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 |
|
|
% |
|
| |
|
(restated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
$ |
907,225 |
|
|
|
69 |
% |
|
$ |
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 |
|
|
217,468 |
|
|
|
16 |
% |
|
|
1,090,418 |
|
|
|
66 |
% |
| Subtotal |
|
|
1,317,532 |
|
|
|
- |
|
|
|
1,643,359 |
|
|
|
- |
|
| Bad Debts Allowance |
|
|
(192,435 |
) |
|
|
- |
|
|
|
(1,010,196 |
) |
|
|
- |
|
| Total |
|
$ |
1,125,097 |
|
|
|
- |
|
|
$ |
633,163 |
|
|
|
- |
|
| Average Days in Receivable |
|
|
224 |
|
|
|
|
|
|
|
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 |
|
| |
|
|
|
|
|
|
|
(restated) |
|
|
|
|
| Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income/(Loss) |
|
$ |
(1,177,644 |
) |
|
$ |
310,155 |
|
|
$ |
(3,344,932 |
) |
|
$ |
(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 |
|
|
$ |
(0.40 |
) |
|
$ |
(0.41 |
) |
| Diluted |
|
$ |
(0.13 |
) |
|
$ |
0.06 |
|
|
$ |
(0.40 |
) |
|
$ |
(0.41 |
) |
|