Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 1,690,701 $ 7,751,557
Accounts receivable 4,208,414 3,553,096
Inventory 909,057 609,072
Prepaid expenses and other assets 196,158 199,495
Total current assets 7,004,330 12,113,220
Property and Equipment, net 2,890,270 2,569,354
Deferred tax asset 500,000 500,000
Patents, net 3,034,472
Patent rights, net 52,945
Customer acquisition costs, net 421,389 642,203
Total assets 13,850,461 15,877,722
Current liabilities    
Accounts payable and accrued expenses 2,174,868 4,363,553
Current portion of notes payable 2,250,000 1,500,000
Current portion of equipment notes payable 59,132 39,499
Customer credits 551,750 590,206
Total current liabilities 5,035,750 6,493,258
Notes payable, net of discount and issuance costs 10,739,222 11,678,669
Convertible notes payable, net of discount and issuance costs 1,253,300 1,142,154
Warrant liability 219,000 1,313,000
Accrued interest 77,500 78,750
Equipment notes payable 198,268 143,135
Total liabilities 17,523,040 20,848,966
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 75,246,113 shares issued and outstanding as of June 30, 2017 73,509,663 shares issued and outstanding as of December 31, 2016 75,246 73,510
Additional paid-in capital 51,909,207 49,838,469
Accumulated deficit (55,657,032) (54,883,223)
Total stockholders' deficit (3,672,579) (4,971,244)
Total liabilities and stockholders' deficit $ 13,850,461 $ 15,877,722

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Product sales $ 7,112,722 $ 6,872,168 $ 12,396,956 $ 9,709,797
Equipment sales 776,946 2,391,485 784,106 2,555,885
Demonstrations and consulting services 41,500 128,556 177,500 499,838
Total revenues: 7,931,168 9,392,209 13,358,562 12,765,520
Costs and expenses:        
Cost of sales 4,995,776 7,304,197 8,781,697 9,791,816
Selling, general and administrative expenses 2,313,357 1,671,210 5,007,641 2,842,196
Total costs and expenses 7,309,133 8,975,407 13,789,338 12,634,012
Operating income (loss) 622,035 416,802 (430,776) 131,508
Other (expense) income        
Interest expense (544,918) (1,032,949) (1,085,393) (3,106,093)
Letter of credit fees (60,667) (60,666) (120,667) (103,333)
Change in value of warrant liability 655,023 (7,566,000) 863,023 (4,256,600)
Total other (expense) income 49,438 (8,659,615) (343,037) (7,466,026)
Net income (loss) $ 671,473 $ (8,242,813) $ (773,813) $ (7,334,518)
Net income (loss) per common share - basic and diluted: $ 0.01 $ (0.17) $ (0.01) $ (0.15)
Weighted average common shares outstanding 74,493,909 47,358,618 74,051,228 47,358,618

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net loss $ (773,813) $ (7,334,518)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock based compensation 1,236,783 582,577
Amortization of license fees 2,940 2,942
Amortization of discount of notes payable 369,714 851,735
Amortization of debt issuance costs 76,984 334,392
Amortization of customer acquisition costs 220,816 201,758
Amortization of EERCF Patents 33,534
Depreciation expense 366,817 187,895
(Gain) loss on change in value of warrant liability (863,023) 5,352,600
Settlement Expense 61,100
PIK interest 467,892
Change in assets and liabilities    
(Increase) in accounts receivable (655,318) (3,077,407)
(Increase) decrease in inventory (299,985) 1,838,146
Decrease (increase) in prepaid expenses and other assets 3,337 (1,977)
(Decrease) increase in accounts payable and accrued liabilities (2,227,879) 3,292,440
Decrease in deferred revenue (2,241,928)
Net cash (used in) provided by operating activities (2,447,993) 456,547
Cash flows used in investing activities    
Purchase of property and equipment (586,429) (907,898)
Purchase of intellectual property (2,500,000)
Net cash used in investing activities (3,086,429) (907,898)
Cash flows from financing activities    
Payment of promissory notes (500,000)
Payments of equipment notes payable (26,434) (12,865)
Net cash used in financing activities (526,434) (12,865)
Net decrease in cash and cash equivalents (6,060,856) (464,216)
Cash and cash equivalents - beginning of period 7,751,557 1,083,280
Cash and cash equivalents - end of period 1,690,701 619,064
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 681,687 98,007
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Equipment purchases included in accounts payable 101,304
Stock issued for interest on convertible notes payable 25,618 103,635
Stock issued for the acquisition of patents rights 518,000
Stock issued for settlement 61,100
Conversion of accounts receivable to customer aquistion costs 188,225
Equipment purchases included in note payable $ 103,428

Source

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