Financials

v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets    
Cash and Cash Equivalents $ 14,533,944 $ 11,877,058
Accounts Receivable 103,314 325,694
Inventories, Net 2,651,218 3,349,098
Manufacturing Vendor Prepayments 144,168 369,411
Prepaid Expenses and Other Assets 797,409 608,950
Total Current Assets 18,230,053 16,530,211
Long-Term Assets    
Fixed Assets, Net 3,364,908 2,015,433
Patents and Trademarks, Net 535,461 515,697
Software Development Costs, Net 214,838 501,288
Total Assets 22,345,260 19,562,629
Current Liabilities    
Accounts Payable 1,085,472 907,434
Current Portion of Long-term Debt, net of discount 1,416,480 55,790
Customer Deposits 66,162 27,847
Unearned Revenue 509,572 69,481
Accrued Expenses 1,331,983 734,497
Income and Other Taxes Payable 12,290 7,073
Total Current Liabilities 4,421,959 1,802,122
Long-Term Liabilities    
Derivative Liability 173,131 240,786
Term Debt, net of discounts 0 1,227,550
Accrued Expenses 28,333 38,333
Accrued Interest 0 160,967
Total Long-Term Liabilities 201,464 1,667,636
Total Liabilities 4,623,423 3,469,758
Stockholders' Equity    
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 and 49,626 Shares Issued and Outstanding December 31, 2016 and 2015. 50 50
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized December 31, 2016 and 2015; 19,569,247 and 16,087,951 Shares Issued and Outstanding December 31, 2016 and 2015, respectively. 19,569 16,088
Additional Paid-in Capital 94,541,168 73,665,601
Accumulated Deficit (76,838,950) (57,588,868)
Total Stockholders' Equity 17,721,837 16,092,871
Total Liabilities and Stockholders' Equity $ 22,345,260 $ 19,562,629

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Sales of Products $ 1,987,878 $ 2,544,153
Sales of Engineering Services 139,500 205,831
Total Sales 2,127,378 2,749,984
Cost of Sales — Products 3,251,906 2,101,466
Cost of Sales — Engineering Services 39,060 82,332
Total Cost of Sales 3,290,966 2,183,798
Gross Profit (Loss) (exclusive of depreciation shown separately below) (1,163,588) 566,186
Operating Expenses:    
Research and Development 6,947,878 3,595,437
Selling and Marketing 3,394,580 1,798,041
General and Administrative 5,114,139 6,120,101
Depreciation and Amortization 770,668 380,841
Loss on Inventory Valuation 1,124,401 0
Impairment of Patents and Trademarks 20,506 13,222
Total Operating Expenses 17,372,172 11,907,642
Loss from Operations (18,535,760) (11,341,456)
Other Income (Expense)    
Other Taxes (52,271) (54,432)
Investment Income 26,693 20,790
Loss on asset disposal (25,890) 0
Foreign Exchange Loss (33,079) (277)
Amortization of Deferred Financing Costs (46,574) (46,447)
Loss on Derivative Valuation 34,744 (1,098,465)
Amortization of Senior Term Debt Discount (486,856) (751,968)
Interest Expense (131,089) (155,223)
Total Other Income (Expense) (714,322) (2,086,022)
Loss Before Provision for Income Taxes (19,250,082) (13,427,478)
Provision for Income Taxes 0 0
Net Loss (19,250,082) (13,427,478)
Preferred Stock Dividends (1,620,048) (1,514,081)
Loss Attributable to Common Stockholders $ (20,870,130) $ (14,941,559)
Basic and Diluted Loss per Share $ (1.23) $ (0.97)
Weighted-average Shares Outstanding - Basic and Diluted 16,908,544 15,408,724

Source

v3.6.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities    
Net Loss $ (19,250,082) $ (13,427,478)
Non-Cash Adjustments    
Depreciation and Amortization 770,668 380,841
Amortization of Software Development Costs in cost of sales products 286,450 286,450
Impairment of Patents and Trademarks 20,506 13,222
Common Stock Awards Compensation Expense 146,050 1,669,700
Loss on disposal of fixed assets 25,890 0
Stock-Based Option Compensation Expense 756,928 568,848
Amortization of Term Debt Discount 486,856 751,968
Amortization of Debt Issuance Costs 46,574 46,447
Common Stock and Warrants Issued for Services 174,026 1,057,074
(Gain) Loss on Derivative Valuation (34,744) 1,098,465
Loss on Inventory Valuation 1,124,401 0
(Increase) Decrease in Operating Assets    
Accounts Receivable 222,380 57,839
Inventories (426,521) (2,437,149)
Vendor Prepayments 225,243 (213,320)
Prepaid Expenses and Other Assets (78,389) (306,078)
Increase (Decrease) in Operating Liabilities    
Accounts Payable 178,037 (1,276,132)
Accrued Expense 31,909 143,830
Customer Deposits 38,315 (92,703)
Unearned Revenue 440,091 16,078
Income and Other Taxes Payable 5,217 (28,085)
Accrued Compensation 290,000 (70,067)
Accrued Interest & Long-Term Accrued Interest Converted 123,231 92,171
Net Cash Flows Used in Operating Activities (14,396,964) (11,668,079)
Cash Flows from Investing Activities    
Purchases of Fixed Assets (2,039,299) (1,892,831)
Investments in Patents and Trademarks (147,004) (191,908)
Net Cash Used in Investing Activities (2,186,303) (2,084,739)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 60,750 1,272,627
Repayment of Capital Leases 0 (16,882)
Repayment of Long-Term Debt and Notes Payable (76,875) (197,167)
Proceeds from Preferred Stock Offering 0 24,813,000
Issuance Costs on Preferred Stock Offering 0 (214,169)
Proceeds from Common Stock Offerings 21,112,500
Issuance Costs on Common Stock Offerings (1,874,485)
Net Change in Lines of Credit 0 (112,500)
Proceeds from Exercise of Stock Options 18,263 0
Net Cash Flows Provided by Financing Activities 19,240,153 25,544,909
Net Increase in Cash and Cash Equivalents 2,656,886 11,792,091
Cash and Cash Equivalents - Beginning of Period 11,877,058 84,967
Cash and Cash Equivalents - End of Period 14,533,944 11,877,058
Supplemental Disclosures    
Interest Paid in Cash 7,696 41,194
Common Stock and Warrants Issued for Services 174,026 936,937
Conversion of Term Debt and Accrued Interest into Common Stock 342,036 472,500
Reclassification of Derivative Liability to Paid-In Capital upon Waiver of Certain Anti-Dilutive Provisions of Warrants and Convertible Debt 0 11,543,354
Common Stock Issued for Services, Classified as Prepaid Expense Upon Issuance 190,500 0
Reclassification of Derivative Liability Upon Warrant Exercises 32,911 2,855,463
Receivable from Stock Option Exercise $ 14,820 $ 0

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