Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and Cash Equivalents $ 10,395,656 $ 14,533,944
Accounts Receivable 320,575 103,314
Inventories, Net 2,720,832 2,651,218
Manufacturing Vendor Prepayments 212,279 144,168
Prepaid Expenses and Other Assets 550,722 797,409
Total Current Assets 14,200,064 18,230,053
Long-Term Assets    
Fixed Assets, Net 3,413,262 3,364,908
Patents and Trademarks, Net 552,366 535,461
Software Development Costs, Net 143,225 214,838
Total Assets 18,308,917 22,345,260
Current Liabilities    
Accounts Payable 1,003,149 1,085,472
Current Portion of Long-Term Debt, net of discount 518,374 1,416,480
Customer Deposits 108,285 66,162
Unearned Revenue 298,173 509,572
Accrued Expenses 1,245,973 1,331,983
Income and Other Taxes Payable 11,120 12,290
Total Current Liabilities 3,185,074 4,421,959
Long-Term Liabilities    
Derivative Liability 150,571 173,131
Accrued Expenses 25,832 28,333
Total Long-Term Liabilities 176,403 201,464
Total Liabilities 3,361,477 4,623,423
Stockholders' Equity    
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding March 31, 2017, and December 31, 2016 50 50
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized; 20,293,173 Shares Issued and Outstanding March 31, 2017 and 19,569,247 on December 31, 2016 20,293 19,569
Additional Paid-in Capital 95,947,859 94,541,168
Accumulated Deficit (81,020,762) (76,838,950)
Total Stockholders' Equity 14,947,440 17,721,837
Total Liabilities and Stockholders' Equity $ 18,308,917 $ 22,345,260

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v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Sales of Products $ 959,383 $ 363,839
Sales of Engineering Services 251,280 0
Total Sales 1,210,663 363,839
Cost of Sales — Products 953,903 602,977
Cost of Sales — Engineering Services 108,000 0
Total Cost of Sales 1,061,903 602,977
Gross Profit (Loss) (exclusive of depreciation shown separately below) 148,760 (239,138)
Operating Expenses:    
Research and Development 1,668,956 1,274,713
Selling and Marketing 1,030,999 1,126,499
General and Administrative 1,235,183 886,315
Depreciation and Amortization 239,830 169,188
Total Operating Expenses 4,174,968 3,456,715
Loss from Operations (4,026,208) (3,695,853)
Other Income (Expense)    
Other Taxes (10,550) (20,721)
Investment Income 17,900 9,455
Foreign Exchange Gain (Loss) 1,097 (3,949)
Amortization of Deferred Financing Costs (11,453) (11,581)
Gain (Loss) on Derivative Valuation 22,560 101,666
Amortization of Senior Term Debt Discount and Issuance Expenses (134,192) (121,206)
Interest Expense, net of Interest Income (40,966) (33,550)
Total Other Income (Expense) (155,604) (79,886)
Loss Before Provision for Income Taxes (4,181,812) (3,775,739)
Provision for Income Taxes 0 0
Net Loss (4,181,812) (3,775,739)
Preferred Stock Dividends (413,464) (393,824)
Earnings Available to Common Stockholders $ (4,595,276) $ (4,169,563)
Basic and Diluted Loss Per Share $ (0.23) $ (0.26)
Weighted-average Shares Outstanding - Basic and Diluted 19,714,396 16,102,374

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities    
Net Loss $ (4,181,812) $ (3,775,739)
Non-Cash Adjustments    
Depreciation and Amortization 239,830 169,188
Amortization of Software Development Costs in cost of sales products 71,613 71,612
Stock Based Option Compensation Expense 210,074 173,816
Amortization of Term Debt Discount 134,192 121,206
Amortization of Debt Issuance Costs 11,453 11,581
Common Stock and Warrants Issued for Services 0 38,925
(Gain) Loss on Derivative Valuation (22,560) (101,666)
(Increase) Decrease in Operating Assets    
Accounts Receivable (217,261) 269,233
Inventories (69,614) (57,026)
Vendor Prepayments (68,111) 33,337
Prepaid Expenses and Other Assets 246,687 169,204
Increase (Decrease) in Operating Liabilities    
Accounts Payable (82,323) (469,658)
Accrued Expense 49,262 32,119
Customer Deposits 42,123 24,530
Unearned Revenue (211,399) 44,994
Income and Other Taxes Payable (1,169) 8,122
Accrued Compensation (25,110) 0
Accrued Interest 40,926 23,647
Net Cash Flows Used in Operating Activities (3,833,199) (3,212,575)
Cash Flows from Investing Activities    
Purchases of Fixed Assets (262,774) (411,440)
Investments in Patents and Trademarks (42,315) (30,709)
Net Cash Used in Investing Activities (305,089) (442,149)
Cash Flows from Financing Activities    
Repayment of Long-Term Debt and Notes Payable 0 (8,479)
Net Cash Flows Used by Financing Activities 0 (8,479)
Net Decrease in Cash and Cash Equivalents (4,138,288) (3,663,203)
Cash and Cash Equivalents — Beginning of Period 14,533,944 11,877,058
Cash and Cash Equivalents — End of Period 10,395,656 8,213,855
Supplemental Disclosures    
Interest Paid in Cash 10,690 7,431
Conversion of Long-Term Debt and Accrued Interest 1,197,341 22,500
Receivable from Stock Option Exercise $ 14,820 $ 0

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