Investors

Financials

v3.8.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 3,161,666 $ 2,304,761
Restricted cash 93,270 84,577
Accounts receivable, net of allowance for bad debts of $38,015 and $31,125, respectively 2,396,087 2,137,245
Inventory, net 525,543 427,105
Prepaid expense and other 307,157 194,747
Total current assets 6,483,723 5,148,435
Goodwill and other intangible assets, net 11,825,005 12,846,019
Deferred tax assets, net 367,057 367,057
Other assets, net 23,000 82,050
Total assets 19,292,441 19,011,945
Current liabilities:    
Accounts payable 329,193 461,913
Accrued expenses 1,722,039 1,109,428
Income taxes payable 662,159 786,430
Deferred revenue 1,050,416 1,014,731
Deferred rent, current portion 21,494 14,938
Current portion of long-term debt and capital lease obligations 1,121,289 1,230,285
Other current liabilities 119,960 90,960
Total current liabilities 5,026,550 4,708,685
Deferred rent, net 21,037 37,704
Capital lease obligations, net 22,589 46,978
Common stock warrant liability 1,333,333 923,616
Long-term debt, net 7,620,230 8,669,151
Total liabilities 14,023,739 14,386,134
Commitments and Contingencies (See Note 10)
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; 39,565,591 and 39,315,591 shares issued and outstanding, respectively 39,566 39,316
Additional paid-in capital 3,697,536 3,109,473
Accumulated earnings 1,531,600 1,477,022
Total stockholders’ equity 5,268,702 4,625,811
Total liabilities and stockholders’ equity 19,292,441 19,011,945
Property Plant and Equipment Excluding Assets Leased to Others    
Current assets:    
Property and equipment, net 293,488 356,253
Products Leased and Held for Lease, Net    
Current assets:    
Property and equipment, net $ 300,168 $ 212,131
v3.8.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue:        
Product leases and royalties $ 3,830,351 $ 3,190,823 $ 10,955,055 $ 9,229,815
Product sales and service 69 1,146 9,469 10,425
Total revenue 3,830,420 3,191,969 10,964,524 9,240,240
Costs and expenses:        
Cost of ancillary products and assembled components 50,369 26,763 133,517 78,075
Selling, general and administrative 2,362,601 1,553,556 6,808,659 4,819,373
Research and development 139,185 89,513 403,618 270,734
Depreciation and amortization 440,130 419,540 1,323,772 1,252,860
Share-based compensation 384,925 41,075 553,313 91,006
Total costs and expenses 3,377,210 2,130,447 9,222,879 6,512,048
Income from operations 453,210 1,061,522 1,741,645 2,728,192
Other income (expense):        
Settlement income   697,214   697,214
Interest expense (432,466) (227,632) (1,316,045) (741,045)
Loss on extinguishment of debt   (515,037)   (515,037)
Foreign currency exchange gains (losses) 59,624 (5,926) 125,576 354,301
Change in estimated fair value of warrant liability (86,308) 2,933 (409,717) 2,933
Interest income   56   202
Total other expense (459,150) (48,392) (1,600,186) (201,432)
(Loss) income before provision for income taxes (5,940) 1,013,130 141,459 2,526,760
Provision for income taxes (21,990) (351,412) (86,881) (873,768)
Net (loss) income $ (27,930) $ 661,718 $ 54,578 $ 1,652,992
Net (loss) income per share, basic and diluted $ 0.00 $ 0.02 $ 0.00 $ 0.04
Weighted-average shares outstanding:        
Basic 39,432,982 39,315,591 39,368,521 39,372,944
Diluted 39,432,982 39,465,676 41,216,750 39,559,494
v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 54,578 $ 1,652,992
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,323,772 1,252,860
Amortization of debt issuance costs and debt discount 218,910 136,710
Bad debt expense 6,000  
Loss on extinguishment of debt   515,037
Change in estimated fair value of warrant liability 409,717 (2,933)
Share-based compensation 553,313 91,006
Unrealized foreign exchange (gains) losses on cash and cash equivalents (92,243) 31,886
Changes in operating assets and liabilities:    
Restricted cash (8,693) 10,009
Accounts receivable (264,842) (108,674)
Inventory (271,149) (181,319)
Prepaid expenses and other current assets (112,410) 8,922
Accounts payable (132,720) (858,404)
Income tax payable (124,271) 822,482
Accrued expenses 612,611 152,871
Deferred revenue 35,685 152,938
Other current liabilities 29,000 (15,069)
Deferred rent (10,111) (3,555)
Net cash provided by operating activities 2,227,147 3,657,759
Cash flows from investing activities:    
Investment in intangible assets (43,917)  
Acquisition of property and equipment (52,352) (43,345)
Net cash used in investing activities (96,269) (43,345)
Cash flows from financing activities:    
Proceeds from stock option exercises 35,000  
Debt issuance costs (17,091)  
Proceeds received from long-term debt   932,126
Principal payments on capital lease obligations (23,087) (51,698)
Principal payments on long-term debt (1,361,038) (3,209,922)
Net cash used in financing activities (1,366,216) (2,329,494)
Effect of exchange rate changes on cash 92,243 (31,886)
Net increase in cash and cash equivalents 856,905 1,253,034
Cash and cash equivalents – beginning of period 2,304,761 570,623
Cash and cash equivalents – end of period 3,161,666 1,823,657
Supplemental cash flow information:    
Cash paid for interest 1,099,738 753,250
Inventory transferred to assets held for lease 172,711 108,577
Cash paid for income taxes $ 150,000 35,000
Supplemental non-cash financing activities information:    
Issuance of warrants in conjunction with term loan   809,631
Points paid on term loan   $ 262,500