Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 7,751,557 $ 1,083,280
Accounts receivable 3,553,096 1,150,602
Inventory 609,072 2,715,913
Prepaid expenses and other assets 199,495 161,813
Total current assets 12,113,220 5,111,608
Property and Equipment, net 2,569,354 1,243,450
Deferred tax asset 500,000
License, net 52,945 58,825
Prepaid expenses and other assets 4,058
Customer acquisition costs, net 642,203 897,428
Total assets 15,877,722 7,315,369
Current liabilities    
Accounts payable and accrued expenses 4,363,553 1,235,162
Deferred revenue 2,281,760
Current portion of notes payable 1,500,000
Current portion of convertible notes payable 2,497,114
Current portion of equipment notes payable 39,499 20,979
Customer credits 590,206 936,500
Total current liabilities 6,493,258 6,971,515
Notes payable, net of discount and issuance costs 11,678,669
Convertible notes payable, net of discount and issuance costs 1,142,154 3,175,085
Warrant liability 1,313,000 9,854,400
Accrued interest 78,750 169,202
Equipment notes payable 143,135 90,165
Total liabilities 20,848,966 20,260,367
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 73,509,663 shares issued and outstanding as of December 31, 2016 47,194,118 shares issued and outstanding as of December 31, 2015 73,510 47,194
Additional paid-in capital 49,838,469 25,008,016
Accumulated deficit (54,883,223) (38,000,208)
Total stockholders' deficit (4,971,244) (12,944,998)
Total liabilities and stockholders' deficit $ 15,877,722 $ 7,315,369

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v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenues    
Product sales $ 28,920,051 $ 5,028,184
Equipment sales 2,699,051 6,939,412
Demonstrations and consulting services 726,438 664,323
Total revenues: 32,345,540 12,631,919
Costs and expenses:    
Cost of sales 23,030,404 10,764,835
Selling, general and administrative expenses 7,257,445 4,220,606
Settlement charges 1,335,394
Total costs and expenses 30,287,849 16,320,835
Operating profit (loss) 2,057,691 (3,688,916)
Other income (expense)    
Interest expense (4,912,855) (6,213,897)
Letter of credit fees (226,000)
Change in value of warrant liability (14,681,311) (3,194,189)
Gain on debt restructuring 406,791
Debt conversion inducement expense (1,123,380)
Total other expense (19,413,375) (10,531,466)
Net loss before taxes (17,355,684) (14,220,382)
Income tax benefit (expense) 472,669 (41,149)
Net loss $ (16,883,015) $ (14,261,531)
Net loss per common share - basic and diluted: $ (0.34) $ (0.32)
Weighted average common shares outstanding 50,646,328 44,160,298

Source

v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities    
Net loss $ (16,883,015) $ (14,261,531)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock based compensation 1,158,617 789,087
Amortization of license fees 5,880 5,882
Amortization of discount of notes payable 1,625,808 4,030,201
Amortization of debt issuance costs 619,524 670,107
Amortization of customer acquisition costs 443,450 259,093
Depreciation expense 463,868 125,853
Deferred tax benefit (500,000)  
Loss on the change in value of warrant liability 14,681,311 3,194,189
Noncash financing expenses 1,125,000
Gain on debt restructuring (406,791)
Debt conversion inducement expense 1,123,380
Noncash settlement charge expenses 1,335,394
PIK interest 584,667 1,324,463
Change in assets and liabilities    
Increase in accounts receivable (2,590,719) (739,652)
Decrease in inventory 2,106,841 3,068,992
Increase in prepaid expenses and other assets (33,624) (11,513)
Increase (decrease) in accounts payable and accrued liabilities 3,106,992 (125,371)
Decrease in deferred revenue (2,281,760) (3,526,541)
Net cash provided by (used in) operating activities 3,226,049 (2,737,967)
Cash flows used in investing activities    
Purchase of property and equipment (1,686,344) (956,605)
Net cash used in investing activities (1,686,344) (956,605)
Cash flows from financing activities    
Payment of debt issuance costs (98,671) (22,688)
Payment of equity issuance costs (1,264,009)
Payments of equipment notes payable (31,938) (11,574)
Payments on convertible promissory note (5,000,000) (3,000,000)
Payments on secured promissory note (2,000,000)
Proceeds from the issuance of convertible promissory notes and related warrants 600,000
Proceeds from the issuance of common stock 13,457,962
Proceeds from the issuance of common stock upon warrant exercise 65,228
Net cash provided by (used in) financing activities 5,128,572 (2,434,262)
Net increase (decrease) in cash and cash equivalents 6,668,277 (6,128,834)
Cash and cash equivalents - beginning of year 1,083,280 7,212,114
Cash and cash equivalents - end of year 7,751,557 1,083,280
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for - Interest 578,934 69,489
Cash paid during the period for -Taxes 27,331 41,149
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Equipment purchases included in note payable 103,428 113,718
Non cash debt issuance costs 76,200
Non cash discounts on notes payable 168,000
Stock Issued for interest on notes payable 263,200 161,580
Conversion of accounts receivable to customer acquisition costs 188,225
Conversion of debt and accrued interest to equity 1,368,927 3,331,817
Conversion of accrued interest to debt $ 696,999 $ 1,324,463

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