v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and Cash Equivalents $ 5,885,383 $ 897,223
Accounts Receivable - net 3,504,284 1,494,658
Other Receivables 157,487 0
Inventories (Note 3) 4,374,500 2,315,214
Vendor Deposits (Note 4) 333,212 141,052
Prepaid Expenses 376,758 187,664
Total Current Assets 14,631,624 5,035,811
Property and Equipment - net (Note 5) 1,111,342 1,367,864
Other Assets:    
Intangible Assets - net (Note 6) 658,969 939,010
Operating Lease - Right of Use Asset (Note 7) 642,738 674,471
Capitalized Software Development Costs - net (Note 8) 62,852 94,278
Other Assets 469,024 114,033
Total Other Assets 1,833,583 1,821,792
Total Assets 17,576,548 8,225,467
Current Liabilities:    
Accounts Payable 2,149,988 713,222
Accrued Expenses and Other Current Liabilities (Note 14) 671,381 450,112
Accrued Officers Compensation 40,050 0
Accrued Interest (Note 10) 0 66,667
Current Portion of Long-Term Operating Lease 78,723 71,510
Convertible Notes Payable, Net of Discount of $0 at December 31, 2019 (Note 10) 0 5,000,000
Total Current Liabilities 2,940,142 6,301,511
Long-Term Liabilities:    
Loan Payable (Note 16) 410,700 0
Long-Term Operating Lease, Net of Current Portion (Note 7) 974,311 1,034,413
Total Long-Term Liabilities 1,385,011 1,034,413
Total Liabilities 4,325,153 7,335,924
Commitments and Contingencies
Stockholders' Equity:    
Common stock; par value $0.01 per share, 250,000,000 shares authorized: 16,748,513 and 15,587,552 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 167,485 155,875
Additional Paid-in Capital 49,287,039 44,232,274
Accumulated Deficit (36,203,766) (43,499,244)
Total Shareholders' Equity 13,251,396 889,543
Total Liabilities and Shareholders' Equity 17,576,549 8,225,467
Cumulative Convertible Series A Preferred Stock    
Stockholders' Equity:    
Cumulative Convertible Preferred Stock 638 638
Cumulative Convertible Series B Preferred Stock    
Stockholders' Equity:    
Cumulative Convertible Preferred Stock $ 0 $ 0
v3.20.2
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Sales, net $ 4,291,589 $ 1,600,387 $ 21,373,504 $ 4,491,719
Cost of Sales 1,455,568 460,008 8,484,580 1,616,680
Gross Profit 2,836,021 1,140,379 12,888,924 2,875,039
Operating Expenses:        
Professional Fees 227,560 82,945 418,516 297,349
Depreciation and Amortization 177,279 182,689 521,486 539,070
Selling Expenses 212,624 314,110 980,096 1,274,326
Research and Development 44,862 88,137 245,443 249,373
Equity Compensation Expense (Note 11) 10,621 0 307,686 87,033
Consulting Fees 75,204 31,799 226,454 87,066
General and Administrative 991,543 628,285 2,776,846 1,931,770
Total Operating Expenses 1,739,693 1,327,965 5,476,527 4,465,987
Income (Loss) from Operations 1,096,328 (187,586) 7,412,397 (1,590,948)
Other Income (Expense):        
Amortization of Debt Discounts 0 0 0 (17,534)
Interest Income 762 773 2,347 2,432
Interest Expense (790) (50,000) (42,266) (150,000)
Total Other Income (Expense) (28) (49,227) (39,919) (165,102)
Income (Loss) Before Income Taxes 1,096,300 (236,813) 7,372,478 (1,756,050)
Provision for Income Taxes (Note 17) 77,000 0 77,000 0
Net Income (Loss) $ 1,019,300 $ (236,813) $ 7,295,478 $ (1,756,050)
Net Income (Loss) Per Common Share        
Basic $ 0.06 $ (0.02) $ 0.44 $ (0.11)
Diluted $ 0.05 $ (0.02) $ .40 $ (0.11)
Basic Weighted Average Common Shares Outstanding 16,741,622 15,588,680 16,429,360 15,585,822
Diluted Weighted Average Common Shares Outstanding 18,593,255 15,588,680 18,280,993 15,585,822
v3.20.2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flow From Operating Activities:    
Net Income (Loss) $ 7,295,478 $ (1,756,050)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used) in Operating Activities:    
Depreciation and Amortization 521,486 539,070
Amortization of Lease Liability 117,986 117,986
Amortization of Debt Discount 0 17,534
Amortization of Software Costs 31,425 6,285
Equity Compensation Expense 307,686 87,033
Value of Equity Issued for Services 48,000 45,200
Reserve for Bad Debt 205,000 (190,000)
Inventory Reserve (100,000) 0
Decrease (Increase) in:    
Accounts Receivable (2,214,625) 1,161,434
Inventory (1,923,030) 276,438
Other Receivables (157,487) 0
Prepaid Expenses (189,095) (20,217)
Vendor Deposits (192,160) (109,689)
Other Assets (354,991) (130,692)
Increase (Decrease) in:    
Accounts Payable 1,436,766 (704,675)
Accrued Expenses 248,458 91,204
Accrued Interest (66,667) (50,000)
Accrued Officer Compensation 40,050 (39,833)
Customer Deposits 0 116,327
Lease Liability (109,747) (29,888)
Net Cash Provided by (Used in) Operating Activities 4,944,535 (572,533)
Cash Flow From Investing Activities:    
Capitalized Software Costs 0 (125,704)
Capitalized Patent Costs 0 (21,980)
Purchase of Property and Equipment (50,574) (140,647)
Net Cash Used in Investing Activities (50,574) (288,331)
Cash Flow From Financing Activities:    
Proceeds from Exercise of Warrants and Options 183,500 0
Proceeds from Loan Payable 410,700 0
Repayment of Principal Balance on Convertible Note (500,000) 0
Net Cash Provided By Financing Activities 94,200 0
Increase (Decrease) In Cash and Cash Equivalents 4,988,160 (860,864)
Cash and Cash Equivalents - Beginning 897,223 2,004,938
Cash and Cash Equivalents - Ending 5,885,383 1,144,075
Supplemental Cash Flow Information:    
Cash Paid for Interest 107,356 200,000
Cash Paid for Income Taxes 800 800
Non-Cash Investing and Financing Activities :    
Accrued Equity Compensation 27,189 59,845
Conversion of Note Payable into Common Stock 4,500,000 0
Equipment, Net Transferred to Inventory 36,256 0
Capitalization of patent costs reclassified from Other Assets $ 0 $ 36,227