Financials

v3.19.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets    
Cash $ 611,547 $ 584,877
Accounts receivable 968,165 1,642,126
Inventory 526,377 509,416
Prepaid expenses and other assets 116,499 136,628
Customer acquisition costs, net 34,467
Total current assets 2,222,588 2,907,514
Property and equipment, net 2,315,094 2,397,691
Right of use asset 1,245,216
Intellectual property, net 2,683,362 2,733,662
Total assets 8,466,260 8,038,867
Current liabilities    
Accounts payable and accrued expenses 1,987,242 1,858,326
Current portion of equipment notes payable 64,857 63,424
Current portion of operating lease liability 381,245
Accrued interest 51,365 96,902
Customer credits 167,000 167,000
Deferred compensation 676,877 555,877
Total current liabilities 3,328,586 2,741,529
Equipment notes payable, less current portion 87,901 104,226
Operating lease liability 943,814
Convertible notes payable, net of discount and issuance costs 1,765,470 1,760,570
Secured note payable 271,686 271,686
Unsecured note payable, net of discount and issuance costs 8,403,968 11,781,952
Total liabilities 14,801,425 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; 76,246,113 shares issued and outstanding as of March 31, 2019 76,246,113 shares issued and outstanding as of December 31, 2018 76,246 76,246
Additional paid-in capital 42,785,990 42,785,990
Accumulated deficit (49,197,401) (51,483,332)
Total stockholders' deficit (6,335,165) (8,621,096)
Total liabilities and stockholders' deficit $ 8,466,260 $ 8,038,867

Source

v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Consolidated Statements Of Operations    
Revenues $ 2,787,321 $ 2,121,112
Costs and expenses:    
Cost of sales 2,166,340 1,708,315
Selling, general and administrative expenses 1,140,195 1,781,368
Interest expense & letter of credit fees 529,193 542,501
Gain on debt restructuring (3,412,204)
Total costs and expenses 423,524 4,032,184
Net income (loss) $ 2,363,797 $ (1,911,072)
Net loss per common share - basic and diluted: $ 0.03 $ (0.03)
Weighted average common shares outstanding - basic 76,246,113 75,933,613
Weighted average common shares outstanding - diluted 76,334,167 75,933,613

Source

v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net loss $ 2,363,797 $ (1,911,072)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 300,540
Amortization of discount of notes payable 303,697 183,856
Amortization of debt issuance costs 7,174 38,160
Amortizaton of right to use assets 94,353
Amortization of customer acquisition costs 34,467 34,467
Amortization of patent rights 50,301 50,301
Depreciation expense 82,597 164,279
Gain on debt restructuting (3,412,204)
Change in assets and liabilities    
Decrease in accounts receivable 673,961 2,090,287
Decrease (Increase) in inventory (16,961) 40,816
Decrease (Increase) in prepaid expenses and other assets 20,129 40,872
Increase (decrease) in accounts payable and accrued liabilities (40,690) (1,550,567)
(Decrease) in operating lease liability (92,376)
(Decrease) in deferred revenue and customer credits (517,060)
Net cash provided by (used in) operating activities 68,245 (1,035,121)
Cash flows used in investing activities    
Purchase of property and equipment (114,508)
Net cash used in investing activities (114,508)
Cash flows from financing activities    
Payment of debt issuance costs (26,683)
Payments of notes payable (14,892) (639,215)
Net cash used in financing activities (41,575) (639,215)
Net increase (decrease) in cash and cash equivalents 26,670 (1,788,844)
Cash and cash equivalents - beginning of period 584,877 2,418,427
Cash and cash equivalents - end of period 611,547 629,583
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the year for: Interest 108,928 287,232
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Cumulative effect on accumulated deficit of lease accounting change $ 77,866

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