Financials

v3.10.0.1
Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 5,538,765 $ 10,022,247
Accounts receivable, net 279,299 221,084
Inventories, net 131,765 251,363
Prepayments and other current assets 83,382 283,208
Total current assets 6,033,211 10,777,902
Property and equipment, net 458,856 669,571
Intangible assets, net 2,109,981 2,082,014
Other assets 55,420 37,500
Total Assets 8,657,468 13,566,987
Current liabilities:    
Accounts payable 737,083 449,475
Accrued expenses 1,068,418 1,081,155
Total current liabilities 1,805,501 1,530,630
Other long-term liabilities 465,181 456,234
Total liabilities 2,270,682 1,986,864
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, 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 13,999,756 shares outstanding at September 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 67,919,163 67,081,359
Treasury stock, at cost; 4,709 shares at September 30, 2018 and 2,344 shares at December 31, 2017 (10,105) (7,489)
Accumulated deficit (61,537,794) (55,509,263)
Total stockholders' equity 6,386,786 11,580,123
Total Liabilities and Stockholders' Equity $ 8,657,468 $ 13,566,987

Source

v3.10.0.1
Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Product revenue $ 342,661 $ 444,640 $ 1,144,103 $ 973,680
Cost of product revenue 552,127 418,529 1,471,890 1,894,068
Gross profit (loss) (209,466) 26,111 (327,787) (920,388)
Operating expenses:        
Research and development 854,364 1,075,849 2,517,688 3,374,386
General and administrative 921,276 899,882 2,630,936 2,976,260
Sales and marketing 264,705 271,844 588,937 1,240,713
Total operating expenses 2,040,345 2,247,575 5,737,561 7,591,359
Loss from operations (2,249,811) (2,221,464) (6,065,348) (8,511,747)
Interest income (expense), net (112) 3,865 36,817 15,440
Net loss $ (2,249,923) $ (2,217,599) $ (6,028,531) $ (8,496,307)
Net loss per share – basic and fully diluted $ (0.16) $ (0.16) $ (0.43) $ (0.66)
Weighted average number of shares outstanding – basic and fully diluted 13,996,299 13,990,202 13,993,423 12,964,452

Source

v3.10.0.1
Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (6,028,531) $ (8,496,307)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts (98,677) 226,557
Write-down of inventory 67,515 703,220
Depreciation and amortization 297,007 339,493
Write-off of capitalized patents 15,478 268,789
Write-off of fixed assets 7,128 53,445
Stock-based compensation 837,810 833,637
Decrease (increase) in operating assets:    
Accounts receivable 40,462 (234,980)
Inventories 52,083 214,466
Prepayments and other current assets 181,906 159,366
Increase (decrease) in operating liabilities:    
Accounts payable 287,608 (59,653)
Accrued expenses (3,790) 67,722
Net cash used in operating activities (4,344,001) (5,924,245)
Cash flows from investing activities:    
Purchase of property and equipment (19,613) (44,819)
Acquisition of intangible assets (117,252) (220,865)
Net cash used in investing activities (136,865) (265,684)
Cash flows from financing activities:    
Net proceeds from issuance of stock 0 13,657,331
Payment of taxes related to stock award vesting (2,616) (1,574)
Exercise of options and warrants 0 11,143
Net cash provided by (used in) financing activities (2,616) 13,666,900
Net increase (decrease) in cash and cash equivalents (4,483,482) 7,476,971
Cash and cash equivalents at beginning of period 10,022,247 4,204,916
Cash and cash equivalents at end of period $ 5,538,765 $ 11,681,887

Source