Financials

v3.7.0.1
Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 15,350,915 $ 4,204,916
Accounts receivable, net 565,467 378,658
Inventories, net 851,863 1,245,147
Prepayments and other current assets 304,813 312,593
Total current assets 17,073,058 6,141,314
Property and equipment, net 835,137 936,486
Intangible assets, net 1,959,498 1,905,556
Other assets 17,920 17,920
Total Assets 19,885,613 9,001,276
Current liabilities:    
Accounts payable 363,333 346,767
Accrued expenses 1,030,961 1,149,129
Total current liabilities 1,394,294 1,495,896
Other long-term liabilities 266,938 265,418
Total liabilities 1,661,232 1,761,314
Commitments
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 shares issued and outstanding at March 31, 2017 1,518 0
Common stock, $0.001 par value; 50,000,000 shares authorized; 13,998,465 shares issued and 13,996,782 shares outstanding at March 31, 2017 and 9,560,896 shares issued and 9,559,213 shares outstanding at December 31, 2016, respectively 13,998 9,561
Additional paid-in capital 66,357,329 52,310,481
Treasury stock, at cost, 1,683 shares at March 31, 2017 and December 31, 2016, respectively (5,915) (5,915)
Accumulated deficit (48,142,549) (45,074,165)
Total stockholders’ equity 18,224,381 7,239,962
Total Liabilities and Stockholders’ Equity $ 19,885,613 $ 9,001,276

Source

v3.7.0.1
Statements of Operations (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Product revenue $ 275,670 $ 496,644
Cost of product revenue 710,930 494,754
Gross profit (loss) (435,260) 1,890
Operating expenses:    
Research and development 1,190,169 1,479,985
General and administrative 905,963 920,331
Sales and marketing 541,533 412,530
Total operating expenses 2,637,665 2,812,846
Loss from operations (3,072,925) (2,810,956)
Interest income, net 4,541 8,609
Net loss $ (3,068,384) $ (2,802,347)
Net loss per share - basic and fully diluted (in dollars per share) $ (0.28) $ (0.29)
Weighted average number of shares outstanding - basic and fully diluted (in shares) 10,879,690 9,545,982

Source

v3.7.0.1
Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (3,068,384) $ (2,802,347)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 60,703 0
Write-down of inventory 348,793 4,242
Depreciation and amortization 113,068 86,999
Write-off of capitalized patents 559 24,753
Write-off of fixed assets 10,534 992
Stock-based compensation 384,329 383,516
Decrease (increase) in operating assets:    
Accounts receivable (247,512) 425,103
Inventories 44,491 (76,801)
Prepayments and other current assets 7,780 5,586
Increase (decrease) in operating liabilities:    
Accounts payable 16,566 (574,774)
Accrued expenses (116,648) (53,140)
Net cash used in operating activities (2,445,721) (2,575,871)
Cash flows from investing activities:    
Purchase of property and equipment (4,378) (100,382)
Acquisition of intangible assets (72,376) (103,111)
Net cash used in investing activities (76,754) (203,493)
Cash flows from financing activities:    
Net proceeds from issuance of stock 13,657,331 0
Exercise of options and warrants 11,143 35,536
Net cash provided by financing activities 13,668,474 35,536
Net increase (decrease) in cash and cash equivalents 11,145,999 (2,743,828)
Cash and cash equivalents at beginning of period 4,204,916 15,022,286
Cash and cash equivalents at end of period $ 15,350,915 $ 12,278,458

Source