Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 2,047,804 $ 1,083,280
Accounts receivable 5,242,893 1,150,602
Inventory 765,917 2,715,913
Prepaid expenses and other assets 186,000 161,813
Total current assets 8,242,614 5,111,608
Property and Equipment, net 2,379,808 1,243,450
License, net 54,415 58,825
Prepaid expenses and other assets 4,058
Customer acquisition costs, net 763,048 897,428
Total assets 11,439,885 7,315,369
Current liabilities    
Accounts payable and accrued expenses 5,190,907 1,235,162
Deferred revenue 2,281,760
Convertible notes payable 3,960,335 2,497,114
Current portion of equipment notes payable 39,043 20,979
Customer rebates 936,500 936,500
Total current liabilities 10,126,785 6,971,515
Convertible notes payable, net of discount 4,042,782 3,175,085
Warrant liability 23,763,000 9,854,400
Accrued interest 75,738 169,202
Equipment notes payable 153,183 90,165
Total liabilities 38,161,488 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; 49,292,297 shares issued and outstanding as of September 30, 2016 47, 194,118 shares issued and outstanding as of December 31, 2015 49,292 47,194
Additional paid-in capital 27,865,654 25,008,016
Accumulated deficit (54,636,549) (38,000,208)
Total stockholders' deficit (26,721,603) (12,944,998)
Total liabilities and stockholders' deficit $ 11,439,885 $ 7,315,369

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Condensed Consolidated Statements Of Operations        
Revenues $ 11,771,418 $ 3,625,858 $ 24,536,939 $ 6,565,887
Costs and expenses:        
Cost of sales 7,821,028 2,704,119 17,612,843 5,545,081
Selling, general and administrative expenses 2,213,849 1,146,223 5,051,835 3,181,646
Total costs and expenses 10,034,877 3,850,342 22,664,678 8,726,727
Operating income (loss) 1,736,541 (224,484) 1,872,261 (2,160,840)
Other (expense) income        
Interest expense (972,930) (905,713) (4,079,022) (5,264,186)
Letter of credit fees (61,333) (164,667)
Change in value of warrant liability (9,984,541) 144,595 (14,241,141) 1,461,324
Debt conversion costs (161,537) (1,096,000) (1,123,380)
State income taxes (19,561) (7,705) (23,772) (35,930)
Total other (expense) income (11,038,365) (930,360) (18,508,602) (4,962,172)
Net (loss) $ (9,301,824) $ (1,154,844) $ (16,636,341) $ (7,123,012)
Net (loss) per common share - basic and diluted: $ (0.19) $ (0.02) $ (0.35) $ (0.17)
Weighted average common shares outstanding 47,918,064 46,619,367 47,546,461 41,134,152

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net loss $ (16,636,341) $ (7,123,012)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock based compensation 967,562 611,173
Amortization of license fees 4,410 4,412
Amortization of discount of notes payable 1,282,283 3,607,645
Amortization of debt issuance costs 500,002 504,090
Amortization of customer acquisition costs 322,605 189,101
Depreciation expense 314,906 75,000
Loss (gain) on change in value of warrant liability 14,241,139 (1,461,324)
Debt conversion costs 1,096,000 1,123,380
PIK interest 607,401 766,518
Change in assets and liabilities    
(Increase) in accounts receivable (4,280,516) (701,992)
Decrease in inventory 1,949,996 191,099
(Increase) decrease in prepaid expenses and other assets (20,129) 29,909
Increase in accounts payable and accrued liabilities 4,240,791 55,381
(Decrease) in deferred revenue (2,281,760) (465,901)
Net cash provided by (used in) operating activities 2,308,349 (2,594,521)
Cash flows used in investing activities    
Purchase of property and equipment (1,347,836) (704,831)
Net cash used in investing activities (1,347,836) (704,831)
Cash flows from financing activities    
Payments of convertible promissory notes (3,000,000)
Proceeds from the issuance of common stock upon warrant exercise 26,357
Payment of equipment notes payable (22,346)
Net cash used in financing activities 4,011 (3,000,000)
Net increase (decrease) in cash and cash equivalents 964,524 (6,299,352)
Cash and cash equivalents - beginning of period 1,083,280 7,212,114
Cash and cash equivalents - end of period 2,047,804 912,762
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for - Interest 279,293 10,134
Cash paid during the period for - State Taxes 23,727 35,930
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Equipment purchases included in note payable 103,428 57,007
Stock Issued for interest on notes payable 103,635 161,580
Conversion of debt and accrued interest to equity 3,331,817
Conversion of accounts receivable to customer acquisition costs 188,225
Conversion of accrued interest to debt $ 719,733 $ 1,104,349

Source

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