Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 4,378,550 $ 7,751,557
Accounts receivable 2,205,739 3,553,096
Inventory 1,240,893 609,072
Prepaid expenses and other assets 201,905 199,495
Total current assets 8,027,087 12,113,220
Property and Equipment, net 2,938,955 2,569,354
Deferred tax asset 500,000 500,000
License, net 51,475 52,945
Customer acquisition costs, net 521,359 642,203
Total assets 12,038,876 15,877,722
Current liabilities    
Accounts payable and accrued expenses 950,948 4,363,553
Current portion of notes payable 2,125,000 1,500,000
Current portion of equipment notes payable 58,446 39,499
Customer credits 590,206 590,206
Total current liabilities 3,724,600 6,493,258
Notes payable, net of discount and issuance costs 11,208,465 11,678,669
Convertible notes payable, net of discount and issuance costs 1,185,041 1,142,154
Warrant liability 991,000 1,313,000
Accrued interest 38,750 78,750
Equipment notes payable 213,310 143,135
Total liabilities 17,361,166 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; 73,707,128 shares issued and outstanding as of March 31, 2017 73,509,663 shares issued and outstanding as of December 31, 2016 73,707 73,510
Additional paid-in capital 50,932,511 49,838,469
Accumulated deficit (56,328,508) (54,883,223)
Total stockholders' deficit (5,322,290) (4,971,244)
Total liabilities and stockholders' deficit $ 12,038,876 $ 15,877,722

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Product sales $ 5,284,234 $ 2,837,628
Equipment sales 7,160 164,400
Demonstrations and consulting services 136,000 371,283
Total revenues: 5,427,394 3,373,311
Costs and expenses:    
Cost of sales 3,785,922 2,617,188
Selling, general and administrative expenses 2,694,282 1,040,590
Total costs and expenses 6,480,204 3,657,778
Operating loss (1,052,810) (284,467)
Other (expense) income    
Interest expense (540,475) (2,073,144)
Letter of credit fees (60,000) (42,667)
Change in value of warrant liability 208,000 3,309,400
Total other (expense) income (392,475) 1,193,589
Net (loss) income before taxes (1,445,285) 909,122
Income tax expense (828)
Net (loss) income $ (1,445,285) $ 908,294
Net (loss) income per common share - basic and diluted: $ (0.02) $ 0.02
Weighted average common shares outstanding 73,585,727 47,358,618

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Cash flows from operating activities      
Net loss $ (1,445,285) $ 908,294  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Stock based compensation 954,621 179,473  
Amortization of license fees 1,470 1,471  
Amortization of discount of notes payable 183,859 425,870  
Amortization of debt issuance costs 38,824 167,510  
Amortization of customer acquisition costs 120,846 80,916  
Depreciation expense 179,442 81,537  
Gain on change in value of warrant liability (208,000) (3,309,400)  
Noncash debt issuance costs 1,096,000  
PIK interest 231,001  
Change in assets and liabilities      
Decrease (increase) in accounts receivable 1,347,357 (406,979)  
(Increase) decrease in inventory (631,821) 15,221  
(Increase) decrease in prepaid expenses and other assets (2,410) 30,073  
(Decrease) increase in accounts payable and accrued liabilities (3,451,991) 765,572  
Decrease in deferred revenue (141,560)  
Net cash (used in) provided by operating activities (2,913,088) 124,999  
Cash flows used in investing activities      
Purchase of property and equipment (447,842) (725,169)  
Net cash used in investing activities (447,842) (725,169)  
Cash flows from financing activities      
Payments of equipment notes payable (12,077) (5,162)  
Net cash used in financing activities (12,077) (5,162)  
Net decrease in cash and cash equivalents (3,373,007) (605,332)  
Cash and cash equivalents - beginning of period 7,751,557 1,083,280 $ 1,083,280
Cash and cash equivalents - end of period 4,378,550 477,948 $ 7,751,557
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid during the period for: Interest 337,813 47,887  
Cash paid during the period for: Taxes 828  
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS      
Equipment purchases included in note payable 101,201 46,492  
Conversion of debt and accrued interest to equity 25,567 42,684  
Stock issued for interest on convertible notes payable $ 618 $ 103,635  

Source

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