Financials

v3.19.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets    
Cash $ 998,896 $ 584,877
Accounts receivable 1,431,066 1,642,126
Inventory 629,427 509,416
Prepaid expenses and other assets 256,413 136,628
Customer acquisition costs, net 34,467
Total current assets 3,315,802 2,907,514
Property and equipment, net 2,149,737 2,397,691
Right of use asset 1,201,285
Intellectual property, net 2,582,762 2,733,662
Total assets 9,249,586 8,038,867
Current liabilities    
Accounts payable and accrued expenses 1,826,908 1,858,326
Current portion of equipment notes payable 53,304 63,424
Current portion of operating lease liability 383,307
Accrued interest 94,957 96,902
Customer credits 167,000 167,000
Deferred compensation 409,623 555,877
Total current liabilities 2,935,099 2,741,529
Equipment notes payable, less current portion 54,675 104,226
Operating lease liability 901,450
Convertible notes payable, net of discount and issuance costs 3,261,901 1,760,570
Secured note payable 271,686 271,686
Unsecured note payable, net of discount and issuance costs 9,752,882 11,781,952
Total liabilities 17,177,693 16,659,963
COMMITMENTS AND CONTINGENCIES (Note 11)  
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 76,747,750 shares issued and outstanding as of September 30, 2019 76,246,113 shares issued and outstanding as of December 31, 2018 76,747 76,246
Additional paid-in capital 44,882,209 42,785,990
Accumulated deficit (52,887,063) (51,483,332)
Total stockholders' deficit (7,928,107) (8,621,096)
Total liabilities and stockholders' deficit $ 9,249,586 $ 8,038,867

Source

v3.19.3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)        
Revenues $ 3,596,107 $ 4,209,091 $ 8,893,177 $ 8,781,754
Costs and expenses:        
Cost of sales 2,477,673 3,009,656 6,438,998 6,600,582
Selling, general and administrative expenses 1,186,280 1,364,312 5,116,487 4,855,442
Interest expense & letter of credit fees 782,695 471,086 2,075,761 1,529,670
(Gain)/ loss on debt restructuring (3,412,204) 44,036
Total costs and expenses 4,446,648 4,845,054 10,219,042 13,029,730
Net loss $ (850,541) $ (635,963) $ (1,325,865) $ (4,247,976)
Net loss per common share - basic and diluted: $ (0.01) $ (0.01) $ (0.02) $ (0.06)
Weighted average common shares outstanding 76,730,400 76,246,113 76,463,246 76,246,113

Source

v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net loss $ (1,325,865) $ (4,247,976)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,762,736 437,966
Amortization of discount of notes payable 1,585,686 523,871
Amortization of debt issuance costs 99,515 94,294
Amortizaton of right to use assets 283,551
Amortization of customer acquisition costs 34,467 68,934
Amortization of patent rights 150,900 150,900
Depreciation expense 247,954 346,562
Loss os debt exchange 44,036
Gain on debt restructuting (3,412,204)
Change in assets and liabilities    
Decrease in accounts receivable 211,060 1,154,486
(Increase) decrease in inventory (120,011) 191,251
(Increase) in prepaid expenses and other assets (119,785) (207,707)
(Decrease) Increase in accounts payable and accrued liabilities (424,686) 807,868
(Decrease) in operating lease liability (277,944)
(Decrease) in deferred revenue and customer credits (517,060)
Net cash used in operating activities (1,304,626) (1,118,109)
Cash flows used in investing activities    
Purchase of property and equipment (130,665)
Net cash used in investing activities (130,665)
Cash flows from financing activities    
Payment of debt issuance costs (46,683)
Payments of notes payable (59,672) (920,107)
Proceeds from the issuance of convertible promissory notes and related warrants 1,825,000 200,000
Net cash provided by (used in) financing activities 1,718,645 (720,107)
Net increase (decrease) in cash and cash equivalents 414,019 (1,968,881)
Cash and cash equivalents - beginning of period 584,877 2,418,427
Cash and cash equivalents - end of period 998,896 449,546
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the year for: Interest 237,575 1,044,193
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Cumulative effect on accumulated deficit of lease accounting change 77,866
Discount on convertible promissory notes payable 333,984
Net adjustment for extension of lease $ 145,267

Source