Financials

v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and Cash Equivalents $ 10,606,091 $ 17,263,643
Accounts Receivable, Net 1,371,913 772,336
Note Receivable 250,000  
Inventories, Net 5,707,867 7,281,802
Manufacturing Vendor Prepayments 242,539 755,219
Prepaid Expenses and Other Assets 895,098 1,310,095
Total Current Assets 19,073,508 27,383,095
Long-Term Assets    
Fixed Assets, Net 4,327,676 4,291,690
Operating Lease Right-of-Use Asset 2,096,190  
Patents and Trademarks, Net 1,294,675 1,164,543
Licenses, Net 314,416 437,120
Intangible Asset, Net 990,000 1,398,000
Other Assets 350,000 459,192
Total Assets 28,446,465 35,133,640
Current Liabilities    
Accounts Payable 1,062,785 2,668,241
Customer Deposits   152,362
Unearned Revenue 142,463 211,726
Accrued Expenses 885,897 1,614,078
Taxes Payable 18,687 30,258
Operating Lease Right-of-Use Liability 524,825  
Total Current Liabilities 2,634,657 4,676,665
Long-Term Liabilities    
Operating Lease Right-of-Use Liability 1,571,365  
Total Liabilities 4,206,022 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 December 31, 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 December 31, 2019 and 27,591,670 as of December 31, 2018. 33,128 27,591
Additional Paid-in Capital 168,950,076 148,695,775
Accumulated Deficit (144,742,811) (118,266,441)
Total Stockholders' Equity 24,240,443 30,456,975
Total Liabilities and Stockholders' Equity $ 28,446,465 $ 35,133,640

Source

v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Sales:      
Total Sales $ 6,670,604 $ 8,094,368 $ 5,537,753
Cost of Sales:      
Total Cost of Sales 11,078,725 6,326,086 6,214,351
Gross Profit (Loss) (exclusive of depreciation shown separately below) (4,408,121) 1,768,282 (676,598)
Operating Expenses:      
Research and Development 8,900,837 10,378,728 6,706,690
Selling and Marketing 4,215,611 4,822,639 3,694,913
General and Administrative 6,600,092 6,973,238 6,126,335
Depreciation and Amortization 2,441,581 1,469,664 998,528
Impairment of Software Development Cost   196,223 0
Loss (Gain) on Inventory Revaluation and Product Discontinuance   (211,416) 1,151,482
Total Operating Expenses 22,158,121 23,629,076 18,677,948
Loss from Operations (26,566,242) (21,860,794) (19,354,546)
Other Income (Expense):      
Investment Income 252,416 191,755 58,530
Other Taxes (110,269) (57,917) (28,363)
Foreign Exchange Loss (52,275) (60,380) (65,248)
Loss on Asset Disposal   (55,172) (585)
Gain (Loss) on Derivative Valuation   (13,873) 20,204
Amortization of Term Debt Discounts and Deferred Issuance Costs   0 (175,260)
Interest Expense   (19,332) (88,234)
Total Other Income (Expense), Net 89,872 (14,919) (278,956)
Loss Before Provision for Income Taxes (26,476,370) (21,875,713) (19,633,502)
Provision for Income Taxes   0 0
Net Loss (26,476,370) (21,875,713) (19,633,502)
Preferred Stock Dividends (1,931,860) (1,820,168) (1,714,934)
Loss Attributable to Common Stockholders $ (28,408,230) $ (23,695,881) $ (21,348,436)
Basic and Diluted Loss per Share $ (0.94) $ (0.87) $ (1.02)
Weighted-average Shares Outstanding - Basic and Diluted 30,348,452 27,182,560 21,013,907
Products Sold      
Sales:      
Total Sales $ 5,997,453 $ 7,692,102 $ 4,548,689
Cost of Sales:      
Cost of Sales 6,334,333 6,072,476 5,269,900
Inventory Reserve for Obsolescence      
Cost of Sales:      
Cost of Sales 4,572,659    
Sales of Engineering Services      
Sales:      
Total Sales 673,151 402,266 989,064
Cost of Sales:      
Cost of Sales $ 171,733 $ 253,610 $ 944,451

Source

v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities      
Net Loss $ (26,476,370) $ (21,875,713) $ (19,633,502)
Non-Cash Adjustments      
Depreciation and Amortization 2,441,581 1,469,664 998,528
Amortization of Software Development Costs in Cost of Sales - Products 100,000 100,000 214,838
Stock-Based Compensation 1,498,357 2,272,481 1,852,022
Loss on Disposal of Fixed Assets   55,172 585
Amortization of Term Debt Discounts and Deferred Issuance Costs   0 175,260
Loss on Derivative Valuation   13,873 (20,204)
Impairment of Software Development Cost   196,223 0
Inventory reserve for Obsolescence 4,572,659 0 0
Loss (Gain) on Inventory Revaluation and Product Discontinuance   (211,416) 1,151,482
(Increase) Decrease in Operating Assets      
Accounts Receivable (599,577) 201,836 (870,858)
Accrued Project Revenue   497,784 (497,784)
Inventories (2,998,724) (3,429,485) (2,352,581)
Manufacturer Vendor Prepayments 512,680 (600,502) (10,549)
Prepaid Expenses and Other Assets 414,997 (69,959) (9,288)
Increase (Decrease) in Operating Liabilities      
Accounts Payable (1,605,456) (846,399) 2,640,584
Accrued Expenses 21,819 (26,789) 554,832
Customer Deposits (152,362) 78,900 7,300
Unearned Revenue (69,263) 103,902 (401,748)
Other Taxes (15,361) 26,758 (8,790)
Accrued Compensation   (327,469) (321,250)
Accrued Interest   (171,435) 65,417
Net Cash Flows Used in Operating Activities (22,355,020) (22,542,574) (16,465,706)
Cash Flows from Investing Activities      
Purchase of Fixed Assets (1,898,771) (1,365,388) (1,681,258)
Investments in Patents and Trademarks (250,304) (444,906) (599,444)
Investments in Licenses and Other Intangible Assets (758,464) (1,250,000) 0
Notes Receivable (250,000) 0 0
Investments in Software Development   (87,500) (408,723)
Net Cash Used in Investing Activities (3,157,539) (3,147,794) (2,689,425)
Cash Flows from Financing Activities      
Proceeds from Exercise of Warrants   39,375 0
Proceeds from Common Stock Offerings 20,000,007 30,000,000 21,128,502
Issuance Costs on Common Stock Offerings (1,145,000) (1,975,000) (1,617,679)
Net Cash Flows from Financing Activities 18,855,007 28,064,375 19,510,823
Net Increase (Decrease) in Cash and Cash Equivalents (6,657,552) 2,374,007 355,692
Cash and Cash Equivalents - Beginning of Period 17,263,643 14,889,636 14,533,944
Cash and Cash Equivalents - End of Period 10,606,091 17,263,643 14,889,636
Supplemental Disclosures      
Interest Paid in Cash   19,128 22,814
Non-cash Investing and Financing Activities      
Common Stock Issued for Services included in Prepaid Expenses 83,475 25,000 0
Investment in Other Intangible Assets included in Accrued Expenses   750,000 0
Conversion of Term Debt and Accrued Interest into Common Stock   0 1,861,283
Reclassification of Derivative Liability Upon Warrant Exercise   166,800 0
Cumulative Revenue Adjustment - ASC 606 Adoption   81,724 0
Stock-Based Compensation Expense - Expensed less Previously Issued $ 93,587 $ 678,815 $ 0

Source

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