Investors

Financials

v3.19.1
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash, cash equivalents and restricted cash $ 6,594,225 $ 6,311,563
Accounts receivable, net of allowance of $87,126 and $54,136, respectively 2,976,102 2,849,861
Inventory, net 621,918 531,814
Prepaid expense 542,528 510,254
Other current assets 6,397 3,352
Total current assets 10,741,170 10,206,844
Property and equipment, net 165,099 199,585
Operating lease right-of-use assets 217,925  
Assets deployed at client locations, net 460,441 471,562
Goodwill and other intangible assets, net 9,616,286 9,981,252
Deferred tax assets, net 334,482 334,482
Total assets 21,535,403 21,193,725
Current liabilities:    
Accounts payable 1,067,195 681,936
Accrued expenses 641,392 1,295,570
Income taxes payable 180,466 82,091
Revenue contract liability 1,355,836 1,438,492
Deferred rent, current portion   14,025
Current portion of long-term debt 1,446,794 1,456,847
Current portion of operating lease liabilities 196,613  
Other current liabilities 5,718 21,654
Total current liabilities 4,894,014 4,990,615
Long-term operating lease liabilities 31,101  
Long-term debt, net 8,310,364 8,649,828
Interest rate swap liability 122,323 96,181
Total liabilities 13,357,802 13,736,624
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; 40,490,123 and 39,921,591 shares issued and outstanding, respectively 40,490 39,922
Additional paid-in capital 4,992,969 4,733,701
Accumulated earnings 3,144,142 2,683,478
Total stockholders’ equity 8,177,601 7,457,101
Total liabilities and stockholders’ equity $ 21,535,403 $ 21,193,725
v3.19.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue:    
Total revenue $ 5,346,751 $ 4,360,695
Costs and expenses:    
Cost of ancillary products and assembled components 82,391 22,758
Selling, general and administrative 3,540,870 2,585,070
Research and development 299,180 193,402
Depreciation and amortization 482,064 451,560
Share-based compensation 223,604 166,478
Total costs and expenses 4,628,109 3,419,268
Income from operations 718,642 941,427
Other income (expense):    
Interest expense (168,013) (366,093)
Foreign currency exchange gain 36,476 105,801
Change in estimated fair value of interest rate swap liability (26,142)  
Interest income 715 442
Total other expense (156,964) (259,850)
Income before provision for income taxes 561,678 681,577
Provision for income taxes (101,014) (144,779)
Net income $ 460,664 $ 536,798
Net income per share, basic and diluted $ 0.01 $ 0.01
Weighted-average shares outstanding:    
Basic 40,370,338 39,763,802
Diluted 42,242,557 42,153,901
Product leases and royalties    
Revenue:    
Total revenue $ 5,346,001 $ 4,360,356
Product sales and service    
Revenue:    
Total revenue $ 750 $ 339
v3.19.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 460,664 $ 536,798
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangible assets 473,493 451,560
Amortization of lease right-of-use assets 69,711  
Amortization of debt issuance costs and debt discount 9,776 72,590
Bad debt expense 31,762 5,000
Change in estimated fair value of interest rate swap liability 26,142  
Share-based compensation 223,604 166,478
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (29,296) (88,240)
Changes in operating assets and liabilities:    
Accounts receivable (158,003) (260,264)
Inventory (148,120) (90,786)
Prepaid expenses (32,274) 64,425
Other current assets   (7,000)
Accounts payable 385,259 (622,649)
Accrued expenses (656,817) (305,096)
Income taxes payable 101,014 121,156
Revenue contract liability (82,656) 25,914
Operating lease liabilities (65,376)  
Other current liabilities (7,455) 3,464
Deferred rent   (4,827)
Net cash provided by operating activities 601,428 68,523
Cash flows from investing activities:    
Investment in intangible assets (12,250)  
Acquisition of property and equipment (6,940) (31,458)
Net cash used in investing activities (19,190) (31,458)
Cash flows from financing activities:    
Proceeds from stock option exercises 36,232  
Principal payments on finance lease obligations (8,481) (8,034)
Principal payments on long-term debt (356,623) (302,891)
Net cash used in financing activities (328,872) (310,925)
Effect of exchange rate changes on cash 29,296 88,241
Net increase (decrease) in cash, cash equivalents and restricted cash 282,662 (185,619)
Cash, cash equivalents and restricted cash – beginning of period 6,311,563 3,581,209
Cash, cash equivalents and restricted cash – end of period 6,594,225 3,395,590
Supplemental cash flow information:    
Cash paid for interest 160,557 293,503
Inventory transferred to assets deployed at client locations 58,016 41,774
Cash paid for income taxes   $ 23,664
Right-of-use assets obtained in exchange for lease liabilities $ 293,350