Financials

v3.8.0.1
Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 8,153,268 $ 10,022,247
Accounts receivable, net 152,716 221,084
Inventories, net 227,005 251,363
Prepayments and other current assets 251,146 283,208
Total current assets 8,784,135 10,777,902
Property and equipment, net 573,026 669,571
Intangible assets, net 2,088,428 2,082,014
Other assets 37,500 37,500
Total assets 11,483,089 13,566,987
Current liabilities:    
Accounts payable 299,730 449,475
Accrued expenses 1,008,149 1,081,155
Total current liabilities 1,307,879 1,530,630
Other long-term liabilities 459,216 456,234
Total liabilities 1,767,095 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 March 31, 2018 and December 31, 2017, respectively 1,518 1,518
Common stock, $0.001 par value; 50,000,000 shares authorized; 13,998,465 shares issued and 13,996,121 shares outstanding at March 31, 2018 and December 31, 2017, respectively 13,998 13,998
Additional paid-in capital 67,273,392 67,081,359
Treasury stock, at cost, 2,344 shares at March 31, 2018 and December 31, 2017, respectively (7,489) (7,489)
Accumulated deficit (57,565,425) (55,509,263)
Total stockholders’ equity 9,715,994 11,580,123
Total liabilities and stockholders’ equity $ 11,483,089 $ 13,566,987

Source

v3.8.0.1
Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Product revenue $ 181,500 $ 275,670
Cost of product revenue 334,963 710,930
Gross loss (153,463) (435,260)
Operating expenses:    
Research and development 757,783 1,190,169
General and administrative 891,988 905,963
Sales and marketing 254,243 541,533
Total operating expenses 1,904,014 2,637,665
Loss from operations (2,057,477) (3,072,925)
Interest income, net 1,315 4,541
Net loss $ (2,056,162) $ (3,068,384)
Net loss per share - basic and fully diluted $ (0.15) $ (0.28)
Weighted average number of shares outstanding - basic and fully diluted 13,991,121 10,879,690

Source

v3.8.0.1
Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (2,056,162) $ (3,068,384)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 18,235 60,703
Write-down of inventory (883) 348,793
Depreciation and amortization 113,808 113,068
Write-off of capitalized patents 10,873 559
Write-off of fixed assets 7,056 10,534
Stock-based compensation 192,033 384,329
Decrease (increase) in operating assets:    
Accounts receivable 50,133 (247,512)
Inventories 25,241 44,491
Prepayments and other current assets 32,062 7,780
Increase (decrease) in operating liabilities:    
Accounts payable (149,745) 16,566
Accrued expenses (70,024) (116,648)
Net cash used in operating activities (1,827,373) (2,445,721)
Cash flows from investing activities:    
Purchase of property and equipment 0 (4,378)
Acquisition of intangible assets (41,606) (72,376)
Net cash used in investing activities (41,606) (76,754)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 13,657,331
Exercise of options and warrants 0 11,143
Net cash provided by financing activities 0 13,668,474
Net increase (decrease) in cash and cash equivalents (1,868,979) 11,145,999
Cash and cash equivalents at beginning of period 10,022,247 4,204,916
Cash and cash equivalents at end of period $ 8,153,268 $ 15,350,915

Source