Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 121,000 $ 1,310,000
Restricted cash 50,000
Accounts receivable 216,000 87,000
Inventory 3,065,000 2,764,000
Prepaid expenses and other current assets 189,000 302,000
Total current assets 3,591,000 4,513,000
Property and equipment, net 2,830,000 3,247,000
Intangibles, net 17,000 20,000
Deposits and other long-term assets 44,000 28,000
Total assets 6,482,000 7,808,000
Current liabilities:    
Accounts payable 1,783,000 1,665,000
Accrued expenses 766,000 573,000
Deferred revenues and customer advances 5,177,000 3,876,000
Accrued contract loss 760,000 724,000
Convertible unsecured notes payable, net of discounts 1,055,000 554,000
Capital leases payable-short term 15,000 10,000
Total current liabilities 9,556,000 7,402,000
Long term liabilities:    
Convertible secured notes payable, net of discounts 2,754,000 630,000
Capital lease payable 18,000 4,000
Total liabilities 12,328,000 8,036,000
Stockholders' deficit:    
Preferred stock, $0.0001 par value. Authorized 50,000,000 shares; no shares issued and outstanding at June 30, 2017 and December 31, 2016
Common stock, $0.0001 par value. Authorized 200,000,000 shares; 4,063,660 and 3,829,660 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
Additional paid-in capital 41,786,000 40,944,000
Accumulated deficit (47,632,000) (41,172,000)
Total stockholders' (deficit) (5,846,000) (228,000)
Total liabilities and stockholders' deficit $ 6,482,000 $ 7,808,000

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenues
Cost of goods sold:
Gross profit
Operating expenses:        
Selling, general, and administrative 1,004,000 1,051,000 2,035,000 2,318,000
Research and development 600,000 755,000 1,183,000 1,698,000
Total operating expenses 1,604,000 1,806,000 3,218,000 4,016,000
Operating loss (1,604,000) (1,806,000) (3,218,000) (4,016,000)
Other income (expenses):        
Interest expense (117,000) (272,000) (921,000) (739,000)
Amortization of debt discount (1,365,000) (825,000) (2,132,000) (1,400,000)
Loss on disposition of assets (124,000) (137,000)
Loss on debt extinguishment (10,000)
Loss on modification of convertible debt (43,000) (1,429,000)
Gain (loss) on valuation of derivative liabilities 719,000 1,554,000
Total other income (expenses), net (1,606,000) (378,000) (3,243,000) (2,014,000)
Loss before provision for income taxes (3,210,000) (2,184,000) (6,461,000) (6,030,000)
Provision for income taxes 1,000 3,000
Net loss $ (3,210,000) $ (2,185,000) $ (6,461,000) $ (6,033,000)
Loss per share-basic and diluted $ (0.79) $ (0.59) $ (1.61) $ (1.84)
Weighted average common shares-basic and diluted 4,063,660 3,708,782 4,007,953 3,400,711

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (6,461,000) $ (6,033,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 252,000 266,000
Stock-based compensation 653,000 727,000
(Gain) on revaluation of derivative liabilities (1,554,000)
Amortization of debt discount and deferred financing fees 2,772,000 1,656,000
Expense related to modification of convertible debt 1,429,000
Loss on debt conversions 53,000
Loss on asset disposal 152,000
Changes in assets and liabilities:    
Restricted cash 50,000
Accounts and other receivables (99,000)
Prepaid expenses and other current assets 111,000 (197,000)
Inventory (243,000) (1,023,000)
Deferred revenues, net 1,301,000 123,000
Deposits 5,000
Accounts payable and other current liabilities 204,000 613,000
Cash used in operating activities (1,250,000) (3,993,000)
Cash flows from investing activities:    
Purchases of property and equipment (933,000)
Proceeds from sale of assets 67,000
Net cash provided by (used in) investing activities 67,000 (933,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net 2,967,000
Repayment of capital leases payable (6,000) (13,000)
Cash (used in) provided by financing activities (6,000) 2,954,000
Net decrease in cash and cash equivalents (1,189,000) (1,972,000)
Cash and cash equivalents at beginning of period 1,310,000 2,605,000
Cash and cash equivalents at end of period 121,000 633,000
Cash paid during the period for:    
Income taxes
Interest 75,000 428,000
Supplemental disclosure of non-cash activities:    
Capital lease for purchase of equipment 25,000
Debt discount and derivative liabilities recorded upon issuance of warrants
Debt discount and derivative liabilities recorded for amendments of notes 1,497,000
Conversion of senior convertible notes into common shares
Debt discount recorded upon issuance of warrants $ 148,000

Source