While it seems likely that Plaintiff did suffer some amount of damages, Plaintiff has so far failed to provide a sufficient evidentiary foundation from which the trier of fact could reasonably calculate the value of its injury.” The Court stated that it was “reasonably certain that Plaintiff suffered some damage” and found that Pulse Health “may be entitled to nominal damages.” The Court further determined that equitable relief, such as an injunction, “may be warranted.” Following such rulings, the Company discovered certain deficiencies in its discovery responses and is taking the appropriate steps to supplement the record and correct these deficiencies. In addition, the Court has ordered a settlement conference in front of a U.S. magistrate that was held on August 31, 2018. On September 17, 2018, the Company and Pulse entered into a settlement. Pursuant to the settlement reached between the Plaintiff and the Company, the Company accrued $930,000 payable to Pulse as of September 30, 2018, which was paid on October 9, 2018. The Company has also agreed to a permanent injunction and will not make, use, sell or offer to sell the BreathScan OxiChek™ product, any product that detects aldehydes or oxidative stress in exhaled human breath or breath condensate using either basic fuchsin or sodium metabisulfite or any form, analog or equivalent thereof, and the BreathScan Lync device, or any equivalent thereof, as part of a test for aldehydes or oxidative stress in human exhaled breath or breath condensate. The Company does not anticipate a material impact on revenues as a result of the withdrawal of the BreathScan OxiChek™ product from sale. The Settlement Agreement does not contain any admission of liability, wrongdoing, or responsibility by any of the parties. On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company. Faulkner v. Akers Biosciences, Inc., No. 2:18-cv-10521 (D.N.J.) On June 13, 2018, Plaintiff Tim Faulkner filed a class action complaint alleging securities violations against Akers Biosciences, Inc. (“Akers”), John J. Gormally, and Gary M. Rauch (“Individual Defendants”) (together with Akers, “Defendants”) on behalf of all persons and entities who purchased publicly traded Akers securities from May 15, 2017 through June 5, 2018. The complaint alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 against all Defendants, and violations of Section 20(a) of the Exchange Act against the Individual Defendants. In particular, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its first, second, and third quarter 2017 10-Qs and its 2017 10-K that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; and, (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses. On July 10, 2018, Plaintiff and Defendants entered into a stipulation that Defendants are not required to respond to the complaint until the court appoints a lead plaintiff and lead counsel for the class, and then after the lead plaintiff chooses whether to file an amended complaint or whether to designate the complaint as the operative complaint. Gleason v. Akers Biosciences, Inc., No. 2:18-cv-10805 (D.N.J.) On June 20, 2018, Plaintiff David Gleason filed a class action complaint alleging securities violations against Akers Biosciences, Inc. (“Akers”), John J. Gormally, and Gary M. Rauch (“Individual Defendants”) (together with Akers, “Defendants”) on behalf of all persons and entities who purchased publicly traded Akers securities from May 15, 2017 through June 5, 2018. The complaint alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 against all Defendants, and violations of Section 20(a) of the Exchange Act against the Individual Defendants. In particular, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its first, second, and third quarter 2017 10-Qs and its 2017 10-K that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; and, (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses. No Defendant has been served yet, and no response is due at this time. Other class action lawsuits have been threatened against the Company and may be filed shortly. Although there are currently two separate actions pending, we anticipate that the two actions will be consolidated into one action. The Company maintains D&O liability insurance coverage, insuring both the Company and the Directors and Officers for covered defense and indemnification, and has noticed these matters thereunder. Additionally, a former executive has threatened to sue the Company, Board members, and executives under CEPA over the termination of his employment. That statute prohibits any retaliatory action against an employee who discloses, or threatens to disclose to a supervisor or to a public entity any activity, policy or practice of the employer that is a violation of a law, or a rule or regulation. Remedies may include a counter claim for back pay, reinstatement, compensatory and punitive damages and attorneys’ fees if appropriate. The Company will vigorously defend any litigation brought by this former executive. The Company intends to establish a rigorous defense of all claims. The Company is unable to assess the potential outcome, so no accrual for losses was made as of September 30, 2018. All legal fees were expensed as and when incurred.

Revenue Information

Revenue Information	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Revenue Information	Note 11 – Revenue Information Revenue by product lines was as follows: Three months ended Nine months ended September 30, September 30, Product Line 2018 2017 2018 2017 MicroParticle Catalyzed Biosensor (“MPC”) $ (18,798 ) $ 104,094 $ 106,832 $ 259,601 Particle ImmunoFiltration Assay (“PIFA”) 567,262 490,058 1,183,327 1,477,726 Rapid Enzymatic Assay (“REA”) - 27,500 55,000 27,500 Other 8,625 16,679 41,006 613,614 Product Revenue Total 557,089 638,331 1,386,165 2,378,441 License Fees - 37,500 - 37,500 Total Revenue $ 557,089 $ 675,831 $ 1,386,165 $ 2,415,941 The total revenue by geographic area determined based on the location of the customers was as follows: Three Months Ended Nine Months Ended September 30, September 30, Geographic Region 2018 2017 2018 2017 United States $ 554,269 $ 626,077 $ 1,311,360 $ 1,755,558 People’s Republic of China - - - 502,268 Rest of World 2,820 49,754 74,805 158,115 Total Revenue $ 557,089 $ 675,831 $ 1,386,165 $ 2,415,941 The Company had long-lived assets totaling $59,355 and $59,830 located in the People’s Republic of China and $1,201,592 and $1,305,950 located in the United States as of September 30, 2018 and December 31, 2017, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The Condensed Consolidated Financial Statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP). Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2017 and 2016 included in the Company’s 2017 Form 10-K/A, Amendment No. 1, as filed on July 13, 2018. In the opinion of the management, these condensed consolidated financial statements include all adjustments, consisting of only normal recurring nature, necessary for a fair statement of the financial position of the Company as of September 30, 2018 and its results of operations and cash flows for the three and nine months ended September 30, 2018 and 2017. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2018. The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements. On November 8, 2018, the Company effectuated a reverse stock split of its shares of common stock whereby every eight (8) pre-split shares of common stock were exchanged for one (1) post-split share of the Company's common stock (“Reverse Stock Split”). No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise have held a fractional share of the common stock were given one additional full share of the Company’s common stock. Numbers presented in these financial statements have been adjusted to reflect the Reverse Stock Split.
Use of Estimates and Judgments	(b) Use of Estimates and Judgments The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes for revenue recognition, allowances for doubtful accounts, inventory write-downs, impairment of intangible assets and valuation of share-based payments.
Functional and Presentation Currency	(c) Functional and Presentation Currency These condensed consolidated financial statements are presented in U.S. Dollars, which is the Company’s functional currency. All financial information presented in U.S. Dollars has been rounded to the nearest dollar. Foreign Currency Transaction Gains or Losses, resulting from loans and cash balances denominated in Foreign Currencies, are recorded in the Condensed Consolidated Statement of Operations and Comprehensive Loss.
Comprehensive Income (Loss)	(d) Comprehensive Income (Loss) The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 220 in reporting comprehensive income (loss). Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income.
Cash and Cash Equivalents	(e) Cash and Cash Equivalents Cash and cash equivalents comprise cash balances. The Company considers all highly liquid investments, which include short-term bank deposits (up to 3 months from date of deposit) that are not restricted as to withdrawal date or use, to be cash equivalents. Bank overdrafts are shown as part of trade and other payables in the Condensed Consolidated Balance Sheet.
Restricted Cash	(f) Restricted Cash At September 30, 2018, restricted cash included in non-current assets on the Company’s condensed consolidated balance sheet was $500,000 representing cash in trust for the purpose of funding legal fees for certain threatened litigation.
Fair Value of Financial Instruments	(g) Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, marketable securities, receivables and trade and other payables. The carrying value of cash and cash equivalents, receivables and trade and other payables approximate their fair value because of their short maturities. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; ● inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value as of September 30, 2018 and December 31, 2017. U.S. Agency Securities and Corporate and Municipal Securities: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities at September 30, 2018 $ - $ 4,866,033 $ - Marketable securities at December 31, 2017 $ - $ 5,011,607 $ - Marketable securities include U.S. agency securities, corporate securities, and municipal securities, which are classified as available for sale. The securities are valued at fair market value. Maturities of the securities are less than one year. Unrealized gains and losses relating to the available for sale investment securities were recorded in the Condensed Consolidated Statement of Changes in Shareholders’ Equity as comprehensive income. These amounts were an increase of $6,900 and a decrease of $5,543 in unrealized losses for the three and nine months ended September 30, 2018. These amounts were a decrease of $1,009 and $0 in unrealized gains for the three and nine months ended September 30, 2017. Proceeds from the sale of marketable securities in the three and nine months ended September 30, 2018 were $3,153,987 and $5,460,662. Proceeds from the sale of marketable securities in the three and nine months ended September 30, 2017 were $1,003,565 and $2,749,119. Gross gains and losses, resulting from these sales, amounted to a loss of $6,900 and a gain of $1,719 for the three months ended September 30, 2018 and 2017 and a loss of $11,300 and a gain of $3,375 for the nine months ended September 30, 2018 and 2017.
Trade Receivables, Trade Receivables - Related Party and Allowance for Doubtful Accounts	(h) Trade Receivables, Trade Receivables – Related Party and Allowance for Doubtful Accounts The carrying amounts of current trade receivables is stated at cost, net of allowance for doubtful accounts and approximate their fair value given their short-term nature. The normal credit terms extended to customers ranges between 30 and 90 days. Credit terms longer than these may be extended after considering the credit worthiness of the customers and the business requirements. The Company reviews all receivables that exceed terms and establishes an allowance for doubtful accounts based on management’s assessment of the collectability of trade and other receivables. A considerable amount of judgment is required in assessing the amount of allowance. The Company considers the historical level of credit losses, makes judgments about the credit worthiness of each customer based on ongoing credit evaluations and monitors current economic trends that might impact the level of credit losses in the future. As of September 30, 2018 and December 31, 2017, allowances for doubtful accounts for trade receivables were $693,196 and $596,196. Bad debt expenses for trade receivables were $0 and $0 for the three months ended September 30, 2018 and 2017, respectively, and $125,500 and $47,741 for the nine months ended September 30, 2018 and 2017, respectively.
Concentrations	(i) Concentrations Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions and accounts receivable. At times, the Company’s cash in banks is in excess of the FDIC insurance limit. The Company has not experienced any loss as a result of these cash deposits. These cash balances are maintained with four banks. Major Customers For the three months ended September 30, 2018, three customers generated 61%, 18% and 16%, or 95% in the aggregate, of the Company’s revenue. For the nine months ended September 30, 2018, two customers generated 55% and 17%, or 72% in the aggregate, of the Company’s revenue. As of September 30, 2018, the amount due from these two customers was $69,567. This concentration makes the Company vulnerable to a near-term severe impact should these relationships be terminated. For the three months ended September 30, 2017, two customers generated 42% and 27%, or 69% in the aggregate, of the Company’s revenue. For the nine months ended September 30, 2017, three customers generated 34%, 21% and 17%, or 72% in the aggregate, of the Company’s revenue. Three customers accounted for 47%, 15%, and 13% or 75%, in the aggregate, of gross trade receivables, before accounting for allowance for doubtful accounts, as of September 30, 2018. To limit such risks, the Company performs ongoing credit evaluations of its customers’ financial condition. As of September 30, 2018, the Company had $457,881, $146,196 and $127,329 in trade receivables, respectively, from these customers. Major Suppliers For the three months ended September 30, 2018, three suppliers accounted for 25%, 18% and 11%, or 54% in the aggregate, of the Company’s purchases. For the nine months ended September 30, 2018, one supplier accounted for 14% of the Company’s purchases. For the three months ended September 30, 2017, two suppliers accounted for 18% and 13%, or 31% in the aggregate, of the Company’s purchases. For the nine months ended September 30, 2017, one supplier accounted for 11% of the Company’s purchases. Two vendors accounted for 21% and 14%, or 35%, in the aggregate, of trade payables as of September 30, 2018. As of September 30, 2018, the Company had $150,668 and $98,738 in trade payables, respectively, from these vendors.
Property, Plant and Equipment	(j) Property, Plant and Equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized within “other income” in the Condensed Consolidated Statement of Operations and Comprehensive Loss. Depreciation is recognized in profit and loss on the accelerated basis over the estimated useful lives of the property, plant and equipment. Leased assets are depreciated over the shorter of the lease term or their useful lives. Depreciation expense totaled $17,366 and $18,709 for the three months ended September 30, 2018 and 2017, respectively, and $44,716 and $54,536 for the nine months ended September 30, 2018 and 2017, respectively.
Intangible Assets	(k) Intangible Assets The Company’s long-lived intangible assets, other than goodwill, are assessed for impairment when events or circumstances indicate there may be an impairment. These assets were initially recorded at their estimated fair value at the time of acquisition and assets not acquired in acquisitions were recorded at historical cost. However, if their estimated fair value is less than the carrying amount, other intangible assets with indefinite life are reduced to their estimated fair value through an impairment charge to our condensed consolidated statements of income. Intangible assets as of September 30, 2018 and December 31, 2017 were $1,002,336 and $1,130,667, respectively. Intangible assets at September 30, 2018 consisted of patents, trademarks and customer lists of $3,897,635 net of accumulated amortization and impairment of $2,895,299. Effective on October 9, 2018, the Company pulled the OxiChek product line from the market (See note 3). This served as a triggering event for testing whether or not our intangible assets were impaired. The Company then preformed a recoverability analysis and determined that as of September 30, 2018, there was no indication of impairment. Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. Amortization expense was $42,777 for the three months ended September 30, 2018 and 2017 and $128,331 for the nine months ended September 30, 2018 and 2017. The following is an annual schedule of approximate future amortization of the Company’s intangible assets: Period Amount 2018 (three months) $ 42,777 2019 171,108 2020 149,298 2021 147,315 2022 147,315 2023 147,315
Revenue Recognition	(l) Revenue Recognition In accordance with FASB ASC 605, the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists, (ii) a retailer, distributor or wholesaler receives the goods and acceptance occurs, (iii) the price is fixed or determinable, and (iv) the collectability of the revenue is reasonably assured. Subject to these criteria, the Company recognizes revenue from product sales when title passes to the customer based on shipping terms. The Company typically does not accept returns nor offer charge backs or rebates except for certain distributors. Revenue recorded is net of any discount, rebate or sales return. The accrual for estimated sales returns was $- as of September 30, 2018 and December 31, 2017. In cases where the right of return is granted, and the Company does not have historical experience to reasonably estimate the sales returns, the revenue is recognized when the return privilege has substantially expired. The Company may provide for rebates to the distributors under limited circumstances. The Company established an accrual of $71,632 and $126,471 as of September 30, 2018 and December 31, 2017. Accounts receivable will be reduced when the rebates are applied by the customer. The Company recognized $26,262 and $51,791 during the three months ended September 30, 2018 and 2017, respectively, for rebates and $70,156 and $224,469 during the nine months ended September 30, 2018 and 2017, respectively, which is included as a reduction of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss. License fee revenue is recognized on a straight-line basis over the term of the license agreement. When the Company enters into arrangements that contain more than one deliverable, the Company allocates revenue to the separate elements under the arrangement based on their relative selling prices in accordance with FASB ASC 605-25.
Income Taxes	(m) Income Taxes The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of September 30, 2018 and 2017, no liability for unrecognized tax benefits was required to be reported. There was no income tax expense for the three and nine months ended September 30, 2018 and 2017. There is no income tax benefit for the losses for the three and nine months ended September 30, 2018 and 2017 since management has determined that the realization of the net deferred assets is not assured and has created a valuation allowance for the entire amount of such tax benefits. The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the nine months ended September 30, 2018 and 2017. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company has identified its federal tax return and its state tax returns in New Jersey, California, Connecticut and Minnesota as its “major” tax jurisdictions, and such returns for the years 2015 through 2017 remain subject to examination. The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%. As December 31, 2017, the Company had made a reasonable estimate of the effects of the Tax Act. This estimate incorporates assumptions made based upon the Company’s current interpretation of the Tax Act and may change as the Company may receive additional clarification and implementation guidance and as the interpretation of the Tax Act evolves. In accordance with Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows us to record provisional amounts during a measurement period not to extend beyond one year form the enactment date. SAB 118 was codified by the FASB as part of ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118
Shipping and Handling Fees and Costs	(n) Shipping and Handling Fees and Costs The Company charges actual shipping plus a handling fee to customers, which amounted to $8,625 and $13,679 for the three months ended September 30, 2018 and 2017, respectively, and $41,006 and $47,148 for the nine months ended September 30, 2018 and 2017, respectively. These fees are classified as part of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss. Shipping and other related delivery costs, including those for incoming raw materials consumed are classified as part of the cost of sales, which amounted to $18,126 and $16,148 for the three months ended September 30, 2018 and 2017, respectively, and $83,063 and $63,719 for the nine months ended September 30, 2018 and 2017, respectively.
Basic and Diluted Earnings Per Share of Common Stock	(o) Basic and Diluted Earnings per Share of Common Stock Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. The calculation of basic and diluted loss per share for the three months ended September 30, 2018 and 2017 was based on the loss attributable to common shareholders of $3,083,949 and $1,177,644, respectively, and $7,011,394 and $3,344,932 for the nine months ended September 30, 2018 and 2017, respectively. The basic and diluted weighted average number of common shares outstanding for the three months ended September 30, 2018 and 2017 was 11,779,584 and 1,111,510, respectively, and 10,805,151 and 1,033,606 for the nine months ended September 30, 2018 and 2017, respectively. Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: For the Three and Nine Months Ended September 30, 2018 2017 Incentive and Award Stock Options 10,500 31,875 Unvested Restricted Shares of Common Stock - 1,146 Warrants 1,416,229 186,321 Total potentially dilutive shares 1,426,729 219,342
Recently Issued Accounting Pronouncements	(p) Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements Adopted As the Company is an emerging growth company, it has elected to adopt recently issued accounting pronouncements based on effective dates applicable to other than public business entities. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. The amendments in this Update require that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted this as of January 1, 2018 (See note 2(f)). Recently Issued Accounting Pronouncements Not Adopted In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14 which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2018 and for entities other than public business entities, and to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period for public business entities. Early application is permitted as of annual reporting periods beginning after December 15, 2016 including interim reporting periods within that reporting period. The Company is currently evaluating the effect of the amendments, but it does not anticipate a material impact of its financial statements. The Company expects to use the modified retrospective adoption method and will adopt this Update as of January 1, 2019. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance is effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, ASU 2018-07 is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company is evaluating the impact of adopting this pronouncement. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of Marketable Securities	This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities at September 30, 2018 $ - $ 4,866,033 $ - Marketable securities at December 31, 2017 $ - $ 5,011,607 $ -
Schedule of Future Amortization Expense of Intangible Assets	The following is an annual schedule of approximate future amortization of the Company’s intangible assets: Period Amount 2018 (three months) $ 42,777 2019 171,108 2020 149,298 2021 147,315 2022 147,315 2023 147,315
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share	The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: For the Three and Nine Months Ended September 30, 2018 2017 Incentive and Award Stock Options 10,500 31,875 Unvested Restricted Shares of Common Stock - 1,146 Warrants 1,416,229 186,321 Total potentially dilutive shares 1,426,729 219,342

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 30, 2018 December 31, 2017 Raw Materials $ 562,175 $ 458,441 Sub-Assemblies 907,381 886,274 Finished Goods 582,427 815,505 Reserve for Obsolescence (1,244,008 ) (1,212,608 ) $ 807,975 $ 947,612

Trade and Other Payables (Table

Trade and Other Payables (Tables)	9 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Schedule of Trade and Other Payables	Trade and other payables consist of the following: September 30, 2018 December 31, 2017 Trade Payables $ 684,966 $ 948,951 Accrued Expenses 1,509,483 736,515 Deferred Compensation 59,750 59,750 $ 2,254,199 $ 1,745,216
Schedule of Trade and Other Payables - Related Party	Trade and other payables – related party are as follows: September 30, 2018 December 31, 2017 Trade Payables $ 47,187 $ 39,821 $ 47,187 $ 39,821

Share-based Payments (Tables)

Share-based Payments (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Options Activity	The following table summarizes the option activities for the nine months ended September 30, 2018: Weighted Average Weighted Weighted Remaining Number Average Average Contractual Aggregate of Exercise Grant Date Term Intrinsic Shares Price Fair Value (years) Value Balance at December 31, 2017 31,875 $ 34.00 $ 20.48 2.02 $ - Granted - - - - - Exercised - - - - - Forfeited (21,375 ) 35.76 22.00 1.07 - Canceled/Expired - - - - - Balance at September 30, 2018 10,500 $ 30.40 $ 17.44 1.69 $ - Exercisable as of September 30, 2018 10,500 $ 30.40 $ 17.44 1.69 $ -
Summary of Warrant Activity	The table below summarizes the warrant activity for the nine months ended September 30, 2018: Number of Warrants Weighted Average Exercise Price Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance at December 31, 2017 6,186,321 $ 1.76 4.95 $ - Granted - - - Exercised (4,770,092 ) 1.52 - Forfeited - - - Canceled/Expired - - - Balance at September 30, 2018 1,416,229 $ 2.80 4.15 $ 947,029 Exercisable as of September 30, 2018 1,416,229 $ 2.80 4.15 $ 947,029

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Commitments	The schedule of lease commitments is as follows: Thorofare Ramsey Pitman Equipment Oracle Lease Lease Lease Lease NetSuite Total Next 12 Months $ 132,000 $ 17,320 $ 39,650 $ 6,156 $ 102,766 $ 297,892 Next 13-24 Months 33,000 - 9,912 513 100,281 143,706 Next 25-36 Months - - - - 46,157 46,157

Revenue Information (Tables)

Revenue Information (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Schedule of Revenue by Product Lines	Revenue by product lines was as follows: Three months ended Nine months ended September 30, September 30, Product Line 2018 2017 2018 2017 MicroParticle Catalyzed Biosensor (“MPC”) $ (18,798 ) $ 104,094 $ 106,832 $ 259,601 Particle ImmunoFiltration Assay (“PIFA”) 567,262 490,058 1,183,327 1,477,726 Rapid Enzymatic Assay (“REA”) - 27,500 55,000 27,500 Other 8,625 16,679 41,006 613,614 Product Revenue Total 557,089 638,331 1,386,165 2,378,441 License Fees - 37,500 - 37,500 Total Revenue $ 557,089 $ 675,831 $ 1,386,165 $ 2,415,941
Schedule of Revenue by Geographic Area Determined Based On Location of Customers	The total revenue by geographic area determined based on the location of the customers was as follows: Three Months Ended Nine Months Ended September 30, September 30, Geographic Region 2018 2017 2018 2017 United States $ 554,269 $ 626,077 $ 1,311,360 $ 1,755,558 People’s Republic of China - - - 502,268 Rest of World 2,820 49,754 74,805 158,115 Total Revenue $ 557,089 $ 675,831 $ 1,386,165 $ 2,415,941

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 22, 2017	Sep. 30, 2018USD ($)Breathalyzersshares	Sep. 30, 2017USD ($)Breathalyzersshares	Sep. 30, 2018USD ($)Breathalyzersshares	Sep. 30, 2017USD ($)Breathalyzersshares	Dec. 31, 2017USD ($)
Restricted cash		$ 500,000		$ 500,000
Maturities of securities				less than one year
Unrealized loss on securities		6,900		$ 5,543
Unrealized gain on securities			1,900		0
Proceeds from the sale of marketable securities		3,153,987	1,003,565	5,460,662	2,749,119
Marketable securities, loss		6,900		11,300
Marketable securities, gain			1,719		3,375
Allowances for doubtful accounts for trade receivables		693,196		693,196		596,196
Bad debt expenses		0	0	125,500	47,741
Trade receivables		283,228		283,228		964,671
Trade payables		2,254,199		2,254,199		1,745,216
Depreciation		17,366	18,709	44,716	54,536
Intangible assets, net		1,002,336		1,002,336		1,130,667
Intangible assets, accumulated amortization		3,897,635		3,897,635
Impairment of intangible assets				2,895,299
Amortization expense		42,777	42,777	128,331	128,331
Accrued liabilities		71,632		71,632		126,471
Deferred revenue, recognized		26,262	51,791	70,156	224,469
Unrecognized tax benefits
Income Tax Examination, Description	0.35			The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%.
Income tax rate, percentage				21.00%
Cost of net revenue		18,126	16,148	$ 83,063	63,719
Net loss attributable to common shareholders		$ 3,083,949	$ 1,177,644	$ 7,011,394	$ 3,344,932
Weighted average basic and diluted common shares outstanding | shares		11,779,584	1,111,510	10,805,151	1,033,606
Shipping and Handling [Member]
Income tax rate, percentage		862500.00%	1367900.00%	4100600.00%	4714800.00%
Supplier One [Member]
Concentration risk percentage		25.00%
Supplier Two [Member]
Concentration risk percentage		18.00%
Supplier Three [Member]
Concentration risk percentage		11.00%
Three Suppliers [Member]
Concentration risk percentage		54.00%
One Suppliers [Member]
Concentration risk percentage				14.00%
Suppliers One [Member]
Concentration risk percentage			18.00%
Suppliers Two [Member]
Concentration risk percentage			13.00%
Two Suppliers [Member]
Concentration risk percentage			31.00%
One Supplier [Member]
Concentration risk percentage					11.00%
Sales Revenue, Net [Member]
Concentration risk percentage		95.00%	69.00%	72.00%	72.00%
Concentration risk, number of customer | Breathalyzers		3	2	2	3
Sales Revenue, Net [Member] | Customer One [Member]
Concentration risk percentage		61.00%	42.00%	55.00%	34.00%
Sales Revenue, Net [Member] | Customer Two [Member]
Concentration risk percentage		18.00%	27.00%	17.00%	21.00%
Sales Revenue, Net [Member] | Customer Three [Member]
Concentration risk percentage		16.00%			17.00%
Sales Revenue, Net [Member] | Two Customers [Member]
Due from customers		$ 69,567		$ 69,567
Trade Receivable [Member]
Concentration risk, number of customer | Breathalyzers				3
Trade Receivable [Member] | Customer One [Member]
Concentration risk percentage				47.00%
Trade receivables		457,881		$ 457,881
Trade Receivable [Member] | Customer Two [Member]
Concentration risk percentage				15.00%
Trade receivables		146,196		$ 146,196
Trade Receivable [Member] | Customer Three [Member]
Concentration risk percentage				13.00%
Trade receivables		127,329		$ 127,329
Trade Payables [Member]
Concentration risk percentage				35.00%
Trade Payables [Member] | Vendor One [Member]
Concentration risk percentage				21.00%
Trade payables		150,668		$ 150,668
Trade Payables [Member] | Vendor Two [Member]
Concentration risk percentage				14.00%
Trade payables		$ 98,738		$ 98,738
Maximum [Member]
Normal credit terms extended to customers				90 days
Minimum [Member]
Normal credit terms extended to customers				30 days
November 8 2018 [Member]
Reverse stock split				On November 8, 2018, the Company effectuated a reverse stock split of its shares of common stock whereby every eight (8) pre-split shares of common stock were exchanged for one (1) post-split share of the Company's common stock (“Reverse Stock Split”).

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Marketable Securities (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Level 1 [Member]
Marketable securities
Level 2 [Member]
Marketable securities	4,866,033	5,011,607
Level 3 [Member]
Marketable securities

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Future Amortization Expense of Intangible Assets (Details)	Sep. 30, 2018USD ($)
Accounting Policies [Abstract]
2018 (three months)	$ 42,777
2,019	171,108
2,020	149,298
2,021	147,315
2,022	147,315
2,023	$ 147,315

Significant Accounting Polici_7

Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total potentially dilutive shares	1,426,729	219,342	1,426,729	219,342
Incentive and Award Stock Options [Member]
Total potentially dilutive shares	10,500	31,875	10,500	31,875
Unvested Restricted Shares of Common Stock [Member]
Total potentially dilutive shares		1,146		1,146
Warrants [Member]
Total potentially dilutive shares	1,416,229	186,321	1,416,229	186,321

Key Recent Events and Managem_2

Key Recent Events and Management Plans (Details Narrative) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Oct. 05, 2016	Jan. 09, 2015
Recent events description				By way of a letter dated November 28, 2017, the Listing Qualifications Department of NASDAQ advised the Company that it did not comply with NASDAQ Listing Rule 5550(a)(2) for continued listing, because the Company's common stock did not meet NASDAQ's minimum $1.00 bid price requirement (the "Price Requirement"). The Company informed Nasdaq that the Company is fully committed to regain compliance with the Price Requirement as quickly as possible and, therefore, proposed to institute a reverse stock split. NASDAQ approved of the Company's proposal of a reverse stock split and granted the Company until November 26, 2018, for the Company to be in compliance with the Price Requirement. The Company's latest reported stock price on November 13, 2018 was $2.46. If the Company's stock remains priced above $1.00 by the end of trading on November 21, 2018, it is expected that Nasdaq would give the Company notice of its compliance with the Price Requirement.
Number of shares granted
Settelment amount payment	$ 930,000			$ 930,000
Administrative Expenses - Related Party	56,425			75,342
Trade and Other Payables - Related Party	$ 47,187			$ 47,187		$ 39,821
Common stock, shares outstanding	11,779,584			11,779,584		5,543,867
Proceeds from public offering						$ 9,478,897
Additional expenses from exercise of warrants		$ 7,155,200				$ 981,948
Proceeds from issuance of common stock					$ 3,413,311
Financial Consulting Strategies LLC [Member]
Trade and Other Payables - Related Party	$ 22,862			$ 22,862
2013 Plan [Member]
Number of shares granted				50,000
2013 Plan [Member] | Minimum [Member]
Number of shares available under stock plan							100,000	50,000
2013 Plan [Member] | Maximum [Member]
Number of shares available under stock plan							103,750	100,000
November 13 2018 [Member]
Share price	$ 2.46			$ 2.46
October 9 2018 [Member]
Settelment amount payment				$ 930,000
November 2 2018 [Member]
Common stock shares sold during period				694,445
Exercise price of warrant issued to purchase of common stock	$ 3.76			$ 3.76
Commom stock shares owned	4.99%			4.99%
Proceeds from issuance of common stock				$ 2,000,000
November 2 2018 [Member] | Common Stock and Warrants [Member]
Share price	$ 2.88			$ 2.88
November 7 2018 [Member]
Exercise price of warrant issued to purchase of common stock	$ 3.76			$ 3.76
Reverse stock split ratio				Reverse stock split of its common stock at a ratio of eight-for-one (8-for-1).
Common stock, shares outstanding	12,474,028			12,474,028
Cash and marketable securities	$ 6,200,000			$ 6,200,000
Working capital	$ 6,200,000			$ 6,200,000

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Inventory Disclosure [Abstract]
Cost of goods sold for obsolete inventory	$ 219,701	$ 2,664	$ 251,984	$ 3,158
Charge to costs of goods sold	218,799		218,799
Wite-off of inventory	187,399		187,399
Reserve for obsolete inventory	$ 31,400		$ 31,400

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw Materials	$ 562,175	$ 458,441
Sub-Assemblies	907,381	886,274
Finished Goods	582,427	815,505
Reserve for Obsolescence	(1,244,008)	(1,212,608)
Total Inventory, Net	$ 807,975	$ 947,612

Trade and Other Payables - Sche

Trade and Other Payables - Schedule of Trade and Other Payables (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Trade Payables	$ 684,966	$ 948,951
Accrued Expenses	1,509,483	736,515
Deferred Compensation	59,750	59,750
Trade and Other Payables, Total	$ 2,254,199	$ 1,745,216

Trade and Other Payables - Sc_2

Trade and Other Payables - Schedule of Trade and Other Payables - Related Party (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Trade Payables	$ 47,187	$ 39,821
Trade and Other Payables - Related Party	$ 47,187	$ 39,821

Share-based Payments (Details N

Share-based Payments (Details Narrative) - USD ($)	Aug. 07, 2017	Jan. 23, 2014	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Sep. 30, 2016	Jan. 09, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option issued
Closing stock price per share			$ 2.27		$ 2.27
Stock options expenses			$ 6,931	$ 16,685	$ 1,477	$ 4,373	$ 5,455
Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized during period								103,750
Amended and Restated 2013 Incentive Stock And Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized during period									100,000
Amended Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of available for grants			22,287		22,287
Amended Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option to purchase shares of common stock					10,500
2017 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of available for grants			128,737		128,737
Number of grants totaling shares of restricted common stock					40,013
Maximum [Member] | 2013 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option issued		50,000
Maximum [Member] | 2017 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option issued	168,750

Share-based Payments - Summary

Share-based Payments - Summary of Stock Options Activity (Details)	9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Shares, Beginning Balance | shares	31,875
Number of Shares, Granted | shares
Number of Shares, Exercised | shares
Number of Shares, Forfeited | shares	(21,375)
Number of Shares, Cancelled/Expired | shares
Number of Shares, Ending Balance | shares	10,500
Number of Shares, Exercisable | shares	10,500
Weighted Average Exercise Price, Beginning Balance	$ 34
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Forfeited	35.76
Weighted Average Exercise Price, Cancelled/Expired
Weighted Average Exercise Price, Ending Balance	30.40
Weighted Average Exercise Price, Exercisable	30.40
Weighted Average Grant Date Fair Value, Beginning	20.48
Weighted Average Grant Date Fair Value, Granted
Weighted Average Grant Date Fair Value, Exercised
Weighted Average Grant Date Fair Value, Forfeited	22
Weighted Average Grant Date Fair Value, Cancelled/Expired
Weighted Average Grant Date Fair Value, Ending	17.44
Weighted Average Grant Date Fair Value, Exercisable	$ 17.44
Weighted Average Remaining Contractual Term (Years), Beginning	2 years 7 days
Weighted Average Remaining Contractual Term (Years), Granted	0 years
Weighted Average Remaining Contractual Term (Years), Exercised	0 years
Weighted Average Remaining Contractual Term (Years), Forfeited	1 year 26 days
Weighted Average Remaining Contractual Term (Years), Cancelled/Expired	0 years
Weighted Average Remaining Contractual Term (Years), Ending	1 year 8 months 9 days
Weighted Average Remaining Contractual Term (Years), Exercisable	1 year 8 months 9 days
Aggregate Intrinsic Value, Beginning Balance | $
Aggregate Intrinsic Value, Ending Balance | $
Aggregate Intrinsic Value, Exercisable | $

Share-based Payments - Summar_2

Share-based Payments - Summary of Warrant Activity (Details) - Warrants [Member]	9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares
Number of Warrants, Beginning Balance | shares	6,186,321
Number of Warrants, Granted | shares
Number of Warrants, Exercised | shares	(4,770,092)
Number of Warrants, Forfeited | shares
Number of Warrants, Cancelled/Expired | shares
Number of Warrants, Ending Balance | shares	1,416,229
Number of Warrants, Exercisable | shares	1,416,229
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 1.76
Weighted Average Exercise Price, Granted | $ / shares
Weighted Average Exercise Price, Exercised | $ / shares	1.52
Weighted Average Exercise Price, Forfeited | $ / shares
Weighted Average Exercise Price, Cancelled/Expired | $ / shares
Weighted Average Exercise Price, Ending Balance | $ / shares	2.80
Weighted Average Exercise Price, Exercisable | $ / shares	$ 2.80
Weighted Average Remaining Contractual Term (years), Beginning	4 years 11 months 12 days
Weighted Average Remaining Contractual Term (years), Ending	4 years 1 month 24 days
Weighted Average Remaining Contractual Term (years), Exercisable	4 years 1 month 24 days
Aggregate Intrinsic Value, Beginning | $
Aggregate Intrinsic Value, Ending | $	947,029
Aggregate Intrinsic Value, Exercisable | $	$ 947,029

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	Jan. 16, 2018	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Issuance of common stock			$ 12,545		$ 5,175
Share based compensation expenses		$ 6,931		$ 16,685	$ 1,477	$ 4,373	$ 5,455
Preferred stock, par value
December 21, 2017 [Member] | Public Offering [Member]
Number of warrant issued during period		4,770,092			4,770,092
Warrant exercise price		$ 1.50			$ 1.50
Proceeds from issuance of warrants					$ 7,155,200
Series B Preferred Stock [Member]
Preferred stock, par value
Common Stock [Member]
Issuance of common stock					$ 5,175
Conversion of stock					1,755
Conversion of stock, shares issued					1,462,500
Key Employees [Member] | Restricted Stock [Member]
Issuance of common stock	$ 5,175
Number of common shares	3,125
Shares issued, price per share	$ 1.66

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jun. 19, 2012	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2017
Related Party Transaction [Line Items]
Exclusive license and supply agreement term	3 years
License fees received		$ 476,453	$ 323,527	$ 1,076,779	$ 872,847
Due to related parties owned		18,790		18,790
Royalty expenses		(17,353)	34,328	41,418	128,108
Revenue recognized		557,089	675,831	1,386,165	2,415,941
Payments to acquire plastic and electronic components		16,300		20,936	16,774
Research and development expenses - related party				54,342	22,994
Product revenue from related party
Trade and Other Payables - Related Party		47,187		47,187			$ 39,821
Hainan [Member]
Related Party Transaction [Line Items]
Due to related parties owned		19,460		19,460
Hainan and Related Party [Member]
Related Party Transaction [Line Items]
Due to related parties owned		670		670
Financial Consulting Strategies LLC [Member]
Related Party Transaction [Line Items]
Paid to related party		56,425		75,342
Trade and Other Payables - Related Party		22,862		$ 22,862
Settlement Agreement [Member]
Related Party Transaction [Line Items]
Recover full outstanding principal amount						$ 750,000
Proceeds from notes payable						549,609
Allowance for doubtful note						$ 1,299,609
Settlement Agreement [Member] | ChubeWorkx [Member]
Related Party Transaction [Line Items]
Percentage of royalty received				5.00%
Percentage of royalty retain				50.00%
Due to related parties owned		549,609		$ 549,609
Accrued royalties		4,864		4,864
Settlement Agreement [Member] | BreathScan Breath Alcohol [Member]
Related Party Transaction [Line Items]
Revenue recognized				20,265
License [Member]
Related Party Transaction [Line Items]
License fees received	$ 1,000,000
Royalty [Member] | Settlement Agreement [Member] | ChubeWorkx [Member]
Related Party Transaction [Line Items]
Royalty revenue				$ 5,000,000

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($)	Aug. 02, 2017	Jun. 02, 2017	Sep. 29, 2014	Jan. 07, 2013	Jan. 01, 2008	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Operating leases rent expense, net	$ 39,650	$ 25,980	$ 6,156		$ 132,000
Lease agreement term	29 months	24 months	60 months	7 years
Lease expiration date	Dec. 31, 2019	May 31, 2019		Dec. 31, 2019
Expense in related to this contract						$ 46,670		$ 46,670
Thorofare Lease [Member]
Rent expense, including related CAM charges						40,926	$ 40,440	124,070	$ 121,220
Ramsey Lease [Member]
Rent expense, including related CAM charges						6,522	6,506	19,512	6,506
Security deposit						4,330		4,330
Pitman Lease [Member]
Rent expense, including related CAM charges						10,210	$ 6,608	30,035	$ 6,608
Security deposit						$ 4,950		$ 4,950
Oracle Net Suite [Member]
Lease agreement term										36 months

Commitments - Schedule of Lease

Commitments - Schedule of Lease Commitments (Details)	Sep. 30, 2018USD ($)
Next 12 Months	$ 297,892
Next 13-24 Months	143,706
Next 25-36 Months	46,157
Thorofare Lease [Member]
Next 12 Months	132,000
Next 13-24 Months	33,000
Next 25-36 Months
Ramsey Lease [Member]
Next 12 Months	17,320
Next 13-24 Months
Next 25-36 Months
Pitman Lease [Member]
Next 12 Months	39,650
Next 13-24 Months	9,912
Next 25-36 Months
Equipment Lease [Member]
Next 12 Months	6,156
Next 13-24 Months	513
Next 25-36 Months
Oracle Net Suite [Member]
Next 12 Months	102,766
Next 13-24 Months	100,281
Next 25-36 Months	$ 46,157

Contingencies (Details Narrativ

Contingencies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Settelment amount payment	$ 930,000		$ 930,000

Revenue Information (Details Na

Revenue Information (Details Narrative) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
People's Republic of China [Member]
Long-lived assets	$ 59,355	$ 59,830
United States [Member]
Long-lived assets	$ 1,201,592	$ 1,305,950

Revenue Information - Schedule

Revenue Information - Schedule of Revenue y Product Lines (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total product Revenues	$ 557,089	$ 675,831	$ 1,386,165	$ 2,415,941
License Fee		37,500
Total revenue	557,089	675,831	1,386,165	2,415,941
Product Revenue [Member]
Total product Revenues	557,089	638,331	1,386,165	2,378,441
License Fee				37,500
Total revenue			1,386,165	2,415,941
MicroParticle Catalyzed Biosensor ("MPC") [Member]
Total product Revenues	(18,798)	104,094	106,832	259,601
Particle ImmunoFiltration Assay ("PIFA") [Member]
Total product Revenues	567,262	490,058	1,183,327	1,477,726
Rapid Enzymatic Assay ("REA") [Member]
Total product Revenues		27,500	55,000	27,500
Other [Member]
Total product Revenues	$ 8,625	$ 16,679	$ 41,006	$ 613,614

Revenue Information - Schedul_2

Revenue Information - Schedule of Revenue by Geographic Area Determined Based On Location of Customers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total Revenue	$ 557,089	$ 675,831	$ 1,386,165	$ 2,415,941
United States [Member]
Total Revenue	554,269	626,077	1,311,360	1,755,558
People's Republic of China [Member]
Total Revenue				502,268
Rest of World [Member]
Total Revenue	$ 2,820	$ 49,754	$ 74,805	$ 158,115