Financials

v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash and Cash Equivalents $ 13,229,182 $ 10,606,091
Accounts Receivable, Net 1,021,069 1,371,913
Accrued Project Revenue 175,005  
Note Receivable 250,000 250,000
Inventories, Net 6,256,333 5,707,867
Licenses 471,809  
Manufacturing Vendor Prepayments 617,330 242,539
Prepaid Expenses and Other Assets 902,540 895,098
Total Current Assets 22,923,268 19,073,508
Long-Term Assets    
Fixed Assets, Net 3,501,971 4,327,676
Operating Lease Right-of-Use Asset 1,726,700 2,096,190
Patents and Trademarks, Net 1,370,180 1,294,675
Licenses, Net 254,051 314,416
Intangible Asset, Net 775,910 990,000
Other Assets, Net 550,000 350,000
Total Assets 31,102,080 28,446,465
Current Liabilities    
Accounts Payable 832,584 1,062,785
Unearned Revenue 65,216 142,463
Accrued Expenses 762,926 885,897
Taxes Payable 24,601 18,687
Operating Lease Right-of-Use Liability 444,495 524,825
Current Portion of Debt 684,286  
Total Current Liabilities 2,814,108 2,634,657
Long-Term Liabilities    
Operating Lease Right-of-Use Liability 1,282,205 1,571,365
Long-Term Portion of Debt 871,614  
Total Long-Term Liabilities 2,153,819 1,571,365
Total Liabilities 4,967,927 4,206,022
Stockholders' Equity    
Preferred Stock - $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding as of June 30, 2020 and December 31, 2019. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shared Authorized; 39,004,106 and 33,128,620 Shares Issued and Outstanding as of June 30, 2020 and December 31, 2019. 39,004 33,128
Additional Paid-in Capital 180,438,200 168,950,076
Accumulated Deficit (154,343,101) (144,742,811)
Total Stockholders' Equity 26,134,153 24,240,443
Total Liabilities and Stockholders' Equity $ 31,102,080 $ 28,446,465

Source

v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Sales:        
Total Sales $ 3,036,843 $ 2,185,861 $ 4,568,559 $ 3,559,232
Cost of Sales:        
Total Cost of Sales 2,240,923 2,033,822 3,692,122 3,367,304
Gross Profit (exclusive of depreciation shown separately below) 795,920 152,039 876,437 191,928
Operating Expenses:        
Research and Development 1,796,268 1,987,129 3,819,326 4,503,228
Selling and Marketing 796,857 822,749 1,949,665 2,240,714
General and Administrative 1,799,958 1,803,590 3,337,778 3,699,992
Depreciation and Amortization 640,711 607,965 1,289,253 1,167,054
Impairment of Patents and Trademarks     57,532  
Total Operating Expenses 5,033,794 5,221,433 10,453,554 11,610,988
Loss from Operations (4,237,874) (5,069,394) (9,577,117) (11,419,060)
Other Income (Expense):        
Investment Income 7,089 32,739 29,246 91,052
Other Taxes (9,379) (10,301) (27,065) (62,963)
Foreign Exchange Gain (Loss) 1,498 (8,978) (25,354) (24,724)
Total Other Income (Expense) (792) 13,460 (23,173) 3,365
Loss Before Provision for Income Taxes (4,238,666) (5,055,934) (9,600,290) (11,415,695)
Net Loss (4,238,666) (5,055,934) (9,600,290) (11,415,695)
Preferred Stock Dividends (507,315) (477,907) (1,007,153) (943,672)
Loss Attributable to Common Stockholders $ (4,745,981) $ (5,533,841) $ (10,607,443) $ (12,359,367)
Basic and Diluted Loss per Share $ (0.13) $ (0.20) $ (0.31) $ (0.45)
Weighted-average Shares Outstanding - Basic and Diluted 36,341,616 27,602,014 34,735,118 27,598,909
Products Sold        
Sales:        
Total Sales $ 2,335,189 $ 1,834,915 $ 3,706,699 $ 3,208,286
Cost of Sales:        
Cost of Sales 2,122,329 1,941,350 3,548,367 3,274,832
Sales of Engineering Services        
Sales:        
Total Sales 701,654 350,946 861,860 350,946
Cost of Sales:        
Cost of Sales $ 118,594 $ 92,472 $ 143,755 $ 92,472

Source

v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net Loss $ (9,600,290) $ (11,415,695)
Non-Cash Adjustments    
Depreciation and Amortization 1,289,253 1,167,054
Amortization of Software Development Costs in Cost of Sales - Products 91,664 50,000
Stock-Based Compensation 941,933 872,250
Impairment of Patents and Trademarks 57,532  
(Increase) Decrease in Operating Assets    
Accounts Receivable (120,965) (251,810)
Accrued Project Revenue (175,005) (281,783)
Inventories (548,466) (1,146,421)
Vendor Prepayments (374,791) 239,558
Prepaid Expenses and Other Assets (7,442) 496,613
Increase (Decrease) in Operating Liabilities    
Accounts Payable (230,201) (1,080,970)
Accrued Expenses (122,971) (223,286)
Customer Deposits   (151,542)
Unearned Revenue (77,247) 17,479
Income and Other Taxes Payable 5,915 25,432
Net Cash Flows Used in Operating Activities (8,871,081) (11,683,121)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (253,174) (1,286,811)
Investments in Patents and Trademarks (140,863) (137,755)
Investments in Licenses and Other Intangible Assets (250,000) (796,226)
Net Cash Used in Investing Activities (644,037) (2,220,792)
Cash Flows from Financing Activities    
Net Proceeds from Sale of Equity 10,582,309  
Proceeds from Term Note 1,555,900  
Net Cash Flows from Financing Activities 12,138,209  
Net Increase (Decrease) in Cash and Cash Equivalents 2,623,091 (13,903,913)
Cash and Cash Equivalents - Beginning of Period 10,606,091 17,263,643
Cash and Cash Equivalents - End of Period 13,229,182 3,359,730
Supplemental Disclosures    
Unamortized Common Stock Expense included in Prepaid Expenses 223,496 $ 123,105
Non-Cash Investment in Licenses 471,809  
Stock-Based Compensation Expense - Expensed less Previously Issued $ 31,118  

Source

Sign up for email alerts

Be the first to receive breaking news