Financials

v3.19.3
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current Assets    
Cash and Cash Equivalents $ 15,640,606 $ 17,263,643
Accounts Receivable, Net 965,389 772,336
Accrued Project Revenue 145,882 0
Inventories, Net 8,808,738 7,281,802
Manufacturing Vendor Prepayments 1,499,742 755,219
Prepaid Expenses and Other Assets 986,755 1,310,095
Total Current Assets 28,047,112 27,383,095
Long-Term Assets    
Fixed Assets, Net 4,598,307 4,291,690
Operating Lease Right-of-Use Asset 565,779 0
Patents and Trademarks, Net 1,259,103 1,164,543
Software Development Costs, Net 125,000 200,000
Licenses, Net 346,484 437,120
Intangible Asset, Net 1,092,000 1,398,000
Other Assets 316,271 259,192
Total Assets 36,350,056 35,133,640
Current Liabilities    
Accounts Payable 1,061,703 2,668,241
Operating Lease Right-of-Use Liability 533,289 0
Customer Deposits 0 152,362
Unearned Revenue 182,582 211,726
Accrued Expenses 878,290 1,614,078
Taxes Payable 68,815 30,258
Total Current Liabilities 2,724,679 4,676,665
Long-Term Liabilities    
Operating Lease Right-of-Use Liability 32,490 0
Total Liabilities 2,757,169 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 September 30, 2019 and December 31, 2018. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shared Authorized; 33,128,620 Shares Issued and Outstanding as of September 30, 2019 and 27,591,670 as of December 31, 2018. 33,128 27,591
Additional Paid-in Capital 168,718,535 148,695,775
Accumulated Deficit (135,158,826) (118,266,441)
Total Stockholders' Equity 33,592,887 30,456,975
Total Liabilities and Stockholders' Equity $ 36,350,056 $ 35,133,640

Source

v3.19.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Sales:        
Total Sales $ 1,158,882 $ 1,923,400 $ 4,718,115 $ 6,114,877
Cost of Sales:        
Total Cost of Sales 1,390,339 1,302,480 4,757,643 4,646,660
Gross Profit (Loss) (exclusive of depreciation shown separately below) (231,457) 620,920 (39,528) 1,468,217
Operating Expenses:        
Research and Development 2,336,778 2,468,449 6,840,006 7,158,356
Selling and Marketing 775,975 966,294 3,016,689 4,048,029
General and Administrative 1,548,927 1,666,596 5,248,919 5,579,500
Depreciation and Amortization 628,728 377,724 1,795,782 946,335
Impairment of Software Development Cost 0 196,223 0 196,223
Gain on Inventory Revaluation and Product Discontinuance 0 (211,416) 0 (211,416)
Total Operating Expenses 5,290,408 5,463,870 16,901,396 17,717,027
Loss from Operations (5,521,865) (4,842,950) (16,940,924) (16,248,810)
Other Income (Expense):        
Investment Income 92,004 71,089 183,056 111,075
Other Taxes (26,740) (17,809) (89,704) (47,667)
Foreign Exchange Loss (20,089) (26,963) (44,813) (36,615)
Loss on Asset Disposal 0 0 0 (56,836)
Gain (Loss) on Derivative Valuation 0 21,814 0 (13,873)
Interest Expense 0 (2,937) 0 (19,128)
Total Other Income (Expense), Net 45,175 45,194 48,539 (63,044)
Loss Before Provision for Income Taxes (5,476,690) (4,797,756) (16,892,385) (16,311,854)
Provision for Income Taxes 0 0 0 0
Net Loss (5,476,690) (4,797,756) (16,892,385) (16,311,854)
Preferred Stock Dividends (490,386) (462,034) (1,434,058) (1,351,147)
Loss Attributable to Common Stockholders $ (5,967,076) $ (5,259,790) $ (18,326,443) $ (17,663,001)
Basic and Diluted Loss per Share $ (0.18) $ (0.19) $ (0.62) $ (0.65)
Weighted-average Shares Outstanding - Basic and Diluted 32,968,952 27,504,626 29,411,545 27,046,913
Sales of Products        
Sales:        
Total Sales $ 1,059,207 $ 1,842,500 $ 4,267,494 $ 5,853,461
Cost of Sales:        
Cost of Sales 1,360,457 1,267,320 4,635,289 4,426,904
Sales of Engineering Services        
Sales:        
Total Sales 99,675 80,900 450,621 261,416
Cost of Sales:        
Cost of Sales $ 29,882 $ 35,160 $ 122,354 $ 219,756

Source

v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities    
Net Loss $ (16,892,385) $ (16,311,854)
Non-Cash Adjustments    
Depreciation and Amortization 1,795,782 946,335
Amortization of Software Development Costs in Cost of Sales - Products 75,000 75,000
Stock-Based Compensation 1,201,867 1,740,127
Loss on Disposal of Fixed Assets 0 56,836
Loss on Derivative Valuation 0 13,873
Impairment of Software Development Cost 0 196,223
Gain on Inventory Revaluation and Product Discontinuance 0 (211,416)
(Increase) Decrease in Operating Assets    
Accounts Receivable (193,053) (73,487)
Accrued Project Revenue (145,882) 497,784
Inventories (1,526,936) (2,950,276)
Vendor Prepayments (744,523) (358,997)
Prepaid Expenses and Other Assets 323,340 159,351
Increase (Decrease) in Operating Liabilities    
Accounts Payable (1,815,968) (1,718,578)
Accrued Expenses 14,212 (66,371)
Customer Deposits (152,362) 242,998
Unearned Revenue (29,144) 88,945
Income and Other Taxes Payable 38,557 26,779
Accrued Compensation 0 (327,469)
Accrued Interest 0 39,687
Net Cash Flows Used in Operating Activities (18,051,495) (17,934,510)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (1,436,242) (886,713)
Investments in Patents and Trademarks (183,228) (323,347)
Investments in Licenses and Other Intangible Assets (807,079) (250,000)
Investments in Software Development 0 (87,500)
Net Cash Used in Investing Activities (2,426,549) (1,547,560)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 0 39,375
Proceeds from Common Stock Offerings 20,000,007 30,000,000
Issuance Costs on Common Stock Offerings (1,145,000) (1,975,000)
Net Cash Flows from Financing Activities 18,855,007 28,064,375
Net Increase (Decrease) in Cash and Cash Equivalents (1,623,037) 8,582,305
Cash and Cash Equivalents - Beginning of Period 17,263,643 14,889,636
Cash and Cash Equivalents - End of Period 15,640,606 23,471,941
Supplemental Disclosures    
Amortized Common Stock Expense in Accrued Expenses 28,577 0
Cumulative Revenue Adjustment - ASC 606 Adoption $ 0 $ 81,724

Source

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