Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and Cash Equivalents $ 17,263,643 $ 14,889,636
Accounts Receivable, Net 772,336 974,172
Accrued Project Revenue 0 497,784
Inventories, Net 7,281,802 3,852,317
Manufacturing Vendor Prepayments 755,219 154,717
Prepaid Expenses and Other Assets 1,310,095 873,947
Total Current Assets 27,383,095 21,242,573
Long-Term Assets    
Fixed Assets, Net 4,291,690 4,124,466
Patents and Trademarks, Net 1,164,543 813,774
Software Development Costs, Net 200,000 408,723
Licenses, Net 437,120 243,717
Intangible Asset, Net 1,398,000 0
Other Assets 259,192 0
Total Assets 35,133,640 26,833,253
Current Liabilities    
Accounts Payable 2,668,241 3,726,056
Customer Deposits 152,362 73,462
Unearned Revenue 211,726 107,824
Accrued Expenses 1,614,078 1,389,771
Derivative Liability 0 152,927
Taxes Payable 30,258 3,500
Total Current Liabilities 4,676,665 5,453,540
Total Liabilities 4,676,665 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 December 31, 2018 and December 31, 2017. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shared Authorized; 27,591,670 Shares Issued and Outstanding as of December 31, 2018 and 24,276,275 as of December 31, 2017. 27,591 24,276
Additional Paid-in Capital 148,695,775 117,827,839
Accumulated Deficit (118,266,441) (96,472,452)
Total Stockholders' Equity 30,456,975 21,379,713
Total Liabilities and Stockholders' Equity $ 35,133,640 $ 26,833,253

Source

v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Sales:      
Total Sales $ 8,094,368 $ 5,537,753 $ 2,127,378
Cost of Sales:      
Total Cost of Sales 6,326,086 6,214,351 3,290,966
Gross Profit (Loss) (exclusive of depreciation shown separately below) 1,768,282 (676,598) (1,163,588)
Operating Expenses:      
Research and Development 10,378,728 6,706,690 6,947,878
Selling and Marketing 4,822,639 3,694,913 3,394,580
General and Administrative 6,973,238 6,126,335 5,114,139
Depreciation and Amortization 1,469,664 998,528 770,668
Impairment of Software Development Cost 196,223 0 0
(Gain) Loss on Inventory Revaluation and Product Discontinuance (211,416) 1,151,482 1,124,401
Impairment of Patents and Trademarks 0 0 20,506
Total Operating Expenses 23,629,076 18,677,948 17,372,172
Loss from Operations (21,860,794) (19,354,546) (18,535,760)
Other Income (Expense):      
Investment Income 191,755 58,530 26,693
Other Taxes (57,917) (28,363) (52,271)
Foreign Exchange Loss (60,380) (65,248) (33,079)
Loss on asset disposal (55,172) (585) (25,890)
(Loss) Gain on Derivative Valuation (13,873) 20,204 34,744
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 (175,260) (533,430)
Interest Expense (19,332) (88,234) (131,089)
Total Other Income (Expense) (14,919) (278,956) (714,322)
Loss Before Provision for Income Taxes (21,875,713) (19,633,502) (19,250,082)
Provision for Income Taxes 0 0 0
Net Loss (21,875,713) (19,633,502) (19,250,082)
Preferred Stock Dividends (1,820,168) (1,714,934) (1,620,048)
Loss Attributable to Common Stockholders $ (23,695,881) $ (21,348,436) $ (20,870,130)
Basic and Diluted Loss per Share $ (0.87) $ (1.02) $ (1.23)
Weighted-average Shares Outstanding - Basic and Diluted 27,182,560 21,013,907 16,908,544
Product [Member]      
Sales:      
Total Sales $ 7,692,102 $ 4,548,689 $ 1,987,878
Cost of Sales:      
Cost of Sales 6,072,476 5,269,900 3,251,906
Engineering Services [Member]      
Sales:      
Total Sales 402,266 989,064 139,500
Cost of Sales:      
Cost of Sales $ 253,610 $ 944,451 $ 39,060

Source

v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities      
Net Loss $ (21,875,713) $ (19,633,502) $ (19,250,082)
Non-Cash Adjustments      
Depreciation and Amortization 1,469,664 998,528 770,668
Amortization of Software Development Costs in Cost of Sales - Products 100,000 214,838 286,450
Impairment of Patents and Trademarks 0 0 20,506
Stock-Based Compensation Expense 1,788,587 1,355,522 756,928
Common Stock Awards Compensation Expense 408,894 267,750 146,050
Common Stock Issued for Services 75,000 228,750 174,026
Loss on Disposal of Fixed Assets 55,172 585 25,890
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 175,260 533,430
Loss (Gain) on Derivative Valuation 13,873 (20,204) (34,744)
Impairment of Software Development Cost 196,223 0 0
(Gain) Loss on Inventory Revaluation and Product Discontinuance (211,416) 1,151,482 1,124,401
(Increase) Decrease in Operating Assets      
Accounts Receivable 201,836 (870,858) 222,380
Accrued Project Revenue 497,784 (497,784) 0
Inventories (3,429,485) (2,352,581) (426,521)
Vendor Prepayments (600,502) (10,549) 225,243
Prepaid Expenses and Other Assets (69,959) (9,288) (78,389)
Increase (Decrease) in Operating Liabilities      
Accounts Payable (846,399) 2,640,584 178,037
Accrued Expenses (26,789) 554,832 31,909
Customer Deposits 78,900 7,300 38,315
Unearned Revenue 103,902 (401,748) 440,091
Taxes Payable 26,758 (8,790) 5,217
Accrued Compensation (327,469) (321,250) 290,000
Accrued Interest (171,435) 65,417 123,231
Net Cash Flows Used in Operating Activities (22,542,574) (16,465,706) (14,396,964)
Cash Flows from Investing Activities      
Purchase of Fixed Assets (1,365,388) (1,681,258) (2,039,299)
Investments in Patents and Trademarks (444,906) (599,444) (147,004)
Investments in Licenses and Other Intangible Assets (1,250,000) 0 0
Investments in Software Development (87,500) (408,723) 0
Net Cash Used in Investing Activities (3,147,794) (2,689,425) (2,186,303)
Cash Flows from Financing Activities      
Proceeds from Exercise of Warrants 39,375 0 60,750
Repayment of Long-Term Debt and Notes Payable 0 0 (76,875)
Proceeds from Common Stock Offerings 30,000,000 21,128,502 21,112,500
Issuance Costs on Common Stock Offerings (1,975,000) (1,617,679) (1,874,485)
Proceeds from Exercise of Stock Options 0 0 18,263
Net Cash Flows from Financing Activities 28,064,375 19,510,823 19,240,153
Net Increase in Cash and Cash Equivalents 2,374,007 355,692 2,656,886
Cash and Cash Equivalents - Beginning of Year 14,889,636 14,533,944 11,877,058
Cash and Cash Equivalents - End of Year 17,263,643 14,889,636 14,533,944
Supplemental Disclosures      
Interest Paid in Cash 19,128 22,814 7,696
Non-cash Investing and Financing Activities      
Common Stock Issued for Services included in Prepaid Expenses 25,000 0 0
Investment in Other Intangible Assets included in Accrued Expenses 750,000 0 0
Conversion of Term Debt and Accrued Interest into Common Stock 0 1,861,283 342,036
Reclassification of Derivative Liability Upon Warrant Exercise 166,800 0 32,911
Receivable from Stock Option Exercise 0 0 14,820
Unamortized Common Stock Expense included in Prepaid Expenses 510,706 0 0
Cumulative Revenue Adjustment - ASC 606 Adoption 81,724 0 0
Accrued Stock-Based Compensation Expense - Not Vested $ 168,109 $ 0 $ 0

Source

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