Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 16,824,627 $ 23,868,416
Restricted cash held in escrow 0 1,000,000
Accounts receivable, less allowance for doubtful accounts of $0 at March 31, 2020 and December 31, 2019 48,830 7,921
Lease receivable, current 33,100 33,100
Inventory, net 2,630,824 1,798,146
Prepaid expenses 4,756,923 4,812,088
Total current assets 24,294,304 31,519,671
Noncurrent assets    
Property, plant and equipment, net 6,768,619 6,830,181
Investment in LMC 13,059,700 12,194,800
Lease receivable, long-term 123,661 129,177
Total Assets 44,246,284 50,673,829
Current liabilities:    
Accounts payable 3,061,730 1,678,983
Accrued liabilities 3,387,921 3,105,184
Warranty liability 5,302,770 6,001,864
Warrant liability 7,190,000 16,335,000
Customer deposits 190,000 303,000
Current portion of Convertible Note, at fair value 20,160,000 19,620,000
Total current liabilities 39,292,421 47,044,031
Long-term debt 7,430,000 19,400,000
Mandatorily redeemable Series B preferred stock 19,520,491 19,142,908
Commitments and contingencies
Stockholders’ deficit:    
Series A preferred stock, par value $0.001 per share, 75,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2020 and December 31, 2019 0 0
Common stock, par value $0.001 per share, 250,000,000 shares authorized, 69,493,836 shares issued and outstanding at March 31, 2020 and 67,105,000 shares issued and outstanding at December 31, 2019 69,494 67,105
Additional paid-in capital 150,883,717 143,826,315
Accumulated deficit (174,049,839) (178,806,530)
Accumulated other comprehensive income 1,100,000 0
Total stockholders' deficit (21,996,628) (34,913,110)
Total Liabilities and Stockholders' Deficit $ 44,246,284 $ 50,673,829