Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 93,895 $ 1,616,410
Accounts receivable, net of allowance for doubtful accounts of $101,063 and $145,931, respectively 542,800 442,555
Inventory, net 1,604,857 1,615,933
Prepaid and other current assets 304,580 226,305
Total Current Assets 2,546,132 3,901,203
Property and equipment, net of accumulated depreciation and amortization of $1,902,058 and $1,474,944, respectively 6,015,305 6,402,931
Intangible assets, net of accumulated amortization of $484,470 and $401,277, respectively 421,712 437,121
Security deposits 37,356 26,636
Goodwill 2,108,781 2,108,781
Total Assets 11,129,286 12,876,672
Current Liabilities    
Accounts payable 1,611,993 416,247
Accrued expenses 661,034 276,630
Deferred revenue and customer deposits 44,824 25,000
Capital leases, current 8,793 9,328
Note payable, net of debt discount of $13,043 and 0, respectively 986,957
Promissory notes payable - related party 340,007
Derivative liabilities 7,700,585
Total Current Liabilities 3,653,608 8,427,790
Long Term Liabilities    
Note payable 520,000 520,000
Capital leases, net of current 8,806 25,317
Senior convertible debenture, net of debt discount of $27,504 and $811,000, respectively 1,496 75,000
Total Liabilities 4,183,910 9,048,107
Commitments and Contingencies
Stockholders' Equity    
Common stock, par value $0.001, 190,000,000 shares authorized, 13,358,128 shares issued and outstanding at September 30, 2017 and 5,804,027 shares issued and outstanding at December 31, 2016 13,358 5,804
Additional paid-in-capital 67,637,489 57,380,241
Accumulated deficit (60,706,471) (53,558,480)
Total Stockholders' Equity 6,945,376 3,828,565
Total Liabilities and Stockholders' Equity 11,129,286 12,876,672
Redeemable Convertible Series C Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity
Redeemable Series D Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity
Redeemable Series E Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity  
Redeemable Series E Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity  
Series A Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock, par value $0.001, 10,000,000 shares authorized; 7,821,966 shares available for designation. 1,000 1,000
Series B Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock, par value $0.001, 10,000,000 shares authorized; 7,821,966 shares available for designation.

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
Income Statement [Abstract]        
Revenue: $ 879,511 $ 1,037,668 $ 2,717,503 $ 2,540,588
Cost of Revenues 552,374 632,531 1,588,419 1,470,569
Gross Profit 327,137 405,137 1,129,084 1,070,019
Operating Expenses:        
Selling, general and administration 2,453,160 2,690,495 8,366,604 7,544,484
Research and development 1,470 143,072 125,725 472,329
Impairment of joint venture 501,011
Depreciation and amortization 166,034 177,557 526,602 507,000
Total Operating Expenses 2,620,664 3,011,124 9,018,931 9,024,824
Operating Loss (2,293,527) (2,605,987) (7,889,847) (7,954,805)
Other Income and (Expense):        
Interest (27,233) (47,734) (46,142) (67,233)
Non-Cash interest, derivative liability (50,000) (50,000)
Amortization of debt discount (804,776) (951,533) (2,622,080)
Other (expense) income 481 40,533 (2,066) 61,763
Extinguishment of debt (513,725)
Change in fair value of derivative liability (1,404,490) 2,255,322 (206,971)
Total Other Income (Expense) (831,528) (1,461,691) 741,856 (2,884,521)
Net Loss (3,125,055) (4,067,678) (7,147,991) (10,839,326)
Deemed dividend 1,034,682 1,109,682
Net loss attributable to common shareholders $ (4,159,737) $ (4,067,678) $ (8,257,673) $ (10,839,326)
Net loss per share: Basic and Diluted $ (0.39) $ (0.81) $ (1.06) $ (2.29)
Weighted average common shares: Basic and Diluted 10,786,551 5,036,152 7,763,782 4,723,559

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 Operations    
Net Loss $ (7,147,991) $ (10,839,326)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 526,602 507,000
Accretion of debt discount 951,533 50,000
Stock based compensation 353,537 241,852
Stocks issued for services 2,288,741 820,500
Provision for bad debt 26,363
Provision for slow moving spare parts 50,000 270,000
Loss (gain) on disposal of fixed assets (48,381) 131,934
Provision for impairment of investment in joint venture 501,011
Non-cash interest for derivative liability 50,000
Extinguishment of debt 513,725
Change in fair value of derivative liability (2,255,322) 206,971
Changes in operating assets:    
Accounts receivable (100,245) (58,483)
Inventory (38,925) (119,144)
Prepaid and other current assets (78,275) (213,646)
Accounts payable 1,195,747 (36,060)
Accrued expenses 384,404 (182,940)
Deferred revenue and customer deposits 19,824 (383,650)
Net cash used in operating activities (3,385,026) (6,455,538)
Cash Flows from Investing Activities    
Purchase of property and equipment and intangible assets (136,527) (1,252,695)
Purchase of intangibles (26,723)
Security deposit (10,720) (2,542)
Investment in joint ventures (25,000)
Proceeds from sale of assets 88,064 8,000
Net cash used in investing activities (85,906) (1,272,237)
Cash Flows from Financing Activities    
Capital lease payments (17,046)
Gross proceeds on sale of notes payable 1,000,000 1,000,000
Principle payments on notes payable (3,091)
Net proceeds on related party notes 340,007
Proceeds from prefunded warrants 2,540,821
Gross proceeds on issuance of series C and D preferred stock units 1,109,682
Debt issuance costs (60,000)
Stock issuance costs (432,163)
Cash proceeds from exercise of warrants 7,937 52,632
Net cash provided by financing activities 1,948,417 3,590,362
Net decrease in cash (1,522,515) (4,137,413)
Cash, beginning of period 1,616,410 5,319,869
Cash, end of period 93,895 1,182,456
Supplemental disclosure of cash flow information Cash paid during the year for:    
Interest 46,635
Noncash Transactions    
Reclassification of warrants and conversion option to derivative liabilities 2,947,370
Reclassification of derivative liability to equity (427,568) 2,868,184
Fair value of warrants and embedded conversion option issued in connection with debt 1,000,000
Issuance of common stock and series B preferred stock 5,652,500
Common shares issued for debt $ 857,000

Source