Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Significant Accounting Policies (Tables)

v3.8.0.1
Basis of Presentation and Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of Trade Receivables and Trade Receivables - Related Parties

As of September 30, 2017 and December 31, 2016, the aging of trade receivables and trade receivables – related parties was as follows:

 

    September 30           December 31        
Aging Period   2017     %     2016     %  
Current   $ 1,008,025       70 %   $ 464,365       28 %
01-30 Days     41,746       3 %     43,223       3 %
31-60 Days     50,000       3 %     39,203       2 %
61-90 Days     101,093       7 %     6,150       0 %
>90 Days     241,669       17 %     1,090,418       66 %
Subtotal     1,442,533       -       1,643,359       -  
Bad Debts Allowance     (192,435 )     -       (1,010,196 )     -  
Total   $ 1,250,098       -     $ 633,163       -  
Average Days in Receivable     166               194          

Schedule of Estimated Useful Life of Property Plant and Equipment

The estimated useful lives for the current and comparative periods are as follows:

 

  Useful Life
  (in years)
Plant and equipment 5-12
Furniture and fixtures 5-10
Computer equipment & software 3-5
  Shorter of the
Leasehold Improvements remaining lease or
  estimated useful life

Schedule of Estimated Useful Lives for Current and Comparative Period

The estimated useful lives for the current and comparative periods are as follows:

 

  Useful Life
  (in years)
Patents and trademarks 12-17
Customer lists 5

Schedule of Earnings Per Share, Basic and Diluted Income/(loss)

The table below details the classification of the basic and diluted income/(loss per share for the three and nine months ended September 30, 2017 and 2016:

 

    Three months ended     Nine months ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
Numerator                        
Net Income/(Loss)   $ (1,177,644 )   $ 310,155     $ (3,193,571 )   $ (2,207,707 )
                                 
Denominator                                
Weighted Average Basic Common Shares Outstanding     8,892,079       5,434,212       8,268,851       5,428,859  
Add the Dilutive Effect of Stock Options     -       56,000       -       -  
Stock Warrants     -       -       -       -  
Unvested Restricted Shares     -       18,333       -       -  
Weighted Average Basic and Diluted Common Shares Outstanding     8,892,079       5,508,545       8,268,851       5,428,859  
                                 
Net Income/(Loss) per Share                                
Basic   $ (0.13 )   $ 0.06     $ (0.39 )   $ (0.41 )
Diluted   $ (0.13 )   $ 0.06     $ (0.39 )   $ (0.41 )