Investors

Financials

v3.19.2
Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash, cash equivalents and restricted cash $ 8,171,751 $ 6,311,563
Accounts receivable, net of allowance of $82,121 and $54,136, respectively 3,114,968 2,849,861
Inventory, net 735,426 531,814
Income tax receivable 43,352  
Prepaid expense 523,789 510,254
Other current assets 5,258 3,352
Total current assets 12,594,544 10,206,844
Property and equipment, net 141,776 199,585
Operating lease right-of-use assets 162,303  
Assets deployed at client locations, net 441,703 471,562
Goodwill 1,091,000 1,091,000
Other intangible assets, net 8,162,392 8,890,252
Deferred tax assets, net 334,482 334,482
Total assets 22,928,200 21,193,725
Current liabilities:    
Accounts payable 1,334,830 681,936
Accrued expenses 1,022,693 1,295,570
Income taxes payable   82,091
Revenue contract liability 1,322,770 1,438,492
Deferred rent, current portion   14,025
Current portion of long-term debt 1,437,851 1,456,847
Current portion of operating lease liabilities 142,130  
Other current liabilities 146 21,654
Total current liabilities 5,260,420 4,990,615
Long-term operating lease liabilities 27,114  
Long-term debt, net 47,043,788 8,649,828
Interest rate swap liability 187,782 96,181
Total liabilities 52,519,104 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; 17,752,744 and 39,921,591 shares issued and outstanding, respectively 17,753 39,922
Additional paid-in capital 5,265,388 4,733,701
Accumulated earnings (deficit) (34,874,045) 2,683,478
Total stockholders’ equity (deficit) (29,590,904) 7,457,101
Total liabilities and stockholders’ equity (deficit) $ 22,928,200 $ 21,193,725
v3.19.2
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue:        
Total revenue $ 5,399,186 $ 4,536,173 $ 10,745,938 $ 8,896,867
Costs and expenses:        
Cost of ancillary products and assembled components 46,945 36,629 129,336 59,387
Selling, general and administrative 2,939,841 2,597,089 6,480,710 5,182,159
Research and development 178,259 249,799 477,440 443,201
Depreciation and amortization 481,044 458,790 963,108 910,350
Share-based compensation 212,578 191,112 436,182 357,590
Total costs and expenses 3,858,667 3,533,419 8,486,776 6,952,687
Income from operations 1,540,519 1,002,754 2,259,162 1,944,180
Other income (expense):        
Interest expense (289,353) (247,319) (457,367) (613,412)
Foreign currency exchange (loss) gain (24,305) (83,917) 12,171 21,884
Change in estimated fair value of interest rate swap liability (65,459) (77,235) (91,601) (77,235)
Loss on extinguishment of debt   (1,347,506)   (1,347,506)
Interest income 19,850 188 20,565 631
Total other expense (359,267) (1,755,789) (516,232) (2,015,638)
Income (loss) before (provision)/benefit for income taxes 1,181,252 (753,035) 1,742,930 (71,458)
(Provision) / benefit for income taxes (126,309) 156,642 (227,323) 11,863
Net income (loss) $ 1,054,943 $ (596,393) $ 1,515,607 $ (59,595)
Net income (loss) per share:        
Basic $ 0.04 $ (0.01) $ 0.05 $ 0.00
Diluted $ 0.04 $ (0.01) $ 0.04 $ 0.00
Weighted-average shares outstanding:        
Basic 26,354,946 39,805,020 33,323,925 39,784,525
Diluted 27,963,426 39,805,020 34,981,345 39,784,525
Product leases and royalties        
Revenue:        
Total revenue $ 5,399,083 $ 4,536,350 $ 10,745,084 $ 8,896,705
Product sales and service        
Revenue:        
Total revenue $ 103 $ (177) $ 854 $ 162
v3.19.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 1,515,607 $ (59,595)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangible assets 948,823 910,350
Amortization of lease right-of-use assets 137,599  
Amortization of debt issuance costs and debt discount 17,954 109,563
Loss on extinguishment of debt   1,347,506
Bad debt expense 34,923 45,713
Change in estimated fair value of interest rate swap liability 91,601 77,235
Share-based compensation 436,182 357,590
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (16,986) (32,374)
Changes in operating assets and liabilities:    
Accounts receivable (300,030) (376,988)
Inventory (313,337) (148,077)
Prepaid expenses (13,535) 3,216
Other current assets   1,986
Accounts payable 652,894 (765,133)
Accrued expenses (277,442) (68,735)
Income taxes receivable/payable (120,878) (706,016)
Revenue contract liability (115,722) 103,668
Operating lease liabilities (130,397)  
Other current liabilities (71,435) (27,883)
Deferred rent   (9,654)
Net cash provided by operating activities 2,475,821 762,372
Cash flows from investing activities:    
Investment in intangible assets (27,401) (7,000)
Acquisition of property and equipment (10,455) (53,586)
Net cash used in investing activities (37,856) (60,586)
Cash flows from financing activities:    
Proceeds from debt issued   11,098,986
Proceeds from stock option exercises 160,732  
Payments of debt issuance costs (5,736) (136,162)
Payment of warrant liability   (1,333,333)
Principal payments on finance lease obligations (14,198) (16,168)
Principal payments on long-term debt (735,561) (9,845,839)
Payments of long-term debt redemption premium   (374,500)
Net cash used in financing activities (594,763) (607,016)
Effect of exchange rate changes on cash 16,986 32,374
Net increase in cash, cash equivalents and restricted cash 1,860,188 127,144
Cash, cash equivalents and restricted cash – beginning of period 6,311,563 3,581,209
Cash, cash equivalents and restricted cash – end of period 8,171,751 3,708,353
Supplemental cash flow information:    
Cash paid for interest 321,350 503,849
Cash paid for income taxes 348,200 709,423
Supplemental schedule of non-cash activities:    
Common stock redemption in exchange for promissory note 39,096,401  
Right-of-use assets obtained in exchange for lease liabilities 299,902  
Inventory transferred to assets deployed at client locations $ 109,725 $ 113,117