Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 2,363,728 $ 7,751,557
Accounts receivable 4,083,478 3,553,096
Inventory 805,576 609,072
Prepaid expenses and other assets 174,822 199,495
Total current assets 7,427,604 12,113,220
Property and Equipment, net 2,772,078 2,569,354
Deferred tax asset 500,000 500,000
Intellectual Property/Patents, net 2,985,162 52,945
Customer acquisition costs, net 334,591 642,203
Total assets 14,019,435 15,877,722
Current liabilities    
Accounts payable and accrued expenses 2,039,911 4,363,553
Current portion of notes payable 2,375,000 1,500,000
Current portion of equipment notes payable 60,467 39,499
Customer credits 167,000 590,206
Total current liabilities 4,642,378 6,493,258
Notes payable, net of discount and issuance costs 10,271,604 11,678,669
Convertible notes payable, net of discount and issuance costs 1,323,146 1,142,154
Warrant liability 163,000 1,313,000
Accrued interest 38,750 78,750
Equipment notes payable 183,048 143,135
Total liabilities 16,621,926 20,848,966
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, 2017 73,509,663 shares issued and outstanding as of December 31, 2016 76,246 73,510
Additional paid-in capital 52,109,076 49,838,469
Accumulated deficit (54,787,813) (54,883,223)
Total stockholders' deficit (2,602,491) (4,971,244)
Total liabilities and stockholders' deficit $ 14,019,435 $ 15,877,722

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Product sales $ 8,075,510 $ 11,453,152 $ 20,472,465 $ 21,162,950
Equipment sales 2,975 143,166 787,081 2,699,051
Demonstrations and consulting services 369,482 175,100 546,982 674,938
Total revenues: 8,447,967 11,771,418 21,806,528 24,536,939
Costs and expenses:        
Cost of sales 5,509,204 7,821,028 14,290,902 17,612,843
Selling, general and administrative expenses 1,910,020 2,233,410 6,856,558 5,075,607
Total costs and expenses 7,419,224 10,054,438 21,147,460 22,688,450
Operating income 1,028,743 1,716,980 659,068 1,848,489
Other (expense) income        
Interest expense (541,855) (972,930) (1,627,248) (4,079,022)
Letter of credit fees (52,667) (61,333) (173,333) (164,667)
Change in value of warrant liability 56,000 (9,984,541) 919,023 (14,241,141)
Gain on legal settlements 379,000 317,900
Total other (expense) income (159,522) (11,018,804) (563,658) (18,484,830)
Net income (loss) $ 869,221 $ (9,301,824) $ 95,410 $ (16,636,341)
Net income (loss) per common share - basic and diluted: $ 0.01 $ (0.19) $ 0.00 $ (0.35)
Weighted average common shares outstanding 75,865,678 47,918,064 74,662,691 47,546,461

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income (loss) $ 95,410 $ (16,636,341)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock based compensation 1,437,648 967,562
Amortization of license fees 1,950 4,410
Amortization of discount of notes payable and convertible notes payable 558,781 1,282,283
Amortization of debt issuance costs 115,144 500,002
Amortization of customer acquisition costs 307,612 322,605
Amortization of Patents 83,833
Depreciation expense 558,036 314,906
(Gain) loss on change in value of warrant liability (919,023) 14,241,139
Settlement Expense 61,100
Debt conversion costs 1,096,000
PIK interest 607,401
Change in assets and liabilities    
(Increase) in accounts receivable (530,382) (4,280,516)
(Increase) decrease in inventory (196,504) 1,949,996
Decrease (increase) in prepaid expenses and other assets 24,673 (20,129)
(Decrease) increase in accounts payable and accrued liabilities (2,323,642) 4,240,791
Decrease in deferred revenue (2,281,760)
Decrease in customer credits (423,206)
Net cash (used in) provided by operating activities (1,148,570) 2,308,349
Cash flows used in investing activities    
Purchase of property and equipment (698,941) (1,347,836)
Purchase of intellectual property (2,500,000)
Net cash used in investing activities (3,198,941) (1,347,836)
Cash flows from financing activities    
Payment of promissory notes (1,000,000)
Payment of equipment notes payable (40,318) (22,346)
Proceeds from the issuance of common stock upon warrant exercise 26,357
Net cash (used in) provided by financing activities (1,040,318) 4,011
Net (decrease) increase cash and cash equivalents (5,387,829) 964,524
Cash and cash equivalents - beginning of period 7,751,557 1,083,280
Cash and cash equivalents - end of period 2,363,728 2,047,804
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 1,011,427 279,293
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Equipment purchases included in accounts payable 1,594
Equipment purchases included in equipment notes payable 101,199 103,428
Stock issued for interest on convertible notes payable 103,635
Stock issued for the acquisition of patents rights 518,000
Stock issued for settlement 61,100
Conversion of accounts receivable to customer aquistion costs 188,225
Conversion of accrued interest to debt 719,733
Stock issued upon debt conversion 25,618
Stock issued upon cashless warrant exercise $ 230,977

Source

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