Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash and Cash Equivalents $ 23,471,941 $ 14,889,636
Accounts Receivable, Net 1,047,659 974,172
Accrued Project Revenue 0 497,784
Inventories, Net 6,802,593 3,852,317
Manufacturing Vendor Prepayments 513,714 154,717
Prepaid Expenses and Other Assets 1,501,951 873,947
Total Current Assets 33,337,858 21,242,573
Long-Term Assets    
Fixed Assets, Net 4,075,176 4,124,466
Patents and Trademarks, Net 1,069,954 813,774
Software Development Costs, Net 225,000 408,723
Other Assets 469,316 243,717
Total Assets 39,177,304 26,833,253
Current Liabilities    
Accounts Payable 1,796,062 3,726,056
Customer Deposits 316,460 73,462
Unearned Revenue 196,769 107,824
Accrued Expenses 1,242,620 1,389,771
Derivative Liability 0 152,927
Income and Other Taxes Payable 30,280 3,500
Total Current Liabilities 3,582,191 5,453,540
Total Liabilities 3,582,191 5,453,540
Stockholders' Equity    
Preferred Stock - $0.001 Par Value, 5,000,000 Shares Authorized; 49,626 and 49,626 Shares Issued and Outstanding as of September 30, 2018 and December 31, 2017 50 50
Common Stock - $0.001 Par Value, 100,000,000 Shared Authorized; 27,564,509 Shares Issued and Outstanding as of September 30, 2018 and 24,276,275 as of December 31, 2017. 27,564 24,276
Additional Paid-in Capital 148,270,081 117,827,839
Accumulated Deficit (112,702,582) (96,472,452)
Total Stockholders' Equity 35,595,113 21,379,713
Total Liabilities and Stockholders' Equity $ 39,177,304 $ 26,833,253

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Sales:        
Total Sales $ 1,923,400 $ 1,405,100 $ 6,114,877 $ 3,941,025
Cost of Sales:        
Total Cost of Sales 1,302,480 1,497,101 4,646,660 4,313,787
Gross Profit (Loss) (exclusive of depreciation shown separately below) 620,920 (92,001) 1,468,217 (372,762)
Operating Expenses:        
Research and Development 2,468,449 1,506,307 7,158,356 4,374,202
Selling and Marketing 966,294 908,797 4,048,029 2,739,978
General and Administrative 1,666,596 1,612,542 5,579,500 4,155,960
Depreciation and Amortization 377,724 251,366 946,335 734,175
Impairment of Software Development Cost 196,223 0 196,223 0
(Gain) Loss on Inventory Revaluation and Product Discontinuance (211,416) 1,151,482 (211,416) 1,151,482
Total Operating Expenses 5,463,870 5,430,494 17,717,027 13,155,797
Loss from Operations (4,842,950) (5,522,495) (16,248,810) (13,528,559)
Other Income (Expense):        
Investment Income 71,089 12,956 111,075 45,800
Other Taxes (17,809) (15,734) (47,667) (37,884)
Foreign Exchange Loss (26,963) (5,246) (36,615) (30,299)
Loss on asset disposal 0 (585) (56,836) (585)
Gain (Loss) on Derivative Valuation 21,814 41,454 (13,873) 50,598
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 0 0 (175,260)
Interest Expense (2,937) (12,592) (19,128) (77,849)
Total Other Income (Expense) 45,194 20,253 (63,044) (225,479)
Loss Before Provision for Income Taxes (4,797,756) (5,502,242) (16,311,854) (13,754,038)
Provision for Income Taxes 0 0 0 0
Net Loss (4,797,756) (5,502,242) (16,311,854) (13,754,038)
Preferred Stock Dividends (462,034) (435,321) (1,351,147) (1,273,029)
Loss Attributable to Common Stockholders $ (5,259,790) $ (5,937,563) $ (17,663,001) $ (15,027,067)
Basic and Diluted Loss per Share $ (0.19) $ (0.28) $ (0.65) $ (0.73)
Weighted-average Shares Outstanding - Basic and Diluted 27,504,626 21,366,712 27,046,913 20,515,363
Products [Member]        
Sales:        
Sales $ 1,842,500 $ 1,138,413 $ 5,853,461 $ 3,002,744
Cost of Sales:        
Cost of Sales 1,267,320 1,089,881 4,426,904 3,441,650
Engineering Services [Member]        
Sales:        
Sales 80,900 266,687 261,416 938,281
Cost of Sales:        
Cost of Sales $ 35,160 $ 407,220 $ 219,756 $ 872,137

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities    
Net Loss $ (16,311,854) $ (13,754,038)
Non-Cash Adjustments    
Depreciation and Amortization 946,335 734,175
Amortization of Software Development Costs in Cost of Sales - Products 75,000 214,838
Stock-Based Compensation Expense 1,473,383 912,102
Common Stock Awards Compensation Expense 216,744 83,750
Common Stock Issued for Services 50,000 100,000
Loss on Disposal of Fixed Assets 56,836 585
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 175,260
Loss (Gain) on Derivative Valuation 13,873 (50,598)
Impairment of Software Development Cost 196,223 0
(Gain) Loss on Inventory Revaluation and Product Discontinuance (211,416) 1,151,482
(Increase) Decrease in Operating Assets    
Accounts Receivable (73,487) (367,170)
Accrued Project Revenue 497,784 (687,001)
Inventories (2,950,276) (1,342,855)
Vendor Prepayments (358,997) 26,644
Prepaid Expenses and Other Assets 159,351 285,980
Increase (Decrease) in Operating Liabilities    
Accounts Payable (1,718,578) 734,478
Accrued Expenses (66,371) 253,398
Customer Deposits 242,998 (2,573)
Unearned Revenue 88,945 (392,242)
Income and Other Taxes Payable 26,779 (5,626)
Accrued Compensation (327,469) (240,110)
Accrued Interest 39,687 77,537
Net Cash Flows Used in Operating Activities (17,934,510) (12,091,984)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (886,713) (1,197,452)
Investments in Licenses, Patents and Trademarks (323,347) (155,284)
Investments in Other Assets (250,000) 0
Investments in Software Development (87,500) (329,204)
Net Cash Used in Investing Activities (1,547,560) (1,681,940)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 39,375 0
Proceeds from Common Stock Offerings 30,000,000 8,567,500
Issuance Costs on Common Stock Offerings (1,975,000) (650,179)
Net Cash Flows from Financing Activities 28,064,375 7,917,321
Net Increase (Decrease) in Cash and Cash Equivalents 8,582,305 (5,856,603)
Cash and Cash Equivalents - Beginning of Period 14,889,636 14,533,944
Cash and Cash Equivalents - End of Period 23,471,941 8,677,341
Supplemental Disclosures    
Interest Paid in Cash 104,105 310
Conversion of Term Debt and Accrued Interest into Common Stock 0 1,861,283
Subscription Receivable from Officer 0 61,000
Reclassification of Derivative Liability Upon Exercise of Warrants 166,800 0
Unamortized Stock Compensation Expense included in Prepaid Expenses 740,000 301,250
Cumulative Revenue Adjustment - ASC 606 Adoption 81,724 0
Accrued Stock-Based Compensation Expense - Not Vested $ 313,129 $ 0

Source

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