Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 106,000 $ 208,000
Accounts receivable 9,000 14,000
Inventory 3,035,000 3,028,000
Prepaid expenses and other current assets 401,000 333,000
Total current assets 3,551,000 3,583,000
Property and equipment, net 2,580,000 2,660,000
Intangibles, net 12,000 13,000
Deposits and other long term assets 32,000 32,000
Total assets 6,175,000 6,288,000
Current liabilities:    
Accounts payable 1,865,000 1,749,000
Accrued expenses 1,462,000 1,380,000
Deferred revenues and customer advances 4,223,000 5,270,000
Accrued contract loss 454,000 617,000
Convertible unsecured notes payable 1,250,000 1,250,000
Convertible senior secured notes payable, net of discounts 7,835,000 5,994,000
Capital leases payable-short term 11,000 13,000
Total current liabilities 17,100,000 16,273,000
Long term liabilities:    
Capital lease payable 10,000 12,000
Total liabilities 17,110,000 16,285,000
Commitments and contingencies (Note 15)
Stockholders' deficit:    
Preferred stock, $0.0001 par value. Authorized 50,000,000 shares; no shares issued and outstanding at March 31, 2018 and December 31, 2017
Common stock, $0.0001 par value. Authorized 200,000,000 shares; 4,106,393 and 4,081,393 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
Additional paid-in capital 42,592,000 42,342,000
Accumulated deficit (53,527,000) (52,339,000)
Total stockholders' deficit (10,935,000) (9,997,000)
Total liabilities and stockholders' deficit $ 6,175,000 $ 6,288,000

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Total revenues $ 1,100,000
Total costs of goods sold
Gross profit 1,100,000
Operating expenses:    
Selling, general, and administrative 573,000 1,031,000
Research and development 441,000 582,000
Total operating expenses 1,014,000 1,613,000
Operating income (loss) 86,000 (1,613,000)
Other expenses:    
Interest expense (1,274,000) (1,571,000)
Loss on debt conversion (53,000)
Other expense, net (14,000)
Total other (expenses) (1,274,000) (1,638,000)
Loss before provision for income taxes (1,188,000) (3,251,000)
Provision for income taxes
Net loss $ (1,188,000) $ (3,251,000)
Loss per share-basic and diluted $ (0.29) $ (0.85)
Weighted average common shares-basic and diluted 4,088,059 3,844,149

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (1,188,000) $ (3,251,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 81,000 127,000
Stock-based compensation 94,000 270,000
Loss on debt conversions 53,000
Amortization of debt discount and deferred financing fees 1,207,000 1,409,000
Loss on asset disposal 14,000
Changes in assets and liabilities:    
Accounts and other receivables (44,000)
Prepaid expenses and other current assets 10,000 57,000
Inventory (170,000) (162,000)
Deferred revenues (1,047,000) 46,000
Deposits 5,000
Accounts payable and other current liabilities 250,000 189,000
Cash used in operating activities (763,000) (1,287,000)
Cash flows from investing activities:    
Purchases of property and equipment (1,000)
Proceeds from sale of assets 11,000
Net cash from investing activities 10,000
Cash flows from financing activities:    
Repayment of capital leases payable (4,000) (3,000)
Proceeds from issuance of convertible senior secured notes 665,000
Net cash from (used in) financing activities 661,000 (3,000)
Decrease in cash and cash equivalents (102,000) (1,280,000)
Cash and cash equivalents at beginning of period 208,000 1,310,000
Cash and cash equivalents at end of period 106,000 30,000
Cash paid during the period for:    
Income taxes
Interest 214,000
Supplemental disclosure of non-cash activities:    
Debt discount recorded upon issuance of warrants 136,000 73,000
Accrued expenses exchanged for convertible senior secured notes 135,000
Conversion of convertible senior secured notes into shares of common stock 60,000
Shares of common stock issued for prepaid retainer $ 20,000

Source