Financials

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash $ 1,182,456 $ 5,319,869
Accounts receivable, net of allowance for doubtful accounts of $135,931 and $109,568, respectively 405,126 373,006
Inventory, net 2,211,158 2,362,014
Prepaid and other current assets 534,077 320,431
Total Current Assets 4,332,817 8,375,320
Property, equipment and leasehold improvements, net of accumulated depreciation and amortization of $1,848,452 and $1,467,123, respectively 6,652,672 6,004,990
Intangible assets, net of accumulated amortization of $387,303 and $345,382, respectively 451,095 493,016
Investment in joint ventures, net 278,590 754,601
Security deposits 26,655 24,113
Goodwill 2,108,781 2,108,781
Total Assets 13,850,610 17,760,821
Current Liabilities    
Accounts payable 389,234 425,294
Accrued expenses 321,915 504,855
Deferred revenue and customer deposits 28,850 412,500
Notes payable, current 9,328 7,891
Derivative liabilities 5,150,078 1,241,841
Total Current Liabilities 5,899,405 2,592,381
Long Term Liabilities    
Note payable, net of current maturities 547,649 552,177
Senior convertible debenture, net of debt discount of $950,000 50,000 0
Total Liabilities 6,497,054 3,144,558
Commitments and Contingencies
Stockholders' Equity    
Preferred stock 0 0
Common stock: $0.001 par; 90,000,000 authorized; 51,939,304 and 45,599,534 issued and outstanding, respectively 51,939 45,599
Additional paid-in capital 54,228,495 50,658,216
Accumulated deficit (46,927,878) (36,088,552)
Total Stockholders' Equity 7,353,556 14,616,263
Total Liabilities and Stockholders' Equity 13,850,610 17,760,821
Series A Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock $ 1,000 $ 1,000

Source

v3.5.0.2
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue: $ 1,037,668 $ 623,893 $ 2,540,588 $ 1,753,986
Cost of Revenues 632,531 405,979 1,470,569 1,078,032
Gross Profit 405,137 217,914 1,070,019 675,954
Operating Expenses:        
Selling, general and administration 2,690,495 2,183,924 7,544,484 6,064,726
Research and development 143,072 104,968 472,329 231,618
Impairment of joint venture 0 0 501,011 0
Depreciation and amortization 177,557 141,848 507,000 418,467
Total Operating Expenses 3,011,124 2,430,740 9,024,824 6,714,811
Operating (Loss) (2,605,987) (2,212,826) (7,954,805) (6,038,857)
Other Income and (Expense):        
Interest (47,734) (10,815) (67,233) (21,070)
Non-Cash Interest, derivative liability 0 0 (2,622,080) 0
Non-cash Interest, amortization of debt discount (50,000) 0 (50,000) 0
Loss on sale of property 0 0 0 (483,630)
Other income 40,533 8,421 61,763 11,763
Change in fair value of derivative liability (1,404,490) 0 (206,971) 0
Total Other Income (Expense) (1,461,691) (2,394) (2,884,521) (492,937)
Net Loss $ (4,067,678) $ (2,215,220) $ (10,839,326) $ (6,531,794)
Net Loss per share:        
Basic and diluted $ (0.08) $ (0.05) $ (0.23) $ (0.17)
Weighted average common shares:        
Basic and diluted 50,361,516 41,181,102 47,235,587 39,170,542

Source

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows from Operations    
Net loss $ (10,839,326) $ (6,531,794)
Adjustments to reconcile net loss to cash used in operating Activities:    
Depreciation and amortization 507,000 418,467
Stock based compensation 241,852 410,160
Stocks issued for services 820,500 1,063,276
Provision for bad debt 26,363 5,540
Provision for slow moving spare parts 270,000 0
Loss on disposal of fixed assets 131,934 483,630
Provision for impairment of investment in joint venture 501,011 0
Non-Cash Interest for derivative liability 2,622,080 0
Non-cash interest, amortization of debt discount 50,000 0
Change in fair value of derivative liability 206,971 0
Changes in operating assets:    
Accounts receivable (58,483) (70,102)
Inventory (119,144) (50,514)
Prepaid and other current assets (213,646) (240,931)
Accounts payable (36,060) 295,056
Accrued expenses (182,940) 131,351
Deferred revenue and customer deposits (383,650) (26,666)
Total adjustments to net loss 4,383,788 2,419,267
Net cash used in operating activities (6,455,538) (4,112,527)
Cash Flows from Investing Activities    
Purchase of property and equipment (1,252,695) (578,381)
Security deposit (2,542) 184
Investment in joint ventures (25,000) (66,548)
Proceeds from sale of assets 8,000 400,410
Net cash used in investing activities (1,272,237) (244,335)
Cash Flows from Financing Activities    
Principle payments on notes payable (3,091) 19,583
Proceeds from senior convertible debenture 1,000,000 0
Proceeds from prefunded warrants 2,540,821 0
Cash proceeds from exercise of warrants 52,632 1,444,725
Net cash provided by financing activities 3,590,362 1,464,308
Net decrease in cash (4,137,413) (2,892,554)
Cash, beginning of period 5,319,869 5,061,674
Cash, end of period 1,182,456 2,169,120
Supplemental disclosure of cash flow information Cash paid during the year for:    
Interest 46,635 28,299
Supplemental disclosure of non-cash investing and financing activities    
Fair value of warrants and embedded conversion option issued in connection with the debt 1,000,000 0
Reclassification of warrants and conversion option to derivative liabilities 2,947,370 0
Reclassification of derivative liabilities to equity $ 2,868,184 $ 0

Source