Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and Cash Equivalents $ 8,677,341 $ 14,533,944
Accounts Receivable 470,484 103,314
Subscription Receivable from Officer 61,000 0
Accrued Project Revenue 687,001 0
Inventories, Net 2,842,591 2,651,218
Manufacturing Vendor Prepayments 117,524 144,168
Prepaid Expenses and Other Assets 762,679 797,409
Total Current Assets 13,618,620 18,230,053
Long-Term Assets    
Fixed Assets, Net 3,885,605 3,364,908
Patents and Trademarks, Net 632,740 535,461
Software Development Costs, Net 329,204 214,838
Total Assets 18,466,169 22,345,260
Current Liabilities    
Accounts Payable 1,819,950 1,085,472
Current Portion of Long-Term Debt, net of discount 0 1,416,480
Customer Deposits 63,589 66,162
Unearned Revenue 117,330 509,572
Accrued Expenses 1,160,765 1,331,983
Derivative Liability 122,533 0
Income and Other Taxes Payable 6,665 12,290
Total Current Liabilities 3,290,832 4,421,959
Long-Term Liabilities    
Derivative Liability 0 173,131
Accrued Expenses 20,832 28,333
Total Long-Term Liabilities 20,832 201,464
Total Liabilities 3,311,664 4,623,423
Stockholders’ Equity    
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding September 30, 2017, and December 31, 2016 50 50
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized; 22,178,911 Shares Issued and Outstanding September 30, 2017 and 19,569,247 on December 31, 2016 22,178 19,569
Additional Paid-in Capital 105,725,265 94,541,168
Accumulated Deficit (90,592,988) (76,838,950)
Total Stockholders’ Equity 15,154,505 17,721,837
Total Liabilities and Stockholders’ Equity $ 18,466,169 $ 22,345,260

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Sales of Products $ 1,138,413 $ 582,549 $ 3,002,744 $ 1,367,766
Sales of Engineering Services 266,687 0 938,281 139,500
Total Sales 1,405,100 582,549 3,941,025 1,507,266
Cost of Sales - Products 1,089,881 819,116 3,441,650 2,069,964
Cost of Sales - Engineering Services 407,220 0 872,137 39,060
Total Cost of Sales 1,497,101 819,116 4,313,787 2,109,024
Gross Loss (exclusive of depreciation shown separately below) (92,001) (236,567) (372,762) (601,758)
Operating Expenses:        
Research and Development 1,506,307 2,177,957 4,374,202 5,121,713
Selling and Marketing 908,797 839,497 2,739,978 2,627,543
General and Administrative 1,612,542 1,274,698 4,155,960 3,350,441
Depreciation and Amortization 251,366 196,370 734,175 549,244
Loss on Inventory Revaluation 1,151,482 0 1,151,482 0
Loss from Operations (5,522,495) (4,725,089) (13,528,559) (12,250,699)
Other Income (Expense)        
Investment Income 12,956 8,144 45,800 20,923
Other Taxes (15,734) (19,124) (37,884) (53,749)
Foreign Exchange Loss (5,246) (13,781) (30,299) (21,267)
Gain (Loss) on Derivative Valuation 41,454 (59,120) 50,598 (57,133)
(Loss) on Fixed Asset Disposal (585) (25,890) (585) (25,890)
Amortization of Senior Term Debt Discount 0 (155,313) (155,760) (391,334)
Amortization of Deferred Financing Costs 0 (11,707) (19,500) (34,867)
Interest Expense (12,592) (33,981) (77,849) (101,075)
Total Other Income (Expense) 20,253 (310,772) (225,479) (664,392)
Loss Before Income Taxes (5,502,242) (5,035,861) (13,754,038) (12,915,091)
Provision (Benefit) for Income Taxes 0 0 0 0
Net Loss (5,502,242) (5,035,861) (13,754,038) (12,915,091)
Preferred Stock Dividends (435,321) (410,153) (1,273,029) (1,203,693)
Loss Attributable to Common Stockholders $ (5,937,563) $ (5,446,014) $ (15,027,067) $ (14,118,784)
Loss per Share        
Basic and Diluted Loss per Share $ (0.28) $ (0.32) $ (0.73) $ (0.86)
Weighted-average Shares Outstanding Basic and Diluted 21,366,712 17,216,374 20,515,363 16,489,522

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities    
Net Loss $ (13,754,038) $ (12,915,091)
Non-Cash Adjustments    
Depreciation and Amortization 734,175 549,244
Amortization of Software Development Costs in cost of sales products 214,838 214,836
Stock Based Option Compensation Expense 912,102 540,843
Common Stock Awards Compensation Expense 83,750 174,025
Loss on Disposal of Fixed Assets 585 25,890
Amortization of Term Debt Discount 155,760 391,334
Amortization of Debt Issuance Costs 19,500 34,867
Common Stock Issued for Services 100,000 241,300
(Gain) Loss on Derivative Valuation (50,598) 57,133
Loss on Inventory Valuation 1,151,482 0
(Increase) Decrease in Operating Assets    
Accounts Receivable (367,170) 206,409
Accrued Revenue (687,001) 0
Inventories (1,342,855) (623,445)
Vendor Prepayments 26,644 163,471
Prepaid Expenses and Other Assets 285,980 (223,135)
Increase (Decrease) in Operating Liabilities    
Accounts Payable 734,478 622,119
Accrued Expense 253,398 311,291
Customer Deposits (2,573) 15,536
Unearned Revenue (392,242) 300,796
Income and Other Taxes Payable (5,626) 16,764
Accrued Compensation (240,110) 0
Accrued Interest 77,537 (142,347)
Net Cash Flows Used in Operating Activities (12,091,984) (10,038,160)
Cash Flows from Investing Activities    
Purchases of Fixed Assets (1,197,452) (1,551,141)
Investments in Patents and Trademarks (155,284) (103,375)
Investments in Software Development (329,204) 0
Net Cash Used in Investing Activities (1,681,940) (1,654,516)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 0 45,000
Repayment of Long-Term Debt and Notes Payable 0 (52,416)
Proceeds from Common Stock Offerings 8,567,500 6,612,500
Direct Costs from Common Stock Offerings (650,179) (847,805)
Net Cash Flows Provided by Financing Activities 7,917,321 5,757,279
Net Decrease in Cash and Cash Equivalents (5,856,603) (5,935,397)
Cash and Cash Equivalents — Beginning of Period 14,533,944 11,877,058
Cash and Cash Equivalents — End of Period 8,677,341 5,941,661
Supplemental Disclosures    
Interest Paid in Cash 310 7,860
Conversion of Debt and Accrued Interest 1,861,283 342,034
Subscription Receivable from Officer $ 61,000 $ 0

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