v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 2,954,230 $ 2,763,596
Accounts receivable, net 1,898,113 1,739,895
Inventory 47,216 73,885
Prepaid expenses and other current assets 216,084 213,367
Total Current Assets 5,115,643 4,790,743
Non-Current Assets    
Intangibles, net 7,258,333 7,427,071
Plant and equipment, net 1,706,777 2,181,753
Deposits 238,987 238,987
Total Non-Current Assets 9,204,097 9,847,811
Total Assets 14,319,740 14,638,554
Current Liabilities    
Accounts payable 2,076,091 1,471,645
Other payables and accrued expenses 1,923,827 2,440,442
Legal settlement accrual 10,000 493,333
Deferred revenue 130,244 219,828
Deferred purchase consideration 2,200,000 206,458
Bridge notes payable, net 398,833
Loans payable 56,436 139,394
Dividends payable 140,165
Total Current Liabilities 6,935,596 4,971,100
Non-Current Liabilities    
Deferred purchase consideration, net 6,306,971 8,232,664
Loans payable 26,740 71,296
Term loan payable, net 12,593,700  
Convertible loan payable, net 5,861,794
Derivative liability 5,229,068 4,168,964
Total Non-Current Liabilities 24,156,479 18,334,718
Total Liabilities 31,092,075 23,305,818
Commitment and contingencies
Stockholders' Deficit    
Preferred stock , $0.001 par value, 10,000,000 shares authorized, 400,000 shares designated as Series A Preferred Stock and unissued, 3,000,000 shares designated as Series B Preferred stock and unissued, 1,142,856 shares designated as Series C Preferred stock and 5,457,144 undesignated and unissued
Series C Preferred Stock, $0.001 par value, 1,142,856 shares authorized, 799,988 and 0 shares issued and outstanding as of September 30, 2018 and December 31, 2017 (Liquidation preference $4,199,937) 800
Common stock, $0.001 par value; 50,000,000 shares authorized, 6,720,107 shares issued and 6,393,107 outstanding as of September 30, 2018 and December 31, 2017 6,392 6,392
Additional paid-in-capital 26,598,605 25,084,252
Treasury stock, at cost (327,000 shares of common stock as of September 30, 2018 and December 31, 2017 (237) (237)
Accumulated deficit (43,377,895) (33,757,671)
Total Stockholder's Deficit (16,772,335) (8,667,264)
Total Liabilities and Stockholders' Deficit $ 14,319,740 $ 14,638,554

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v3.10.0.1
Unaudited Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statements of Operations [Abstract]        
Sales $ 3,007,928 $ 5,421,965 $ 10,465,046 $ 17,016,462
Cost of sales 1,377,571 2,751,087 6,898,815 8,772,433
Gross profit 1,630,357 2,670,878 3,566,231 8,244,029
Operating expenses:        
Selling, general and administrative expenses 2,382,648 3,448,053 8,023,292 10,360,873
Depreciation 364,712 368,217 1,190,442 1,211,122
Amortization 56,246 56,246 168,738 168,738
Total Operating expenses 2,803,606 3,872,516 9,382,472 11,740,733
Operating loss (1,173,249) (1,201,638) (5,816,241) (3,496,704)
Other income (expense)        
Other income 118,834 473 125,218 500,699
Gain on extinguishment of debt 495,783 495,783
Other expense (572,524) (572,524)
Interest expense (815,238) (730,677) (2,366,170) (1,735,556)
Derivative liability movement (300,665) 201,459 (1,346,202) 279,178
Total other expense (1,073,810) (528,745) (3,663,895) (955,679)
Net loss before income tax (2,247,059) (1,730,383) (9,480,136) (4,452,383)
Income tax
Net loss (2,247,059) (1,730,383) (9,480,136) (4,452,383)
Preferred stock dividend (80,548) (140,088)
Net loss available to common stock holders $ (2,327,607) $ (1,730,383) $ (9,620,224) $ (4,452,383)
Net Loss Per Share - Basic and Diluted $ (0.36) $ (0.27) $ (1.50) $ (0.70)
Weighted Average Number of Shares Outstanding - Basic and Diluted 6,393,107 6,393,107 6,393,107 6,393,107

Source

v3.10.0.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,480,136) $ (4,452,383)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,190,442 1,211,122
Amortization expense 168,738 168,738
Stock based compensation expense 457,333 480,474
Amortization of debt discount 1,017,408 786,339
Gain on extinguishment of debt (495,783)
Derivative liability movements 1,346,202 (279,178)
Deferred purchase consideration unearned by vendor (500,000)
Imputed interest on acquisition of Icagen assets 224,307 432,326
Changes in operating assets and liabilities    
Accounts receivable (158,218) (570,066)
Inventory 26,669 (96,063)
Prepaid expenses and other current assets (2,717) (60,883)
Accounts payable 604,446 (517,908)
Deferred subsidy (3,200,000)
Deferred revenues (89,584) (343,725)
Other payables and accrued expenses (1,006,331) (397,095)
CASH USED IN OPERATING ACTIVITIES (6,197,224) (7,338,302)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payment of deferred purchase consideration (150,000) (100,000)
Purchase of plant and equipment (715,466) (791,156)
Purchase of intangibles (153,164)
Proceeds on assets held for resale 20,381
NET CASH USED IN INVESTING ACTIVITIES (865,466) (1,023,939)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from term loan 15,250,000
Proceeds from convertible loan 9,600,000
Repayment of convertible loan (10,000,000)
Proceeds from bridge notes 500,000 1,500,000
Repayment of bridge notes (1,500,000)
Capital raising fee (962,162)
Fees paid on extinguishment of debt (207,000)
Proceeds from sale of Series C Preferred stock 2,800,000
Proceeds from asset financing 157,766
Repayment of Asset financing (127,514) (309,210)
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,253,324 9,448,556
NET INCREASE IN CASH 190,634 1,086,315
CASH AT BEGINNING OF PERIOD 2,763,596 4,938,948
CAST AT END OF PERIOD 2,954,230 6,025,263
CASH PAID FOR INTEREST AND TAXES:    
Cash paid for income taxes
Cash paid for interest 1,055,426 400,877
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Value of warrants issued concurrent with Series C Preferred shares 1,858,663
Value of warrants issued concurrent with bridge notes 116,485 330,353
Value of warrants issued on term debt 1,746,065
Extinguishment of derivative liability and unamortized debt discount on convertible note 3,890,826
Discount on convertible debt and warrants issued concurrent with debt $ 4,518,278

Source