Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and Cash Equivalents $ 10,085,837 $ 17,263,643
Accounts Receivable, Net 199,759 772,336
Inventories, Net 8,110,226 7,281,802
Manufacturing Vendor Prepayments 386,561 755,219
Prepaid Expenses and Other Assets 872,148 1,310,095
Total Current Assets 19,654,531 27,383,095
Long-Term Assets    
Fixed Assets, Net 4,517,169 4,291,690
Operating Lease Right-of-Use Assets, Net 860,277 0
Patents and Trademarks, Net 1,206,018 1,164,543
Software Development Costs, Net 175,000 200,000
Licenses, Net 406,849 437,120
Intangible Asset, net 1,296,000 1,398,000
Other Assets 296,600 259,192
Total Assets 28,412,444 35,133,640
Current Liabilities    
Accounts Payable 1,715,744 2,668,241
Operating Lease Right-of-Use Liabilities 533,289 0
Customer Deposits 74,615 152,362
Unearned Revenue 230,344 211,726
Accrued Expenses 943,010 1,614,078
Taxes Payable 77,554 30,258
Total Current Liabilities 3,574,556 4,676,665
Long-Term Liabilities    
Operating Lease Right-of-Use Liabilities 326,988 0
Total Liabilities 3,901,544 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 March 31, 2019 and December 31, 2018. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shared Authorized; 27,597,917 Shares Issued and Outstanding as of March 31, 2019 and 27,591,670 as of December 31, 2018. 27,598 27,591
Additional Paid-in Capital 149,109,454 148,695,775
Accumulated Deficit (124,626,202) (118,266,441)
Total Stockholders' Equity 24,510,900 30,456,975
Total Liabilities and Stockholders' Equity $ 28,412,444 $ 35,133,640

Source

v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Sales:    
Total Sales $ 1,373,371 $ 1,543,895
Cost of Sales:    
Total Cost of Sales 1,333,481 1,366,770
Gross Profit (exclusive of depreciation shown separately below) 39,890 177,125
Operating Expenses:    
Research and Development 2,516,100 2,055,787
Selling and Marketing 1,417,966 1,534,097
General and Administrative 1,896,402 1,665,229
Depreciation and Amortization 559,089 273,622
Total Operating Expenses 6,389,557 5,528,735
Loss from Operations (6,349,667) (5,351,610)
Other Income (Expense):    
Investment Income 58,313 0
Other Taxes (52,662) (28,542)
Foreign Exchange Loss (15,745) (4,418)
Gain on Derivative Valuation 0 28,133
Interest Expense 0 (9,213)
Total Other Expense (10,094) (14,040)
Loss Before Provision for Income Taxes (6,359,761) (5,365,650)
Provision for Income Taxes 0 0
Net Loss (6,359,761) (5,365,650)
Preferred Stock Dividends (465,765) (438,836)
Loss Attributable to Common Stockholders $ (6,825,526) $ (5,804,486)
Basic and Diluted Loss Attributable to Common Stockholders per Share $ (0.25) $ (0.22)
Weighted-average Shares Outstanding - Basic and Diluted 27,595,767 26,296,188
Sales of Products    
Sales:    
Total Sales $ 1,373,371 $ 1,363,379
Cost of Sales:    
Cost of Sales 1,333,481 1,182,215
Sales of Engineering Services    
Sales:    
Total Sales 0 180,516
Cost of Sales:    
Cost of Sales $ 0 $ 184,555

Source

v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities    
Net Loss $ (6,359,761) $ (5,365,650)
Non-Cash Adjustments    
Depreciation and Amortization 559,089 273,622
Amortization of Software Development Costs in Cost of Sales - Products 25,000 0
Stock-Based Compensation Expense 489,754 508,451
Loss (Gain) on Derivative Valuation 0 (28,133)
(Increase) Decrease in Operating Assets    
Accounts Receivable 572,577 (77,165)
Accrued Project Revenue 0 497,784
Inventories (828,424) (424,013)
Vendor Prepayments 368,658 28,658
Prepaid Expenses and Other Assets 437,947 277,615
Increase (Decrease) in Operating Liabilities    
Accounts Payable (952,497) (1,978,637)
Accrued Expenses (171,068) (211,052)
Customer Deposits (77,747) 137,178
Unearned Revenue 18,618 (26,100)
Income and Other Taxes Payable 43,497 19,251
Accrued Compensation 0 (92,000)
Accrued Interest 0 (10,787)
Net Cash Flows Used in Operating Activities (5,874,357) (6,470,978)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (724,565) (306,739)
Investments in Patents and Trademarks (41,475) (64,664)
Investments in Licenses and Other Intangible Assets (537,409) 0
Investments in Software Development 0 (43,750)
Net Cash Used in Investing Activities (1,303,449) (415,153)
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 Increase (Decrease) in Cash and Cash Equivalents (7,177,806) 21,178,244
Cash and Cash Equivalents - Beginning of Period 17,263,643 14,889,636
Cash and Cash Equivalents - End of Period 10,085,837 36,067,880
Supplemental Disclosures    
Interest Paid in Cash 0 19,999
Cumulative Revenue Adjustment - ASC 606 Adoption 0 81,724
Investment in Other Intangible Assets included in Accrued Expenses 250,000 0
Unamortized Common Stock Expense included in Prepaid Expenses 463,154 0
Operating Lease Right-of-Use Asset $ 860,277 $ 0

Source

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