Financials

v3.10.0.1
Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 6,980,213 $ 10,022,247
Accounts receivable, net 170,792 221,084
Inventories, net 239,407 251,363
Prepayments and other current assets 503,808 283,208
Total current assets 7,894,220 10,777,902
Property and equipment, net 513,153 669,571
Intangible assets, net 2,096,692 2,082,014
Other assets 55,420 37,500
Total assets 10,559,485 13,566,987
Current liabilities:    
Accounts payable 517,770 449,475
Accrued expenses 1,149,883 1,081,155
Total current liabilities 1,667,653 1,530,630
Other long-term liabilities 462,199 456,234
Total liabilities 2,129,852 1,986,864
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 1,518 1,518
Common stock, $0.001 par value; 50,000,000 shares authorized; 14,004,465 shares issued and 14,000,342 shares outstanding at June 30, 2018 and 13,998,465 shares issued and 13,996,121 shares outstanding at December 31, 2017, respectively 14,004 13,998
Additional paid-in capital 67,711,659 67,081,359
Treasury stock, at cost; 4,123 shares at June 30, 2018 and 2,344 shares at December 31, 2017 (9,677) (7,489)
Accumulated deficit (59,287,871) (55,509,263)
Total stockholders' equity 8,429,633 11,580,123
Total liabilities and stockholders' equity $ 10,559,485 $ 13,566,987

Source

v3.10.0.1
Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Product revenue $ 619,942 $ 253,370 $ 801,442 $ 529,040
Cost of product revenue 584,800 764,609 919,763 1,475,539
Gross profit (loss) 35,142 (511,239) (118,321) (946,499)
Operating expenses:        
Research and development 905,541 1,108,368 1,663,324 2,298,537
General and administrative 817,672 1,170,415 1,709,660 2,076,378
Sales and marketing 69,989 427,336 324,232 968,869
Total operating expenses 1,793,202 2,706,119 3,697,216 5,343,784
Loss from operations (1,758,060) (3,217,358) (3,815,537) (6,290,283)
Interest income, net 35,614 7,034 36,929 11,575
Net loss $ (1,722,446) $ (3,210,324) $ (3,778,608) $ (6,278,708)
Net loss per share – basic and fully diluted $ (0.12) $ (0.23) $ (0.27) $ (0.50)
Weighted average number of shares outstanding – basic and fully diluted 13,992,791 13,989,282 13,991,961 12,443,076

Source

v3.10.0.1
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (3,778,608) $ (6,278,708)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts (98,337) 273,727
Write-down of inventory 5,458 712,083
Depreciation and amortization 216,920 224,926
Write-off of capitalized patents 15,478 202,343
Write-off of fixed assets 7,055 15,036
Stock-based compensation 630,306 498,006
Decrease (increase) in operating assets:    
Accounts receivable 148,629 (100,715)
Inventories 6,498 166,529
Prepayments and other current assets (238,520) 77,981
Increase (decrease) in operating liabilities:    
Accounts payable 68,295 (133,783)
Accrued expenses 74,693 (5,627)
Net cash used in operating activities (2,942,133) (4,348,202)
Cash flows from investing activities:    
Purchase of property and equipment (18,525) (18,146)
Acquisition of intangible assets (79,188) (171,134)
Net cash used in investing activities (97,713) (189,280)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 13,657,331
Payment of taxes related to restricted stock vesting (2,188) 0
Exercise of options and warrants 0 11,143
Net cash provided by (used in) financing activities (2,188) 13,668,474
Net increase (decrease) in cash and cash equivalents (3,042,034) 9,130,992
Cash and cash equivalents at beginning of period 10,022,247 4,204,916
Cash and cash equivalents at end of period $ 6,980,213 $ 13,335,908

Source