Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and Cash Equivalents $ 36,067,880 $ 14,889,636
Accounts Receivable, Net 1,051,337 974,172
Accrued Project Revenue 0 497,784
Inventories, Net 4,276,330 3,852,317
Manufacturing Vendor Prepayments 126,059 154,717
Prepaid Expenses and Other Assets 512,581 873,947
Total Current Assets 42,034,187 21,242,573
Long-Term Assets    
Fixed Assets, Net 4,178,799 4,124,466
Patents and Trademarks, Net 854,451 813,774
Software Development Costs, Net 452,473 408,723
Licenses, Net 246,488 243,717
Total Assets 47,766,398 26,833,253
Current Liabilities    
Accounts Payable 1,747,419 3,726,056
Customer Deposits 210,640 73,462
Unearned Revenue 0 107,824
Accrued Expenses 1,075,932 1,389,771
Derivative Liability 124,794 152,927
Income and Other Taxes Payable 22,751 3,500
Total Current Liabilities 3,181,536 5,453,540
Long-Term Liabilities    
Total Liabilities 3,181,536 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 March 31, 2018 and December 31, 2017. 50 50
Common Stock - $.001 Par Value, 100,000,000 Shares Authorized; 27,307,455 Shares Issued and Outstanding as of March 31, 2018 and 24,276,275 as of December 31, 2017. 27,307 24,276
Additional Paid-in Capital 146,313,883 117,827,839
Accumulated Deficit (101,756,378) (96,472,452)
Total Stockholders’ Equity 44,584,862 21,379,713
Total Liabilities and Stockholders’ Equity $ 47,766,398 $ 26,833,253

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Sales:    
Sales of Products $ 1,363,379 $ 959,383
Sales of Engineering Services 180,516 251,280
Total Sales 1,543,895 1,210,663
Cost of Sales:    
Cost of Sales - Products 1,182,215 953,903
Cost of Sales - Engineering Services 184,555 108,000
Total Cost of Sales 1,366,770 1,061,903
Gross Profit (exclusive of depreciation shown separately below) 177,125 148,760
Operating Expenses:    
Research and Development 2,055,787 1,668,956
Selling and Marketing 1,534,097 1,030,999
General and Administrative 1,665,229 1,235,183
Depreciation and Amortization 273,622 239,830
Total Operating Expenses: 5,528,735 4,174,968
Loss from Operations (5,351,610) (4,026,208)
Other Income (Expense)    
Investment Income 0 17,900
Other Taxes (28,542) (10,550)
Foreign Exchange (Loss) Gain (4,418) 1,097
Gain on Derivative Valuation 28,133 22,560
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 (145,645)
Interest Expense (9,213) (40,966)
Total Other Income (Expense) (14,040) (155,604)
Loss Before Provision for Income Taxes (5,365,650) (4,181,812)
Provision for Income Taxes 0 0
Net Loss (5,365,650) (4,181,812)
Preferred Stock Dividends (438,836) (413,464)
Loss Attributable to Common Stockholders $ (5,804,486) $ (4,595,276)
Basic and Diluted Loss per Share $ (0.22) $ (0.23)
Weighted-average Shares Outstanding - Basic and Diluted 26,296,188 19,714,396

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net Loss $ (5,365,650) $ (4,181,812)
Non-Cash Adjustments    
Depreciation and Amortization 273,622 239,830
Amortization of Software Development Costs in Cost of Sales - Products 0 71,613
Stock-Based Option Compensation Expense 424,700 210,074
Common Stock Issued for Services 83,751 0
Amortization of Term Debt Discount and Deferred Issuance Costs 0 145,645
Gain on Derivative Valuation (28,133) (22,560)
(Increase) Decrease in Operating Assets    
Accounts Receivable (77,165) (217,261)
Accrued Project Revenue 497,784 0
Inventories (424,013) (69,614)
Vendor Prepayments 28,658 (68,111)
Prepaid Expenses and Other Assets 277,615 246,687
Increase (Decrease) in Operating Liabilities    
Accounts Payable (1,978,637) (82,323)
Accrued Expense (211,052) 49,262
Customer Deposits 137,178 42,123
Unearned Revenue (26,100) (211,399)
Income and Other Taxes Payable 19,251 (1,169)
Accrued Compensation (92,000) (25,110)
Accrued Interest (10,787) 40,926
Net Cash Flows Used in Operating Activities (6,470,978) (3,833,199)
Cash Flows from Investing Activities    
Purchases of Fixed Assets (306,739) (262,774)
Investments in Licenses, Patents and Trademarks (64,664) (42,315)
Investments in Software Development (43,750) 0
Net Cash Used in Investing Activities (415,153) (305,089)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 39,375 0
Proceeds from Common Stock Offerings 30,000,000 0
Issuance Costs from Common Stock Offerings (1,975,000) 0
Net Cash Flows Provided by Financing Activities 28,064,375 0
Net Increase (Decrease) in Cash and Cash Equivalents 21,178,244 (4,138,288)
Cash and Cash Equivalents - Beginning of Period 14,889,636 14,533,944
Cash and Cash Equivalents - End of Period 36,067,880 10,395,656
Supplemental Disclosures    
Interest Paid in Cash 19,999 10,690
Conversion of Term Debt and Accrued Interest into Common Stock 0 1,197,341
Receivable from Stock Option Exercise 0 14,820
Cumulative Revenue Adjustment - ASC 606 Adoption $ 81,724 $ 0

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