Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 629,583 $ 2,418,427
Accounts receivable 841,066 2,931,353
Inventory 618,763 659,579
Prepaid expenses and other assets 169,663 210,535
Total current assets 2,259,075 6,219,894
Property and equipment, net 2,679,178 2,728,993
Intellectual property, net 2,884,562 2,934,862
Customer acquisition costs, net 137,867 172,333
Total assets 7,960,682 12,056,082
Current liabilities    
Accounts payable and accrued expenses 285,136 1,795,703
Current portion of notes payable 2,625,000 2,500,000
Convertible notes payable, net of discount and issuance costs 1,499,031 1,461,417
Current portion of equipment notes payable 61,240 61,177
Customer credits 167,000 167,000
Accrued interest 38,750 77,500
Deferred revenue 517,060
Total current liabilities 4,676,157 6,579,857
Notes payable, net of discount and issuance costs 9,167,773 9,733,361
Equipment notes payable 152,070 167,650
Total liabilities 13,996,000 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 March 31, 2018 76,246,113 shares issued and outstanding as of December 31, 2017 76,246 76,246
Additional paid-in capital 42,466,160 42,165,620
Accumulated deficit (48,577,724) (46,666,652)
Total stockholders' deficit (6,035,318) (4,424,786)
Total liabilities and stockholders' deficit $ 7,960,682 $ 12,056,082

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues    
Product sales $ 2,059,819 $ 5,284,234
Equipment sales 9,146 7,160
Demonstrations and consulting services 52,147 136,000
Total revenues 2,121,112 5,427,394
Costs and expenses    
Cost of sales 1,708,315 3,785,922
Selling, general and administrative expenses 1,781,368 2,694,282
Total costs and expenses 3,489,683 6,480,204
Operating loss (1,368,571) (1,052,810)
Other expenses    
Interest expense (513,501) (540,475)
Letter of credit fees (29,000) (60,000)
Total other expenses (542,501) (600,475)
Net loss before taxes (1,911,072) (1,653,285)
Income tax expense
Net loss $ (1,911,072) $ (1,653,285)
Net loss per common share - basic and diluted: $ (0.03) $ (0.02)
Weighted average common shares outstanding 76,246,113 73,585,727

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net loss $ (1,911,072) $ (1,653,285)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 300,540 954,621
Amortization of license fees 1,470
Amortization of discount of notes payable 183,856 183,859
Amortization of debt issuance costs 38,160 38,824
Amortization of customer acquisition costs 34,467 120,846
Amortization of EERCF patents 50,301
Depreciation expense 164,279 179,442
Change in assets and liabilities    
Decrease in accounts receivable 2,090,287 1,347,357
Decrease (Increase) in inventory 40,816 (631,821)
Decrease (Increase) in prepaid expenses and other assets 40,872 (2,410)
(Decrease) in accounts payable and accrued liabilities (1,550,567) (3,451,991)
(Decrease) in deferred Revenue and customer credits (517,060)
Net cash used in operating activities (1,035,121) (2,913,088)
Cash flows used in investing activities    
Purchase of property and equipment (114,508) (447,842)
Net cash used in investing activities (114,508) (447,842)
Cash flows from financing activities    
Payments of notes payable (639,215) (12,077)
Net cash used in financing activities (639,215) (12,077)
Net decrease in cash and cash equivalents (1,788,844) (3,373,007)
Cash and cash equivalents - beginning of period 2,418,427 7,751,557
Cash and cash equivalents - end of period 629,583 4,378,550
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 287,232 337,813
Cash paid during the period for: Taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Equipment purchases included in equipment notes payable 101,201
Stock issued for interest on convertible notes payable $ 618

Source

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