Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Principles (Tables)

v3.8.0.1
Summary of Significant Accounting Principles (Tables)
12 Months Ended
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of condensed financial statements

    December 31, 2017  
    As Reported     Adjustments     As Restated  
Assets                  
                   
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)                        
                         
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  
Schedule of future lease receivable

  2018   $ 45,300  
  2019     36,240  
  2020     36,240  
  2021     36,240  
  2022     36,240  
  Thereafter     67,044  
      $ 257,304  

Schedule of estimated useful lives of property, plant and equipment
  Buildings:     15 - 30 years  
  Leasehold improvements:     7 years  
  Software:       3 - 6 years  
  Equipment:       5 years  
  Vehicles and prototypes:      3 - 5 years   
Schedule of income taxes
  Approximate net operating loss
($ millions)
  Carryover to be used against taxable
income generated through year
       
  3.6   2030
  6.7   2031
  3.9   2032
  4.7   2033
  6.1   2034
  9.0   2035
  18.7   2036
  39.7   2037