Financials

v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets    
Cash and Cash Equivalents $ 6,142,658 $ 10,606,091
Accounts Receivable, Net 376,570 1,371,913
Accrued Project Revenue 160,206 0
Note Receivable 250,000 250,000
Inventories, Net 5,668,376 5,707,867
Licenses, Net 527,249 0
Manufacturing Vendor Prepayments 474,518 242,539
Prepaid Expenses and Other Assets 707,286 895,098
Total Current Assets 14,306,863 19,073,508
Long-Term Assets    
Fixed Assets, Net 3,880,275 4,327,676
Operating Lease Right-of-Use Asset 1,964,984 2,096,190
Patents and Trademarks, Net 1,261,841 1,294,675
Licenses, Net 284,234 314,416
Intangible Asset, Net 888,000 990,000
Other Assets, Net 441,430 350,000
Total Assets 23,027,627 28,446,465
Current Liabilities    
Accounts Payable 1,297,924 1,062,785
Unearned Revenue 99,714 142,463
Accrued Expenses 555,021 885,897
Taxes Payable 21,200 18,687
Operating Lease Right-of-Use Liability 524,825 524,825
Total Current Liabilities 2,498,684 2,634,657
Long-Term Liabilities    
Operating Lease Right-of-Use Liability 1,440,159 1,571,365
Total Liabilities 3,938,843 4,206,022
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, 2020 and December 31, 2019. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shared Authorized; 33,128,620 Shares Issued and Outstanding as of March 31, 2020 and December 31, 2019. 33,128 33,128
Additional Paid-in Capital 169,160,041 168,950,076
Accumulated Deficit (150,104,435) (144,742,811)
Total Stockholders' Equity 19,088,784 24,240,443
Total Liabilities and Stockholders' Equity $ 23,027,627 $ 28,446,465

Source

v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Sales:    
Total Sales $ 1,531,715 $ 1,373,371
Cost of Sales:    
Total Cost of Sales 1,451,199 1,333,481
Gross Profit (exclusive of depreciation shown separately below) 80,516 39,890
Operating Expenses:    
Research and Development 2,023,058 2,516,100
Selling and Marketing 1,152,808 1,417,966
General and Administrative 1,537,820 1,896,402
Depreciation and Amortization 648,541 559,089
Impairment of Patents and Trademarks 57,532 0
Total Operating Expenses 5,419,759 6,389,557
Loss from Operations (5,339,243) (6,349,667)
Other Income (Expense):    
Investment Income 22,157 58,313
Other Taxes (17,686) (52,662)
Foreign Exchange Loss (26,852) (15,745)
Total Other Income (Expense) (22,381) (10,094)
Loss Before Provision for Income Taxes (5,361,624) (6,359,761)
Provision for Income Taxes 0 0
Net Loss (5,361,624) (6,359,761)
Preferred Stock Dividends (499,838) (465,765)
Loss Attributable to Common Stockholders $ (5,861,462) $ (6,825,526)
Basic and Diluted Loss per Share $ (0.18) $ (0.25)
Weighted-average Shares Outstanding - Basic and Diluted 33,128,620 27,595,767
Products Sold    
Sales:    
Total Sales $ 1,371,509 $ 1,373,371
Cost of Sales:    
Cost of Sales 1,426,038 $ 1,333,481
Sales of Engineering Services    
Sales:    
Total Sales 160,206  
Cost of Sales:    
Cost of Sales $ 25,161  

Source

v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net Loss $ (5,361,624) $ (6,359,761)
Non-Cash Adjustments    
Depreciation and Amortization 648,541 559,089
Amortization of Software Development Costs in Cost of Sales - Products 25,000 25,000
Stock-Based Compensation 282,201 489,754
Impairment of Patents and Trademarks 57,532  
(Increase) Decrease in Operating Assets    
Accounts Receivable 450,454 572,577
Accrued Project Revenue (160,206)  
Inventories 39,491 (828,424)
Vendor Prepayments (231,979) 368,658
Prepaid Expenses and Other Assets 187,812 437,947
Increase (Decrease) in Operating Liabilities    
Accounts Payable 235,139 (952,497)
Accrued Expenses (330,876) (171,068)
Customer Deposits   (77,747)
Unearned Revenue (42,749) 18,618
Income and Other Taxes Payable 2,513 43,497
Net Cash Flows Used in Operating Activities (4,198,751) (5,874,357)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (221,074) (724,565)
Investments in Patents and Trademarks   (41,475)
Investments in Licenses and Other Intangible Assets (43,608) (537,409)
Net Cash Used in Investing Activities (264,682) (1,303,449)
Net Increase (Decrease) in Cash and Cash Equivalents (4,463,433) (7,177,806)
Cash and Cash Equivalents - Beginning of Period 10,606,091 17,263,643
Cash and Cash Equivalents - End of Period 6,142,658 10,085,837
Supplemental Disclosures    
Investment in Other Intangible Assets included in Accrued Expenses   250,000
Unamortized Common Stock Expense included in Prepaid Expenses 295,725 463,154
Non-Cash Investment in Licenses and Other Intangible Assets 544,889  
Stock-Based Compensation Expense - Expensed less Previously Issued $ 72,236 $ 76,068

Source

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