Financials

v3.8.0.1
Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 11,681,887 $ 4,204,916
Accounts receivable, net 387,081 378,658
Inventories, net 327,461 1,245,147
Prepayments and other current assets 171,147 312,593
Total current assets 12,567,576 6,141,314
Property and equipment, net 647,657 936,486
Intangible assets, net 2,059,645 1,905,556
Other assets 0 17,920
Total Assets 15,274,878 9,001,276
Current liabilities:    
Accounts payable 287,114 346,767
Accrued expenses 1,250,484 1,149,129
Total current liabilities 1,537,598 1,495,896
Other long-term liabilities 493,088 265,418
Total liabilities 2,030,686 1,761,314
Commitments and contingencies (see Note 8)
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 shares issued and outstanding at September 30, 2017 1,518 0
Common stock, $0.001 par value; 50,000,000 shares authorized; 13,998,465 shares issued and 13,996,121 shares outstanding at September 30, 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 66,806,637 52,310,481
Treasury stock, at cost; 2,344 shares at September 30, 2017 and 1,683 shares at December 31, 2016, respectively (7,489) (5,915)
Accumulated deficit (53,570,472) (45,074,165)
Total stockholders’ equity 13,244,192 7,239,962
Total Liabilities and Stockholders’ Equity $ 15,274,878 $ 9,001,276

Source

v3.8.0.1
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]        
Product revenue $ 444,640 $ 439,270 $ 973,680 $ 1,258,030
Cost of product revenue 418,529 737,937 1,894,068 1,531,628
Gross profit (loss) 26,111 (298,667) (920,388) (273,598)
Operating expenses:        
Research and development 1,075,849 1,231,024 3,374,386 3,914,188
General and administrative 899,882 907,335 2,976,260 2,709,325
Sales and marketing 271,844 496,794 1,240,713 1,321,757
Total operating expenses 2,247,575 2,635,153 7,591,359 7,945,270
Loss from operations (2,221,464) (2,933,820) (8,511,747) (8,218,868)
Interest income, net 3,865 11,554 15,440 26,778
Net loss $ (2,217,599) $ (2,922,266) $ (8,496,307) $ (8,192,090)
Net loss per share – basic and fully diluted (in dollars per share) $ (0.16) $ (0.31) $ (0.66) $ (0.86)
Weighted average number of shares outstanding – basic and fully diluted (in shares) 13,990,202 9,549,011 12,964,452 9,547,580

Source

v3.8.0.1
Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (8,496,307) $ (8,192,090)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 226,557 85,375
Write-down of inventory 703,220 73,521
Depreciation and amortization 339,493 290,474
Write-off of capitalized patents 268,789 71,109
Write-off of fixed assets 53,445 6,215
Stock-based compensation 833,637 1,135,008
Decrease (increase) in operating assets:    
Accounts receivable (234,980) 337,480
Inventories 214,466 (689,854)
Prepayments and other current assets 159,366 147,061
Increase (decrease) in operating liabilities:    
Accounts payable (59,653) (729,435)
Accrued expenses 67,722 (151,178)
Net cash used in operating activities (5,924,245) (7,616,314)
Cash flows from investing activities:    
Purchase of property and equipment (44,819) (328,930)
Acquisition of intangible assets (220,865) (299,140)
Net cash used in investing activities (265,684) (628,070)
Cash flows from financing activities:    
Net proceeds from issuance of stock 13,657,331 0
Exercise of options and warrants 11,143 35,536
Payment of taxes related to restricted stock vesting (1,574) 0
Net cash provided by financing activities 13,666,900 35,536
Net increase (decrease) in cash and cash equivalents 7,476,971 (8,208,848)
Cash and cash equivalents at beginning of period 4,204,916 15,022,286
Cash and cash equivalents at end of period $ 11,681,887 $ 6,813,438

Source