v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 5,796,786 $ 4,938,948
Accounts receivable, net 2,023,107 1,317,568
Prepaid expenses and other current assets 277,353 467,807
Assets held for resale 6,619 27,000
Total Current Assets 8,103,865 6,751,323
Non-Current Assets    
Intangibles, net 7,539,562 7,498,890
Plant and equipment, net 2,389,954 2,677,734
Deposits 238,987 238,987
Total Non-Current Assets 10,168,503 10,415,611
Total Assets 18,272,368 17,166,934
Current Liabilities    
Accounts payable 1,422,803 1,712,181
Other payables and accrued expenses 1,803,140 1,633,801
Legal settlement accrual 1,160,000 1,426,667
Loans payable 253,751 442,109
Deferred revenue 196,880 614,471
Deferred subsidy 800,000 5,600,000
Deferred purchase consideration 201,049 1,332,800
Total Current Liabilities 5,837,623 12,762,029
Non-Current Liabilities    
Deferred purchase consideration, net 8,316,929 7,454,511
Convertible loans payable 5,286,651
Legal settlement accrual 483,333
Derivative liability 4,440,559
Total Non-Current Liabilities 18,044,139 7,937,844
Total Liabilities 23,881,762 20,699,873
Commitment and contingencies
Stockholders' Deficit    
Preferred stock, $0.001 par value, 10,000,000 authorized, 400,000 shares designated as Series A Preferred Stock and unissued, 3,000,000 shares designated as Series B Preferred stock and unissued, 6,600,000 undesignated and unissued
Common stock, $0.001 par value; 50,000,000 shares authorized, 6,720,107 shares issued and 6,393,107 outstanding as of June 30, 2017 and December 31, 2016. 6,392 6,392
Additional paid-in-capital 24,753,688 24,108,143
Treasury stock, at cost (327,000 shares of common stock at June 30, 2017 and December 31, 2016. (237) (237)
Accumulated deficit (30,369,237) (27,647,237)
Total Stockholder's Deficit (5,609,394) (3,532,939)
Total Liabilities and Stockholders' Deficit $ 18,272,368 $ 17,166,934

Source

v3.7.0.1
Unaudited Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Statements of Operations [Abstract]        
Sales $ 5,774,547 $ 1,157,458 $ 11,594,497 $ 2,058,324
Cost of sales 3,084,736 840,995 6,021,346 1,535,845
Gross profit 2,689,811 316,463 5,573,151 522,479
Operating expenses:        
Selling, general and administrative expenses 3,814,546 1,178,467 6,912,820 2,190,238
Depreciation 458,174 112,304 842,905 213,881
Amortization 56,246 56,246 112,492 112,492
Total Operating expenses 4,328,966 1,347,017 7,868,217 2,516,611
Operating loss (1,639,155) (1,030,554) (2,295,066) (1,994,132)
Other income (expense)        
Other income 500,000 500,226
Interest income 46 335
Interest expense (854,838) (150,928) (1,004,879) (297,166)
Gain on change in the fair value of derivative liability 77,719 77,719
Total other expense (277,119) (150,882) (426,934) (296,831)
Net loss before income tax (1,916,274) (1,181,436) (2,722,000) (2,290,963)
Income tax
Net loss $ (1,916,274) $ (1,181,436) $ (2,722,000) $ (2,290,963)
Net Loss Per Share - Basic and Diluted $ (0.3) $ (0.18) $ (0.43) $ (0.35)
Weighted Average Number of Shares Outstanding - Basic and Diluted 6,393,107 6,481,857 6,393,107 6,481,857

Source

v3.7.0.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,722,000) $ (2,290,963)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation expense 842,905 213,881
Amortization expense 112,492 112,492
Stock based compensation charge 315,192 228,849
Amortization of debt discount 535,282
Gain on change in the fair value of derivative liability (77,719)
Deferred purchase consideration unearned by vendor (500,000)
Imputed interest on acquisition of Icagen assets 292,517 294,986
Movement in bad debt provision (19,084)
Changes in operating assets and liabilities    
Accounts receivable (705,538) 103,235
Prepaid expenses and other current assets 190,454 (5,602)
Accounts payable (289,379) (11,072)
Deferred subsidy (4,800,000)
Deferred revenues (417,591)
Other payables and accrued expenses (579,612) (723,983)
NET CASH USED IN OPERATING ACTIVITIES (7,802,997) (2,097,261)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payment of deferred purchase consideration (50,000) (125,000)
Purchase of plant and equipment (555,125) (539,632)
Purchase of intangibles (153,164)
Proceeds on assets held for resale 20,381
NET CASH USED IN INVESTING ACTIVITIES (737,908) (664,632)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible loan 9,600,000
Proceeds from bridge notes 1,500,000 1,045,000
Repayment of bridge notes (1,500,000)  
Repayment of Los Alamos County loan (142,311)
Repayment of software loan (15,206)
Proceeds from equipment loan 533,290
Repayment of equipment loan (201,257)
NET CASH PROVIDED BY FINANCING ACTIVITIES 9,398,743 1,420,773
NET INCREASE (DECREASE) IN CASH 857,838 (1,341,120)
Cash at the beginning of the period 4,938,948 2,266,788
CAST AT END OF PERIOD 5,796,786 925,668
CASH PAID FOR INTEREST AND TAXES:    
Cash paid for income taxes
Cash paid for interest 172,253 3,435
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Value of Series A Stock redeemed and offset against stockholders' equity (50,400)
Value of warrants issued concurrent with bridge notes 330,353 203,214
Discount on convertible debt and warrants issued concurrent with debt $ 4,518,278

Source