Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current Assets    
Cash $ 586,824 $ 1,616,410
Accounts receivable, net 389,652 442,555
Inventory 738,950 1,615,933
Prepaid and other current assets 198,056 226,305
Total Current Assets 1,913,482 3,901,203
Property and equipment, net of accumulated depreciation and amortization of $2,032,265 and $1,474,944, respectively 6,865,389 6,402,931
Deposit on acquisition 325,000
Intangible assets, net of accumulated amortization of $457,171 and $401,277, respectively 412,331 437,121
Security deposits 27,127 26,636
Goodwill 2,108,781 2,108,781
Total Assets 11,652,110 12,876,672
Current Liabilities    
Accounts payable 1,716,661 416,247
Accrued expenses 909,562 276,630
Deferred revenue and customer deposits 44,095 25,000
Capital leases payable, current 27,460 9,328
Note payable, net of debt discount of $13,043 and $0, respectively 451,754
Promissory notes payable - related party 100,000
Derivative liabilities 7,700,585
Total Current Liabilities 3,249,532 8,427,790
Long Term Liabilities    
Note payable 520,000 520,000
Capital leases payable, net of current portion 63,839 25,317
Senior convertible debenture, net of debt discount of $0 and $811,000, respectively 75,000
Total Liabilities 3,833,371 9,048,107
Common stock: $0.001 par; 190,000,000 shares authorized; 1,782,864 shares issued and outstanding at December 31, 2017 and 386,935 shares issued and outstanding at December 31, 2016 1,783 387
Additional paid-in-capital 71,852,874 57,385,658
Accumulated deficit (64,582,868) (53,558,480)
Total Stockholders' Equity 7,272,789 3,828,565
Total Liabilities, Temporary Equity and Stockholders' Equity 11,652,110 12,876,672
Redeemable Convertible Series C Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity 115,000
Redeemable Convertible Series D Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity
Redeemable Convertible Series E Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity 430,950
Series A Preferred Stock [Member]    
Long Term Liabilities    
Preferred stock: $0.001 par; 10,000,000 shares authorized 1,000 1,000
Series B Preferred Stock [Member]    
Long Term Liabilities    
Preferred stock: $0.001 par; 10,000,000 shares authorized

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]    
Revenue: $ 3,719,452 $ 3,552,245
Cost of Revenues 2,216,773 2,018,453
Gross Profit 1,502,679 1,533,792
Operating Expenses:    
Selling, general and administration 11,663,680 10,478,676
Research and development 171,651 678,546
Impairment of joint venture 806,716
(Gain) loss on sale and disposal of property and equipment (50,180) 1,049,305
Depreciation and amortization 673,062 650,887
Total Operating Expenses 12,458,213 13,664,130
Operating Loss (10,955,534) (12,130,338)
Other Income and (Expense):    
Interest (14,684) (51,687)
Loss on modification of warrants (2,897,291)
Accretion of debt discount (1,030,372) (189,000)
Excess fair value of warrants issued over related debt (2,622,080)
Other (expense) income (1,778) 49,842
Loss on extinguishment of debt (513,725)
Change in fair value of derivative liability 2,255,322 370,626
Loss on settlement of liabilities (763,617)
Total Other Income (Expense) (68,854) (5,339,590)
Net Loss (11,024,388) (17,469,928)
Deemed dividend 4,974,182
Net loss attributable to common shareholders $ (15,998,570) $ (17,469,928)
Net loss per share: Basic and Diluted $ (22.22) $ (52.74)
Weighted average common shares: Basic and Diluted 719,918 331,251

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operations    
Net Loss $ (11,024,388) $ (17,469,928)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 673,062 650,887
Accretion of debt discount 1,030,372 189,000
Amortization of stock-based compensation 425,492 346,906
Common stock issued for services 2,971,465 1,109,500
Provision for bad debt 36,363
Provision for slow moving spare parts 50,000 175,000
(Gain) loss on sale and disposal of property and equipment (50,180) 1,049,305
Loss on settlement of debt 751,902
Loss on settlement of vendor liability 11,715
Provision for impairment of investment in joint venture 806,716
Loss on modification of warrants 2,897,291
Excess fair value of warrants over related debt 2,622,080
Loss on extinguishment of debt 513,725
Change in fair value of derivative liability (2,255,322) (370,626)
Changes in operating assets:    
Accounts receivable 52,903 (105,912)
Inventory (35,966) (45,752)
Prepaid and other current assets 28,249 94,126
Accounts payable 1,348,614 (9,047)
Accrued expenses 701,386 (228,225)
Deferred revenue and customer deposits 19,095 (387,500)
Net cash used in operating activities (4,787,876) (8,639,816)
Cash Flows from Investing Activities    
Deposit on acquisition (325,000)
Purchase of property and equipment and intangible assets (250,252) (1,445,855)
Security deposit (491) (2,523)
Investment in joint ventures (52,115)
Proceeds from sale of assets 121,343 20,450
Net cash used in investing activities (454,400) (1,480,043)
Cash Flows from Financing Activities    
Capital lease payments (12,038) (5,423)
Net proceeds on sale of notes payable 940,000  
Principle payments on notes payable (776,292) 2,785,287
Net proceeds on related party notes and advances 289,173
Related party notes payments (7,103)
Net proceeds from senior convertible debenture, net 1,000,000
Net proceeds from prefunded warrants, net 2,540,821
Net proceeds from sale and issuance of preferred stock 3,771,013
Cash proceeds from exercise of warrants 7,937 95,714
Net cash provided by financing activities 4,212,690 6,416,400
Net decrease in cash (1,029,586) (3,703,459)
Cash, beginning of year 1,616,410 5,319,869
Cash, end of year 586,824 1,616,410
Supplemental disclosure of cash flow information Cash paid during the year for:    
Interest
Noncash Transactions    
Issuance of common stock for the settlement of senior convertible debentures 114,000
Reclassification of equity instruments to derivative liabilities due to tainting of warrants (5,396,350)
Reclassification of derivative liabilities to equity from the exercise of warrants and issuance of shares for convertible debt 5,086,351
Issuance of equity instruments attached to senior convertible debentures 1,000,000
Reclassification of derivative liability to equity (427,568)
Issuance of common stock and series B preferred stock for debt extinguishment 5,652,502
Common shares issued for debt 857,000
Conversion from note payable to convertible note payable $ 500,000

Source