Financials

v3.19.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current Assets    
Cash and Cash Equivalents $ 3,359,730 $ 17,263,643
Accounts Receivable 1,024,146 772,336
Accrued Project Revenue 281,783 0
Inventories, Net 8,428,223 7,281,802
Manufacturing Vendor Prepayments 515,661 755,219
Prepaid Expenses and Other Assets 813,482 1,310,095
Total Current Assets 14,423,025 27,383,095
Long-Term Assets    
Fixed Assets, Net 4,614,642 4,291,690
Operating Lease Right-of-Use Asset 697,510 0
Patents and Trademarks, Net 1,244,251 1,164,543
Software Development Costs, Net 150,000 200,000
Licenses, Net 376,666 437,120
Intangible Asset, Net 1,194,000 1,398,000
Other Assets 305,418 259,192
Total Assets 23,005,512 35,133,640
Current Liabilities    
Accounts Payable 1,587,271 2,668,241
Operating Lease Liability 533,289 0
Customer Deposits 820 152,362
Unearned Revenue 229,205 211,726
Accrued Expenses 640,792 1,614,078
Taxes Payable 59,489 30,258
Total Current Liabilities 3,050,866 4,676,665
Long-Term Liabilities    
Operating Lease Liability 164,221 0
Total Liabilities 3,215,087 4,676,665
Stockholders' Equity    
Preferred Stock - $.001 Par Value, 5,000,000 Shares Authorized; 49,626 and 49,626 Shares Issued and Outstanding as of June 30, 2019 and December 31, 2018. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shared Authorized; 27,604,166 Shares Issued and Outstanding as of June 30, 2019 and 27,591,670 as of December 31, 2018. 27,604 27,591
Additional Paid-in Capital 149,444,907 148,695,775
Accumulated Deficit (129,682,136) (118,266,441)
Total Stockholders' Equity 19,790,425 30,456,975
Total Liabilities and Stockholders' Equity $ 23,005,512 $ 35,133,640

Source

v3.19.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Sales:        
Total Sales $ 2,185,861 $ 2,647,583 $ 3,559,232 $ 4,191,478
Cost of Sales:        
Total Cost of Sales 2,033,822 1,977,410 3,367,304 3,344,180
Gross Profit (exclusive of depreciation shown separately below) 152,039 670,173 191,928 847,298
Operating Expenses:        
Research and Development 1,987,129 2,564,119 4,503,228 4,619,910
Selling and Marketing 822,749 1,545,160 2,240,714 3,079,258
General and Administrative 1,803,590 2,320,151 3,699,992 3,985,381
Depreciation and Amortization 607,965 294,988 1,167,054 568,610
Total Operating Expenses 5,221,433 6,724,418 11,610,988 12,253,159
Loss from Operations (5,069,394) (6,054,245) (11,419,060) (11,405,861)
Other Income (Expense):        
Investment Income 32,739 39,986 91,052 39,986
Other Taxes (10,301) (1,316) (62,963) (29,858)
Foreign Exchange Loss (8,978) (5,235) (24,724) (9,652)
Loss on Asset Disposal 0 (56,836) 0 (56,836)
Loss on Derivative Valuation 0 (63,820) 0 (35,687)
Interest Expense 0 (6,977) 0 (16,190)
Total Other Income (Expense) 13,460 (94,198) 3,365 (108,237)
Loss Before Provision for Income Taxes (5,055,934) (6,148,443) (11,415,695) (11,514,098)
Provision for Income Taxes 0 0 0 0
Net Loss (5,055,934) (6,148,443) (11,415,695) (11,514,098)
Preferred Stock Dividends (477,907) (450,276) (943,672) (889,112)
Loss Attributable to Common Stockholders $ (5,533,841) $ (6,598,719) $ (12,359,367) $ (12,403,210)
Basic and Diluted Loss per Share $ (0.20) $ (0.24) $ (0.45) $ (0.46)
Weighted-average Shares Outstanding - Basic and Diluted 27,602,014 27,326,649 27,598,909 26,814,264
Sales of Products        
Sales:        
Total Sales $ 1,834,915 $ 2,647,583 $ 3,208,286 $ 4,010,962
Cost of Sales:        
Cost of Sales 1,941,350 1,977,410 3,274,832 3,159,584
Sales of Engineering Services        
Sales:        
Total Sales 350,946 0 350,946 180,516
Cost of Sales:        
Cost of Sales $ 92,472 $ 0 $ 92,472 $ 184,596

Source

v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities    
Net Loss $ (11,415,695) $ (11,514,098)
Non-Cash Adjustments    
Depreciation and Amortization 1,167,054 568,610
Amortization of Software Development Costs in Cost of Sales - Products 50,000 0
Stock-Based Compensation 872,250 932,687
Loss on Disposal of Fixed Assets 0 56,836
Loss on Derivative Valuation 0 35,687
(Increase) Decrease in Operating Assets    
Accounts Receivable (251,810) (1,070,354)
Accrued Project Revenue (281,783) 497,784
Inventories (1,146,421) (1,421,603)
Vendor Prepayments 239,558 (259,714)
Prepaid Expenses and Other Assets 496,613 104,873
Increase (Decrease) in Operating Liabilities    
Accounts Payable (1,080,970) (1,106,884)
Accrued Expenses (223,286) (217,682)
Customer Deposits (151,542) 155,919
Unearned Revenue 17,479 43,217
Income and Other Taxes Payable 25,432 17,468
Accrued Compensation 0 511,365
Accrued Interest 0 (87,875)
Net Cash Flows Used in Operating Activities (11,683,121) (12,753,764)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (1,286,811) (603,441)
Investments in Patents and Trademarks (137,755) (108,480)
Investments in Licenses and Other Intangible Assets (796,226) (250,000)
Investments in Software Development 0 (87,500)
Net Cash Used in Investing Activities (2,220,792) (1,049,421)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 0 39,375
Proceeds from Common Stock Offerings 0 30,000,000
Issuance Costs on Common Stock Offerings 0 (1,975,000)
Net Cash Flows from Financing Activities 0 28,064,375
Net (Decrease) Increase in Cash and Cash Equivalents (13,903,913) 14,261,190
Cash and Cash Equivalents - Beginning of Period 17,263,643 14,889,636
Cash and Cash Equivalents - End of Period 3,359,730 29,150,826
Supplemental Disclosures    
Amortized Common Stock Expense and Vested Common Stock Issued 123,105 0
Cumulative Revenue Adjustment - ASC 606 Adoption $ 0 $ 81,724

Source

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