Financials

v3.19.3
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 4,994,215 $ 2,217,412
Accounts receivable 35,742 80,044
Inventory, net 384,111 416,531
Current portion of mortgage note receivable 37,439 37,439
Prepaid insurance 20,704 18,185
Prepaid expenses 217,395
Total current assets 5,689,606 2,769,611
FURNITURE AND EQUIPMENT, NET 15,634 18,571
RIGHT-TO-USE LEASE ASSET, NET 55,268
Mortgage note receivable, less current portion 101,731 129,674
TOTAL ASSETS 5,862,239 2,917,856
CURRENT LIABILITIES    
Current portion of lease liability 14,182
Accounts payable and accrued expenses 2,322,516 1,925,332
Total current liabilities 2,336,698 1,925,332
LONG-TERM LEASE LIABILITY 42,294
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 121,114,990 and 90,759,324 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively 12,110 9,075
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, 0 outstanding
Additional paid-in capital 25,956,355 18,701,211
Stock subscription receivable (130,062)
Accumulated deficit (22,485,218) (17,587,700)
Total stockholders' equity 3,483,247 992,524
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,862,239 $ 2,917,856
v3.19.3
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUES        
Product sales $ 285,914 $ 224,480 $ 779,835 $ 771,964
EXPENSES        
Personnel 520,666 294,620 1,241,742 859,963
Cost of products sold (exclusive of direct and indirect overhead and handling costs) 25,971 13,047 62,830 90,759
Research and development 941,539 485,715 3,071,113 1,739,289
Repairs and maintenance 1,232 1,203 4,215 2,474
Professional fees 151,749 132,308 613,000 663,592
Office and other 233,555 57,227 583,692 223,076
Board of Director fees and costs 37,008 26,549 101,704 69,565
Depreciation 1,292 2,527 4,261 7,553
Freight and shipping 1,527 1,036 3,977 4,561
Total operating expenses 1,914,539 1,014,232 5,686,534 3,670,832
LOSS FROM OPERATIONS (1,628,625) (789,752) (4,906,699) (2,898,868)
OTHER INCOME        
Investment and other income 3,284 2,451 9,181 9,394
LOSS BEFORE INCOME TAXES (1,625,341) (787,301) (4,897,518) (2,889,474)
PROVISION FOR INCOME TAXES
NET LOSS $ (1,625,341) $ (787,301) $ (4,897,518) $ (2,889,474)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.01) $ (0.01) $ (0.05) $ (0.04)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 121,086,101 87,239,361 104,286,287 79,697,435
v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,897,518) $ (2,889,474)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,261 7,553
Accrued stock compensation to employees 104,100 11,700
Accrued stock compensation to non-employees 55,280 38,610
Issuance of stock-based compensation 268,579
Increase or decrease in:    
Accounts receivable 44,302 (14,410)
Inventory 32,420 34,636
Prepaid expenses (217,395)
Other current assets (2,519) 16,023
Other 1,208
Accounts payable and accrued expenses 237,804 661,582
Total adjustments 528,040 755,694
NET CASH USED IN OPERATING ACTIVITIES (4,369,478) (2,133,780)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (1,324) (1,634)
Proceeds from mortgage note receivable 27,943 26,781
NET CASH PROVIDED BY INVESTING ACTIVITIES 26,619 25,147
CASH FLOWS FROM FINANCING ACTIVITIES    
Collection of stock subscription receivable 130,062
Net proceeds from sale of common and preferred stock and warrants, net of issue costs 6,989,600 1,960,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,119,662 1,960,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,776,803 (148,633)
CASH AND CASH EQUIVALENTS, beginning of period 2,217,412 1,270,973
CASH AND CASH EQUIVALENTS, end of period 4,994,215 1,122,340
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Capitalization of right-to-use asset and lease liability $ 56,476