Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets    
Cash and Cash Equivalents $ 29,150,826 $ 14,889,636
Accounts Receivable, Net 2,044,526 974,172
Accrued Project Revenue 0 497,784
Inventories, Net 5,273,920 3,852,317
Manufacturing Vendor Prepayments 414,431 154,717
Prepaid Expenses 790,635 873,947
Total Current Assets 37,674,338 21,242,573
Long-Term Assets    
Fixed Assets, Net 4,145,514 4,124,466
Patents and Trademarks, Net 879,206 813,774
Software Development Costs, Net 496,223 408,723
Other Assets, Net 472,154 243,717
Total Assets 43,667,435 26,833,253
Current Liabilities    
Accounts Payable 2,619,172 3,726,056
Customer Deposits 229,381 73,462
Unearned Revenue 69,318 107,824
Accrued Expenses 1,595,579 1,389,771
Derivative Liability 172,269 152,927
Income and Other Taxes Payable 20,967 3,500
Total Current Liabilities 4,706,686 5,453,540
Total Liabilities 4,706,686 5,453,540
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, 2018 and December 31, 2017. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shared Authorized; 27,337,210 Shares Issued and Outstanding as of June 30, 2018 and 24,276,275 as of December 31, 2017. 27,337 24,276
Additional Paid-in Capital 146,838,188 117,827,839
Accumulated Deficit (107,904,826) (96,472,452)
Total Stockholders' Equity 38,960,749 21,379,713
Total Liabilities and Stockholders' Equity $ 43,667,435 $ 26,833,253

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Sales:        
Total Sales $ 2,647,583 $ 1,325,261 $ 4,191,478 $ 2,535,924
Cost of Sales:        
Total Cost of Sales 1,977,410 1,754,748 3,344,180 2,816,651
Gross Profit (Loss) (exclusive of depreciation shown separately below) 670,173 (429,487) 847,298 (280,727)
Operating Expenses:        
Research and Development 2,564,119 1,198,940 4,619,910 2,867,748
Selling and Marketing 1,545,160 800,329 3,079,258 1,831,328
General and Administrative 2,320,151 1,308,234 3,985,381 2,543,417
Depreciation and Amortization 294,988 242,979 568,610 482,809
Total Operating Expenses 6,724,418 3,550,482 12,253,159 7,725,302
Loss from Operations (6,054,245) (3,979,969) (11,405,861) (8,006,029)
Other Income (Expense)        
Investment Income 39,986 14,944 39,986 32,844
Other Taxes (1,316) (11,600) (29,858) (22,150)
Foreign Exchange Loss (5,235) (26,151) (9,652) (25,053)
Loss on Asset Disposal (56,836) 0 (56,836) 0
(Loss) Gain on Derivative Valuation (63,820) (13,416) (35,687) 9,144
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 (29,616) 0 (175,260)
Interest Expense (6,977) (24,291) (16,190) (65,258)
Total Other Income (Expense) (94,198) (90,130) (108,237) (245,733)
Loss Before Provision for Income Taxes (6,148,443) (4,070,099) (11,514,098) (8,251,762)
Provision for Income Taxes 0 0 0 0
Net Loss (6,148,443) (4,070,099) (11,514,098) (8,251,762)
Preferred Stock Dividends (450,276) (424,243) (889,112) (837,708)
Loss Attributable to Common Stockholders $ (6,598,719) $ (4,494,342) $ (12,403,210) $ (9,089,470)
Basic and Diluted Loss per Share $ (0.24) $ (0.22) $ (0.46) $ (0.45)
Weighted-average Shares Outstanding - Basic and Diluted 27,326,649 20,446,824 26,814,264 20,082,633
Products [Member]        
Sales:        
Sales $ 2,647,583 $ 904,947 $ 4,010,962 $ 1,864,330
Cost of Sales:        
Cost of Sales 1,977,410 1,397,831 3,159,584 2,351,734
Engineering Services [Member]        
Sales:        
Sales 0 420,314 180,516 671,594
Cost of Sales:        
Cost of Sales $ 0 $ 356,917 $ 184,596 $ 464,917

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities    
Net Loss $ (11,514,098) $ (8,251,762)
Non-Cash Adjustments    
Depreciation and Amortization 568,610 482,809
Amortization of Software Development Costs in Cost of Sales - Products 0 143,225
Stock-Based Compensation Expense 1,182,687 486,602
Common Stock Issued for Services 100,000 100,000
Loss on Disposal of Fixed Assets 56,836 0
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 175,260
Loss (Gain) on Derivative Valuation 35,687 (9,144)
(Increase) Decrease in Operating Assets    
Accounts Receivable (1,070,354) (39,216)
Accrued Project Revenue 497,784 (420,314)
Inventories (1,421,603) (755,923)
Manufacturing Vendor Prepayments (259,714) (61,980)
Prepaid Expenses and Other Assets 104,873 279,898
Increase (Decrease) in Operating Liabilities    
Accounts Payable (1,106,884) 723,632
Accrued Expenses (217,682) 56,711
Customer Deposits 155,919 (18,753)
Unearned Revenue 43,217 (370,534)
Income and Other Taxes Payable 17,468 (9,695)
Accrued Compensation 161,365 (124,918)
Accrued Interest (87,875) 65,260
Net Cash Flows Used in Operating Activities (12,753,764) (7,548,842)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (603,441) (662,993)
Investments in Licenses, Patents and Trademarks (108,480) (92,767)
Investments in Other Assets (250,000) 0
Investments in Software Development (87,500) (100,000)
Net Cash Used in Investing Activities (1,049,421) (855,760)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 39,375 0
Proceeds from Common Stock Offerings 30,000,000 0
Issuance Costs on Common Stock Offerings (1,975,000) 0
Net Cash Flows from Financing Activities 28,064,375 0
Net Increase (Decrease) in Cash and Cash Equivalents 14,261,190 (8,404,602)
Cash and Cash Equivalents - Beginning of Period 14,889,636 14,533,944
Cash and Cash Equivalents - End of Period 29,150,826 6,129,342
Supplemental Disclosures    
Interest Paid in Cash 104,065 39
Conversion of Term Debt and Accrued Interest into Common Stock 0 1,861,283
Reclassification of Derivative Liability Upon Warrant Exercise 16,345 0
Cumulative Revenue Adjustment - ASC 606 Adoption 81,724 0
Accrued Stock-Based Compensation Expense — Not Issued $ 350,000 $ 0

Source

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