Investors

Financials

v3.10.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash, cash equivalents and restricted cash $ 3,708,353 $ 3,581,209
Accounts receivable, net of allowance of $78,706 and $32,993, respectively 2,633,027 2,301,752
Inventory, net 559,086 524,126
Income tax receivable 186,406  
Prepaid expense and other 368,577 363,102
Total current assets 7,455,449 6,770,189
Property and equipment, net 251,670 263,867
Assets deployed at client locations, net 393,665 373,650
Goodwill and other intangible assets, net 10,708,345 11,452,809
Deferred tax assets, net 230,648 230,648
Other assets, net 23,000 23,000
Total assets 19,062,777 19,114,163
Current liabilities:    
Accounts payable 270,250 1,035,383
Accrued expenses 819,061 887,796
Income taxes payable   519,610
Revenue contract liability 1,187,307 1,083,639
Deferred rent, current portion 28,050 23,679
Current portion of long-term debt and capital lease obligations 1,486,981 1,195,787
Other current liabilities 95,558 123,441
Total current liabilities 3,887,207 4,869,335
Deferred rent, net   14,025
Capital lease obligations, net   14,217
Long-term debt, net 9,337,472 7,420,385
Common stock warrant liability   1,333,333
Interest rate swap liability 77,235  
Total liabilities 13,301,914 13,651,295
Commitments and Contingencies (See Note 11)
Stockholders’ equity    
Preferred stock, 10,000,000 shares authorized, $0.001 par value; 0 shares issued and outstanding, respectively
Common stock, 65,000,000 shares authorized; $0.001 par value; 39,843,591 and 39,565,591 shares issued and outstanding, respectively 39,844 39,566
Additional paid-in capital 4,315,015 3,957,703
Accumulated earnings 1,406,004 1,465,599
Total stockholders’ equity 5,760,863 5,462,868
Total liabilities and stockholders’ equity $ 19,062,777 $ 19,114,163
v3.10.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue:        
Total revenue $ 4,536,173 $ 3,658,808 $ 8,896,867 $ 7,134,104
Costs and expenses:        
Cost of ancillary products and assembled components 36,629 62,266 59,387 83,148
Selling, general and administrative 2,597,089 2,359,889 5,182,159 4,446,058
Research and development 249,799 126,386 443,201 264,433
Depreciation and amortization 458,790 447,557 910,350 883,642
Share-based compensation 191,112 118,551 357,590 168,388
Total costs and expenses 3,533,419 3,114,649 6,952,687 5,845,669
Income from operations 1,002,754 544,159 1,944,180 1,288,435
Other income (expense):        
Interest expense (247,319) (438,247) (613,412) (883,579)
Foreign currency exchange (loss) gain (83,917) 58,155 21,884 65,952
Change in estimated fair value of warrant liability   (256,909)   (323,409)
Change in estimated fair value of interest rate swap liability (77,235)   (77,235)  
Loss on extinguishment of debt (1,347,506)   (1,347,506)  
Interest income 188   631  
Total other expense (1,755,789) (637,001) (2,015,638) (1,141,036)
(Loss) income before benefit (provision) for income taxes (753,035) (92,842) (71,458) 147,399
Benefit (provision) for income taxes 156,642 13,083 11,863 (64,891)
Net (loss) income $ (596,393) $ (79,759) $ (59,595) $ 82,508
Net (loss) income per share, basic and diluted $ (0.01) $ 0.00 $ 0.00 $ 0.00
Weighted-average shares outstanding:        
Basic 39,805,020 39,365,591 39,784,525 39,335,757
Diluted 39,805,020 39,365,591 39,784,525 40,773,647
Product leases and royalties        
Revenue:        
Total revenue $ 4,536,350 $ 3,650,813 $ 8,896,705 $ 7,124,654
Product sales and service        
Revenue:        
Total revenue $ (177) $ 7,995 $ 162 $ 9,450
v3.10.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net (loss) income $ (59,595) $ 82,508
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 910,350 883,642
Amortization of debt issuance costs and debt discount 109,563 146,319
Bad debt expense 45,713 6,000
Loss on extinguishment of debt 1,347,506  
Change in estimated fair value of warrant liability   323,409
Change in estimated fair value of interest rate swap liability 77,235  
Share-based compensation 357,590 168,388
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (32,374) (40,789)
Changes in operating assets and liabilities:    
Accounts receivable (376,988) (263,815)
Inventory (148,077) (174,485)
Prepaid expenses and other current assets 5,202 (38,346)
Accounts payable (765,133) 43,130
Income tax receivable/payable (706,016) (68,589)
Accrued expenses (68,735) 234,954
Revenue contract liability 103,668 (6,139)
Other current liabilities (27,883) (12,835)
Deferred rent (9,654) (5,283)
Net cash provided by operating activities 762,372 1,278,069
Cash flows from investing activities:    
Investment in intangible assets (7,000) (43,917)
Acquisition of property and equipment (53,586) (31,023)
Net cash used in investing activities (60,586) (74,940)
Cash flows from financing activities:    
Proceeds from debt issued 11,098,986  
Proceeds from stock option exercises   35,000
Payments of debt issuance costs (136,162) (17,091)
Payment of warrant liability (1,333,333)  
Principal payments on capital lease obligations (16,168) (15,307)
Principal payments on long-term debt (9,845,839) (607,708)
Payments of long-term debt redemption premium (374,500)  
Net cash used in financing activities (607,016) (605,106)
Effect of exchange rate changes on cash 32,374 40,789
Net increase in cash, cash equivalents and restricted cash 127,144 638,812
Cash, cash equivalents and restricted cash – beginning of period 3,581,209 2,389,338
Cash, cash equivalents and restricted cash – end of period 3,708,353 3,028,150
Supplemental cash flow information:    
Cash paid for interest 503,849 739,862
Inventory transferred to assets deployed at client locations 113,117 135,144
Cash paid for income taxes $ 709,423 $ 75,000