Financials

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 493,981 $ 2,418,427
Accounts receivable 832,080 2,931,353
Inventory 496,712 659,579
Prepaid expenses and other assets 164,646 210,535
Total current assets 1,987,419 6,219,894
Property and equipment, net 2,632,895 2,728,993
Intellectual property, net 2,834,262 2,934,862
Customer acquisition costs, net 103,400 172,333
Total assets 7,557,976 12,056,082
Current liabilities    
Accounts payable and accrued expenses 1,481,924 1,795,703
Current portion of notes payable 3,125,000 2,500,000
Current portion convertible notes payable, net 968,470 1,461,417
Current portion of equipment notes payable 62,623 61,177
Customer credits 167,000 167,000
Accrued interest 51,665 77,500
Deferred revenue 517,060
Total current liabilities 5,856,682 6,579,857
Notes payable, net of discount and issuance costs 9,127,665 9,733,361
Equipment notes payable 136,308 167,650
Total liabilities 15,120,655 16,480,868
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 76,246,113 shares issued and outstanding as of June 30, 2018 76,246,113 shares issued and outstanding as of December 31, 2017 76,246 76,246
Additional paid-in capital 42,639,741 42,165,620
Accumulated deficit (50,278,666) (46,666,652)
Total stockholders' deficit (7,562,679) (4,424,786)
Total liabilities and stockholders' deficit $ 7,557,976 $ 12,056,082

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Product sales $ 2,414,951 $ 7,112,722 $ 4,474,770 $ 12,396,956
Equipment sales 776,946 9,146 784,106
Demonstrations and consulting services 36,600 41,500 88,746 177,500
Total revenues: 2,451,551 7,931,168 4,572,662 13,358,562
Costs and expenses:        
Cost of sales 1,882,612 4,995,776 3,590,926 8,781,697
Selling, general and administrative expenses 1,709,763 2,313,357 3,491,130 5,007,641
Total costs and expenses 3,592,375 7,309,133 7,082,056 13,789,338
Operating (loss) income (1,140,824) 622,035 (2,509,394) (430,776)
Other (expenses) income        
Interest expense (516,082) (544,918) (1,029,583) (1,085,393)
Letter of credit fees (60,667) (29,000) (120,667)
Loss on debt exchange (44,036) (44,036)
Total other (expenses) income (560,118) (605,585) (1,102,619) (1,206,060)
Net (loss) income $ (1,700,942) $ 16,450 $ (3,612,013) $ (1,636,836)
Net (loss) income per common share - basic and diluted: $ (0.02) $ .00 $ (0.05) $ (0.02)
Weighted average common shares outstanding 76,246,113 74,493,909 76,246,113 74,051,228

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net loss $ (3,612,013) $ (1,636,836)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 384,620 1,236,783
Amortization of license fees 2,940
Amortization of discount of notes payable 281,001 369,714
Amortization of debt issuance costs 76,320 76,984
Amortization of customer acquisition costs 68,934 220,816
Amortization of EERCF patents 100,602 33,534
Depreciation expense 227,968 366,817
Loss on debt exchange 44,036
Settlement Expenses 61,100
Change in assets and liabilities    
Decrease (Increase) in accounts receivable 2,099,273 (655,318)
Decrease (Increase) in inventory 162,867 (299,985)
Decrease in prepaid expenses and other assets 45,889 3,337
(Decrease) in accounts payable and accrued liabilities (251,374) (2,227,879)
(Decrease) in deferred revenue and customer credits (517,060)
Net cash used in operating activities (888,937) (2,447,993)
Cash flows used in investing activities    
Purchase of property and equipment (131,915) (586,429)
Purchase of intellectual property (2,500,000)
Net cash used in investing activities (131,915) (3,086,429)
Cash flows from financing activities    
Payments of promissory notes (875,000) (500,000)
Payment of equipment notes payable (28,594) (26,434)
Net cash used in financing activities (903,594) (526,434)
Net decrease in cash and cash equivalents (1,924,446) (6,060,856)
Cash and cash equivalents - beginning of period 2,418,427 7,751,557
Cash and cash equivalents - end of period 493,981 1,690,701
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 505,431 681,687
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Equipment purchases included in accounts payable 101,304
Stock issued for interest on convertible notes payable 25,618
Stock issued for the acquisition of patents rights 518,000
Stock issued for settlement $ 61,100

Source

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