Investors

Financials

v3.10.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash, cash equivalents and restricted cash $ 5,246,345 $ 3,581,209
Accounts receivable, net of allowance of $56,015 and $32,993, respectively 2,450,825 2,301,752
Inventory, net 694,670 524,126
Income tax receivable 106,178  
Prepaid expense and other 450,788 363,102
Total current assets 8,948,806 6,770,189
Property and equipment, net 230,973 263,867
Assets deployed at client locations, net 375,665 373,650
Goodwill and other intangible assets, net 10,358,468 11,452,809
Deferred tax assets, net 230,648 230,648
Other assets, net   23,000
Total assets 20,144,560 19,114,163
Current liabilities:    
Accounts payable 510,880 1,035,383
Accrued expenses 1,223,634 887,796
Income taxes payable   519,610
Revenue contract liability 1,221,258 1,083,639
Deferred rent, current portion 21,038 23,679
Current portion of long-term debt and capital lease obligations 1,383,386 1,195,787
Other current liabilities 16,387 123,441
Total current liabilities 4,376,583 4,869,335
Deferred rent, net   14,025
Capital lease obligations, net   14,217
Long-term debt, net 8,993,771 7,420,385
Common stock warrant liability   1,333,333
Interest rate swap liability 28,707  
Total liabilities 13,399,061 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; 39,882,591 and 39,565,591 shares issued and outstanding, respectively 39,883 39,566
Additional paid-in capital 4,507,974 3,957,703
Accumulated earnings 2,197,642 1,465,599
Total stockholders’ equity 6,745,499 5,462,868
Total liabilities and stockholders’ equity $ 20,144,560 $ 19,114,163
v3.10.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue:        
Total revenue $ 4,775,784 $ 3,830,420 $ 13,672,650 $ 10,964,524
Costs and expenses:        
Cost of ancillary products and assembled components 47,828 50,369 107,215 133,517
Selling, general and administrative 2,559,056 2,362,601 7,741,213 6,808,659
Research and development 373,456 139,185 816,657 403,618
Depreciation and amortization 462,402 440,130 1,372,752 1,323,772
Share-based compensation 192,998 384,925 550,588 553,313
Total costs and expenses 3,635,740 3,377,210 10,588,425 9,222,879
Income from operations 1,140,044 453,210 3,084,225 1,741,645
Other income (expense):        
Interest expense (206,425) (432,466) (819,837) (1,316,045)
Foreign currency exchange (loss) gain (22,095) 59,624 (542) 125,576
Change in estimated fair value of warrant liability   (86,308)   (409,717)
Change in estimated fair value of interest rate swap liability 48,528   (28,707)  
Loss on extinguishment of debt (1,765)   (1,349,271)  
Interest income 343   974  
Total other expense (181,414) (459,150) (2,197,383) (1,600,186)
Income (loss) before provision for income taxes 958,630 (5,940) 886,842 141,459
Provision for income taxes (166,662) (21,990) (154,799) (86,881)
Net income (loss) $ 791,968 $ (27,930) $ 732,043 $ 54,578
Net income (loss) per share, basic and diluted $ 0.02 $ 0.00 $ 0.02 $ 0.00
Weighted-average shares outstanding:        
Basic 39,844,863 39,432,982 39,805,144 39,368,521
Diluted 41,184,368 39,432,982 41,059,384 41,216,750
Product leases and royalties        
Revenue:        
Total revenue $ 4,775,754 $ 3,830,351 $ 13,672,459 $ 10,955,055
Product sales and service        
Revenue:        
Total revenue $ 30 $ 69 $ 191 $ 9,469
v3.10.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 732,043 $ 54,578
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,372,752 1,323,772
Amortization of debt issuance costs and debt discount 119,809 218,910
Bad debt expense 38,374 6,000
Loss on extinguishment of debt 1,349,271  
Change in estimated fair value of warrant liability   409,717
Change in estimated fair value of interest rate swap liability 28,707  
Share-based compensation 550,588 553,313
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (24,601) (92,243)
Changes in operating assets and liabilities:    
Accounts receivable (187,445) (264,842)
Inventory (317,978) (271,149)
Prepaid expenses and other current assets (54,009) (112,410)
Accounts payable (524,503) (132,720)
Income tax receivable/payable (625,788) (124,271)
Accrued expenses 335,838 612,611
Revenue contract liability 137,619 35,685
Other current liabilities (107,054) 29,000
Deferred rent (16,666) (10,111)
Net cash provided by operating activities 2,806,957 2,235,840
Cash flows from investing activities:    
Investment in intangible assets (33,048) (43,917)
Acquisition of property and equipment (67,050) (52,352)
Net cash used in investing activities (100,098) (96,269)
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 (24,415) (23,087)
Principal payments on long-term debt (10,296,900) (1,361,038)
Payments of long-term debt redemption premium (374,500)  
Net cash used in financing activities (1,066,324) (1,366,216)
Effect of exchange rate changes on cash 24,601 92,243
Net increase in cash, cash equivalents and restricted cash 1,665,136 865,598
Cash, cash equivalents and restricted cash – beginning of period 3,581,209 2,389,338
Cash, cash equivalents and restricted cash – end of period 5,246,345 3,254,936
Supplemental cash flow information:    
Cash paid for interest 700,027 1,099,738
Inventory transferred to assets deployed at client locations 147,434 172,711
Cash paid for income taxes $ 795,818 $ 150,000