Financials

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 449,546 $ 2,418,427
Accounts receivable 1,776,867 2,931,353
Inventory 468,328 659,579
Prepaid expenses and other assets 418,242 210,535
Total current assets 3,112,983 6,219,894
Property and equipment, net 2,513,096 2,728,993
Intellectual Property/Patents, net 2,783,962 2,934,862
Customer acquisition costs, net 68,933 172,333
Total assets 8,478,974 12,056,082
Current liabilities    
Accounts payable and accrued expenses 2,638,475 1,795,703
Current portion of notes payable 2,875,000 2,500,000
Current portion convertible notes payable, net 907,322 1,461,417
Current portion of equipment notes payable 63,359 61,177
Customer credits 167,000 167,000
Accrued interest 42,597 77,500
Deferred revenue 517,060
Total current liabilities 6,693,753 6,579,857
Notes payable, net of discount and issuance costs 9,021,256 9,733,361
Convertible notes payable, net of discount and issuance costs 760,000
Equipment notes payable 120,361 167,650
Total liabilities 16,595,370 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 September 30, 2018 76,246,113 shares issued and outstanding as of December 31, 2017 76,246 76,246
Additional paid-in capital 42,721,987 42,165,620
Accumulated deficit (50,914,629) (46,666,652)
Total stockholders' deficit (8,116,396) (4,424,786)
Total liabilities and stockholders' deficit $ 8,478,974 $ 12,056,082

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Product sales $ 4,113,890 $ 8,075,510 $ 8,615,260 $ 20,472,465
Equipment sales 28,252 2,975 37,398 787,081
Demonstrations and consulting services 66,950 369,482 129,096 546,982
Total revenues: 4,209,092 8,447,967 8,781,754 21,806,528
Costs and expenses:        
Cost of sales 3,009,656 5,509,204 6,600,582 14,290,902
Selling, general and administrative expenses 1,364,312 1,910,020 4,855,442 6,856,558
Total costs and expenses 4,373,968 7,419,224 11,456,024 21,147,460
Operating (loss) income (164,876) 1,028,743 (2,674,270) 659,068
Other (expenses) income        
Interest expense (471,086) (541,855) (1,500,670) (1,627,248)
Letter of credit fees (52,667) (29,000) (173,333)
Loss on debt exchange (44,036)
Gain on legal settlements 379,000 317,900
Total other (expense) (471,086) (215,522) (1,573,706) (1,482,681)
Net (loss) income $ (635,962) $ 813,221 $ (4,247,976) $ (823,613)
Net income (loss) per common share - basic and diluted: $ (0.01) $ 0.01 $ (0.06) $ (0.01)
Weighted average common shares outstanding 76,246,113 75,865,678 76,246,113 74,662,691

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net loss $ (4,247,976) $ (823,613)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 437,966 1,437,648
Amortization of license fees 1,950
Amortization of discount of notes payable and convertible notes payable 523,871 558,781
Amortization of debt issuance costs 94,294 115,144
Amortization of customer acquisition costs 103,400 307,612
Amortization of patents 150,900 83,833
Depreciation expense 346,562 558,036
Loss on debt exchange 44,036
Settlement Expenses 61,100
Change in assets and liabilities    
(Increase) in accounts receivable 1,154,486 (530,382)
(Increase) decrease in inventory 191,251 (196,504)
Decrease (increase) in prepaid expenses and other assets (207,707) 24,673
(Decrease) increase in accounts payable and accrued liabilities 807,868 (2,323,642)
Decrease in customer credits (517,060) (423,206)
Net cash used in operating activities (1,118,109) (1,148,570)
Cash flows used in investing activities    
Purchase of property and equipment (130,665) (698,941)
Purchase of intellectual property (2,500,000)
Net cash used in investing activities (130,665) (3,198,941)
Cash flows from financing activities    
Payments of promissory notes (875,000) (1,000,000)
Payment of equipment notes payable (45,107) (40,318)
Proceeds from the issuance of convertible promissory notes and related warrants 200,000
Net cash used in financing activities (720,107) (1,040,318)
Net decrease in cash and cash equivalents (1,968,881) (5,387,829)
Cash and cash equivalents - beginning of period 2,418,427 7,751,557
Cash and cash equivalents - end of period 449,546 2,363,728
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 1,044,193 1,011,427
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Equipment purchases included in accounts payable 1,594
Equipment purchases included in equipment notes payable 101,199
Stock issued for the acquisition of patents rights 518,000
Stock issued for settlement 61,100
Stock issued upon debt conversion 25,618
Stock issued upon cashless warrant exercise $ 230,977

Source

Email Alerts

Receive the latest news and updates from ME 2C

Sign Up