v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 6,025,263 $ 4,938,948
Accounts receivable, net 1,887,634 1,317,568
Inventory 96,063  
Prepaid expenses and other current assets 528,690 467,807
Assets held for resale 6,619 27,000
Total Current Assets 8,544,269 6,751,323
Non-Current Assets    
Intangibles, net 7,483,316 7,498,890
Plant and equipment, net 2,257,768 2,677,734
Deposits 238,987 238,987
Total Non-Current Assets 9,980,071 10,415,611
Total Assets 18,524,340 17,166,934
Current Liabilities    
Accounts payable 1,194,273 1,712,181
Other payables and accrued expenses 2,061,457 1,633,801
Legal settlement accrual 1,076,667 1,426,667
Loans payable 220,203 442,109
Deferred revenue 270,746 614,471
Deferred subsidy 2,400,000 5,600,000
Deferred purchase consideration 204,197 1,332,800
Total Current Liabilities 7,427,543 12,762,029
Non-Current Liabilities    
Deferred purchase consideration, net 8,406,738 7,454,511
Loans payable 87,746
Convertible loans payable 5,537,709
Legal settlement accrual 483,333
Derivative liability 4,239,100
Total Non-Current Liabilities 18,271,293 7,937,844
Total Liabilities 25,698,836 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 September 30, 2017 and December 31, 2016. 6,392 6,392
Additional paid-in-capital 24,918,970 24,108,143
Treasury stock, at cost (327,000 shares of common stock at September 30, 2017 and December 31, 2016. (237) (237)
Accumulated deficit (32,099,621) (27,647,237)
Total Stockholder's Deficit (7,174,496) (3,532,939)
Total Liabilities and Stockholders' Deficit $ 18,524,340 $ 17,166,934

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v3.8.0.1
Unaudited Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Statements of Operations [Abstract]        
Sales $ 5,421,965 $ 4,308,100 $ 17,016,462 $ 6,366,424
Cost of sales 2,751,087 2,324,586 8,772,433 3,860,431
Gross profit 2,670,878 1,983,514 8,244,029 2,505,993
Operating expenses:        
Selling, general and administrative expenses 3,448,053 2,862,719 10,360,873 5,052,957
Depreciation 368,217 136,874 1,211,122 350,755
Amortization 56,246 56,246 168,738 168,738
Total Operating expenses 3,872,516 3,055,839 11,740,733 5,572,450
Operating loss (1,201,638) (1,072,325) (3,496,704) (3,066,457)
Other income (expense)        
Other income 473 500,699
Other expense (601,500) (601,500)
Interest income 335
Interest expense (730,677) (407,354) (1,735,556) (704,520)
Derivative liability movement 201,459 279,178
Total other expense (528,745) (1,008,854) (955,679) (1,305,685)
Net loss before income tax (1,730,383) (2,081,179) (4,452,383) (4,372,142)
Income tax (867) (867)
Net loss $ (1,730,383) $ (2,082,046) $ (4,452,383) $ (4,373,009)
Net Loss Per Share - Basic and Diluted $ (0.27) $ (0.32) $ (0.70) $ (0.67)
Weighted Average Number of Shares Outstanding - Basic and Diluted 6,393,107 6,481,857 6,393,107 6,481,857

Source

v3.8.0.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,452,383) $ (4,373,009)
Adjustment to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 1,211,122 350,755
Amortization expense 168,738 168,738
Stock based compensation charge 480,474 366,900
Amortization of debt discount 786,339 244,463
Derivative liability movements (279,178)
Deferred purchase consideration unearned by vendor (500,000)
Imputed interest on acquisition of Icagen assets 432,326 448,071
Movement in bad debt provision (19,084)
Increase in legal settlement accrual 601,500
Changes in operating assets and liabilities    
Accounts receivable (570,066) 166,474
Inventory (96,063)
Prepaid expenses and other current assets (60,883) (410,250)
Accounts payable (517,908) 789,660
Deferred subsidy (3,200,000) 8,000,000
Deferred revenues (343,725) 1,191,512
Other payables and accrued expenses (397,095) 64,138
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (7,338,302) 7,589,868
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payment of deferred purchase consideration (100,000) (125,000)
Purchase of plant and equipment (791,156) (841,559)
Investment in deposits (123,787)
Purchase of intangibles (153,164)
Proceeds on assets held for resale 20,381
NET CASH USED IN INVESTING ACTIVITIES (1,023,939) (1,090,346)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible loan 9,600,000
Proceeds from bridge notes 1,500,000 1,145,000
Repayment of bridge notes (1,500,000) (1,145,000)
Repayment of Los Alamos County loan (142,502)
Proceeds from asset financing 157,766 533,290
Repayment of asset financing (309,210) (77,157)
NET CASH PROVIDED BY FINANCING ACTIVITIES 9,448,556 313,631
NET INCREASE IN CASH 1,086,315 6,813,153
Cash at the beginning of the period 4,938,948 2,266,788
CASH AT END OF PERIOD 6,025,263 9,079,941
CASH PAID FOR INTEREST AND TAXES:    
Cash paid for income taxes
Cash paid for interest 400,877 11,795
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Discount on convertible debt and warrants issued concurrent with debt 4,518,278
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

Source