Chembio Diagnostics, Inc. (“Chembio” or the “Company”) (Nasdaq:
CEMI), a leading point-of-care diagnostics company focused on
infectious diseases, today reported financial results for the
quarter and year ended December 31, 2021.
Recent Highlights
- Achieved record quarterly total
revenue of $20.6 million and product revenue of $17.4 million in
the fourth quarter of 2021, representing growth of 101% and 154%,
respectively, compared to the prior year period, including:
- U.S. product revenue of $3.2
million, representing growth of 268% compared to the prior year
period
- Latin America product revenue of
$12.0 million, representing growth of 415% compared to the prior
year period
- Achieved record annual total
revenue of $47.8 million and product revenue of $34.7 million for
the full year 2021, representing growth of 47% and 40%,
respectively, compared to the full year 2020, including:
- U.S. product revenue of $6.0
million, representing growth of 53% compared to 2020
- Latin America product revenue of
$18.4 million, representing growth of 87% compared to 2020
- Initiated a Global Competitiveness
Program intended to improve profitability by focusing on higher
margin business, lowering manufacturing costs, reducing
infrastructure costs and reviewing non-core businesses and
assets
- Received ANVISA approval and CE
mark for the DPP Respiratory Antigen Panel
- Submitted an EUA application for
new DPP SARS-CoV-2 Antigen Test and a De Novo/510(k) request for
the DPP Antigen Test System to the U.S. Food and Drug
Administration, completing milestones under the BARDA product
development award
- Strengthened its executive
leadership team with the addition of Larry Steenvoorden as Chief
Financial Officer
“In the fourth quarter, record quarterly revenue
was driven by execution of the largest purchase order in company
history, received from Bio-Manguinhos for DPP SARS-CoV-2 Antigen
Tests in Brazil, while navigating the tight labor market and global
supply chain issues for certain test components to ramp production.
Chembio also finished the year with record annual revenue,” said
Richard Eberly, Chembio’s President and Chief Executive Officer.
“We are confident our investments in developing products in high
value growing markets and registering existing products in
additional geographies can drive sustained growth over the
long-term. We are optimistic about our ability to improve
profitability through continued product revenue growth and
reduction of our cost infrastructure beginning in 2022.”
Fourth Quarter 2021 Financial
ResultsTotal revenue for the fourth quarter of 2021 was
$20.6 million, an increase of 101% compared to the prior year
period. Net product sales for the fourth quarter of 2021 were $17.4
million, an increase of 154% compared to the prior year period.
Government grant, license and royalty, and R&D revenue for the
fourth quarter of 2021 totaled $3.2 million, a decrease of 6%
compared to the prior year period.
Gross product margin for the fourth quarter of
2021 was ($1.6) million, compared to $0.5 million for the prior
year period. Gross product margin percentage for the fourth quarter
of 2021 was negative 9%, compared to 7% for the prior year period.
Gross product margin in the fourth quarter of 2021 was impacted by
an unfavorable mix of average selling prices, increased labor
costs, and an inventory write down of $2.5 million.
Research and development expenses increased by
$0.1 million, or 2%, in the fourth quarter of 2021 compared to the
prior year period. Selling, general and administrative expenses
decreased by $0.3 million, or 10%, in the fourth quarter of 2021
compared to the prior year period.
Impairment, restructuring, severance and related
costs for the fourth quarter of 2021 totaled $4.6 million,
including an impairment of goodwill and intangible assets from
prior acquisitions.
Net loss for the fourth quarter of 2021 was
$14.0 million, or $0.47 per diluted share, compared to a net loss
of $7.1 million, or $0.35 per diluted share, for the prior year
period. The net loss includes severance, restructuring, an
impairment of goodwill and intangible assets from prior
acquisitions and other related costs of $4.6 million, or $0.15 per
share, for the fourth quarter of 2021, compared to a de minimis
amount in the prior year period.
Full Year 2021 Financial
ResultsTotal revenue for 2021 was $47.8 million, an
increase of 47% compared to 2020. Net product sales for 2021 were
$34.7 million, an increase of 40% compared to 2020. Government
grant, license and royalty, and R&D revenue for 2021 totaled
$13.1 million, an increase of 70% compared to 2020.
Gross product margin for 2021 was $0.2 million,
compared to $0.9 million in 2020. Gross product margin percentage
for 2021 was 1%, compared to 4% for 2020. Gross product margin in
2021 was adversely impacted by an unfavorable mix of average
selling prices, increased labor costs, and a fourth quarter
inventory write down of $2.5 million.
Research and development expenses increased by
$3.0 million, or 31%, in 2021 compared to 2020. The increase in
research and development expenses was primarily associated with
increased clinical trial costs related to the product development
award from BARDA. Selling, general and administrative expenses
increased by $3.8 million, or 18%, in 2021 compared to 2020. The
increase in selling, general and administrative expenses primarily
reflected increased legal costs, recruiting fees and higher
insurance costs.
Impairment, restructuring, severance and related
costs including an impairment of goodwill and intangible assets
from prior acquisitions totaled $7.0 million in 2021 compared to
$1.1 million in 2020.
Net loss for 2021 was $33.9 million, or $1.40
per diluted share, compared to a net loss of $25.5 million, or
$1.34 per diluted share, for 2020. The increase in loss per
share was negatively impacted by Impairment, restructuring,
severance and related costs including an impairment of goodwill and
intangible assets from prior acquisitions.
Cash and cash equivalents as of December 31,
2021 totaled $28.8 million.
Going Concern
ConsiderationsRevenues during the twelve months ended
December 31, 2021 did not meet the Company’s expectations. The
Company’s increase in cash and cash equivalents over the year
reflected our issuance of common stock in at-the-market offerings
for net proceeds of $38.8 million. The Company continued to
experience market, clinical trial and regulatory complications in
seeking to develop and commercialize a portfolio of COVID-19 test
systems during the continuing, but evolving, uncertainty of the
COVID-19 pandemic. For the year ending December 31, 2021, the
Company continued to incur significant expenses in connection with
pending legal matters, delayed achievement of milestones associated
with government grant income, investments in inventory, and the
continuing automation of manufacturing.
The Company performed an assessment to determine
whether there were conditions or events that, considered in the
aggregate, raised substantial doubt about our ability to continue
as a going concern within one year after the date the audited
consolidated financial statements will be issued (the “Issuance
Date”). Because substantial doubt was determined to exist as the
result of this initial assessment, management then assessed the
mitigating effect of our plans to determine if it is probable that
the plans (1) would be effectively implemented within one year
after the Issuance Date and (2) when implemented, would mitigate
the relevant conditions or events that raise substantial doubt
about our ability to continue as a going concern.
During the twelve months ended December 31,
2021, the Company undertook measures to increase our total revenues
and improve its liquidity position. These measures included:
- On July 19, 2021, the Company
entered into an At the Market Offering Agreement (“ATM Agreement”)
with Craig Hallum Capital Group LLC (“Craig Hallum”) pursuant to
which we may sell from time to time, at our option, up to an
aggregate of $60,000,000 of shares of common stock. As of December
31, 2021, the Company has issued and sold pursuant to the ATM
Agreement a total of 9,709,328 shares of common stock at a
volume-weighted average price of $4.20 per share for gross proceeds
of $40.8 million and net proceeds, after giving effect to placement
fees and other transaction costs, of $38.8 million.
- The Company also received
significant purchase orders from two customers (the “July Purchase
Orders”). The Company had pursued the July Purchase Orders for an
extended period of time. The July Purchase Orders consist of the
following:
- On July 20, 2021, the Company
received a $28.3 million purchase order from Bio-Manguinhos for the
purchase of DPP SARS-CoV-2 Antigen tests for delivery during 2021
to support the needs of Brazil’s Ministry of Health in addressing
the COVID-19 pandemic. As of December 31, 2021 $16.8 million was
recognized in connection with this order.
- On July 22, 2021, the Company
received a $4.0 million purchase order from the Partnership for
Supply Chain Management, supported by The Global Fund, for the
purchase of HIV 1/2 STAT-PAK Assays for shipment to Ethiopia into
early 2022. As of December 31, 2021 $1.2 million was recognized in
connection with this order.
These measures and other plans and initiatives
have been designed to provide the Company with adequate liquidity
to meet its obligations for at least the twelve-month period
following the Issuance Date. The Company’s execution of those
measures and its other plans and initiatives continue to depend,
however, on factors that are beyond the Company’s control, or that
may not be addressable on terms acceptable to the Company or at
all. The Company has considered in particular how:
- The ongoing healthcare and economic
impacts of the COVID-19 pandemic on the global customer base for
the Company’s non COVID-19 products continue to negatively affect
the timing and rate of recovery of its revenues from those products
by, for example, decreasing the allocation of funding for HIV
testing, thereby continuing to adversely affect the Company’s
liquidity.
- Although the Company has entered
into agreements to distribute third-party COVID-19 products in the
United States, its ability to sell those products could be
constrained because of staffing and supply chain limitations
affecting the suppliers of those products.
The Company further considered how these factors
and uncertainties could impact its ability over the next year to
meet the obligations specified in the Credit Agreement and Guaranty
(the “Credit Agreement”), that the Company and certain of its
subsidiaries, as guarantors, entered into with Perceptive Credit
Holdings II, LP, (the “Lender”). Those obligations include (a)
covenants requiring i) minimum cash balance of $3 million and ii)
minimum total revenue amounts for the twelve months preceding each
quarter end. For the next year, the minimum total revenue
requirements range from $42.0 million for the twelve months ending
March 31, 2022 to $47.4 million for the twelve months ending
December 31, 2022 and (b) an obligation requiring the payment of
principal installments, commencing with the payment of $300,000 on
September 30, 2022. Upon an event of default under the Credit
Agreement, the Lender could elect to declare all amounts
outstanding thereunder, together with accrued interest, to be
immediately due and payable. In such an event, there can be no
assurance that the Company would have sufficient liquidity to fund
payment of the amounts that would be due under the Credit Agreement
or that, if such liquidity were not available, the Company would be
successful in raising additional capital on acceptable terms, or at
all, or in completing any other endeavor to continue to be
financially viable and continue as a going concern. The Company’s
inability to raise additional capital on acceptable terms in the
near future, whether for purposes of funding payments required
under the Credit Agreement or providing additional liquidity needed
for its operations, could have a material adverse effect on the
Company’s business, prospects, results of operations, liquidity and
financial condition.
Accordingly, management determined the Company
could not be certain that our plans and initiatives would be
effectively implemented within one year after the Issuance Date.
Without giving effect to the prospect of raising additional capital
pursuant to the Company’s at-the-market offerings, increasing
product revenue in the near future or executing other mitigating
plans, many of which are beyond the Company’s control, it is
unlikely that the Company will be able to generate sufficient cash
flows to meet our required financial obligations, including the
Company’s debt service and other obligations due to third parties.
The existence of these conditions raises substantial doubt about
the Company’s ability to continue as a going concern for the
twelve-month period following the Issuance Date.
Conference CallChembio will
host a conference call today beginning at 4:30 pm ET to discuss its
financial results and recent business highlights. Investors
interested in listening to the call may do so by dialing
888-506-0062 from the United States or 973-528-0011 from outside
the United States and providing entry code 516973. To listen to a
live webcast of the call, please visit the Investor Relations
section of Chembio's website at www.chembio.com. Following the
call, a replay will be available on the Investor Relations section
of Chembio’s website. A telephone replay will be available until
4:30 pm ET on March 17, 2022 by dialing 877-481-4010 from the
United States or 919-882-2331 from outside the United States and
using passcode 44503.
About Chembio
DiagnosticsChembio is a leading diagnostics company
focused on developing and commercializing point-of-care tests used
for the rapid detection and diagnosis of infectious diseases,
including sexually transmitted disease, insect vector and tropical
disease, COVID-19 and other viral and bacterial infections,
enabling expedited treatment. Coupled with Chembio’s extensive
scientific expertise, its novel DPP technology offers broad market
applications beyond infectious disease. Chembio’s products are sold
globally, directly and through distributors, to hospitals and
clinics, physician offices, clinical laboratories, public health
organizations, government agencies, and consumers. Learn more at
www.chembio.com.
Forward-Looking
StatementsCertain statements contained in the paragraph
following the bulleted items under “Recent Highlights” above are
not historical facts and may be forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements regarding the
intent, belief or current expectations with respect to the
Chembio’s R&D investments, development of certain products and
registration of existing products in new geographies. Such
statements, which are expectations only, reflect management's
current views, are based on certain assumptions, and involve risks
and uncertainties. Actual results, events or performance may differ
materially from forward-looking statements due to a number of
important factors, and will be dependent upon a variety of factors,
including, but not limited to, the following, any of which could be
exacerbated even further by the continuing COVID-19 outbreak in the
United States and globally: the ability of Chembio to continue to
generate revenue from the July Purchase Orders or other product
orders, and the margins it can realize from that revenue, or its
ability to develop new products, will depend on the availability
and cost of human, material and other resources required to build
and deliver the tests, which factors are largely outside Chembio’s
control; the ability of Chembio to maintain existing, and timely
obtain additional, regulatory approvals, which approvals are
subject to processes that can change recurringly without notice;
the highly competitive and rapidly developing diagnostics market,
which includes a number of competing companies with strong
relationships with current and potential customers, including
governmental authorities, and with significantly greater financial
and other resources that are available to Chembio; and the risks of
doing business with foreign governmental entities, including
geopolitical, international and other challenges as well as
potential material adverse effects of tariffs and other changes in
U.S. trade policy. Chembio undertakes no obligation to publicly
update forward-looking statements in this release to reflect events
or circumstances that occur after the date hereof or to reflect any
change in Chembio's expectations with regard to the forward-looking
statements or the occurrence of unanticipated events. Factors that
may impact Chembio's success are more fully disclosed in Chembio's
periodic public filings with the U.S. Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2021, its Current Report on Form
8-K filed with the Securities and Exchange Commission on July 19,
2021, and its Quarterly Reports on Form 10-Q for the quarterly
periods ended June 30, 2021 and September 30, 2021, particularly
under the heading “Risk Factors.”
DPP is Chembio’s registered trademark, and the
Chembio logo is Chembio’s trademark. For convenience, these
trademarks appear in this release without ® or ™ symbols, but that
practice does not mean that Chembio will not assert, to the fullest
extent under applicable law, its rights to the trademarks. All
other trademarks appearing in this release are the property of
their respective owners.
Investor Relations
ContactPhilip TaylorGilmartin Group(415)
937-5406investor@chembio.com
|
CHEMBIO DIAGNOSTICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
For the three months ended
(Unaudited) |
|
For the year ended |
|
Dec. 31, 2021 |
|
Dec. 31, 2020 |
|
Dec. 31, 2021 |
|
Dec. 31, 2020 |
REVENUES: |
|
|
|
|
|
|
|
Net product sales |
$ |
17,410,240 |
|
|
$ |
6,852,526 |
|
|
$ |
34,737,444 |
|
|
$ |
24,767,149 |
|
R&D |
|
51,573 |
|
|
|
1,095,402 |
|
|
|
1,159,381 |
|
|
|
4,851,562 |
|
Government grant income |
|
2,861,726 |
|
|
|
2,018,924 |
|
|
|
10,891,726 |
|
|
|
2,018,924 |
|
License and royalty
revenue |
|
250,000 |
|
|
|
260,112 |
|
|
|
1,029,901 |
|
|
|
832,562 |
|
TOTAL
REVENUES |
|
20,573,539 |
|
|
|
10,226,964 |
|
|
|
47,818,452 |
|
|
|
32,470,197 |
|
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
Cost of product sales |
|
19,004,846 |
|
|
|
6,361,480 |
|
|
|
34,495,802 |
|
|
|
23,874,487 |
|
Research and development
expenses |
|
3,385,061 |
|
|
|
3,275,455 |
|
|
|
12,487,424 |
|
|
|
9,508,494 |
|
Selling, general and
administrative expenses |
|
6,806,863 |
|
|
|
7,134,593 |
|
|
|
24,840,611 |
|
|
|
21,037,701 |
|
Impairment, restructuring,
severance and related costs |
|
4,606,796 |
|
|
|
- |
|
|
|
7,047,779 |
|
|
|
1,122,310 |
|
Acquisition costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63,497 |
|
|
|
33,803,566 |
|
|
|
16,771,528 |
|
|
|
78,871,616 |
|
|
|
55,606,489 |
|
LOSS FROM
OPERATIONS |
|
(13,230,027 |
) |
|
|
(6,544,564 |
) |
|
|
(31,053,164 |
) |
|
|
(23,136,292 |
) |
|
|
|
|
|
|
|
|
OTHER
INCOME: |
|
|
|
|
|
|
|
Interest expense, net |
|
(737,227 |
) |
|
|
(731,818 |
) |
|
|
(2,912,415 |
) |
|
|
(2,841,830 |
) |
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES |
|
(13,967,254 |
) |
|
|
(7,276,382 |
) |
|
|
(33,965,579 |
) |
|
|
(25,978,122 |
) |
|
|
|
|
|
|
|
|
Income tax benefit (loss) |
|
(5,878 |
) |
|
|
137,198 |
|
|
|
62,050 |
|
|
|
456,794 |
|
|
|
|
|
|
|
|
|
NET LOSS |
$ |
(13,973,132 |
) |
|
$ |
(7,139,184 |
) |
|
$ |
(33,903,529 |
) |
|
$ |
(25,521,328 |
) |
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
$ |
(0.47 |
) |
|
$ |
(0.35 |
) |
|
$ |
(1.40 |
) |
|
$ |
(1.34 |
) |
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding, basic and diluted |
|
30,049,338 |
|
|
|
20,150,168 |
|
|
|
24,299,465 |
|
|
|
19,085,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMBIO DIAGNOSTICS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
AS OF |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
- ASSETS - |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
28,772,892 |
|
|
$ |
23,066,301 |
|
Accounts receivable, net of
allowance for doubtful accounts of $243,042 and $296,793 as of
December 31, 2021 and December 31, 2020, respectively |
|
|
11,441,107 |
|
|
|
3,377,387 |
|
Inventories, net |
|
|
12,920,451 |
|
|
|
12,516,402 |
|
Prepaid expenses and other
current assets |
|
|
1,710,194 |
|
|
|
778,683 |
|
TOTAL CURRENT
ASSETS |
|
|
54,844,644 |
|
|
|
39,738,773 |
|
|
|
|
|
|
FIXED
ASSETS: |
|
|
|
|
Property, plant and equipment,
net |
|
|
8,556,773 |
|
|
|
8,688,403 |
|
Finance lease right-of-use
asset, net |
|
|
191,870 |
|
|
|
233,134 |
|
TOTAL FIXED ASSETS,
net |
|
|
8,748,643 |
|
|
|
8,921,537 |
|
|
|
|
|
|
OTHER
ASSETS: |
|
|
|
|
Operating lease right-of-use
assets, net |
|
|
5,891,906 |
|
|
|
6,112,632 |
|
Intangible assets, net |
|
|
- |
|
|
|
3,645,986 |
|
Goodwill |
|
|
3,022,787 |
|
|
|
5,963,744 |
|
Deposits and other assets |
|
|
744,215 |
|
|
|
509,342 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
73,252,195 |
|
|
$ |
64,892,014 |
|
|
|
|
|
|
- LIABILITIES AND STOCKHOLDERS’ EQUITY - |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts payable and accrued
liabilities |
|
$ |
13,127,993 |
|
|
$ |
10,042,790 |
|
Deferred revenue |
|
|
- |
|
|
|
1,606,997 |
|
Current portion of long term
debt |
|
|
1,200,000 |
|
|
|
- |
|
Operating lease
liabilities |
|
|
886,294 |
|
|
|
642,460 |
|
Finance lease liabilities |
|
|
68,176 |
|
|
|
58,877 |
|
TOTAL CURRENT
LIABILITIES |
|
|
15,282,463 |
|
|
|
12,351,124 |
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
Long-term operating lease
liabilities |
|
|
5,976,151 |
|
|
|
6,327,143 |
|
Long-term finance lease
liabilities |
|
|
139,678 |
|
|
|
185,239 |
|
Long-term debt, less current
portion, net |
|
|
17,589,003 |
|
|
|
18,182,158 |
|
Deferred tax liability |
|
|
- |
|
|
|
69,941 |
|
TOTAL
LIABILITIES |
|
|
38,987,295 |
|
|
|
37,115,605 |
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
Preferred stock – 10,000,000
shares authorized, none outstanding |
|
|
- |
|
|
|
- |
|
Common stock - $0.01 par
value; 100,000,000 shares authorized; 30,101,393 shares and
20,223,498 shares issued at December 31, 2021 and December 31,
2020, respectively |
|
|
301,050 |
|
|
|
202,235 |
|
Additional paid-in
capital |
|
|
165,772,636 |
|
|
|
124,961,514 |
|
Accumulated deficit |
|
|
(131,009,860 |
) |
|
|
(97,106,331 |
) |
Treasury stock 48,057 and
41,141 shares at cost as of December 31, 2021 and December 31,
2020, respectively |
|
|
(206,554 |
) |
|
|
(190,093 |
) |
Accumulated other
comprehensive loss |
|
|
(592,372 |
) |
|
|
(90,916 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
|
|
34,264,900 |
|
|
|
27,776,409 |
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
73,252,195 |
|
|
$ |
64,892,014 |
|
|
|
|
|
|
|
|
|
|
|
CHEMBIO DIAGNOSTICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS |
FOR THE YEARS ENDED |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2020 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Cash received from customers and grants |
|
$ |
38,093,984 |
|
|
$ |
34,736,133 |
|
Cash paid to suppliers and employees |
|
|
(65,273,967 |
) |
|
|
(50,238,409 |
) |
Cash paid for operating leases |
|
|
(1,404,532 |
) |
|
|
(1,139,944 |
) |
Cash paid for finance leases |
|
|
(20,077 |
) |
|
|
(19,987 |
) |
Interest and taxes, net |
|
|
(2,281,124 |
) |
|
|
(2,225,031 |
) |
Net cash used in
operating activities |
|
|
(30,885,716 |
) |
|
|
(18,887,238 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Acquisition of and deposits on fixed assets |
|
|
(1,824,285 |
) |
|
|
(3,961,369 |
) |
Patent application costs |
|
|
(33,398 |
) |
|
|
(205,493 |
) |
Net cash used in
investing activities |
|
|
(1,857,683 |
) |
|
|
(4,166,862 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Proceeds from sale of common stock, net |
|
|
38,811,958 |
|
|
|
28,436,740 |
|
Proceeds from option exercises |
|
|
85,555 |
|
|
|
- |
|
Principal payments for finance leases |
|
|
(61,867 |
) |
|
|
(51,166 |
) |
Payments on note payable |
|
|
- |
|
|
|
(180,249 |
) |
Stimulus package loan |
|
|
- |
|
|
|
2,978,315 |
|
Payment of stimulus package loan |
|
|
- |
|
|
|
(2,978,315 |
) |
Payments of tax withholdings on stock award |
|
|
(145,225 |
) |
|
|
(441,723 |
) |
Net cash provided by
financing activities |
|
|
38,690,421 |
|
|
|
27,763,602 |
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
(240,431 |
) |
|
|
85,447 |
|
INCREASE IN CASH AND
CASH EQUIVALENTS |
|
|
5,706,591 |
|
|
|
4,794,949 |
|
Cash and cash equivalents - beginning of the period |
|
|
23,066,301 |
|
|
|
18,271,352 |
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of the period |
|
$ |
28,772,892 |
|
|
$ |
23,066,301 |
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
LOSS TO NET CASH USED IN OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(33,903,529 |
) |
|
$ |
(25,521,328 |
) |
Adjustments: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,930,976 |
|
|
|
2,697,126 |
|
Share based compensation |
|
|
2,431,982 |
|
|
|
1,223,171 |
|
Benefit from deferred tax liability |
|
|
(69,941 |
) |
|
|
(396,385 |
) |
Provision for doubtful accounts |
|
|
(53,751 |
) |
|
|
270,193 |
|
Non-cash inventory changes |
|
|
4,054,701 |
|
|
|
3,543,515 |
|
Impairment charges |
|
|
5,880,741 |
|
|
|
- |
|
Changes in assets and
liabilities, net of effects from acquisitions: |
|
|
|
|
|
|
Accounts receivable |
|
|
(8,009,969 |
) |
|
|
283,939 |
|
Inventories |
|
|
(4,458,750 |
) |
|
|
(6,461,887 |
) |
Prepaid expenses and other current assets |
|
|
(931,510 |
) |
|
|
(85,670 |
) |
Deposits and other assets |
|
|
(234,874 |
) |
|
|
34,195 |
|
Accounts payable and accrued liabilities |
|
|
3,085,205 |
|
|
|
4,043,896 |
|
Deferred revenue |
|
|
(1,606,997 |
) |
|
|
1,481,997 |
|
Net cash used in
operating activities |
|
$ |
(30,885,716 |
) |
|
$ |
(18,887,238 |
) |
|
|
|
|
|
|
|
Supplemental
disclosures for non-cash investing and financing
activities: |
|
|
|
|
|
|
Deposits on manufacturing equipment transferred to fixed
assets |
|
$ |
- |
|
|
$ |
472,651 |
|
Contingent liability earnout |
|
|
- |
|
|
|
1,011,261 |
|
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