Financials

v3.19.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets    
Cash $ 1,320,874 $ 584,877
Accounts receivable 1,240,154 1,642,126
Inventory 571,552 509,416
Prepaid expenses and other assets 143,957 136,628
Customer acquisition costs, net 0 34,467
Total current assets 3,276,537 2,907,514
Property and equipment, net 2,234,656 2,397,691
Right of use asset 1,295,995
Intellectual property, net 2,633,062 2,733,662
Total assets 9,440,250 8,038,867
Current liabilities    
Accounts payable and accrued expenses 1,890,080 1,858,326
Current portion of equipment notes payable 64,924 63,424
Current portion of operating lease liability 381,245
Accrued interest 105,383 96,902
Customer credits 167,000 167,000
Deferred compensation 739,614 555,877
Total current liabilities 3,348,246 2,741,529
Equipment notes payable, less current portion 72,080 104,226
Operating lease liability 992,651
Convertible notes payable, net of discount and issuance costs 2,874,354 1,760,570
Secured note payable 271,686 271,686
Unsecured note payable, net of discount and issuance costs 9,095,119 11,781,952
Total liabilities 16,654,136 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; 76,710,630 shares issued and outstanding as of June 30, 2019 76,246,113 shares issued and outstanding as of December 31, 2018 76,710 76,246
Additional paid-in capital 44,745,926 42,785,990
Accumulated deficit (52,036,522) (51,483,332)
Total stockholders' deficit (7,213,886) (8,621,096)
Total liabilities and stockholders' deficit $ 9,440,250 $ 8,038,867

Source

v3.19.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Consolidated Statements Of Operations        
Revenues $ 2,509,750 $ 2,451,551 $ 5,297,070 $ 4,572,662
Costs and expenses:        
Cost of sales 1,794,985 1,882,612 3,961,325 3,590,926
Selling, general and administrative expenses 2,790,013 1,709,763 3,930,206 3,491,130
Interest expense & letter of credit fees 763,873 516,082 1,293,067 1,058,583
(Gain)/ loss on debt restructuring 44,036 (3,412,204) 44,036
Total costs and expenses 5,348,871 4,152,493 5,772,394 8,184,675
Net loss $ (2,839,121) $ (1,700,942) $ (475,324) $ (3,612,013)
Net loss per common share - basic and diluted: $ (0.04) $ (0.02) $ (0.01) $ (0.05)
Weighted average common shares outstanding 76,278,400 76,246,113 76,327,455 76,246,113

Source

v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net loss $ (475,324) $ (3,612,013)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,762,736 384,620
Amortization of discount of notes payable 938,532 281,001
Amortization of debt issuance costs 70,036 76,320
Amortizaton of right to use assets 188,841
Amortization of customer acquisition costs 34,467 68,934
Amortization of patent rights 100,602 100,602
Depreciation expense 163,035 277,968
Loss os debt exchange 44,036
Gain on debt restructuting (3,412,204)
Change in assets and liabilities    
Decrease in accounts receivable 401,972 2,099,273
(Increase) decrease in inventory (62,136) 162,867
(Increase) decrease in prepaid expenses and other assets (7,329) 45,889
Decrease in accounts payable and accrued liabilities (21,097) (251,374)
(Decrease) in operating lease liability (188,805)
(Decrease) in deferred revenue and customer credits (517,060)
Net cash used in operating activities (506,674) (888,937)
Cash flows used in investing activities    
Purchase of property and equipment (131,915)
Net cash used in investing activities (131,915)
Cash flows from financing activities    
Payment of debt issuance costs (26,683)
Payments of notes payable (30,646) (903,594)
Proceeds from the issuance of convertible promissory notes and related warrants 1,300,000
Net cash provided by (used in) financing activities 1,242,671 (903,594)
Net increase (decrease) in cash and cash equivalents 735,997 (1,924,446)
Cash and cash equivalents - beginning of period 584,877 2,418,427
Cash and cash equivalents - end of period 1,320,874 493,981
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the year for: Interest 121,084 505,431
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Cumulative effect on accumulated deficit of lease accounting change 77,866
Discount on convertible promissory notes payable 197,664  
Net adjustment for extension of lease $ 145,267

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