Investors

Financials

v3.8.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash, cash equivalents and restricted cash $ 3,395,590 $ 3,581,209
Accounts receivable, net of allowance of $37,993 and $32,993, respectively 2,557,016 2,301,752
Inventory, net 573,138 524,126
Prepaid expense and other 305,677 363,102
Total current assets 6,831,421 6,770,189
Property and equipment, net 263,050 263,867
Assets deployed at client locations, net 371,871 373,650
Goodwill and other intangible assets, net 11,077,077 11,452,809
Deferred tax assets, net 230,648 230,648
Other assets, net 23,000 23,000
Total assets 18,797,067 19,114,163
Current liabilities:    
Accounts payable 412,734 1,035,383
Accrued expenses 582,700 887,796
Income taxes payable 640,766 519,610
Revenue contract liability 1,109,553 1,083,639
Deferred rent, current portion 25,865 23,679
Current portion of long-term debt and capital lease obligations 1,169,217 1,195,787
Other current liabilities 126,905 123,441
Total current liabilities 4,067,740 4,869,335
Deferred rent, net 7,012 14,025
Capital lease obligations, net 5,734 14,217
Common stock warrant liability 1,333,333 1,333,333
Long-term debt, net 7,217,104 7,420,385
Total liabilities 12,630,923 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; 39,804,591 and 39,565,591 shares issued and outstanding, respectively 39,805 39,566
Additional paid-in capital 4,123,942 3,957,703
Accumulated earnings 2,002,397 1,465,599
Total stockholders’ equity 6,166,144 5,462,868
Total liabilities and stockholders’ equity $ 18,797,067 $ 19,114,163
v3.8.0.1
Condensed Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue:    
Product leases and royalties $ 4,360,356 $ 3,473,841
Product sales and service 339 1,455
Total revenue 4,360,695 3,475,296
Costs and expenses:    
Cost of ancillary products and assembled components 22,758 20,882
Selling, general and administrative 2,585,070 2,086,169
Research and development 193,402 138,047
Depreciation and amortization 451,560 436,085
Share-based compensation 166,478 49,837
Total costs and expenses 3,419,268 2,731,020
Income from operations 941,427 744,276
Other income (expense):    
Interest expense (366,093) (445,332)
Foreign currency exchange gains 105,801 7,797
Change in estimated fair value of warrant liability   (66,500)
Interest income 442  
Total other expense (259,850) (504,035)
Income before provision for income taxes 681,577 240,241
Provision for income taxes (144,779) (77,974)
Net income $ 536,798 $ 162,267
Net income per share, basic and diluted $ 0.01 $ 0.00
Weighted-average shares outstanding:    
Basic 39,763,802 39,305,591
Diluted 42,153,901 40,817,678
v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 536,798 $ 162,267
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 451,560 436,085
Amortization of debt issuance costs and debt discount 72,590 73,729
Bad debt expense 5,000  
Change in estimated fair value of warrant liability   66,500
Share-based compensation 166,478 49,837
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (88,240) (3,159)
Changes in operating assets and liabilities:    
Accounts receivable (260,264) 140,704
Inventory (90,786) (63,017)
Prepaid expenses and other current assets 57,425 33,665
Accounts payable (622,649) (67,905)
Income tax payable 121,156 77,975
Accrued expenses (305,096) 99,629
Revenue contract liability 25,914 (59,808)
Other current liabilities 3,464 34,042
Deferred rent (4,827) (2,641)
Net cash provided by operating activities 68,523 977,903
Cash flows from investing activities:    
Investment in intangible assets   (27,470)
Acquisition of property and equipment (31,458) (13,997)
Net cash used in investing activities (31,458) (41,467)
Cash flows from financing activities:    
Proceeds from stock option exercises   35,000
Debt issuance costs   (17,091)
Principal payments on capital lease obligations (8,034) (7,611)
Principal payments on long-term debt (302,891) (303,564)
Net cash used in financing activities (310,925) (293,266)
Effect of exchange rate changes on cash 88,241 3,159
Net (decrease) increase in cash, cash equivalents and restricted cash (185,619) 646,329
Cash, cash equivalents and restricted cash – beginning of period 3,581,209 2,389,338
Cash, cash equivalents and restricted cash – end of period 3,395,590 3,035,667
Supplemental cash flow information:    
Cash paid for interest 293,503 445,352
Inventory transferred to assets deployed at client locations 41,774 $ 24,132
Cash paid for income taxes $ 23,664