Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 30,000 $ 1,310,000
Restricted cash 50,000 50,000
Accounts receivable 161,000 87,000
Inventory 2,984,000 2,764,000
Prepaid expenses and other current assets 187,000 302,000
Total current assets 3,412,000 4,513,000
Property and equipment, net 3,121,000 3,247,000
Intangibles, net 19,000 20,000
Deposits and other long term assets 24,000 28,000
Total assets 6,576,000 7,808,000
Current liabilities:    
Accounts payable 1,628,000 1,665,000
Accrued expenses 1,036,000 697,000
Deferred revenues and customer advances 3,922,000 3,876,000
Accrued contract loss 600,000 600,000
Convertible unsecured notes payable, net of discounts 763,000 554,000
Capital leases payable-short term 8,000 10,000
Total current liabilities 7,957,000 7,402,000
Long term liabilities:    
Convertible secured notes payable, net of discounts 1,691,000 630,000
Capital lease payable 3,000 4,000
Total liabilities 9,651,000 8,036,000
Commitments and contingencies (Note 12)
Stockholders' deficit:    
Preferred stock, $0.0001 par value. Authorized 50,000,000 shares; no shares issued and outstanding at March 31, 2017 and December 31, 2016
Common stock, $0.0001 par value. Authorized 200,000,000 shares; 3,853,660 and 3,829,660 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively
Additional paid-in capital 41,347,000 40,944,000
Accumulated deficit (44,422,000) (41,172,000)
Total stockholders' (deficit) (3,075,000) (228,000)
Total liabilities and stockholders' equity $ 6,576,000 $ 7,808,000

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Total revenues
Total costs of goods sold
Gross profit (loss)
Operating expenses:    
Selling, general, and administrative 1,031,000 1,337,000
Research and development 582,000 934,000
Total operating expenses 1,613,000 2,271,000
Operating loss (1,613,000) (2,271,000)
Other (expenses):    
Interest expense (1,571,000) (983,000)
Loss on debt conversion (53,000)
Other expense, net (14,000)
Loss on modification of debt (1,429,000)
Gain on revaluation of derivative liabilities 835,000
Total other (expenses) (1,638,000) (1,577,000)
Loss before provision for income taxes (3,251,000) (3,848,000)
Provision for income taxes
Net loss $ (3,251,000) $ (3,848,000)
Loss per share-basic and diluted $ (0.85) $ (1.25)
Weighted average common shares-basic and diluted 3,844,149 3,089,160

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (3,251,000) $ (3,848,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 127,000 132,000
Stock-based compensation 270,000 376,000
(Gain) on revaluation of derivative liabilities (835,000)
Amortization of debt discount and deferred financing fees 1,409,000 770,000
Expense related to modification of convertible debt 1,429,000
Loss on debt conversions 53,000
Loss on asset disposal 14,000
Changes in assets and liabilities:    
Accounts and other receivables (44,000)
Prepaid expenses and other current assets 57,000 (178,000)
Inventory (162,000) (509,000)
Restricted cash (375,000)
Deferred revenues 46,000 375,000
Deposits 5,000
Accounts payable and other current liabilities 189,000 748,000
Cash from operating activities (1,287,000) (1,915,000)
Cash flows from investing activities:    
Purchases of property and equipment (1,000) (514,000)
Proceeds from sale of assets 11,000
Net cash from investing activities 10,000 (514,000)
Cash flows from financing activities:    
Repayment of capital leases payable (3,000) (6,000)
Cash from financing activities (3,000) (6,000)
Decrease in cash and cash equivalents (1,280,000) (2,435,000)
Cash and cash equivalents at beginning of period 1,310,000 2,605,000
Cash and cash equivalents at end of period 30,000 170,000
Cash paid during the period for:    
Income taxes
Interest 214,000 214,000
Supplemental disclosure of non-cash activities:    
Debt discount and derivative liabilities recorded upon issuance of warrants 148,000
Debt discount and derivative liabilities recorded for amendments of notes 1,497,000
Conversion of senior convertible notes into common shares 60,000
Debt discount recorded upon issuance of warrants $ 73,000

Source