Schedule of condensed financial statements |
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|
December 31, 2017 |
|
|
|
As Reported |
|
|
Adjustments |
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|
As Restated |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,069,477 |
|
|
$ |
- |
|
|
$ |
4,069,477 |
|
Accounts receivable |
|
|
1,013,423 |
|
|
|
- |
|
|
|
1,013,423 |
|
Lease receivable current |
|
|
45,300 |
|
|
|
- |
|
|
|
45,300 |
|
Inventory |
|
|
4,236,506 |
|
|
|
385,436 |
|
|
|
4,621,942 |
|
Prepaid expenses and deposits |
|
|
946,134 |
|
|
|
- |
|
|
|
946,134 |
|
|
|
|
10,310,840 |
|
|
|
385,436 |
|
|
|
10,696,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
5,596,013 |
|
|
|
- |
|
|
|
5,596,013 |
|
Lease receivable long-term |
|
|
212,004 |
|
|
|
- |
|
|
|
212,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,118,857 |
|
|
|
385,436 |
|
|
|
16,504,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity (Deficit) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
5,539,864 |
|
|
|
62,993 |
|
|
|
5,602,857 |
|
Accrued liabilities |
|
|
1,126,675 |
|
|
|
(700,000 |
) |
|
|
426,675 |
|
Accounts payable, related parties |
|
|
54,914 |
|
|
|
- |
|
|
|
54,914 |
|
Customer deposits |
|
|
54,405 |
|
|
|
- |
|
|
|
54,405 |
|
Current portion of long-term debt |
|
|
381,497 |
|
|
|
- |
|
|
|
381,497 |
|
|
|
|
7,157,355 |
|
|
|
(637,007 |
) |
|
|
6,520,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount of notes payable |
|
|
5,750,000 |
|
|
|
- |
|
|
|
5,750,000 |
|
Less unamortized discount and debt
issuance costs |
|
|
987,500 |
|
|
|
- |
|
|
|
987,500 |
|
Notes payable |
|
|
4,762,500 |
|
|
|
- |
|
|
|
4,762,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
1,709,881 |
|
|
|
- |
|
|
|
1,709,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (deficit): |
|
|
|
|
|
|
|
|
|
|
|
|
Series A preferred stock, par value of $.001 per share 75,000,000 shares
authorized, 0 shares issued and outstanding at December 31, 2017 and December 31, 2016 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock, par value of $.001 per share 100,000,000 shares authorized,
41,529,181 shares issued and outstanding at December 31, 2017 and 27,578,864 shares issued and outstanding at December 31,
2016 |
|
|
41,529 |
|
|
|
- |
|
|
|
41,529 |
|
Additional paid-in capital |
|
|
107,760,036 |
|
|
|
- |
|
|
|
107,760,036 |
|
Accumulated deficit |
|
|
(105,312,444 |
) |
|
|
1,022,443 |
|
|
|
(104,290,001 |
) |
|
|
|
2,489,121 |
|
|
|
1,022,443 |
|
|
|
3,511,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,118,857 |
|
|
$ |
385,436 |
|
|
$ |
16,504,293 |
|
|
|
December 31, 2017 |
|
|
|
As Reported |
|
|
Adjustments |
|
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
10,846,460 |
|
|
$ |
- |
|
|
$ |
10,846,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
24,516,863 |
|
|
|
- |
|
|
|
24,516,863 |
|
Gross loss |
|
|
(13,670,403 |
) |
|
|
- |
|
|
|
(13,670,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
10,328,211 |
|
|
|
(700,000 |
) |
|
|
9,628,211 |
|
Research and development |
|
|
18,060,180 |
|
|
|
(322,443 |
) |
|
|
17,737,737 |
|
Total operating expenses |
|
|
28,388,391 |
|
|
|
(1,022,443 |
) |
|
|
27,365,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
180,437 |
|
|
|
- |
|
|
|
180,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(42,239,231 |
) |
|
$ |
1,022,443 |
|
|
$ |
(41,216,788 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share |
|
|
(1.09 |
) |
|
|
0.03 |
|
|
|
(1.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding |
|
|
38,755,796 |
|
|
|
- |
|
|
|
38,755,796 |
|
|
|
December 31, 2017 |
|
|
|
As Reported |
|
|
Adjustments |
|
|
As Restated |
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Common stock, par value of $.001 per share and 100,000,000
shares authorized 41,529,181 shares issued and outstanding |
|
|
41,529 |
|
|
|
- |
|
|
|
41,529 |
|
Series A preferred stock, par value of $.001 per share and 75,000,000
shares authorized 0 shares issued and outstanding |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
107,760,036 |
|
|
|
- |
|
|
|
107,760,036 |
|
Accumulated deficit |
|
|
(105,312,444 |
) |
|
|
1,022,443 |
|
|
|
(104,290,001 |
) |
Total stockholders' equity (deficit) |
|
|
2,489,121 |
|
|
|
1,022,443 |
|
|
|
3,511,564 |
|
|
|
December 31, 2017 |
|
|
|
As Reported |
|
|
Adjustments |
|
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(42,239,231 |
) |
|
$ |
1,022,443 |
|
|
$ |
(41,216,788 |
) |
Adjustments to reconcile net loss from operations
to cash used by operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
549,973 |
|
|
|
- |
|
|
|
549,973 |
|
Stock based compensation |
|
|
1,433,192 |
|
|
|
- |
|
|
|
1,433,192 |
|
Effects of changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(223,133 |
) |
|
|
- |
|
|
|
(223,133 |
) |
Inventory |
|
|
(1,771,671 |
) |
|
|
(385,436 |
) |
|
|
(2,157,107 |
) |
Prepaid expenses and deposits |
|
|
(196,971 |
) |
|
|
- |
|
|
|
(196,971 |
) |
Accounts payable |
|
|
3,777,320 |
|
|
|
(637,007 |
) |
|
|
3,140,313 |
|
Accounts payable, related parties |
|
|
(46,425 |
) |
|
|
- |
|
|
|
(46,425 |
) |
Customer deposits |
|
|
54,405 |
|
|
|
- |
|
|
|
54,405 |
|
Net cash used by operations |
|
|
(38,662,541 |
) |
|
|
- |
|
|
|
(38,662,541 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(143,355 |
) |
|
|
- |
|
|
|
(143,355 |
) |
Net cash used by investing activities |
|
|
(143,355 |
) |
|
|
- |
|
|
|
(143,355 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
4,762,500 |
|
|
|
- |
|
|
|
4,762,500 |
|
Proceeds from advances |
|
|
26,732 |
|
|
|
- |
|
|
|
26,732 |
|
Payments on long-term debt |
|
|
(76,572 |
) |
|
|
- |
|
|
|
(76,572 |
) |
Issuance of common and preferred stock |
|
|
37,042,468 |
|
|
|
- |
|
|
|
37,042,468 |
|
Exercise of warrants and options |
|
|
650,675 |
|
|
|
- |
|
|
|
650,675 |
|
Net cash provided by financing activities |
|
|
42,405,803 |
|
|
|
- |
|
|
|
42,405,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents |
|
|
3,599,907 |
|
|
|
- |
|
|
|
3,599,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at the beginning of the period |
|
|
469,570 |
|
|
|
- |
|
|
|
469,570 |
|
Cash at the end of the period |
|
$ |
4,069,477 |
|
|
$ |
- |
|
|
$ |
4,069,477 |
|
|