0001493152-18-004277.txt : 20180330 0001493152-18-004277.hdr.sgml : 20180330 20180330164004 ACCESSION NUMBER: 0001493152-18-004277 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20180330 DATE AS OF CHANGE: 20180330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VirTra, Inc CENTRAL INDEX KEY: 0001085243 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 931207631 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38420 FILM NUMBER: 18726459 BUSINESS ADDRESS: STREET 1: 7970 S. KYRENE ROAD CITY: TEMPE STATE: AZ ZIP: 85284 BUSINESS PHONE: 4809681488 MAIL ADDRESS: STREET 1: 7970 S. KYRENE ROAD CITY: TEMPE STATE: AZ ZIP: 85284 FORMER COMPANY: FORMER CONFORMED NAME: VIRTRA SYSTEMS INC DATE OF NAME CHANGE: 20020628 FORMER COMPANY: FORMER CONFORMED NAME: GAMECOM INC DATE OF NAME CHANGE: 19991103 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2017

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________________ to _________________

 

Commission file number: 001-38420

 

VirTra, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada 93-1207631

(State or other jurisdiction of
incorporation or organization)

(IRS Employer
Identification No.)
   
7970 S. Kyrene Rd., Tempe, Arizona 85284
(Address of principal executive offices) (Zip Code)

 

(480) 968-1488

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [  ] No [X]

 

Indicate by a check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]   Accelerated filer [  ]
Non-accelerated filer [  ]   Smaller reporting company [X]
(Do not check if a smaller reporting company)     Emerging growth company [X]

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

As of March 30, 2018, the registrant had 7,904,307 shares of common stock outstanding.

 

 

 

 
 

 

VIRTRA, Inc.

FORM 10-Q

 

TABLE OF CONTENTS

 

      PAGE NO.
PART I FINANCIAL INFORMATION  
       
  Item 1.  Financial Statements:
    Condensed Balance Sheets as of September 30, 2017 and December 31, 2016 (unaudited) F-1
    Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2017 and 2016 (unaudited) F-2
    Condensed Statements of Stockholders’ Equity F-3
    Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 (unaudited) F-4
    Notes to Unaudited Condensed Financial Statements F-5
       
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 3
       
  Item 3. Quantitative and Qualitative Disclosures About Market Risk 8
       
  Item 4. Controls and Procedures 8
       
PART II OTHER INFORMATION  
       
  Item 1. Legal Proceedings 9
       
  Item 1A. Risk Factors 9
       
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 9
       
  Item 3. Defaults Upon Senior Securities 9
       
  Item 4. Mine Safety Disclosures 9
       
  Item 5. Other Information 9
       
  Item 6. Exhibits 9
       
  SIGNATURES 10

 

2
 

 

Part I: FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

VIRTRA, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

 

   September 30, 2017   December 31, 2016 
         
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $5,106,205   $3,703,579 
Accounts receivable, net   3,011,610    3,244,852 
Inventory, net   1,689,149    1,319,944 
Unbilled revenue   1,724,642    107,297 
Prepaid expenses and other current assets   660,288    250,066 
           
Total current assets   12,191,894    8,625,738 
           
Property and equipment, net   693,206    814,323 
Investment in MREC   1,988,174    471,928 
           
TOTAL ASSETS  $14,873,274   $9,911,989 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
CURRENT LIABILITIES          
Accounts payable  $730,302   $467,679 
Accrued compensation and related costs   1,109,734    617,582 
Accrued expenses and other current liabilities   227,688    194,668 
Notes payable, current   11,250    11,250 
Deferred revenue   2,753,337    2,065,905 
           
Total current liabilities   4,832,311    3,357,084 
           
Long-term liabilities:          
Deferred rent liability   87,861    122,126 
Notes payable, long-term   11,250    22,500 
           
Total long-term liabilities   99,111    144,626 
           
Total liabilities   4,931,422    3,501,710 
           
Commitments and contingencies          
           
STOCKHOLDERS’ EQUITY          
Preferred stock $0.0001 par value; 2,500,000 authorized; no shares issued or outstanding   -    - 
Common stock $0.0001 par value; 50,000,000 shares authorized; 7,927,774 shares issued and 7,906,835 shares outstanding as of September 30, 2017 and 7,927,774 issued and outstanding as of December 31, 2016.   793    793 
Class A common stock $0.0001 par value; 2,500,000 shares authorized; no shares issued or outstanding   -    - 
Class B common stock $0.0001 par value; 7,500,000 shares authorized; no shares issued or outstanding   -    - 
Treasury stock at cost; 20,939 shares and no shares outstanding as of September 30, 2017 and December 31, 2016, respectively   (96,633)   - 
Additional paid-in capital   14,964,939    

14,128,837

 
Accumulated deficit   (4,927,247)   (7,719,351)
           
Total stockholders’ equity   9,941,852    6,410,279 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $14,873,274   $9,911,989 

 

See accompanying notes to unaudited condensed financial statements.

 

F-1
 

 

VIRTRA, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30, 2017   September 30, 2016   September 30, 2017   September 30, 2016 
REVENUES                    
Net sales  $4,645,593   $2,993,872   $13,902,215   $12,602,134 
Royalties/licensing fees   40,852    47,829    245,082    47,829 
Total revenue   4,686,445    3,041,701    14,147,297    12,649,963 
                     
Cost of sales   1,573,384    1,345,180    4,853,796    4,856,906 
                     
Gross profit   3,113,061    1,696,521    9,293,501    7,793,057 
                     
OPERATING EXPENSES                    
General and administrative   2,050,395    1,401,547    5,515,455    4,632,048 
Research and development   310,848    299,288    931,954    731,630 
                     
Net operating expense   2,361,243    1,700,835    6,447,409    5,363,678 
                     
Income/(loss) from operations   751,818    (4,314)   2,846,092    2,429,379 
                     
OTHER INCOME (EXPENSE)                    
Other income   14,813    5,626    52,410    8,406 
Other expense   (221)   (2,981)   (4,113)   (2,981)
                     
Net other income/(loss)   14,592    2,645    48,297    5,425 
                     
Income/(loss) before income taxes   766,410    (1,669)   2,894,389    2,434,804 
                     
Provision for income taxes   24,285    8,414    102,285    73,618 
                     
NET INCOME/(LOSS)  $742,125   $(10,083)  $2,792,104   $2,361,186 
                     
Earnings per common share                    
Basic  $0.09   $(0.00)  $0.35   $0.30 
Diluted  $0.09   $(0.00)  $0.33   $0.28 
                     
Weighted average shares outstanding                    
Basic   7,918,114    7,916,730    7,924,475    7,914,093 
Diluted   8,337,377    7,916,730    8,418,275    8,552,275 

 

See accompanying notes to unaudited condensed financial statements.

 

F-2
 

 

VIRTRA, INC.

CONDENSED STATEMENT OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

   Preferred stock   Common stock   Additional
paid-in
   Treasury   Accumulated     
   Shares   Amount   Shares   Amount   capital   Stock   Deficit   Total 
                                 
Balance at December 31, 2016   -   $-    7,927,774   $793   $

14,128,837

   $-   $(7,719,351)  $6,410,279 
                                         
Stock based compensation   -    -    -    -    160,351    -    -    160,351 
                                         
Stock options repurchased   -    -    -    -    (67,000)   -    -    (67,000)
                                         
Stock warrants vested-MREC Investment   -    -    -    -    1,516,246    -    -    1,516,246 
                                         
Stock warrants repurchased-MREC Inv.   -    -    -    -    (773,495)   -    -    (773,495)
                                         
Treasury stock   -    -    -    -    -    (96,633)   -    (96,633)
                                         
Net income   -    -    -    -    -    -    2,792,104    2,792,104 
                                         
Balance at September 30, 2017   -   $-    7,927,774   $793   $

14,964,939

   $(96,633)  $(4,927,247)  $9,941,852 

 

See accompanying notes to unaudited condensed financial statements.

 

F-3
 

 

VIRTRA, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Nine Months Ended 
   September 30, 2017   September 30, 2016 
         
Cash flows from operating activities:          
Net income  $2,792,104   $2,361,186 
Adjustments to reconcile net income to net cash provided (used) in operating activities          
Depreciation and amortization   204,527    160,768 
Stock compensation   160,351    93,990 
Cash settlement of stock options   115,550    315,224 
Changes in operating assets and liabilities:          
Accounts receivable   233,241    (670,444)
Inventory   (369,206)   (142,313)
Unbilled revenue   (1,617,346)   - 
Prepaid expenses and other current assets   (410,221)   (192,024)
Accounts payable and other accrued expenses   787,795    33,776 
Deferred revenue and deferred rent   653,168    609,473 
           
Net cash provided by operating activities   2,549,964    2,569,636 
           
Cash flows from investing activities:          
Purchase of property and equipment   (83,410)   (468,115)
           
Net cash used in investing activities   (83,410)   (468,115)
           
Cash flows from financing activities:          
           
Repayment of debt   (11,250)   (11,250)
Common stock issued for option exercise   -    16,350 
Purchase of treasury stock   (96,633)   2,981 
Repurchase of stock options   (182,550)   (505,224)
Repurchase of stock warrants   (773,495)   - 
           
Net cash used in financing activities   (1,063,928)   (497,143)
           
Net increase in cash   1,402,626    1,604,378 
Cash, beginning of period   3,703,579    3,317,020 
           
Cash, end of period  $5,106,205   $4,921,398 
           
Supplemental disclosure of cash flow information:          
Cash paid:          
Taxes  $78,000   $142,930 
           
Supplemental disclosure of non-cash investing and financing activities:          
Investment in MREC  $1,516,246   $- 

 

See accompanying notes to unaudited condensed financial statements.

 

F-4
 

 

VIRTRA, INC.

Notes To CONDENSED Financial Statements

(Unaudited)

 

NOTE 1. ORGANIZATION AND BUSINESS OPERATIONS

 

VirTra, Inc. (the “Company” or “VirTra”) is engaged in the sale and development of judgmental use of force training simulators and firearms training simulators for law enforcement, military and commercial uses. The Company sells simulators and related products worldwide through a direct sales force and international distribution partners. The original business started in 1993 as Ferris Productions, Inc. In September 2001, Ferris Productions, Inc. merged with GameCom, Inc. to ultimately become VirTra Systems, Inc., a Texas corporation.

 

Effective as of October 1, 2016 (the “Effective Date”), the Company completed a conversion from a Texas corporation to a Nevada corporation pursuant to a Redomestication Plan of Conversion (the “Plan of Conversion”) that was approved by the Company’s Board of Directors on June 23, 2016 and its shareholders on September 16, 2016. On the Effective Date, 7,927,688 shares of common stock of VirTra Systems, Inc., a Texas corporation, were converted into 7,927,688 shares of common stock of VirTra, Inc., a Nevada corporation. No shareholders exercised appraisal rights or dissenters’ rights for such shares in accordance with the Texas Business Organization Code.

 

As part of the Plan of Conversion, the Company filed Articles of Incorporation in Nevada whereby it changed its name from VirTra Systems, Inc. to VirTra, Inc. and revised its capitalization. The Company’s Articles of Incorporation filed in Nevada authorized the Company to issue 62,500,000 shares, of which (1) 60,000,000 shares shall be common stock, par value $0.0001 per share (the “common stock”), of which (a) 50,000,000 shares shall be common stock, par value $0.0001, (b) 2,500,000 shares shall be Class A common stock, par value $0.0001 per share (the “Class A common stock”), and (c) 7,500,000 shares shall be Class B common stock, par value $0.0001 per share (the “Class B common stock”) and (2) 2,500,000 shares shall be Preferred Stock, par value $0.0001 per share, which may, at the sole discretion of the Board of Directors be issued in one or more series (the “Preferred Stock”). The Company also adopted new bylaws as part of the Plan of Conversion.

 

Effective October 20, 2016, the Company effected a 1 for 10 reverse stock split of its issued and outstanding Common Stock and effective February 12, the Company effected a 1 for 2 reverse stock split of its issued and outstanding Common Stock (together the “Reverse Stock Splits”). All references to shares of the Company’s common stock in this report refer to the number of shares of common stock after giving effect to the Reverse Stock Splits.

 

The Company’s corporate office is located in Tempe, Arizona. All transactions in the financial statements and accompanying notes are presented in US Dollars.

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and note disclosures normally included in complete annual financial statements prepared in accordance with GAAP have been condensed or omitted. However, the Company believes that the disclosures included in these unaudited condensed financial statements are adequate to make the information presented not misleading. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation of such interim results. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended December 31, 2016 included in the Company’s Post-Qualification Offering Circular Amendment No. 1 to Form 1-A filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2018.

 

Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on net income/(loss).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

F-5
 

 

Recent Accounting Pronouncements

 

Between May 2014 and December 2016, the Financial Accounting Standards Board (the “FASB”) issued several Accounting Standard Updates (“ASUs”) on Revenue from Contracts with Customers (Topic 606). These updates will supersede nearly all existing revenue recognition guidance under current GAAP. The core principle is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. A five-step process has been defined to achieve this core principle, and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standards are effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standards in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting the standards recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of these standards on its financial statements and expects to adopt the modified retrospective approach. However, the adoption of these new standards will not have a material impact on its revenue recognition as it pertains to current revenue streams, the Company’s financial position or results of operations

 

In February 2016, the FASB issued ASU No. 2016-02 – “Leases (Topic 842)”, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.

 

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. As the Company wrote-down its Investment in Modern Round to fair value in 2017, the Company believes that the adoption of ASU 2016-01 will not have a material impact on its financial statements, however, the Company will change from the cost method of accounting.

 

In July 2015, the FASB issued ASU No. 2015-11 – “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The amendment’s purpose is to simplify the measurement, reduce costs and increase comparability for inventory measured using first-in, first-out (FIFO) or average cost methods. An entity should measure inventory within the scope of this ASU at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This accounting guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard was adopted on January 1, 2017 and its adoption did not to have a material significant impact on the Company’s financial statement position and results of operations.

 

In November 2015, the FASB issued ASU No. 2015-17 – “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU’s purpose is to require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position (Balance Sheet). This accounting guidance will become effective beginning in the first quarter of 2017. Early application is permitted. The Company adopted this pronouncement and such adoption did not have a material impact on the Company’s financial statements and related disclosures.

 

In February 2016, the FASB issued ASU No. 2016-02 – “Leases (Topic 842)”, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.

 

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), to provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flow. The amendments should be applied using a retrospective transition method, and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement is not expected to have an impact on the Company’s financial position or results of operations.

 

In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250). The ASU adds SEC disclosure requirements for both the quantitative and qualitative impacts that certain recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. Specially, these disclosure requirements apply to the adoption of ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As indicated below, the Company does not believe that the adoption of ASU No. 2014-09 will have a material impact on its revenue recognition as it pertains to current revenue streams.

 

In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, which is the same time as the amendments in ASU No. 2014-09, and early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Accounting Standards Codification (“ASC”) 718. The amendments are effective for fiscal years beginning after December 15, 2017, and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption in an interim period. The Company does not expect this amendment to have a material impact on its financial statements.

 

F-6
 

 

In July 2017, the FASB issued ASU No. 2017-11 – “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815)” I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Part I applies to entities that issue financial instruments such as warrants, convertible debt or convertible preferred stock that contain down round features. Part II simply replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. This ASU is effective for public companies for the annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.

 

NOTE 2. INVENTORY

 

Inventory consisted of the following as of:

 

   September 30, 2017   December 31, 2016 
         
Raw materials  $1,718,367   $1,085,519 
Finished goods   -    251,707 
Reserve   (29,218)   (17,282)
           
Total inventory  $1,689,149   $1,319,944 

 

F-7
 

 

NOTE 3. Property and Equipment

 

Property and equipment consisted of the following as of:

 

   September 30, 2017   December 31, 2016 
         
Computer equipment  $818,155   $753,987 
Furniture and office equipment   196,216    182,969 
Machinery and equipment   925,495    925,495 
Leasehold improvements   324,313    318,318 
           
Total property and equipment   2,264,178    2,180,768 
Less: Accumulated depreciation   (1,570,972)   (1,366,445)
           
Property and equipment, net  $693,206   $814,323 

 

Depreciation expense was $65,570 and $64,591 for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense was $204,527 and $160,768 for the nine months ended September 30, 2017 and 2016, respectively.

 

F-8
 

 

NOTE 4. Accrued Expenses

 

Accrued compensation and related costs consisted of the following as of:

 

   September 30, 2017   December 31, 2016 
         
Salaries and wages payable  $431,741   $93,832 
401(k) contributions payable   16,971    25,729 
Accrued paid time off   254,211    190,518 
Profit sharing payable   406,811    307,503 
           
Total accrued compensation and related costs  $1,109,734   $617,582 

 

Accrued expenses and other current liabilities consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Manufacturer’s warranties   $ 135,000     $ 122,000  
Taxes payable     61,045       32,668  
Other     31,643       40,000  
                 
Total accrued expenses and other current liabilities   $ 227,688     $ 194,668  

 

Profit Sharing

 

As part of the benefit package maintained by the Company, the Profit Sharing program pays a percentage of Company annual profits as a cash bonus to active and eligible employees. The cash payment is typically split into two equal payments and distributed pro-rata to employees in April and October of the following year. For the nine months ending September 30, 2017 and 2016, the percentage of annual net profit used for estimating the calculations was 15%. Profit sharing expense was $113,976 and $(3,379) for the three months ended September 30, 2017 and 2016, respectively. Profit sharing expense was $403,709 and $325,678 for the nine months ended September 30, 2017 and 2016, respectively.

 

NOTE 5. Collaboration Agreement

 

On January 16, 2015, the Company entered into a Co-Venture Agreement (the “Co-Venture Agreement”) with Modern Round, LLC (“Modern Round”), a wholly owned subsidiary of Modern Round Entertainment Corporation (“MREC”), a related party. MREC is a restaurant and entertainment concept centered on its indoor virtual reality shooting experience. The Co-Venture Agreement provides Modern Round access to certain software and equipment relating to the Company’s products in exchange for royalties.

 

The Company received 1,365,789 units, representing a 5% ownership interest in Modern Round on the date of the Co-Venture Agreement. The Company recorded the investment at the estimated fair value of the units and which were valued at $0.10 per unit based on Modern Round’s other membership unit sales. The Co-Venture Agreement also provides the Company with conditional warrants to purchase an additional 5% of Modern Round as of the date of that agreement, at an exercise price of $0.25.

 

On April 14, 2015, Modern Round issued the Company an option to purchase 125,000 units of Modern Round. The option fully vested and became exercisable on the date of grant at an exercise price equal to $0.50 per unit and terminates on the tenth anniversary of the date of grant, if not earlier pursuant to the terms of the option.

 

On December 31, 2015, Modern Round merged with a subsidiary of MREC pursuant to a Plan of Merger (the “Merger Agreement”) and each unit of Modern Round issued and outstanding as of the effective time of the merger automatically converted into the right to receive approximately 1.2277 shares of MREC common stock. As a result of the Merger Agreement, the Company held 1,676,748 shares of MREC common stock, options to purchase 153,459 shares of MREC common stock at an exercise price of $0.41 per share, and conditional warrants to purchase 1,676,747 shares of MREC common stock at an exercise price of $0.20 per share.

 

F-9
 

 

On October 25, 2016, the Company exercised the conditional warrant and purchased 1,676,747 shares of MREC common stock for $335,349, resulting in the Company’s aggregate holdings of MREC increasing to 3,353,495 common shares representing approximately 8.9% of the issued and outstanding common shares of MREC. The MREC equity securities have been recorded as a cost method investment as the Company does not have the ability to exercise significant influence over MREC.

 

As part of the Co-Venture Agreement, the Company granted 459,691 conditional warrants to affiliates of MREC to purchase 5% of the Company’s capital stock on a fully diluted basis as of the date of the Co-Venture Agreement. The conditional warrants are exercisable commencing at the earlier of the first anniversary of MREC opening its first range facility utilizing VirTra technology or after MREC opening its first range facility utilizing VirTra technology and the payment to the Company of all required US/Canada minimum royalty payments during the first 12-month period. MREC opened its first location on June 1, 2016.

 

The Company also granted 459,691 of additional conditional warrants to affiliates of MREC to purchase another 5% of the Company’s capital stock on a fully diluted basis as of the Agreement date. These conditional warrants are exercisable any time subsequent to MREC’s payment of $2.0 million in cumulative license fees (royalty). Both conditional warrant issuances are for a period of five years with an exercise price of $2.72.

 

These conditional warrants were considered contingent consideration for the equity investment as they did not meet the definition of a derivative under ASC 815. Thus, the contingent consideration was not included in the cost of the equity investment until the contingency was resolved and the warrant became exercisable.

 

On June 1, 2017, the warrants related to the opening of the facility vested and became exercisable at an exercise price equal to $2.72 per unit and terminate on the fifth anniversary of the date of vesting, if not earlier pursuant to the terms of the option. On June 1, 2017, these warrants were recorded at the Black-Scholes Merton fair value using annual volatility of 91.5%, an annual risk free rate of 1.76%, expected term of five years and a fair value of $4.28 a share for a fair value of $1,516,246 as an additional investment in MREC.

 

The Co-Venture Agreement grants MREC an exclusive non-transferrable license to use the Company’s technology solely for use at locations to operate the concept, as defined in the Co-Venture Agreement. The license would become non-exclusive if the first U.S. location is not opened within 24 months of the effective date and at least one location is opened outside the U.S. and Canada within five years of the Co-Venture Agreement date, the respective milestone dates. Throughout the duration of the Co-Venture Agreement, MREC will pay the Company a royalty based on gross revenue, as defined and subject to certain minimum royalties commencing with the first twelve-month period subsequent to the respective milestone date of June 1, 2017. If the total royalty payments for locations in the United States and Canada together do not total at least the minimum royalty amount specified in the agreement, MREC may pay to VirTra the difference between the amount of total royalty payments and the minimum specified in the agreement to maintain exclusivity. The Company recognized $245,082 and $47,829 for license fees (royalties) for the nine months ended September 30, 2017 and 2016, respectively.

 

F-10
 

 

Note 6. Related Party Transactions

 

During the three months ended September 30, 2017 and 2016, the Company issued 13,750 and 11,250 stock options to the CEO, COO and members of the Board of Directors to purchase shares of common stock at a weighted average purchase price of $3.76 and $4.20, respectively. During the nine months ended September 30, 2017 and 2016, the Company issued 41,250 and 33,750 stock options to the CEO, COO and members of the Board of Directors to purchase shares of common stock at a weighted average purchase price of $4.42 and $3.08, respectively. All options are exercisable within seven years of grant date.

 

During the three and nine months ended September 30, 2017 and 2016, the Company redeemed stock options from the CEO and COO that had previously been awarded. As a result, the Company recorded additional compensation expense as follows:

 

   Three Months Ending September 30,   Nine Months Ending September 30, 
   2017   2016   2017   2016 
Number of stock options redeemed   30,000    12,500    55,000    237,500 
Redemption value  $97,300   $37,500   $182,550  $505,224 
Amount previously expensed (2010 and 2009)   (32,000)   (12,500)   (67,000)   (190,000)
                     
Additional compensation expense  $65,300   $25,000   $115,550   $315,224 

 

Mr. Mitch Saltz, a member of the Company’s Board of Directors, is also Chairman of the Board of Directors and a majority stockholder of MREC. The Company entered into the Co-Venture Agreement with MREC as disclosed in Note 5. Through the terms of that agreement, the Company owns 3,353,495 shares of MREC common stock representing approximately 9.3% of the issued and outstanding shares of MREC common stock. In addition, the Company recognized license fees (royalties) from MREC of $40,852 and $47,829 for the three months ended September 30, 2017 and 2016, respectively, and $245,082 and $47,829 for the nine months ended September 30, 2017 and 2016, respectively, pursuant to the terms of the Co-Venture Agreement.

 

Note 7. Commitments and Contingencies

 

The Company’s operating lease obligations relate to the leasing of the Company’s corporate office space located at 7970 South Kyrene Road, Tempe, Arizona 85284, which expires in April 2019, unless renewed and the leasing of the machine shop building located at 2169 East Fifth St., Tempe, Arizona 85284, which expires in March 2018, unless renewed.

 

Future minimum lease payments under non-cancelable operating leases are as follows:

 

Building Lease Schedule
      
2017  $87,651 
2018   324,353 
2019   105,542 
      
Total  $517,546 

 

The Company has a deferred rent liability of $87,861 and $122,126 as of September 30, 2017 and December 31, 2016, respectively, relative to the increasing future minimum lease payments. Rent expense was $92,910 and $86,578 for the three months ended September 30, 2017 and 2016, respectively. Rent expense was $229,198 and $146,564 for the nine months ended September 30, 2017 and 2016, respectively.

 

General or Threatened Litigation

 

From time to time, the Company is notified of threatened litigation or that a claim is being made against it. The Company’s policy is to not disclose the specifics of any claim or threatened lawsuit until such complaint is actually served on the Company. On October 20, 2016, a former employee filed a lawsuit in the U.S. District Court, District of Arizona alleging the Company’s failure and/or refusal to pay overtime in violation of 29 U.S.C. Sec. 201, et. seq. and a claim for wrongfully withheld wages under A.R.S. Sec. 23-350 et. seq. The complaint seeks certification of class action status, declaratory relief, damages, interest, attorneys’ fees and such other relief the Court deems just and proper. Additionally, two former and one current employee opted-in to the class action.

 

On September 18, 2017, VirTra entered into a Settlement Agreement and Release of Claims with two parties and on November 30, 2017, VirTra entered into a Settlement Agreement and Release of Claims with the remaining two parties in the outstanding lawsuit agreeing to payments totaling $100,300 in full dismissal of all outstanding complaints against VirTra. The agreement does not constitute an admission that VirTra violated any local, state or federal regulations or engaged in any improper or unlawful conduct or wrongdoing. The US District Court of Arizona, District of Arizona approved Joint Motion Requesting Approval of Settlements on September 25, 2017 and December 7, 2017, respectively, for each settlement agreement. All required settlement payments were completed in accordance with the Settlement Agreements on September 29, 2017 and December 13, 2017. Management believes that the ultimate outcome of this matter did not have a material effect on its earnings, cash flows, or financial position.

 

F-11
 

 

Note 8. Stockholders’ Equity

 

Stock Repurchase

 

On October 25, 2016, the Company’s Board of Directors authorized the repurchase of up to $1,000,000 of its common stock through December 31, 2017. Purchases made pursuant to this authorization were to be made in the open market, in privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 of the SEC. The timing, manner, price and amount of any repurchases were to be determined by the Company at its discretion and were to be subject to economic and market conditions, stock price, applicable legal requirements and other factors. During the nine months ended September 30, 2017, the Company repurchased 20,939 shares at a cost of $96,633.

 

For the three month period ending September 30, 2017, VirTra repurchased 17,489 shares of stock to hold in treasury at a total cost basis of $82,834, and for the nine month period ending September 30, 2017 VirTra repurchased 20,939 shares of stock to hold in treasury at a total cost basis of $96,634 pursuant to its Repurchase Program. On October 18, 2017, VirTra suspended its Repurchase Program indefinitely due to its pending Regulation A Offering. The repurchased shares will remain in treasury for future sale.

 

Stock Options

 

The Company periodically issues non-qualified incentive stock options to key employees, officers and directors under a Stock Option Compensation plan approved by the Board of Directors in 2009. Terms of the option grants are at the discretion of the Board of Directors but historically have been seven years. During the three months ended September 30, 2017 and 2016, the Company issued 13,750 and 11,250 stock options, with a weighted average exercise price of $3.76 and $4.20 per share, respectively. During the nine months ended September 30, 2017 and 2016, the Company issued 41,250 and 33,750 stock options, with a weighted average exercise price of $4.42 and $3.08 per share, respectively.

 

On July 1, 2017, the Company granted to members of its Board of Directors options to purchase 13,750 shares of the Company’s common stock at an exercise price of $3.76 and a term of seven years.

 

On July 1, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $34,000, of which $12,500 had been previously expensed in 2010 with the balance of $21,500 being recognized as additional compensation cost in July 2017. On September 30, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $50,000, of which $12,500 had been previously expensed in 2010 with the balance of $37,500 being recognized as additional compensation cost in September 2017.

 

2017 Equity Incentive Plan

 

On August 23, 2017, our board approved, subject to shareholder approval at the annual meeting of shareholders on October 6, 2017, the 2017 Equity Incentive Plan (the “Equity Plan”). The Equity Plan is intended to make available incentives that will assist us to attract, retain and motivate employees, including officers, consultants and directors. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units and other cash-based or stock-based awards.

 

A total of 1,187,500 shares of our common stock will be initially authorized and reserved for issuance under the Equity Plan. This reserve will automatically increase on January 1, 2018 and each subsequent anniversary through 2027, by an amount equal to the smaller of (a) 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by the board.

 

Awards may be granted under the Equity Plan to our employees, including officers, directors or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. All awards will be evidenced by a written agreement between us and the holder of the award and may include any of the following: stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units and cash-based awards and other stock-based awards.

 

The assumptions used for the periods ended September 30, 2017 and 2016, and the resulting estimates of weighted-average fair value per share of options granted during those periods, are as follows:

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
   2017   2016   2017   2016 
                
Volatility   96% to 98%    103% to 105%    96% to 101%    103% to 107% 
Risk-free interest rate   1-2%    1-2%    1-2%    1-2% 
Expected term   7 years    7 years    7 years    7 years 

 

F-12
 

 

The following table summarizes all compensation plan stock options as of September 30:

 

   September 30, 2017   September 30, 2016 
   Number of   Weighted   Number of   Weighted 
   Stock Options   Exercise Price   Stock Options   Exercise Price 
Options outstanding, beginning of year   557,917   $1.60    833,967   $1.20 
Granted   41,250    4.42    33,750    3.08 
Redeemed   (55,000)   (1.28)   (237,500)   (0.82)
Exercised   -    -    (15,000)   (1.10)
Expired / terminated   -    -    (57,717)   (1.08)
Options outstanding, end of period   544,167   $2.10    557,500   $2.46 
Options exercisable, end of period   524,167   $2.08    537,500   $2.44 

 

Stock compensation expense was $42,376 and $30,000 for the three months ended September 30, 2017 and 2016, respectively. Stock compensation expense was $160,351 and $93,990 for the nine months ended September 30, 2017 and 2016, respectively. There are 20,000 non-vested stock options as of September 30, 2017. Of that amount, 10,000 options will vest equally in Octo ber 2017 and October 2018.

 

Warrants

 

As part of the Co-Venture Agreement, the Company granted 459,691 conditional warrants to affiliates of MREC, a related party, to purchase 5% of the Company’s capital stock on a fully diluted basis. The conditional warrants are exercisable commencing at the earlier of the first anniversary of MREC opening its first range facility utilizing the Company’s technology and the payment of all required minimum royalty/licensing fee payments during the first 12- month period. The Company also granted 459,691 conditional warrants to affiliates of MREC to purchase 5% of the Company’s capital stock on a fully diluted basis, which are exercisable any time subsequent to MREC’s payment of $2.0 million in royalty fees. The conditional warrants have a contractual term of five years and an exercise price of $2.72. On June 1, 2017, the one-year anniversary of MREC opening its first range facility occurred, and the associated warrants were vested. See Note 5.

 

Warrant Redemptions and Co-Venture Agreement Amendment

 

On July 28, 2017, the Company received Notices of Exercise for all 459,691 warrants currently exercisable (the “Tranche 1 Warrants”) from all the MREC affiliate holders electing to purchase warrants pursuant to the terms of the net exercise provision set forth in the Warrant Agreement. Mr. Saltz, a director of the Company and a substantial shareholder of MREC, held 778,243 of the Tranche 1 Warrants prior to the assignment of the warrants to MREC on August 11, 2017. Under the net exercise provision, in lieu of exercising the warrant for cash, the holder may elect to receive shares equal to the value of the warrant (or the portion thereof being exercised) by surrender of the warrant and the Company issuing to holder the number of computed shares. Using the July 28, 2017 OTCQX closing price at $4.36 as fair value and the $2.72 warrant exercise price, upon conversion the 459,691 warrants entitle the holders to receive 172,912 shares of the Company’s common stock without payment of any additional consideration pursuant to the net exercise terms of the Tranche 1 Warrants that are currently exercisable.

 

Effective August 16, 2017, the Company and the MREC affiliate holders entered into an agreement (the “Warrant Buyout Agreement”) whereby the Company acknowledged the assignment of the Tranche 1 Warrants to MREC and agreed to repurchase them at a price of $3.924 per share of common stock issuable by the Company pursuant to the net exercise terms of the Warrants for a total of $678,505.

 

In addition, the Company agreed to repurchase from MREC an additional 459,691 warrants held by MREC that are not currently exercisable (the “Tranche 2 Warrants”). Mr. Saltz held 728,243 of the Tranche 2 Warrants prior to their assignment to MREC on August 11, 2017. The Warrant Buyout Agreement amends the Tranche 2 Warrants to provide for the immediate exercise on a net exercise basis of 48,415 shares of the Company’s common stock. The purchase price for the Tranche 2 Warrants of a total of $94,990 is based on a price of $3.924 per share of common stock issuable on a net exercise basis based on 24,208 shares of the Company’s common stock. The aggregate purchase price of the Tranche 1 Warrants and the Tranche 2 Warrants was $773,495.

 

F-13
 

 

MREC agreed that proceeds of the warrant redemption, net of applicable taxes, would be used to fund the development of a second stand-alone Modern Round location. In addition, MREC agreed that the minimum royalty due to us during the first 12-month royalty period in order to maintain exclusivity is $118,427. Further, MREC acknowledged that the second 12-month minimum royalty calculation period provided for in the Co-Venture Agreement began on June 1, 2017 and ends on May 31, 2018. Total minimum royalty payments due during this period required to maintain MREC’s exclusive rights under the Co-Venture Agreement are $560,000 including any shortfalls for prior periods being due no later than June 30, 2018. By fully funding the Minimum Royalty Payment, MREC will retain its exclusive license to use the Company’s shooting scenario content and other intellectual property in MREC’s facilities for a future 12-month period in accordance with the Co-Venture Agreement.

 

In addition, on August 16, 2017, we entered into an amendment to the Co-Venture Agreement to permit MREC to sublicense the VirTra Technology to third party operators of stand-alone location-based entertainment companies. MREC agreed to pay us royalties for any such sublicenses in an amount equal to 10% of the revenue paid to MREC in cases where MREC pays for the cost of the equipment for such location or 14% of the revenue paid to MREC in cases where it does not pay for the cost of the equipment.

 

On August 17, 2017, VirTra paid the aggregate purchase price of Tranche 1 Warrants and Tranche 2 Warrants of $773,495 reduced by the minimum royalty payment of $118,427 for net cash payment to MREC totaling $655,068.

 

Note 9. Subsequent Events 

 

Other

 

On September 18, 2017, VirTra entered into a Settlement Agreement and Release of Claims with two parties and on November 30, 2017, VirTra entered into a Settlement Agreement and Release of Claims with the remaining two parties in the outstanding lawsuit agreeing to payments totaling $106,030 in full dismissal of all outstanding complaints against VirTra. The agreement does not constitute an admission that VirTra violated any local, state or federal regulations or engaged in any improper or unlawful conduct or wrongdoing. The US District Court of Arizona, District of Arizona approved Joint Motion Requesting Approval of Settlements on September 25, 2017 and December 7, 2017, respectively, for each settlement agreement. All required settlement payments were completed in accordance with the Settlement Agreements on September 29, 2017 and December 13, 2017. Management believes that the ultimate outcome of this matter did not have a material effect on its earnings, cash flows, or financial position. (See Note 7. Commitments and Contingencies – General or Threatened Litigation)

 

On October 6, 2017, VirTra held its Annual General Meeting and the shareholders approved, in line with the Board of Directors’ recommendations, all proposals presented at the meeting. Shareholders voted to elect all five of the director nominees: Robert D. Ferris, Matthew D. Burlend, Mitchell A. Saltz, Jeffrey D. Brown and Jim Richardson. Additionally, the shareholders approved the VirTra 2017 Equity Incentive Plan.

 

On October 9, 2017, VirTra’s Board of Directors appointed Robert D. Ferris, CEO to continue to serve as the Chairman of the Board of Directors. Additionally, the Board of Directors elected the following officers of the Company: Robert D. Ferris as Chief Executive Officer and President; Matthew D. Burlend as Chief Operating Officer and Vice President; and Judy A. Henry as Chief Financial Officer, Secretary and Treasurer.

 

On October 10, 2017, VirTra applied to list its common stock on the Nasdaq Capital Market upon qualification by the SEC of its planned Regulation A+ offering of common stock with a minimum of $5,000,000 and a maximum of $10,000,000 pursuant to an Offering Statement filed with the SEC on September 11, 2017, as amended.

 

On December 1, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $62,000, of which $17,500 had been previously expensed in 2011 with the balance of $44,500 being recognized as additional compensation cost in December 2017.

 

On February 12, 2018, VirTra’s Board of Directors unanimously approved a 1-for-2 reverse stock split of the Company’s common stock, par value $0.0001 per share with resulting fractional shares to be rounded up to the next higher whole number of shares. The record date for shareholders entitled to participate in the Reverse Split shall be the market effective date as established by FINRA, which was effectuated on March 2, 2018. Except as otherwise indicated, all references to common stock, share data, per share data and related information depict the 1-for-2 Reverse Stock Split as if it was effective and as if it had occurred at the beginning of the earliest period presented.

 

On March 29, 2018, pursuant to an Offering Circular on Form 1-A, as amended, pursuant to Regulation A, we offered on a “best efforts” basis a minimum of 714,286 shares of common stock and a maximum of 1,428,571 shares of common stock (the “Offered Shares”), par value of $0.0001 per share (the “Common Stock”), at a price per share of Common Stock of $7.00. The minimum offering amount (“Minimum Offering Amount”) was $5,000,000 and the maximum offering amount (“Maximum Offering Amount”) was $10,000,000. We terminated the offering on March 29, 2018. No shares were sold pursuant to the offering.

 

On March 29, 2018, our shares of Common Stock began trading on the Nasdaq Capital Market under the symbol, “VTSI.”

 

F-14
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and related notes included in this Quarterly Report on Form 10-Q and the audited financial statements and notes thereto as of and for the year ended December 31, 2016 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in the Company’s Post-Qualification Offering Circular Amendment No. 1 to Form 1-A filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2018.

 

Forward-Looking Statements

 

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this Form 10-Q are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in this Form 10-Q. You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

OVERVIEW

 

We develop, sell and support use of force training and marksmanship firearms training systems and accessories for law enforcement, military or civilian use. Our simulators use software, hardware and content to create uniquely effective and realistic training that does not require live ammunition or less-than-lethal munitions, which can both save money and provide certain training capabilities unavailable to live fire exercises. We have developed a higher standard in simulation training including capabilities such as: multi-screen video based scenarios, unique scenario authoring ability, superior training scenarios, the patented Threat-Fire™ shoot-back system, powerful gas-powered simulated recoil weapons, and more.

 

We also are engaged in licensing our technology to Modern Round Entertainment Corporation (“MREC”), a developer and operator of a combined dining and entertainment concept centered on an indoor shooting experience.

 

Simulator Product Offerings

 

Our simulator products include the following:

 

  V-300™ Simulator – a 300° wrap-around screen with video capability is the higher standard for simulation training
     
  V-180™ Simulator – a 180° screen with video capability is for smaller spaces or smaller budgets
     
  V-100™ Simulator – a single-screen based simulator system
     
  The V-100™ MIL is sold to various military commands throughout the world and can support any local language. The system is extremely compact and can even share space with a standard classroom or squeeze into almost any existing facility. If a portable firearms simulator is needed, this model offers the most compact single-screen simulator on the market today – everything organized into one standard case.
     
  V-ST™ Simulator – a highly-realistic single screen simulated shooting range simulator with the ability to scale to multiple screens
     
  Top Subject Matter Expert Content – content supplied with our simulators is approved by top firearms training experts
     
  V-Author™ Software – allows users to create, edit, and train with content specific to agency’s objectives
     
  Simulated Recoil – a wide range of highly realistic and reliable simulated recoil kits/weapons
     
  Return Fire Device – the patented Threat-Fire™ device which applies real-world stress on the trainees during simulation training

 

3

 

 

RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

 

Revenues. Revenues were $4,686,445 for the three months ended September 30, 2017 compared to $3,041,701 for the same period in 2016 and $14,147,297 for the nine months ended September 30, 2017 compared to $12,649,963 for the same period in 2016. The increase was primarily due to additional sales of simulators, accessories, warranties and other services, with a portion of the increase as a result of increased royalty revenue.

 

Cost of Sales. Cost of sales was $1,573,384 for the three months ended September 30, 2017 compared to $1,345,181 for the same period in 2016 and $4,853,796 for the nine months ended September 30, 2017 compared to $4,856,906 for the same period in 2016. The increase was due to additional sales volume partially offset by a reduction in the cost of manufacturing system and product components in our recently acquired machine shop, an increase in sales of mix of higher margin products including training, service and warranty sales, and a reduction in material costs due to higher volume purchases and more favorable pricing of raw materials and systems components in 2017 compared to the same period in 2016.

 

Gross Profit. Gross profit was $3,113,061 for the three months ended September 30, 2017 compared to $1,696,521 for the same period in 2016 with a gross profit margin of 66% for the three months ended September 30, 2017 compared to 56% for the same period in 2016. Gross profit was $9,293,503 for the nine months ended September 30, 2017 compared to $7,793,057 for the same period in 2016, with a gross profit margin of 66% for the nine months ended September 30, 2017 compared to 62% for the same period in 2016. The gross profit improvement was a result of a reduction in the cost of manufacturing system and product components in our recently acquired machine shop, an increase in sales of mix of higher margin products including training, service and warranty sales and a reduction in material costs due to higher volume purchases and more favorable pricing of raw materials and systems components in 2017 compared to the same period in 2016.

 

Operating Expenses. Net operating expense was $2,361,243 for the three months ended September 30, 2017 compared to $1,700,835 for the same period in 2016. Net operating expense was $6,447,409 for the nine months ended September 30, 2017 compared to $5,363,678 for the same period in 2016. The three month and nine month year over year increases were due to expanding staffing levels, annual increases in payroll and benefits for current staff, sales and marketing expansion, new research and development work, and IT infrastructure upgrades.

 

Net Income. Net income was $742,125 for the three months ended September 30, 2017 compared to a net loss of $10,083 for the same period in 2016. Net income was $2,792,104 for the nine months ended September 30, 2017 compared to $2,361,186 for the same period in 2016. The increase in net income resulted from increases in revenue and gross profit partially offset by an increase in operating expenses as noted above.

 

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (AEBITDA)

 

Explanation and Use of Non-GAAP Financial Measures:

 

Earnings before interest, income taxes, depreciation and amortization and before other non-operating costs and income (“EBITDA”) and adjusted EBITDA are non-GAAP measures. Adjusted EBITDA also includes non-cash stock option expense. Other companies may calculate adjusted EBITDA differently. The Company calculates its adjusted EBITDA to eliminate the impact of certain items it does not consider to be indicative of its performance and its ongoing operations. Adjusted EBITDA is presented herein because management believes the presentation of adjusted EBITDA provides useful information to the Company’s investors regarding the Company’s financial condition and results of operations and because adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry, several of which present EBITDA and a form of adjusted EBITDA when reporting their results. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Adjusted EBITDA should not be considered as an alternative for net (loss) income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to adjusted EBITDA is provided in the following table:

 

4

 

 

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30,   Increase   %   September 30,   September 30,   Increase   % 
   2017   2016   (Decrease)   Change   2017   2016   (Decrease)   Change 
                                 
Net Income/(Loss)  $742,125   $(10,083)  $752,208    -7460.2%  $2,792,104   $2,361,186   $430,918    18.3%
Adjustments:                                        
Depreciation and amortization   65,570    64,591    979    1.5%   204,527    160,768    43,759    27.2%
Non-cash stock option expense   42,376    30,000    12,376    41.3%   160,351    93,990    66,361    70.6%
Provision for income taxes   24,285    8,414    15,871    188.6%   102,285    73,618    28,667    38.9%
                                         
Adjusted EBITDA  $874,356   $92,922   $781,434    841.0%  $3,259,267   $2,689,562   $569,705    21.2%

 

Liquidity and Capital Resources

 

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. The Company had $5,106,205 and $3,703,579 in cash as of September 30, 2017 and December 31, 2016, respectively. The working capital was $7,359,583 and $5,268,654 for the periods ended September 30, 2017 and December 31, 2016, respectively.

 

Net cash provided by operating activities was $2,549,964 and $2,569,636 for the nine months ended September 30, 2017 and 2016, respectively, resulting from an increase in net income and significant changes in accounts receivables, unbilled revenue, inventory, prepaid expense and other current assets, accounts payable and other accrued expenses.

 

Net cash used in investing activities was $83,410 and $468,115 for the nine months ended September 30, 2017 and 2016, respectively, resulting from a reduction in purchases of property and equipment.

 

Net cash used in financing activities was $1,063,928 and $497,143 for the nine months ended September 30, 2017 and 2016, respectively, resulting from the purchase of treasury stock, repurchase of stock warrants which was offset by a reduction in repurchase of stock options.

 

Our management believes that our current capital resources will be adequate to continue operating our company and maintaining our current business strategy for more than 12 months. We are, however, seeking to raise additional funds to expand our product and services offered, to enhance our sales and marketing efforts and effectiveness, and to aggressively take advantage of market opportunities. There can be no assurance, however, that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, if and when it is needed, we will be forced to scale down our plans for expanded marketing and sales efforts.

 

CRITICAL ACCOUNTING POLICIES 

 

We have identified the following policies below as critical to our business and results of operations. Our reported results are impacted by the application of the following accounting policies, certain of which require management to make subjective or complex judgments. These judgments involve making estimates about the effect of matters that are inherently uncertain and may significantly impact quarterly or annual results of operations. For all of these policies, management cautions that future events rarely develop exactly as expected, and the best estimates routinely require adjustment. Specific risks associated with these critical accounting policies are described in the following paragraphs.

 

5

 

 

Basis of Presentation and Use of Estimates

 

Our financial statements have been prepared in accordance with GAAP, unless otherwise noted. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates in these financial statements include valuation assumptions for share-based payments, allowance for doubtful accounts receivable, inventory reserves, accrual for warranty reserves, the carrying value of long-lived assets, income tax valuation allowances and the carrying value of cost basis investments. Actual results could differ significantly from those estimates.

 

Fair Value of Financial Instruments

 

The fair value of financial instruments approximates their carrying values at September 30, 2017 and December 31, 2016 due to their short maturities. These financial instruments consist of cash and cash equivalents, accounts receivable, investment in MREC, accounts payable, and accrued liabilities.

 

Cash and Cash Equivalents

 

We consider all highly liquid investments with a maturity of 90 days or less at the time of purchase to be cash equivalents.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

We recognize an allowance for losses on accounts receivable based on an analysis of historical bad debt experience, current receivables aging, and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. Accounts receivable are charged off after all reasonable collection efforts have been taken. As of September 30, 2017 and December 31, 2016, we maintained an allowance for doubtful accounts of $12,008 and $20,000, respectively.

 

Inventories

 

Inventories are stated at the lower of cost or market with cost being determined on the average cost method. Work in progress and finished goods inventory includes an allocation for capitalized labor and overhead. The Company routinely evaluates the carrying value of inventory and provides reserves when appropriate to reduce inventory to the lower of cost or market to reflect estimated net realizable value. As of September 30, 2017, and December 31, 2016, the Company maintained reserves of $29,218 and $17,282, respectively

 

Investments in Other Companies

 

Minority investments in other companies are accounted for under the cost method of accounting because we do not have the ability to exercise significant influence over the companies’ operations. Under the cost method of accounting, investments in private companies are carried at cost and are only adjusted for other-than-temporary declines in fair value and distribution of earnings. Management regularly evaluates the recoverability of its investment. During the periods ended September 30, 2017 and December 31, 2016 , the Company did not recognize any losses due to other-than-temporary declines of the value of the investments.

 

Property and Equipment

 

Property and equipment are carried at cost, net of depreciation. Gains or losses related to retirements or disposition of fixed assets are recognized in operations in the period incurred. Costs of normal repairs and maintenance are charged to expense as incurred, while betterments or renewals are capitalized. Depreciation commences at the time the assets are placed in service. Depreciation is provided using the straight-line method over the estimated economic lives of the assets or for leasehold improvements, over the shorter of the estimated useful life or the remaining lease term, which are summarized as follows:

 

Computer equipment 3-5 years
Furniture and office equipment 5-7 years
Leasehold improvements 7 years

 

6

 

 

Revenue Recognition and Deferred Revenue

 

Net revenues include sales of products and services and are net of discounts. Product sales consist of simulators, upgrade components, scenarios, scenario software, recoil kits, Threat-Fire® and other accessories. Services include installation, training, limited warranties, service agreements and related support. Certain components of our sales include multiple elements comprising of both products and services. Our revenue recognition falls under ASC 605-25, Multiple Element Arrangements, with the delivery of the simulator and installation being two separate deliverables. Our delivery of the simulator and the installation has been assessed to qualify as separate units of accounting:

 

  1. The simulator unit upon shipment or delivery and customer acceptance, depending on the shipping terms.
     
  2. The installation upon completion and customer sign-off.

 

Additionally, we recognize revenue for these products and services when it is realized or realizable and earned. Revenue is considered realized and earned when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and/or services have been rendered; (iii) the price is fixed and determinable; and (iv) collection of the resulting receivable is reasonably assured. Shipping fees charged to customers are recorded as a component of net revenues. All sales and sales contracts, including international sales, have been denominated in US dollars.

 

Products

 

Revenue from the sale of products is recognized when title and risk of loss passes to the customer. Delivery is considered complete when products have been shipped to the customer and title and risk of loss has transferred to the customer. For customers other than United States governmental agencies, the Company generally requires advance deposits prior to shipment. Customer deposits are recorded as a current liability under deferred revenue on the accompanying balance sheet and totaled $376,967 and $51,334 as of September 30, 2017 and December 31, 2016, respectively.

 

Services

 

Services include installation of product, separately priced extended limited warranties on parts and labor and technical support. Revenue is recognized for service contracts as earned which is generally upon completion of installation or, if extended warranties, on a straight-line basis over the term of the contract. The Company offers a standard warranty on its products from manufacturing defects on a limited basis for a period of one year after purchase and also offers separately priced extended warranties for periods of up to four years beginning after the expiration of the standard one-year warranty. After the standard warranty expires but during the term of the extended warranty, if the device fails to operate properly from defects in materials and workmanship, the Company will repair or replace the defective product at no additional charge. The Company records a gross to net revenue adjustment for the one-year standard warranty and accrues annually the estimated cost of complying with the warranty agreements for all extended warranty years. Deferred revenue for separately priced extended warranties longer than one year totaled $2,376,371 and $2,014,571 as of September 30, 2017 and December 31, 2016, respectively.

 

Income Taxes

 

Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all the benefits of deferred tax assets will not be realized. The Company currently maintains a full valuation allowance on all of its net deferred tax assets.

 

7

 

 

Stock Based Compensation

 

The Company calculates the cost of awards of equity instruments based on the grant date fair value of the awards using the Black-Scholes-Merton option pricing valuation model, which incorporates various assumptions including volatility, expected term and risk-free interest rates.

 

The expected term of the options is the estimated period of time until exercise and is based on historical experience of similar awards giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. Expected stock price volatility is based on historical volatility of the Company’s stock. The risk-free interest rate is based on the implied yield available on United States Treasury zero-coupon issues with an equivalent remaining term. The estimated fair value of stock-based compensation awards and other options is amortized on a straight-line basis over the relevant vesting period. Share-based compensation expense is recognized based on awards ultimately expected to vest. Forfeitures are recorded in subsequent periods when they occur.

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. The Company is evaluating the impact of the standard and has not yet determined the effect on its financial position or results of operations.

 

In February 2016, the FASB issued ASU No. 2016-02 – “Leases (Topic 842)”, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.

 

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. As the Company wrote-down its Investment in Modern Round to fair value in 2017, the Company believes that the adoption of ASU 2016-01 will not have a material impact on its financial statements and will change from the cost method of accounting.

 

We implemented all new accounting standards that are in effect and that may impact our financial statements

 

OFF-BALANCE SHEET ARRANGEMENTS

 

As of September 30, 2017, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with us is a party, under which we have any obligation arising under a guarantee contract, derivative instrument or variable interest or a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required for smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We have not yet evaluated our disclosure controls and procedures due to a transition period established by the rules of the SEC for newly public companies.

 

8

 

 

Internal Control over Financial Reporting

 

We have not yet evaluated our disclosure controls and procedures due to the transition period established by the rules of the SEC for newly public companies.

 

Change in Internal Control over Financial Reporting

 

There was no change in our internal control over financial reporting that occurred during the quarterly period ended September 30, 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within any company have been detected.

 

PART II OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

We are not a party to any other material litigation, nor, to the knowledge of management, is any litigation threatened against us that may materially affect us. From time to time we are involved in legal proceedings occurring in the ordinary course of business.

 

On September 18, 2017, VirTra entered into a Settlement Agreement and Release of Claims with two parties and on November 30, 2017, VirTra entered into a Settlement Agreement and Release of Claims with the remaining two parties in the outstanding lawsuit agreeing to payments totaling $100,300 in full dismissal of all outstanding complaints against VirTra. The agreement does not constitute an admission that VirTra violated any local, state or federal regulations or engaged in any improper or unlawful conduct or wrongdoing. The US District Court of Arizona, District of Arizona approved Joint Motion Requesting Approval of Settlements on September 25, 2017 and December 7, 2017, respectively, for each settlement agreement. All required settlement payments were completed in accordance with the Settlement Agreements on September 29, 2017 and December 13, 2017. Management believes that the ultimate outcome of this matter did not have a material effect on its earnings, cash flows, or financial position.

 

ITEM 1A. RISK FACTORS

 

Not required for smaller reporting companies.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None. 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None. 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

(a) None.

 

(b) There have been no material changes to the procedures by which security holders may recommend nominees to the Company’s Board of Directors during the quarter ended September 30, 2017.

 

ITEM 6. EXHIBITS

 

Exhibit No.   Description
     
31.1   Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

9

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  VIRTRA, INC.
     
Dated: March 30, 2018 By: /s/ Robert D. Ferris
    Robert D. Ferris,
    Chief Executive Officer and President
    (principal executive officer)
     
  By: /s/ Judy Henry
    Judy Henry,
    Chief Financial Officer
    (principal financial and principal accounting officer)

 

10

 

  

EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATIONS

 

I, Robert D. Ferris, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 of VirTra, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 30, 2018

 

/s/ Robert D. Ferris  
Robert D. Ferris,  

Chief Executive Officer and President

(principal executive officer)

 

 

   

 

 

EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATIONS

 

I, Judy Henry, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 of VirTra, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 30, 2018

 

/s/ Judy Henry  
Judy Henry,  
Chief Financial Officer  
(principal financial officer)  

 

   

 

 

EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of VirTra, Inc. (the “Company”), for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, Robert D. Ferris, Chief Executive Officer and President of the Company, and Judy Henry, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

/s/ Robert D. Ferris  
Robert D. Ferris,  

Chief Executive Officer and President

(principal executive officer)

 

 

Dated March 30, 2018

 

/s/ Judy Henry  
Judy Henry,  
Chief Financial Officer  
(principal financial officer)  

 

Dated March 30, 2018

 

   

 

EX-101.INS 5 vtsid-20170930.xml XBRL INSTANCE FILE 0001085243 2017-01-01 2017-09-30 0001085243 2018-03-30 0001085243 2017-09-30 0001085243 2016-12-31 0001085243 us-gaap:CommonClassAMember 2017-09-30 0001085243 us-gaap:CommonClassAMember 2016-12-31 0001085243 us-gaap:CommonClassBMember 2017-09-30 0001085243 us-gaap:CommonClassBMember 2016-12-31 0001085243 2016-01-01 2016-09-30 0001085243 2017-07-01 2017-09-30 0001085243 2016-07-01 2016-09-30 0001085243 2015-12-31 0001085243 2016-09-30 0001085243 us-gaap:PreferredStockMember 2017-01-01 2017-09-30 0001085243 us-gaap:PreferredStockMember 2016-12-31 0001085243 us-gaap:PreferredStockMember 2017-09-30 0001085243 us-gaap:CommonStockMember 2017-01-01 2017-09-30 0001085243 us-gaap:CommonStockMember 2016-12-31 0001085243 us-gaap:CommonStockMember 2017-09-30 0001085243 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-09-30 0001085243 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001085243 us-gaap:AdditionalPaidInCapitalMember 2017-09-30 0001085243 us-gaap:TreasuryStockMember 2017-01-01 2017-09-30 0001085243 us-gaap:TreasuryStockMember 2016-12-31 0001085243 us-gaap:TreasuryStockMember 2017-09-30 0001085243 us-gaap:RetainedEarningsMember 2017-01-01 2017-09-30 0001085243 us-gaap:RetainedEarningsMember 2016-12-31 0001085243 us-gaap:RetainedEarningsMember 2017-09-30 0001085243 2016-09-29 2016-10-01 0001085243 2016-10-19 2016-10-20 0001085243 2017-02-11 2017-02-12 0001085243 us-gaap:ComputerEquipmentMember 2017-09-30 0001085243 us-gaap:ComputerEquipmentMember 2016-12-31 0001085243 us-gaap:MachineryAndEquipmentMember 2017-09-30 0001085243 us-gaap:MachineryAndEquipmentMember 2016-12-31 0001085243 us-gaap:FurnitureAndFixturesMember 2017-09-30 0001085243 us-gaap:FurnitureAndFixturesMember 2016-12-31 0001085243 us-gaap:LeaseholdImprovementsMember 2017-09-30 0001085243 us-gaap:LeaseholdImprovementsMember 2016-12-31 0001085243 VTSID:CoVentureAgreementMember 2015-01-15 2015-01-16 0001085243 VTSID:CoVentureAgreementMember 2015-01-16 0001085243 VTSID:ModernRoundMember 2015-04-13 2015-04-14 0001085243 VTSID:ModernRoundMember 2015-04-14 0001085243 VTSID:MergerAgreementMember 2015-01-01 2015-12-31 0001085243 VTSID:MergerAgreementMember 2015-12-31 0001085243 VTSID:MergerAgreementMember VTSID:ConditionalWarrantsMember 2015-12-31 0001085243 2016-10-25 0001085243 VTSID:ConditionalWarrantsMember 2016-10-24 2016-10-25 0001085243 VTSID:ConditionalWarrantsMember VTSID:DateOfCoVentureAgreementMember 2016-10-24 2016-10-25 0001085243 VTSID:ConditionalWarrantsMember VTSID:AgreementDateMember 2016-10-24 2016-10-25 0001085243 VTSID:ConditionalWarrantsMember 2016-10-25 0001085243 2017-06-01 0001085243 2017-05-30 2017-06-01 0001085243 VTSID:CoVentureAgreementMember 2017-09-30 0001085243 VTSID:CoVentureAgreementMember VTSID:ModernRoundEntertainmentCorporationMember 2017-01-01 2017-09-30 0001085243 VTSID:CoVentureAgreementMember VTSID:ModernRoundEntertainmentCorporationMember 2016-01-01 2016-09-30 0001085243 VTSID:SettlementAgreementMember 2017-11-29 2017-11-30 0001085243 us-gaap:BoardOfDirectorsChairmanMember 2017-01-01 2017-09-30 0001085243 us-gaap:BoardOfDirectorsChairmanMember 2016-10-25 0001085243 VTSID:StockOptionsMember 2017-01-01 2017-09-30 0001085243 VTSID:StockOptionsMember 2016-01-01 2016-09-30 0001085243 VTSID:StockOptionsMember 2017-07-01 2017-09-30 0001085243 VTSID:StockOptionsMember 2016-07-01 2016-09-30 0001085243 us-gaap:BoardOfDirectorsChairmanMember 2017-06-29 2017-07-02 0001085243 VTSID:ChiefExecutiveOfficerAndChiefOperatingOfficerMember 2017-06-29 2017-07-02 0001085243 2017-07-01 2017-07-31 0001085243 VTSID:ChiefExecutiveOfficerAndChiefOperatingOfficerMember VTSID:StockOptionsMember 2017-01-01 2017-09-30 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember 2017-08-23 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember 2017-01-01 2017-09-30 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember 2016-01-01 2016-09-30 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember 2017-07-01 2017-09-30 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember 2016-07-01 2016-09-30 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember 2017-09-30 0001085243 VTSID:TrancheOneWarrantsMember 2017-07-26 2017-07-28 0001085243 VTSID:TrancheOneWarrantsMember 2017-07-28 0001085243 VTSID:WarrantBuyoutAgreementMember VTSID:TrancheOneWarrantsMember 2017-08-16 0001085243 VTSID:WarrantBuyoutAgreementMember VTSID:TrancheTwoWarrantsMember 2017-08-16 0001085243 VTSID:WarrantBuyoutAgreementMember VTSID:TrancheTwoWarrantsMember 2017-08-15 2017-08-16 0001085243 VTSID:WarrantBuyoutAgreementMember VTSID:TrancheTwoWarrantsMember us-gaap:CommonStockMember 2017-08-15 2017-08-16 0001085243 VTSID:WarrantBuyoutAgreementMember us-gaap:CommonStockMember 2017-08-16 0001085243 VTSID:CoVentureAgreementMember 2017-12-31 0001085243 VTSID:CoVentureAgreementMember VTSID:ModernRoundMember 2017-12-31 0001085243 VTSID:CoVentureAgreementMember VTSID:ModernRoundMember 2017-01-01 2017-12-31 0001085243 2017-08-17 0001085243 2017-08-15 2017-08-17 0001085243 us-gaap:MinimumMember 2017-07-01 2017-09-30 0001085243 us-gaap:MaximumMember 2017-07-01 2017-09-30 0001085243 us-gaap:MinimumMember 2016-07-01 2016-09-30 0001085243 us-gaap:MaximumMember 2016-07-01 2016-09-30 0001085243 us-gaap:MinimumMember 2017-01-01 2017-09-30 0001085243 us-gaap:MaximumMember 2017-01-01 2017-09-30 0001085243 us-gaap:MinimumMember 2016-01-01 2016-09-30 0001085243 us-gaap:MaximumMember 2016-01-01 2016-09-30 0001085243 us-gaap:SubsequentEventMember VTSID:SettlementAgreementMember 2017-11-28 2017-11-30 0001085243 us-gaap:SubsequentEventMember VTSID:ChiefExecutiveOfficerAndChiefOperatingOfficerMember 2017-11-29 2017-12-01 0001085243 us-gaap:SubsequentEventMember us-gaap:MinimumMember 2017-10-09 2017-10-10 0001085243 us-gaap:SubsequentEventMember us-gaap:MaximumMember 2017-10-09 2017-10-10 0001085243 us-gaap:SubsequentEventMember VTSID:ChiefExecutiveOfficerAndChiefOperatingOfficerMember 2017-12-03 2017-12-31 0001085243 us-gaap:CommonStockMember 2016-10-01 0001085243 us-gaap:MaximumMember 2016-10-25 0001085243 VTSID:ConditionalWarrantsMember VTSID:DateOfCoVentureAgreementMember 2016-10-25 0001085243 VTSID:ConditionalWarrantsMember VTSID:AgreementDateMember 2016-10-25 0001085243 VTSID:CEOCOOAndMembersOfBoardOfDirectorsMember 2017-07-01 2017-09-30 0001085243 VTSID:CEOCOOAndMembersOfBoardOfDirectorsMember 2016-07-01 2016-09-30 0001085243 VTSID:CEOCOOAndMembersOfBoardOfDirectorsMember 2016-01-01 2016-09-30 0001085243 VTSID:CEOCOOAndMembersOfBoardOfDirectorsMember 2017-01-01 2017-09-30 0001085243 VTSID:ConditionalWarrantsMember 2017-01-01 2017-09-30 0001085243 VTSID:ConditionalWarrantsMember 2017-09-30 0001085243 us-gaap:SubsequentEventMember VTSID:BoardOfDirectorsMember 2018-02-11 2018-02-12 0001085243 us-gaap:SubsequentEventMember VTSID:BoardOfDirectorsMember 2018-02-12 0001085243 us-gaap:SubsequentEventMember us-gaap:MinimumMember 2018-03-28 2018-03-29 0001085243 us-gaap:SubsequentEventMember us-gaap:MaximumMember 2018-03-28 2018-03-29 0001085243 us-gaap:SubsequentEventMember 2018-03-29 0001085243 VTSID:RepurchaseProgramMember 2017-01-01 2017-09-30 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember VTSID:OctoberTwoThousandAndSeventeenMember 2017-01-01 2017-09-30 0001085243 VTSID:TwoThousandAndSeventeenMemberEquityIncentivePlanMember VTSID:OctoberTwoThousandAndEighteenMember 2017-01-01 2017-09-30 0001085243 VTSID:TreasuryStockOneMember 2017-01-01 2017-09-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure VirTra, Inc 0001085243 10-Q 2017-09-30 false --12-31 Q3 2017 660288 250066 1724642 107297 1689149 1319944 3011610 3244852 5106205 3703579 3317020 4921398 12191894 8625738 1988174 471928 693206 814323 14873274 9911989 730302 467679 227688 194668 2753337 2065905 11250 11250 4832311 3357084 11250 22500 87861 122126 99111 144626 4931422 3501710 793 793 -96633 14964939 14128837 -4927247 -7719351 9941852 6410279 793 793 14128837 14964939 -96633 -7719351 -4927247 14873274 9911989 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 50000000 50000000 2500000 2500000 7500000 7500000 60000000 62500000 2500000 2500000 7927774 7927774 7906835 7927774 3353495 14147297 12649963 4686445 3041701 245082 47829 40852 47829 13902215 12602134 4645593 2993872 4853796 4856906 1573384 1345180 9293501 7793057 3113061 1696521 931954 731630 310848 299288 5515455 4632048 2050395 1401547 6447409 5363678 2361243 1700835 2846092 2429379 751818 -4314 -4113 -2981 -221 -2981 52410 8406 14813 5626 2894389 2434804 766410 -1669 102285 73618 24285 8414 2792104 2361186 742125 -10083 2792104 0.33 0.28 0.09 -0.00 0.35 0.30 0.09 -0.00 8418275 8552275 8337377 7916730 7924475 7914093 7918114 7916730 653168 609473 787795 33776 -410221 -192024 -1617346 -369206 -142313 233241 -670444 115550 315224 160351 93990 204527 160768 65570 64591 2549964 2569636 83410 468115 -83410 -468115 182550 505224 96633 -2981 16350 11250 11250 -1063928 -497143 1402626 1604378 78000 142930 1516246 7927774 7927774 -67000 -67000 1516246 1516246 -773495 -773495 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2. INVENTORY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Inventory consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Raw materials</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">1,718,367</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">1,085,519</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Finished goods</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">251,707</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Reserve</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(29,218</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(17,282</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total inventory</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,689,149</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,319,944</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3. <font style="text-transform: uppercase">Property and Equipment</font></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Property and equipment consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Computer equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">818,155</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">753,987</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Furniture and office equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">196,216</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">182,969</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Machinery and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">925,495</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">925,495</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Leasehold improvements</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">324,313</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">318,318</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total property and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,264,178</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,180,768</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,570,972</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,366,445</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Property and equipment, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">693,206</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">814,323</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense was $65,570 and $64,591 for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense was $204,527 and $160,768 for the nine months ended September 30, 2017 and 2016, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 4. <font style="text-transform: uppercase">Accrued Expenses</font></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accrued compensation and related costs consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Salaries and wages payable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">431,741</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">93,832</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">401(k) contributions payable</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">16,971</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">25,729</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accrued paid time off</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">254,211</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">190,518</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Profit sharing payable</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">406,811</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">307,503</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total accrued compensation and related costs</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,109,734</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">617,582</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accrued expenses and other current liabilities consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Manufacturer&#8217;s warranties</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">135,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">122,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Taxes payable</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">61,045</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32,668</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">31,643</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">40,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total accrued expenses and other current liabilities</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">227,688</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">194,668</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Profit Sharing</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the benefit package maintained by the Company, the Profit Sharing program pays a percentage of Company annual profits as a cash bonus to active and eligible employees. The cash payment is typically split into two equal payments and distributed pro-rata to employees in April and October of the following year. For the nine months ending September 30, 2017 and 2016, the percentage of annual net profit used for estimating the calculations was 15%. Profit sharing expense was $113,976 and $(3,379) for the three months ended September 30, 2017 and 2016, respectively. Profit sharing expense was $403,709 and $325,678 for the nine months ended September 30, 2017 and 2016, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5. <font style="text-transform: uppercase">Collaboration Agreement</font></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 16, 2015, the Company entered into a Co-Venture Agreement (the &#8220;Co-Venture Agreement&#8221;) with Modern Round, LLC (&#8220;Modern Round&#8221;), a wholly owned subsidiary of Modern Round Entertainment Corporation (&#8220;MREC&#8221;), a related party. MREC is a restaurant and entertainment concept centered on its indoor virtual reality shooting experience. The Co-Venture Agreement provides Modern Round access to certain software and equipment relating to the Company&#8217;s products in exchange for royalties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company received 1,365,789 units, representing a 5% ownership interest in Modern Round on the date of the Co-Venture Agreement. The Company recorded the investment at the estimated fair value of the units and which were valued at $0.10 per unit based on Modern Round&#8217;s other membership unit sales. <font style="background-color: white">The Co-Venture Agreement also provides the Company with conditional warrants to purchase an additional 5% of Modern Round as of the date of that agreement, at an exercise price of $0.25.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 14, 2015, Modern Round issued the Company an option to purchase 125,000 units of Modern Round. The option fully vested and became exercisable on the date of grant at an exercise price equal to $0.50 per unit and terminates on the tenth anniversary of the date of grant, if not earlier pursuant to the terms of the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2015, Modern Round merged with a subsidiary of MREC pursuant to a Plan of Merger (the &#8220;Merger Agreement&#8221;) and <font style="background-color: white">each unit of Modern Round issued and outstanding as of the effective time of the merger automatically converted into the right to receive approximately 1.2277 shares of MREC common stock. As a result of the Merger Agreement, the Company held 1,676,748 shares of MREC common stock, options to purchase 153,459 shares of MREC common stock at an exercise price of $0.41 per share, and conditional warrants to purchase 1,676,747 shares of MREC common stock at an exercise price of $0.20 per share.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">On October 25, 2016, the Company exercised the conditional warrant and purchased 1,676,747 shares of MREC common stock for $335,349, resulting in the Company&#8217;s aggregate holdings of MREC increasing to </font>3,353,495 common shares representing approximately 8.9% of the issued and outstanding common shares of MREC<font style="background-color: white">. The MREC equity securities have been recorded as a cost method investment as the Company does not have the ability to exercise significant influence over MREC.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the Co-Venture Agreement, the Company granted 459,691 conditional warrants to affiliates of MREC to purchase 5% of the Company&#8217;s capital stock on a fully diluted basis as of the date of the Co-Venture Agreement. The conditional warrants are exercisable commencing at the earlier of the first anniversary of MREC opening its first range facility utilizing VirTra technology or after MREC opening its first range facility utilizing VirTra technology and the payment to the Company of all required US/Canada minimum royalty payments during the first 12-month period. MREC opened its first location on June 1, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also granted 459,691 of additional conditional warrants to affiliates of MREC to purchase another 5% of the Company&#8217;s capital stock on a fully diluted basis as of the Agreement date. These conditional warrants are exercisable any time subsequent to MREC&#8217;s payment of $2.0 million in cumulative license fees (royalty). Both conditional warrant issuances are for a period of five years with an exercise price of $2.72.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These conditional warrants were considered contingent consideration for the equity investment as they did not meet the definition of a derivative under ASC 815. Thus, the contingent consideration was not included in the cost of the equity investment until the contingency was resolved and the warrant became exercisable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 1, 2017, the warrants related to the opening of the facility vested and became exercisable at an exercise price equal to $2.72 per unit and terminate on the fifth anniversary of the date of vesting, if not earlier pursuant to the terms of the option. On June 1, 2017, these warrants were recorded at the Black-Scholes Merton fair value using annual volatility of 91.5%, an annual risk free rate of 1.76%, expected term of five years and a fair value of $4.28 a share for a fair value of $1,516,246 as an additional investment in MREC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Co-Venture Agreement grants MREC an exclusive non-transferrable license to use the Company&#8217;s technology solely for use at locations to operate the concept, as defined in the Co-Venture Agreement. The license would become non-exclusive if the first U.S. location is not opened within 24 months of the effective date and at least one location is opened outside the U.S. and Canada within five years of the Co-Venture Agreement date, the respective milestone dates. Throughout the duration of the Co-Venture Agreement, MREC will pay the Company a royalty based on gross revenue, as defined and subject to certain minimum royalties commencing with the first twelve-month period subsequent to the respective milestone date of June 1, 2017. If the total royalty payments for locations in the United States and Canada together do not total at least the minimum royalty amou<b>n</b>t specified in the agreement, MREC may pay to VirTra the difference between the amount of total royalty payments and the minimum specified in the agreement to maintain exclusivity. The Company recognized $245,082 and $47,829 for license fees (royalties) for the nine months ended September 30, 2017 and 2016, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 6. Related Party Transactions</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September 30, 2017 and 2016, the Company issued 13,750 and 11,250 stock options to the CEO, COO and members of the Board of Directors to purchase shares of common stock at a weighted average purchase price of $3.76 and $4.20, respectively. During the nine months ended September 30, 2017 and 2016, the Company issued 41,250 and 33,750 stock options to the CEO, COO and members of the Board of Directors to purchase shares of common stock at a weighted average purchase price of $4.42 and $3.08, respectively. All options are exercisable within seven years of grant date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended September 30, 2017 and 2016, the Company redeemed stock options from the CEO and COO that had previously been awarded. As a result, the Company recorded additional compensation expense as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three Months Ending September 30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Nine Months Ending September 30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 20%"><font style="font-size: 10pt">Number of stock options redeemed</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">12,500</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">55,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">237,500</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Redemption value</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">97,300</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">37,500</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">182,550</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">505,224</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amount previously expensed (2010 and 2009)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(32,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(12,500</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(67,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(190,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Additional compensation expense</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">65,300</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">115,550</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">315,224</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Mitch Saltz, a member of the Company&#8217;s Board of Directors, is also Chairman of the Board of Directors and a majority stockholder of MREC. The Company entered into the Co-Venture Agreement with MREC as disclosed in Note 5. Through the terms of that agreement, the Company owns 3,353,495 shares of MREC common stock representing approximately 9.3% of the issued and outstanding shares of MREC common stock. In addition, the Company recognized license fees (royalties) from MREC of $40,852 and $47,829 for the three months ended September 30, 2017 and 2016, respectively, and $245,082 and $47,829 for the nine months ended September 30, 2017 and 2016, respectively, pursuant to the terms of the Co-Venture Agreement.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 7. Commitments and Contingencies</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s operating lease obligations relate to the leasing of the Company&#8217;s corporate office space located at 7970 South Kyrene Road, Tempe, Arizona 85284, which expires in April 2019, unless renewed and the leasing of the machine shop building located at 2169 East Fifth St., Tempe, Arizona 85284, which expires in March 2018, unless renewed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.95pt">Future minimum lease payments under non-cancelable operating leases are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.95pt">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Building Lease Schedule</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 30%; text-align: right"><font style="font-size: 10pt">87,651</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">324,353</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">105,542</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">517,546</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a deferred rent liability of $87,861 and $122,126 as of September 30, 2017 and December 31, 2016, respectively, relative to the increasing future minimum lease payments. Rent expense was $92,910 and $86,578 for the three months ended September 30, 2017 and 2016, respectively. Rent expense was $229,198 and $146,564 for the nine months ended September 30, 2017 and 2016, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>General or Threatened Litigation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company is notified of threatened litigation or that a claim is being made against it. The Company&#8217;s policy is to not disclose the specifics of any claim or threatened lawsuit until such complaint is actually served on the Company. <font style="background-color: white">On October 20, 2016, a former employee filed a lawsuit in the U.S. District Court, District of Arizona alleging the Company&#8217;s failure and/or refusal to pay overtime in violation of 29 U.S.C. Sec. 201, et. seq. and a claim for wrongfully withheld wages under A.R.S. Sec. 23-350 et. seq. The complaint seeks certification of class action status, declaratory relief, damages, interest, attorneys&#8217; fees and such other relief the Court deems just and proper. Additionally, two former and one current employee opted-in to the class action. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 18, 2017, VirTra entered into a Settlement Agreement and Release of Claims with two parties and on November 30, 2017, VirTra entered into a Settlement Agreement and Release of Claims with the remaining two parties in the outstanding lawsuit agreeing to payments totaling $100,300 in full dismissal of all outstanding complaints against VirTra. The agreement does not constitute an admission that VirTra violated any local, state or federal regulations or engaged in any improper or unlawful conduct or wrongdoing. The US District Court of Arizona, District of Arizona approved Joint Motion Requesting Approval of Settlements on September 25, 2017 and December 7, 2017, respectively, for each settlement agreement. All required settlement payments were completed in accordance with the Settlement Agreements on September 29, 2017 and December 13, 2017. Management believes that the ultimate outcome of this matter did not have a material effect on its earnings, cash flows, or financial position.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 8. Stockholders&#8217; Equity</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Stock Repurchase</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 25, 2016, the Company&#8217;s Board of Directors authorized the repurchase of up to $1,000,000 of its common stock through December 31, 2017. Purchases made pursuant to this authorization were to be made in the open market, in privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 of the SEC. The timing, manner, price and amount of any repurchases were to be determined by the Company at its discretion and were to be subject to economic and market conditions, stock price, applicable legal requirements and other factors. During the nine months ended September 30, 2017, the Company repurchased 20,939 shares at a cost of $96,633.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three month period ending September 30, 2017, VirTra repurchased 17,489 shares of stock to hold in treasury at a total cost basis of $82,834, and for the nine month period ending September 30, 2017 VirTra repurchased 20,939 shares of stock to hold in treasury at a total cost basis of $96,634 pursuant to its Repurchase Program. On October 18, 2017, VirTra suspended its Repurchase Program indefinitely due to its pending Regulation A Offering. The repurchased shares will remain in treasury for future sale.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Options</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company periodically issues non-qualified incentive stock options to key employees, officers and directors under a Stock Option Compensation plan approved by the Board of Directors in 2009. Terms of the option grants are at the discretion of the Board of Directors but historically have been seven years. During the three months ended September 30, 2017 and 2016, the Company issued 13,750 and 11,250 stock options, with a weighted average exercise price of $3.76 and $4.20 per share, respectively. During the nine months ended September 30, 2017 and 2016, the Company issued 41,250 and 33,750 stock options, with a weighted average exercise price of $4.42 and $3.08 per share, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 1, 2017, the Company granted to members of its Board of Directors options to purchase 13,750 shares of the Company&#8217;s common stock at an exercise price of $3.76 and a term of seven years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 1, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $34,000, of which $12,500 had been previously expensed in 2010 with the balance of $21,500 being recognized as additional compensation cost in July 2017. On September 30, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $50,000, of which $12,500 had been previously expensed in 2010 with the balance of $37,500 being recognized as additional compensation cost in September 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>2017 Equity Incentive Plan</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 23, 2017, our board approved, subject to shareholder approval at the annual meeting of shareholders on October 6, 2017, the 2017 Equity Incentive Plan (the &#8220;Equity Plan&#8221;). The Equity Plan is intended to make available incentives that will assist us to attract, retain and motivate employees, including officers, consultants and directors. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units and other cash-based or stock-based awards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A total of 1,187,500 shares of our common stock will be initially authorized and reserved for issuance under the Equity Plan. This reserve will automatically increase on January 1, 2018 and each subsequent anniversary through 2027, by an amount equal to the smaller of (a) 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by the board.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Awards may be granted under the Equity Plan to our employees, including officers, directors or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. All awards will be evidenced by a written agreement between us and the holder of the award and may include any of the following: stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units and cash-based awards and other stock-based awards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assumptions used for the periods ended September 30, 2017 and 2016, and the resulting estimates of weighted-average fair value per share of options granted during those periods, are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three&#160;Months&#160;Ended&#160;September&#160;30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Nine&#160;Months&#160;Ended&#160;September&#160;30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 32%"><font style="font-size: 10pt">Volatility</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">96% to 98%</font></td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">103% to 105%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">96% to 101%</font></td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">103% to 107%</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected term</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes all compensation plan stock options as of September 30:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number of</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number of</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Options</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Options</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 32%"><font style="font-size: 10pt">Options outstanding, beginning of year</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">557,917</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1.60</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">833,967</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1.20</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">41,250</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.42</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">33,750</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.08</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Redeemed</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(55,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1.28</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(237,500</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.82</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(15,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1.10</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Expired / terminated</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(57,717</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1.08</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Options outstanding, end of period</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">544,167</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">557,500</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.46</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Options exercisable, end of period</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">524,167</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.08</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">537,500</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.44</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">Stock compensation expense was $42,376 and $30,000 for the three months ended September 30, 2017 and 2016, respectively. Stock compensation expense was $160,351 and $93,990 for the nine months ended September 30, 2017 and 2016, respectively. There are 20,000 non-vested stock options as of September 30, 2017. Of that amount, 10,000 options will vest equally in Octo</font><font style="font-size: 8pt">&#160;</font><font style="font-size: 10pt">ber 2017 and October 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Warrants</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the Co-Venture Agreement, the Company granted 459,691 conditional warrants to affiliates of MREC, a related party, to purchase 5% of the Company&#8217;s capital stock on a fully diluted basis. The conditional warrants are exercisable commencing at the earlier of the first anniversary of MREC opening its first range facility utilizing the Company&#8217;s technology and the payment of all required minimum royalty/licensing fee payments during the first 12- month period. The Company also granted 459,691 conditional warrants to affiliates of MREC to purchase 5% of the Company&#8217;s capital stock on a fully diluted basis, which are exercisable any time subsequent to MREC&#8217;s payment of $2.0 million in royalty fees. The conditional warrants have a contractual term of five years and an exercise price of $2.72. On June 1, 2017, the one-year anniversary of MREC opening its first range facility occurred, and the associated warrants were vested. See Note 5.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Warrant Redemptions and Co-Venture Agreement Amendment</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 28, 2017, the Company received Notices of Exercise for all 459,691 warrants currently exercisable (the &#8220;Tranche 1 Warrants&#8221;) from all the MREC affiliate holders electing to purchase warrants pursuant to the terms of the net exercise provision set forth in the Warrant Agreement. Mr. Saltz, a director of the Company and a substantial shareholder of MREC, held 778,243 of the Tranche 1 Warrants prior to the assignment of the warrants to MREC on August 11, 2017. Under the net exercise provision, in lieu of exercising the warrant for cash, the holder may elect to receive shares equal to the value of the warrant (or the portion thereof being exercised) by surrender of the warrant and the Company issuing to holder the number of computed shares. Using the July 28, 2017 OTCQX closing price at $4.36 as fair value and the $2.72 warrant exercise price, upon conversion the 459,691 warrants entitle the holders to receive 172,912 shares of the Company&#8217;s common stock without payment of any additional consideration pursuant to the net exercise terms of the Tranche 1 Warrants that are currently exercisable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective August 16, 2017, the Company and the MREC affiliate holders entered into an agreement (the &#8220;Warrant Buyout Agreement&#8221;) whereby the Company acknowledged the assignment of the Tranche 1 Warrants to MREC and agreed to repurchase them at a price of $3.924 per share of common stock issuable by the Company pursuant to the net exercise terms of the Warrants for a total of $678,505.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.5pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company agreed to repurchase from MREC an additional 459,691 warrants held by MREC that are not currently exercisable (the &#8220;Tranche 2 Warrants&#8221;). Mr. Saltz held 728,243 of the Tranche 2 Warrants prior to their assignment to MREC on August 11, 2017. The Warrant Buyout Agreement amends the Tranche 2 Warrants to provide for the immediate exercise on a net exercise basis of 48,415 shares of the Company&#8217;s common stock. The purchase price for the Tranche 2 Warrants of a total of $94,990 is based on a price of $3.924 per share of common stock issuable on a net exercise basis based on 24,208 shares of the Company&#8217;s common stock. The aggregate purchase price of the Tranche 1 Warrants and the Tranche 2 Warrants was $773,495.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MREC agreed that proceeds of the warrant redemption, net of applicable taxes, would be used to fund the development of a second stand-alone Modern Round location. In addition, MREC agreed that the minimum royalty due to us during the first 12-month royalty period in order to maintain exclusivity is $118,427. Further, MREC acknowledged that the second 12-month minimum royalty calculation period provided for in the Co-Venture Agreement began on June 1, 2017 and ends on May 31, 2018. Total minimum royalty payments due during this period required to maintain MREC&#8217;s exclusive rights under the Co-Venture Agreement are $560,000 including any shortfalls for prior periods being due no later than June 30, 2018. By fully funding the Minimum Royalty Payment, MREC will retain its exclusive license to use the Company&#8217;s shooting scenario content and other intellectual property in MREC&#8217;s facilities for a future 12-month period in accordance with the Co-Venture Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, on August 16, 2017, we entered into an amendment to the Co-Venture Agreement to permit MREC to sublicense the VirTra Technology to third party operators of stand-alone location-based entertainment companies. MREC agreed to pay us royalties for any such sublicenses in an amount equal to 10% of the revenue paid to MREC in cases where MREC pays for the cost of the equipment for such location or 14% of the revenue paid to MREC in cases where it does not pay for the cost of the equipment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 17, 2017, VirTra paid the aggregate purchase price of Tranche 1 Warrants and Tranche 2 Warrants of $773,495 reduced by the minimum royalty payment of $118,427 for net cash payment to MREC totaling $655,068.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="text-transform: uppercase"><b>Note 9. Subsequent Events</b></font>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Other</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 18, 2017, VirTra entered into a Settlement Agreement and Release of Claims with two parties and on November 30, 2017, VirTra entered into a Settlement Agreement and Release of Claims with the remaining two parties in the outstanding lawsuit agreeing to payments totaling $106,030 in full dismissal of all outstanding complaints against VirTra. The agreement does not constitute an admission that VirTra violated any local, state or federal regulations or engaged in any improper or unlawful conduct or wrongdoing. The US District Court of Arizona, District of Arizona approved Joint Motion Requesting Approval of Settlements on September 25, 2017 and December 7, 2017, respectively, for each settlement agreement. All required settlement payments were completed in accordance with the Settlement Agreements on September 29, 2017 and December 13, 2017. Management believes that the ultimate outcome of this matter did not have a material effect on its earnings, cash flows, or financial position. (See Note 7. Commitments and Contingencies &#8211; General or Threatened Litigation)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 6, 2017, VirTra held its Annual General Meeting and the shareholders approved, in line with the Board of Directors&#8217; recommendations, all proposals presented at the meeting. Shareholders voted to elect all five of the director nominees: Robert D. Ferris, Matthew D. Burlend, Mitchell A. Saltz, Jeffrey D. Brown and Jim Richardson. Additionally, the shareholders approved the VirTra 2017 Equity Incentive Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 9, 2017, VirTra&#8217;s Board of Directors appointed Robert D. Ferris, CEO to continue to serve as the Chairman of the Board of Directors. Additionally, the Board of Directors elected the following officers of the Company: Robert D. Ferris as Chief Executive Officer and President; Matthew D. Burlend as Chief Operating Officer and Vice President; and Judy A. Henry as Chief Financial Officer, Secretary and Treasurer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 10, 2017, VirTra applied to list its common stock on the Nasdaq Capital Market upon qualification by the SEC of its planned Regulation A+ offering of common stock with a minimum of $5,000,000 and a maximum of $10,000,000 pursuant to an Offering Statement filed with the SEC on September 11, 2017, as amended.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 1, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $62,000, of which $17,500 had been previously expensed in 2011 with the balance of $44,500 being recognized as additional compensation cost in December 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 12, 2018, VirTra&#8217;s Board of Directors unanimously approved a 1-for-2 reverse stock split of the Company&#8217;s common stock, par value $0.0001 per share with resulting fractional shares to be rounded up to the next higher whole number of shares. The record date for shareholders entitled to participate in the Reverse Split shall be the market effective date as established by FINRA, which was effectuated on March 2, 2018. Except as otherwise indicated, all references to common stock, share data, per share data and related information depict the 1-for-2 Reverse Stock Split as if it was effective and as if it had occurred at the beginning of the earliest period presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 29, 2018, pursuant to an Offering Circular on Form 1-A, as amended, pursuant to Regulation A, we offered on a &#8220;best efforts&#8221; basis a minimum of 714,286 shares of common stock and a maximum of 1,428,571 shares of common stock (the &#8220;Offered Shares&#8221;), par value of $0.0001 per share (the &#8220;Common Stock&#8221;), at a price per share of Common Stock of $7.00. The minimum offering amount (&#8220;Minimum Offering Amount&#8221;) was $5,000,000 and the maximum offering amount (&#8220;Maximum Offering Amount&#8221;) was $10,000,000. We terminated the offering on March 29, 2018. No shares were sold pursuant to the offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 29, 2018, our shares of Common Stock began trading on the Nasdaq Capital Market under the symbol, &#8220;VTSI.&#8221;</p> 7927688 1 for 10 reverse stock split 1 for 2 reverse stock split 1-for-2 reverse stock split 29218 17282 251707 2264178 2180768 818155 753987 925495 925495 196216 182969 324313 318318 1570972 1366445 0.15 0.15 61045 32668 135000 122000 31643 40000 1365789 0.05 0.089 0.093 0.10 0.25 0.20 2.72 2.72 2.72 2.72 2.08 2.44 0.50 0.41 1.2277 1676747 1676747 172912 459691 3353495 459691 459691 245082 47829 2000000 245082 47829 2000000 0.915 0.0176 4.28 P5Y 1516246 41250 33750 125000 153459 41250 33750 13750 11250 13750 13750 11250 33750 41250 4.42 3.80 4.42 3.08 3.76 4.20 3.76 3.76 4.20 3.08 4.42 P7Y P7Y 115550 315224 65300 25000 21500 37500 160351 93990 42376 30000 44500 67000 190000 32000 12500 -12500 -12500 17500 96633 96634 20939 20939 100300 106030 55000 237500 30000 12500 12500 12500 12500 182550 505224 97300 37500 34000 50000 62000 1187500 10000 10000 0.05 0.05 0.05 0.05 P5Y P5Y 4.36 773495 773495 48415 24208 118427 560000 118427 2018-06-30 773495 Smaller Reporting Company 0.96 0.98 1.03 1.05 0.96 1.01 1.03 1.07 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.02 P7Y P7Y P7Y P7Y 544167 557917 833967 557500 431741 93832 1109734 617582 16971 25729 406811 307503 254211 190518 48297 5425 14592 2645 160351 160351 -96633 -96633 82834 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 1. <font style="text-transform: uppercase">ORGANIZATION AND BUSINESS OPERATIONS</font></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VirTra, Inc. (the &#8220;Company&#8221; or &#8220;VirTra&#8221;) is engaged in the sale and development of judgmental use of force training simulators and firearms training simulators for law enforcement, military and commercial uses. The Company sells simulators and related products worldwide through a direct sales force and international distribution partners. The original business started in 1993 as Ferris Productions, Inc. In September 2001, Ferris Productions, Inc. merged with GameCom, Inc. to ultimately become VirTra Systems, Inc., a Texas corporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective as of October 1, 2016 (the &#8220;Effective Date&#8221;), the Company completed a conversion from a Texas corporation to a Nevada corporation pursuant to a Redomestication Plan of Conversion (the &#8220;Plan of Conversion&#8221;) that was approved by the Company&#8217;s Board of Directors on June 23, 2016 and its shareholders on September 16, 2016. On the Effective Date, 7,927,688 shares of common stock of VirTra Systems, Inc., a Texas corporation, were converted into 7,927,688 shares of common stock of VirTra, Inc., a Nevada corporation. No shareholders exercised appraisal rights or dissenters&#8217; rights for such shares in accordance with the Texas Business Organization Code.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the Plan of Conversion, the Company filed Articles of Incorporation in Nevada whereby it changed its name from VirTra Systems, Inc. to VirTra, Inc. and revised its capitalization. The Company&#8217;s Articles of Incorporation filed in Nevada authorized the Company to issue 62,500,000 shares, of which (1) 60,000,000 shares shall be common stock, par value $0.0001 per share (the &#8220;common stock&#8221;), of which (a) 50,000,000 shares shall be common stock, par value $0.0001, (b) 2,500,000 shares shall be Class A common stock, par value $0.0001 per share (the &#8220;Class A common stock&#8221;), and (c) 7,500,000 shares shall be Class B common stock, par value $0.0001 per share (the &#8220;Class B common stock&#8221;) and (2) 2,500,000 shares shall be Preferred Stock, par value $0.0001 per share, which may, at the sole discretion of the Board of Directors be issued in one or more series (the &#8220;Preferred Stock&#8221;). The Company also adopted new bylaws as part of the Plan of Conversion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective October 20, 2016, the Company effected a 1 for 10 reverse stock split of its issued and outstanding Common Stock and effective February 12, the Company effected a 1 for 2 reverse stock split of its issued and outstanding Common Stock (together the &#8220;Reverse Stock Splits&#8221;). All references to shares of the Company&#8217;s common stock in this report refer to the number of shares of common stock after giving effect to the Reverse Stock Splits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s corporate office is located in Tempe, Arizona. All transactions in the financial statements and accompanying notes are presented in US Dollars.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information. Certain information and note disclosures normally included in complete annual financial statements prepared in accordance with GAAP have been condensed or omitted. However, the Company believes that the disclosures included in these unaudited condensed financial statements are adequate to make the information presented not misleading. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation of such interim results. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended December 31, 2016 included in the Company&#8217;s Post-Qualification Offering Circular Amendment No. 1 to Form 1-A filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on February 21, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on net income/(loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Recent Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Between May 2014 and December 2016, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued several Accounting Standard Updates (&#8220;ASUs&#8221;) on Revenue from Contracts with Customers (Topic 606). These updates will supersede nearly all existing revenue recognition guidance under current GAAP. The core principle is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. A five-step process has been defined to achieve this core principle, and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standards are effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standards in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting the standards recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of these standards on its financial statements and expects to adopt the modified retrospective approach. However, the adoption of these new standards will not have a material impact on its revenue recognition as it pertains to current revenue streams, the Company&#8217;s financial position or results of operations</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In February 2016, the FASB issued ASU No. 2016-02 &#8211; &#8220;Leases (Topic 842)&#8221;, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (&#8220;ASU 2016-01&#8221;), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. As the Company wrote-down its Investment in Modern Round to fair value in 2017, the Company believes that the adoption of ASU 2016-01 will not have a material impact on its financial statements, however, the Company will change from the cost method of accounting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2015, the FASB issued ASU No. 2015-11 &#8211; &#8220;Inventory (Topic 330): Simplifying the Measurement of Inventory&#8221;. The amendment&#8217;s purpose is to simplify the measurement, reduce costs and increase comparability for inventory measured using first-in, first-out (FIFO) or average cost methods. An entity should measure inventory within the scope of this ASU at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This accounting guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard was adopted on January 1, 2017 and its adoption did not to have a material significant impact on the Company&#8217;s financial statement position and results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2015, the FASB issued ASU No. 2015-17 &#8211; &#8220;Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes&#8221;. The ASU&#8217;s purpose is to require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position (Balance Sheet). This accounting guidance will become effective beginning in the first quarter of 2017. Early application is permitted. The Company adopted this pronouncement and such adoption did not have a material impact on the Company&#8217;s financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02 &#8211; &#8220;Leases (Topic 842)&#8221;, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), to provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flow. The amendments should be applied using a retrospective transition method, and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement is not expected to have an impact on the Company&#8217;s financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250). The ASU adds SEC disclosure requirements for both the quantitative and qualitative impacts that certain recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. Specially, these disclosure requirements apply to the adoption of ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As indicated below, the Company does not believe that the adoption of ASU No. 2014-09 will have a material impact on its revenue recognition as it pertains to current revenue streams.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2017, the FASB issued ASU No. 2017-05, Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, to clarify the scope of Subtopic 610-20, Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, which is the same time as the amendments in ASU No. 2014-09, and early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2017, the FASB issued ASU No. 2017-09, Compensation&#8212;Stock Compensation (Topic 718): Scope of Modification Accounting, to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation&#8212;Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Accounting Standards Codification (&#8220;ASC&#8221;) 718. The amendments are effective for fiscal years beginning after December 15, 2017, and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption in an interim period. The Company does not expect this amendment to have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2017, the FASB issued ASU No. 2017-11 &#8211; &#8220;Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815)&#8221; I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Part I applies to entities that issue financial instruments such as warrants, convertible debt or convertible preferred stock that contain down round features. Part II simply replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. This ASU is effective for public companies for the annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.</p> 1718367 1085519 403709 325678 113976 -3379 1676748 335349 678505 94990 229198 146564 92910 86578 1000000 17489 0.03 778243 728243 3.924 3.924 7.00 655068 5000000 10000000 714286 1428571 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information. Certain information and note disclosures normally included in complete annual financial statements prepared in accordance with GAAP have been condensed or omitted. However, the Company believes that the disclosures included in these unaudited condensed financial statements are adequate to make the information presented not misleading. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation of such interim results. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended December 31, 2016 included in the Company&#8217;s Post-Qualification Offering Circular Amendment No. 1 to Form 1-A filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on February 21, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on net income/(loss).</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Recent Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Between May 2014 and December 2016, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued several Accounting Standard Updates (&#8220;ASUs&#8221;) on Revenue from Contracts with Customers (Topic 606). These updates will supersede nearly all existing revenue recognition guidance under current GAAP. The core principle is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. A five-step process has been defined to achieve this core principle, and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standards are effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standards in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting the standards recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of these standards on its financial statements and expects to adopt the modified retrospective approach. However, the adoption of these new standards will not have a material impact on its revenue recognition as it pertains to current revenue streams, the Company&#8217;s financial position or results of operations</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In February 2016, the FASB issued ASU No. 2016-02 &#8211; &#8220;Leases (Topic 842)&#8221;, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (&#8220;ASU 2016-01&#8221;), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. As the Company wrote-down its Investment in Modern Round to fair value in 2017, the Company believes that the adoption of ASU 2016-01 will not have a material impact on its financial statements, however, the Company will change from the cost method of accounting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2015, the FASB issued ASU No. 2015-11 &#8211; &#8220;Inventory (Topic 330): Simplifying the Measurement of Inventory&#8221;. The amendment&#8217;s purpose is to simplify the measurement, reduce costs and increase comparability for inventory measured using first-in, first-out (FIFO) or average cost methods. An entity should measure inventory within the scope of this ASU at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This accounting guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard was adopted on January 1, 2017 and its adoption did not to have a material significant impact on the Company&#8217;s financial statement position and results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2015, the FASB issued ASU No. 2015-17 &#8211; &#8220;Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes&#8221;. The ASU&#8217;s purpose is to require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position (Balance Sheet). This accounting guidance will become effective beginning in the first quarter of 2017. Early application is permitted. The Company adopted this pronouncement and such adoption did not have a material impact on the Company&#8217;s financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02 &#8211; &#8220;Leases (Topic 842)&#8221;, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), to provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flow. The amendments should be applied using a retrospective transition method, and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement is not expected to have an impact on the Company&#8217;s financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250). The ASU adds SEC disclosure requirements for both the quantitative and qualitative impacts that certain recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. Specially, these disclosure requirements apply to the adoption of ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As indicated below, the Company does not believe that the adoption of ASU No. 2014-09 will have a material impact on its revenue recognition as it pertains to current revenue streams.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2017, the FASB issued ASU No. 2017-05, Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, to clarify the scope of Subtopic 610-20, Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, which is the same time as the amendments in ASU No. 2014-09, and early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2017, the FASB issued ASU No. 2017-09, Compensation&#8212;Stock Compensation (Topic 718): Scope of Modification Accounting, to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation&#8212;Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Accounting Standards Codification (&#8220;ASC&#8221;) 718. The amendments are effective for fiscal years beginning after December 15, 2017, and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption in an interim period. The Company does not expect this amendment to have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2017, the FASB issued ASU No. 2017-11 &#8211; &#8220;Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815)&#8221; I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Part I applies to entities that issue financial instruments such as warrants, convertible debt or convertible preferred stock that contain down round features. Part II simply replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. This ASU is effective for public companies for the annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Inventory consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Raw materials</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">1,718,367</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">1,085,519</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Finished goods</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">251,707</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Reserve</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(29,218</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(17,282</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total inventory</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,689,149</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,319,944</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Property and equipment consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Computer equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">818,155</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">753,987</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Furniture and office equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">196,216</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">182,969</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Machinery and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">925,495</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">925,495</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Leasehold improvements</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">324,313</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">318,318</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total property and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,264,178</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,180,768</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,570,972</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,366,445</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Property and equipment, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">693,206</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">814,323</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accrued compensation and related costs consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Salaries and wages payable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">431,741</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">93,832</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">401(k) contributions payable</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">16,971</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">25,729</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accrued paid time off</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">254,211</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">190,518</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Profit sharing payable</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">406,811</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">307,503</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total accrued compensation and related costs</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,109,734</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">617,582</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accrued expenses and other current liabilities consisted of the following as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">September 30, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2016</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Manufacturer&#8217;s warranties</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">135,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">122,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Taxes payable</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">61,045</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32,668</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">31,643</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">40,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total accrued expenses and other current liabilities</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">227,688</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">194,668</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended September 30, 2017 and 2016, the Company redeemed stock options from the CEO and COO that had previously been awarded. As a result, the Company recorded additional compensation expense as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three Months Ending September 30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Nine Months Ending September 30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 20%"><font style="font-size: 10pt">Number of stock options redeemed</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">12,500</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">55,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">237,500</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Redemption value</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">97,300</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">37,500</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">182,550</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">505,224</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amount previously expensed (2010 and 2009)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(32,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(12,500</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(67,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(190,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Additional compensation expense</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">65,300</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">115,550</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">315,224</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assumptions used for the periods ended September 30, 2017 and 2016, and the resulting estimates of weighted-average fair value per share of options granted during those periods, are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three&#160;Months&#160;Ended&#160;September&#160;30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Nine&#160;Months&#160;Ended&#160;September&#160;30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 32%"><font style="font-size: 10pt">Volatility</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">96% to 98%</font></td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">103% to 105%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">96% to 101%</font></td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 1%; text-align: center">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">103% to 107%</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1-2%</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected term</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">7 years</font></td> <td></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes all compensation plan stock options as of September 30:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number of</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number of</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Options</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Options</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 32%"><font style="font-size: 10pt">Options outstanding, beginning of year</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">557,917</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1.60</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">833,967</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1.20</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">41,250</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.42</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">33,750</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.08</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Redeemed</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(55,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1.28</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(237,500</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.82</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(15,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1.10</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Expired / terminated</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(57,717</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1.08</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Options outstanding, end of period</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">544,167</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">557,500</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.46</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Options exercisable, end of period</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">524,167</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.08</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">537,500</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.44</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> -55000 -237500 -15000 -57717 524167 557500 2.10 1.60 1.20 2.46 1.28 0.82 1.10 1.08 459691 517546 105542 324353 87651 5000000 10000000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.95pt">Future minimum lease payments under non-cancelable operating leases are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.95pt">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Building Lease Schedule</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 30%; text-align: right"><font style="font-size: 10pt">87,651</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">324,353</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">105,542</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">517,546</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> 20000 7904307 EX-101.SCH 6 vtsid-20170930.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Statement of Stockholders' Equity (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Organization and Business Operations link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Inventory link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Accrued Expenses link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Collaboration Agreement link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Organization and Business Operations (Policies) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Inventory (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Accrued Expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Related Party Transactions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Organization and Business Operations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Inventory - Schedule of Inventory (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Accrued Expenses (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Accrued Expenses - Schedule of Accrued Compensation and Related Costs (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses and Other Current Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Collaboration Agreement (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Related Party Transactions - Schedule of Additional Compensation Expenses (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Stockholders' Equity - Schedule of Stock Options Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 vtsid-20170930_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 vtsid-20170930_def.xml XBRL DEFINITION FILE EX-101.LAB 9 vtsid-20170930_lab.xml XBRL LABEL FILE Class of Stock [Axis] Class A Common Stock [Member] Class B Common Stock [Member] Equity Components [Axis] Preferred Stock [Member] Common Stock [Member] Additional Paid-In Capital [Member] Treasury Stock [Member] Accumulated Deficit [Member] Property, Plant and Equipment, Type [Axis] Computer Equipment [Member] Machinery and Equipment [Member] Furniture and Office Equipment [Member] Leasehold Improvements [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Co-Venture Agreement [Member] Legal Entity [Axis] Modern Round [Member] Merger Agreement [Member] Conditional Warrants [Member] Scenario [Axis] Date of Co Venture Agreement [Member] Agreement Date [Member] Modern Round Entertainment Corporation [Member] Settlement Agreement [Member] Title of Individual [Axis] Board of Directors [Member] Stock Options [Member] Chief Executive Officer and Chief Operating Officer [Member] Plan Name [Axis] 2017 Equity Incentive Plan [Member] Tranche 1 Warrants [Member] Warrant Buyout Agreement [Member] Tranche 2 Warrants [Member] Range [Axis] Minimum [Member] Maximum [Member] Subsequent Event Type [Axis] Subsequent Event [Member] CEO, COO and Members of Board of Directors [Member] Board of Directors [Member] Share Repurchase Program [Axis] Repurchase Program [Member] Report Date [Axis] October 2017 [Member] October 2018 [Member] Treasury Stock [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] ASSETS CURRENT ASSETS Cash and cash equivalents Accounts receivable, net Inventory, net Unbilled revenue Prepaid expenses and other current assets Total current assets Property and equipment, net Investment in MREC TOTAL ASSETS LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable Accrued compensation and related costs Accrued expenses and other current liabilities Notes payable, current Deferred revenue Total current liabilities Long-term liabilities: Deferred rent liability Notes payable, long-term Total long-term liabilities Total liabilities Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock $0.0001 par value; 2,500,000 authorized; no shares issued or outstanding Common stock, value Treasury stock at cost;20,939 shares and no shares outstanding as of September 30, 2017 and December 31, 2016, respectively Additional paid-in capital Accumulated deficit Total stockholders’ equity TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] REVENUES Net sales Royalties/licensing fees Total revenue Cost of sales Gross profit OPERATING EXPENSES General and administrative Research and development Net operating expense Income/(loss) from operations OTHER INCOME (EXPENSE) Other income Other expense Net other income/(loss) Income/(loss) before income taxes Provision for income taxes NET INCOME/(LOSS) Earnings per common share Basic Diluted Weighted average shares outstanding Basic Diluted Balance Balance, shares Stock based compensation Stock options repurchased Stock warrants vested-MREC Investment Stock warrants repurchased-MREC Inv. Treasury stock Net income Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net income to net cash provided (used) in operating activities Depreciation and amortization Stock compensation Cash settlement of stock options Changes in operating assets and liabilities: Accounts receivable Inventory Unbilled revenue Prepaid expenses and other current assets Accounts payable and other accrued expenses Deferred revenue and deferred rent Net cash provided by operating activities Cash flows from investing activities: Purchase of property and equipment Net cash used in investing activities Cash flows from financing activities: Repayment of debt Common stock issued for option exercise Purchase of treasury stock Repurchase of stock options Repurchase of stock warrants Net cash used in financing activities Net increase in cash Cash, beginning of period Cash, end of period Supplemental disclosure of cash flow information: Cash paid: Taxes Supplemental disclosure of non-cash investing and financing activities: Investment in MREC Accounting Policies [Abstract] Organization and Business Operations Inventory Disclosure [Abstract] Inventory Property, Plant and Equipment [Abstract] Property and Equipment Payables and Accruals [Abstract] Accrued Expenses Collaboration Agreement Collaboration Agreement Related Party Transactions [Abstract] Related Party Transactions Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Equity [Abstract] Stockholders' Equity Subsequent Events [Abstract] Subsequent Events Basis of Presentation Use of Estimates Recent Accounting Pronouncements Schedule of Inventory Schedule of Property and Equipment Schedule of Accrued Compensation and Related Costs Schedule of Accrued Expenses and Other Current Liabilities Schedule of Additional Compensation Expenses Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions Schedule of Stock Options Activity Number of common stock shares converted Reverse stock split Raw materials Finished goods Reserve Total inventory Depreciation expense Total property and equipment Less: Accumulated depreciation Property and equipment, net Percentage of annual net profit used Profit sharing expense Salaries and wages payable 401(k) contributions payable Accrued paid time off Profit sharing payable Total accrued compensation and related costs Manufacturer's warranties Taxes payable Other Total accrued expenses and other current liabilities Number of capital units received Ownership percentage Fair value per unit Warrant exercise price per share Number of option issued to purchase shares Options exercisable weighted average exercise price Number of issued and outstanding units converted into common stock Number of common shares held Number of warrants to purchase shares of common stock Number of warrants exercised, value Warrants issued to purchase capital stock, percent Cumulative license fees Warrant term Volatility rate Risk free rate Expected term Fair value per share Fair value, investment Number of stock options issued to purchase common stock Weighted average purchase price of stock options issued Options exercisable term Common stock shares owned License fees from related party Number of stock options redeemed Redemption value Amount previously expensed (2010 and 2009) Additional compensation expense Rent expense Payments for outstanding lawsuit 2017 2018 2019 Total Common stock shares authorized to repurchase Number of shares repurchased Number of shares repurchased, cost Shares repurchased during the period held in treasury Shares repurchased during the period held in treasury cost method Number of stock options redeemed shares Number of stock options redeemed value Amount previously expensed Additional compensation cost (Stock compensation expense) Number of common stock capital shares reserved for future issuance Percentage of common stock shares issued and outstanding Number of Non-vested stock options Number of non-vested stock options vested equally Number of warrants granted Number of warrants entitle to receive the shares of common stock Warrants held during the period Warrants fair value Shares issued price per share Number of warrants to exercise common stock Warrants purchase price Minimum royalty due Royalty due date Royalty payment Volatility Risk-free interest rate Expected term Options outstanding, beginning of year Number of options, Granted / Vested Number of options, Redeemed Number of options, Exercised Number of options, Expired / terminated Number of options outstanding, end of year Number of options exercisable, end of year Weighted Exercise Price outstanding, beginning of year Weighted average exercise price, Granted / Vested Weighted average exercise price, Redeemed Weighted average exercise price, Exercised Weighted average exercise price, Expired / terminated Weighted average exercise price outstanding, end of year Weighted average exercise price exercisable, end of year Number of common stock shares issued during the period Number of expiring stock options redeemed Number of expiring stock options redeemed for cash Amount previously expensed Stock compensation expense Common stock shares issued during the period, value Cash settlement of stock options. Purchase of treasury stock. Repurchase of stock options. Investment in subsidisries. Stock options repurchased. Stock warrants repurchased. Collaboration agreement disclosure [Text Block] Percentage of annual net profit used in calculations. Number of capital units received. Co-Venture Agreement [Member] Fair value per unit. Modern Round [Member] Number of issued and outstanding units converted into common stock. Merger Agreement [Member] Conditional Warrants [Member] Date of Co Venture Agreement [Member] Agreement Date [Member] Warrants issued to purchase capital stock, percent. Warrant term. Amount previously expensed. Settlement Agreement [Member] Stock Options [Member] Chief Executive Officer and Chief Operating Officer [Member] 2017 Equity Incentive Plan [Member] Tranche 1 Warrants [Member] Director [Member] Warrant Buyout Agreement [Member] Tranche 2 Warrants [Member] Number of warrants to exercise common stock. Warrants purchase price. Royalty due date. Number of options, redeemed. Weighted average exercise price, redeemed. CEO, COO and Members of Board of Directors[Member] Modern Round Entertainment Corporation [Member] Percentage of common stock shares issued and outstanding. Warrants held during the period. Board of Directors [Member] Repurchase Program [Member] October 2017 [Member] October 2018 [Member] Treasury Stock [Member] BoardOfDirectorsMember TreasuryStockOneMember Assets, Current Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Revenues Gross Profit Operating Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Weighted Average Number of Shares Outstanding, Basic Weighted Average Number of Shares Outstanding, Diluted Shares, Outstanding Increase (Decrease) in Unbilled Receivables Increase (Decrease) in Prepaid Expense and Other Assets Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Debt PaymentsToAcquireTreasuryShares PaymentsForRepurchaseOfCommonStockOptions Payments for Repurchase of Warrants Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) InvestmentsInSubsidiaries Inventory Disclosure [Text Block] CollaborationAgreementDisclosureTextBlock Inventory Valuation Reserves Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Operating Leases, Future Minimum Payments Due Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price EX-101.PRE 10 vtsid-20170930_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2017
Mar. 30, 2018
Document And Entity Information    
Entity Registrant Name VirTra, Inc  
Entity Central Index Key 0001085243  
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   7,904,307
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 5,106,205 $ 3,703,579
Accounts receivable, net 3,011,610 3,244,852
Inventory, net 1,689,149 1,319,944
Unbilled revenue 1,724,642 107,297
Prepaid expenses and other current assets 660,288 250,066
Total current assets 12,191,894 8,625,738
Property and equipment, net 693,206 814,323
Investment in MREC 1,988,174 471,928
TOTAL ASSETS 14,873,274 9,911,989
CURRENT LIABILITIES    
Accounts payable 730,302 467,679
Accrued compensation and related costs 1,109,734 617,582
Accrued expenses and other current liabilities 227,688 194,668
Notes payable, current 11,250 11,250
Deferred revenue 2,753,337 2,065,905
Total current liabilities 4,832,311 3,357,084
Long-term liabilities:    
Deferred rent liability 87,861 122,126
Notes payable, long-term 11,250 22,500
Total long-term liabilities 99,111 144,626
Total liabilities 4,931,422 3,501,710
STOCKHOLDERS’ EQUITY    
Preferred stock $0.0001 par value; 2,500,000 authorized; no shares issued or outstanding
Common stock, value 793 793
Treasury stock at cost;20,939 shares and no shares outstanding as of September 30, 2017 and December 31, 2016, respectively (96,633)
Additional paid-in capital 14,964,939 14,128,837
Accumulated deficit (4,927,247) (7,719,351)
Total stockholders’ equity 9,941,852 6,410,279
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 14,873,274 9,911,989
Class A Common Stock [Member]    
STOCKHOLDERS’ EQUITY    
Common stock, value
Class B Common Stock [Member]    
STOCKHOLDERS’ EQUITY    
Common stock, value
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2017
Dec. 31, 2016
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 2,500,000 2,500,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 7,927,774 7,927,774
Common stock, shares outstanding 7,906,835 7,927,774
Class A Common Stock [Member]    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 2,500,000 2,500,000
Common stock, shares issued
Common stock, shares outstanding
Class B Common Stock [Member]    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 7,500,000 7,500,000
Common stock, shares issued
Common stock, shares outstanding
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES        
Net sales $ 4,645,593 $ 2,993,872 $ 13,902,215 $ 12,602,134
Royalties/licensing fees 40,852 47,829 245,082 47,829
Total revenue 4,686,445 3,041,701 14,147,297 12,649,963
Cost of sales 1,573,384 1,345,180 4,853,796 4,856,906
Gross profit 3,113,061 1,696,521 9,293,501 7,793,057
OPERATING EXPENSES        
General and administrative 2,050,395 1,401,547 5,515,455 4,632,048
Research and development 310,848 299,288 931,954 731,630
Net operating expense 2,361,243 1,700,835 6,447,409 5,363,678
Income/(loss) from operations 751,818 (4,314) 2,846,092 2,429,379
OTHER INCOME (EXPENSE)        
Other income 14,813 5,626 52,410 8,406
Other expense (221) (2,981) (4,113) (2,981)
Net other income/(loss) 14,592 2,645 48,297 5,425
Income/(loss) before income taxes 766,410 (1,669) 2,894,389 2,434,804
Provision for income taxes 24,285 8,414 102,285 73,618
NET INCOME/(LOSS) $ 742,125 $ (10,083) $ 2,792,104 $ 2,361,186
Earnings per common share        
Basic $ 0.09 $ (0.00) $ 0.35 $ 0.30
Diluted $ 0.09 $ (0.00) $ 0.33 $ 0.28
Weighted average shares outstanding        
Basic 7,918,114 7,916,730 7,924,475 7,914,093
Diluted 8,337,377 7,916,730 8,418,275 8,552,275
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2016 $ 793 $ 14,128,837 $ (7,719,351) $ 6,410,279
Balance, shares at Dec. 31, 2016 7,927,774        
Stock based compensation 160,351 160,351
Stock options repurchased (67,000) (67,000)
Stock warrants vested-MREC Investment 1,516,246 1,516,246
Stock warrants repurchased-MREC Inv. (773,495) (773,495)
Treasury stock (96,633) (96,633)
Net income 2,792,104 2,792,104
Balance at Sep. 30, 2017 $ 793 $ 14,964,939 $ (96,633) $ (4,927,247) $ 9,941,852
Balance, shares at Sep. 30, 2017 7,927,774        
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 2,792,104 $ 2,361,186
Adjustments to reconcile net income to net cash provided (used) in operating activities    
Depreciation and amortization 204,527 160,768
Stock compensation 160,351 93,990
Cash settlement of stock options 115,550 315,224
Changes in operating assets and liabilities:    
Accounts receivable 233,241 (670,444)
Inventory (369,206) (142,313)
Unbilled revenue (1,617,346)
Prepaid expenses and other current assets (410,221) (192,024)
Accounts payable and other accrued expenses 787,795 33,776
Deferred revenue and deferred rent 653,168 609,473
Net cash provided by operating activities 2,549,964 2,569,636
Cash flows from investing activities:    
Purchase of property and equipment (83,410) (468,115)
Net cash used in investing activities (83,410) (468,115)
Cash flows from financing activities:    
Repayment of debt (11,250) (11,250)
Common stock issued for option exercise 16,350
Purchase of treasury stock (96,633) 2,981
Repurchase of stock options (182,550) (505,224)
Repurchase of stock warrants (773,495)
Net cash used in financing activities (1,063,928) (497,143)
Net increase in cash 1,402,626 1,604,378
Cash, beginning of period 3,703,579 3,317,020
Cash, end of period 5,106,205 4,921,398
Cash paid:    
Taxes 78,000 142,930
Supplemental disclosure of non-cash investing and financing activities:    
Investment in MREC $ 1,516,246
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Business Operations
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Organization and Business Operations

NOTE 1. ORGANIZATION AND BUSINESS OPERATIONS

 

VirTra, Inc. (the “Company” or “VirTra”) is engaged in the sale and development of judgmental use of force training simulators and firearms training simulators for law enforcement, military and commercial uses. The Company sells simulators and related products worldwide through a direct sales force and international distribution partners. The original business started in 1993 as Ferris Productions, Inc. In September 2001, Ferris Productions, Inc. merged with GameCom, Inc. to ultimately become VirTra Systems, Inc., a Texas corporation.

 

Effective as of October 1, 2016 (the “Effective Date”), the Company completed a conversion from a Texas corporation to a Nevada corporation pursuant to a Redomestication Plan of Conversion (the “Plan of Conversion”) that was approved by the Company’s Board of Directors on June 23, 2016 and its shareholders on September 16, 2016. On the Effective Date, 7,927,688 shares of common stock of VirTra Systems, Inc., a Texas corporation, were converted into 7,927,688 shares of common stock of VirTra, Inc., a Nevada corporation. No shareholders exercised appraisal rights or dissenters’ rights for such shares in accordance with the Texas Business Organization Code.

 

As part of the Plan of Conversion, the Company filed Articles of Incorporation in Nevada whereby it changed its name from VirTra Systems, Inc. to VirTra, Inc. and revised its capitalization. The Company’s Articles of Incorporation filed in Nevada authorized the Company to issue 62,500,000 shares, of which (1) 60,000,000 shares shall be common stock, par value $0.0001 per share (the “common stock”), of which (a) 50,000,000 shares shall be common stock, par value $0.0001, (b) 2,500,000 shares shall be Class A common stock, par value $0.0001 per share (the “Class A common stock”), and (c) 7,500,000 shares shall be Class B common stock, par value $0.0001 per share (the “Class B common stock”) and (2) 2,500,000 shares shall be Preferred Stock, par value $0.0001 per share, which may, at the sole discretion of the Board of Directors be issued in one or more series (the “Preferred Stock”). The Company also adopted new bylaws as part of the Plan of Conversion.

 

Effective October 20, 2016, the Company effected a 1 for 10 reverse stock split of its issued and outstanding Common Stock and effective February 12, the Company effected a 1 for 2 reverse stock split of its issued and outstanding Common Stock (together the “Reverse Stock Splits”). All references to shares of the Company’s common stock in this report refer to the number of shares of common stock after giving effect to the Reverse Stock Splits.

 

The Company’s corporate office is located in Tempe, Arizona. All transactions in the financial statements and accompanying notes are presented in US Dollars.

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and note disclosures normally included in complete annual financial statements prepared in accordance with GAAP have been condensed or omitted. However, the Company believes that the disclosures included in these unaudited condensed financial statements are adequate to make the information presented not misleading. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation of such interim results. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended December 31, 2016 included in the Company’s Post-Qualification Offering Circular Amendment No. 1 to Form 1-A filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2018.

 

Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on net income/(loss).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

 

Between May 2014 and December 2016, the Financial Accounting Standards Board (the “FASB”) issued several Accounting Standard Updates (“ASUs”) on Revenue from Contracts with Customers (Topic 606). These updates will supersede nearly all existing revenue recognition guidance under current GAAP. The core principle is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. A five-step process has been defined to achieve this core principle, and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standards are effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standards in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting the standards recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of these standards on its financial statements and expects to adopt the modified retrospective approach. However, the adoption of these new standards will not have a material impact on its revenue recognition as it pertains to current revenue streams, the Company’s financial position or results of operations

 

In February 2016, the FASB issued ASU No. 2016-02 – “Leases (Topic 842)”, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.

 

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. As the Company wrote-down its Investment in Modern Round to fair value in 2017, the Company believes that the adoption of ASU 2016-01 will not have a material impact on its financial statements, however, the Company will change from the cost method of accounting.

 

In July 2015, the FASB issued ASU No. 2015-11 – “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The amendment’s purpose is to simplify the measurement, reduce costs and increase comparability for inventory measured using first-in, first-out (FIFO) or average cost methods. An entity should measure inventory within the scope of this ASU at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This accounting guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard was adopted on January 1, 2017 and its adoption did not to have a material significant impact on the Company’s financial statement position and results of operations.

 

In November 2015, the FASB issued ASU No. 2015-17 – “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU’s purpose is to require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position (Balance Sheet). This accounting guidance will become effective beginning in the first quarter of 2017. Early application is permitted. The Company adopted this pronouncement and such adoption did not have a material impact on the Company’s financial statements and related disclosures.

 

In February 2016, the FASB issued ASU No. 2016-02 – “Leases (Topic 842)”, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.

 

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), to provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flow. The amendments should be applied using a retrospective transition method, and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement is not expected to have an impact on the Company’s financial position or results of operations.

 

In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250). The ASU adds SEC disclosure requirements for both the quantitative and qualitative impacts that certain recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. Specially, these disclosure requirements apply to the adoption of ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As indicated below, the Company does not believe that the adoption of ASU No. 2014-09 will have a material impact on its revenue recognition as it pertains to current revenue streams.

 

In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, which is the same time as the amendments in ASU No. 2014-09, and early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Accounting Standards Codification (“ASC”) 718. The amendments are effective for fiscal years beginning after December 15, 2017, and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption in an interim period. The Company does not expect this amendment to have a material impact on its financial statements.

 

In July 2017, the FASB issued ASU No. 2017-11 – “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815)” I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Part I applies to entities that issue financial instruments such as warrants, convertible debt or convertible preferred stock that contain down round features. Part II simply replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. This ASU is effective for public companies for the annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventory
9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Inventory

NOTE 2. INVENTORY

 

Inventory consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Raw materials   $ 1,718,367     $ 1,085,519  
Finished goods     -       251,707  
Reserve     (29,218 )     (17,282 )
                 
Total inventory   $ 1,689,149     $ 1,319,944

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment
9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 3. Property and Equipment

 

Property and equipment consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Computer equipment   $ 818,155     $ 753,987  
Furniture and office equipment     196,216       182,969  
Machinery and equipment     925,495       925,495  
Leasehold improvements     324,313       318,318  
                 
Total property and equipment     2,264,178       2,180,768  
Less: Accumulated depreciation     (1,570,972 )     (1,366,445 )
                 
Property and equipment, net   $ 693,206     $ 814,323  

 

Depreciation expense was $65,570 and $64,591 for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense was $204,527 and $160,768 for the nine months ended September 30, 2017 and 2016, respectively.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses
9 Months Ended
Sep. 30, 2017
Payables and Accruals [Abstract]  
Accrued Expenses

NOTE 4. Accrued Expenses

 

Accrued compensation and related costs consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Salaries and wages payable   $ 431,741     $ 93,832  
401(k) contributions payable     16,971       25,729  
Accrued paid time off     254,211       190,518  
Profit sharing payable     406,811       307,503  
                 
Total accrued compensation and related costs   $ 1,109,734     $ 617,582  

 

Accrued expenses and other current liabilities consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Manufacturer’s warranties   $ 135,000     $ 122,000  
Taxes payable     61,045       32,668  
Other     31,643       40,000  
                 
Total accrued expenses and other current liabilities   $ 227,688     $ 194,668  

 

Profit Sharing

 

As part of the benefit package maintained by the Company, the Profit Sharing program pays a percentage of Company annual profits as a cash bonus to active and eligible employees. The cash payment is typically split into two equal payments and distributed pro-rata to employees in April and October of the following year. For the nine months ending September 30, 2017 and 2016, the percentage of annual net profit used for estimating the calculations was 15%. Profit sharing expense was $113,976 and $(3,379) for the three months ended September 30, 2017 and 2016, respectively. Profit sharing expense was $403,709 and $325,678 for the nine months ended September 30, 2017 and 2016, respectively.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Collaboration Agreement
9 Months Ended
Sep. 30, 2017
Collaboration Agreement  
Collaboration Agreement

NOTE 5. Collaboration Agreement

 

On January 16, 2015, the Company entered into a Co-Venture Agreement (the “Co-Venture Agreement”) with Modern Round, LLC (“Modern Round”), a wholly owned subsidiary of Modern Round Entertainment Corporation (“MREC”), a related party. MREC is a restaurant and entertainment concept centered on its indoor virtual reality shooting experience. The Co-Venture Agreement provides Modern Round access to certain software and equipment relating to the Company’s products in exchange for royalties.

 

The Company received 1,365,789 units, representing a 5% ownership interest in Modern Round on the date of the Co-Venture Agreement. The Company recorded the investment at the estimated fair value of the units and which were valued at $0.10 per unit based on Modern Round’s other membership unit sales. The Co-Venture Agreement also provides the Company with conditional warrants to purchase an additional 5% of Modern Round as of the date of that agreement, at an exercise price of $0.25.

 

On April 14, 2015, Modern Round issued the Company an option to purchase 125,000 units of Modern Round. The option fully vested and became exercisable on the date of grant at an exercise price equal to $0.50 per unit and terminates on the tenth anniversary of the date of grant, if not earlier pursuant to the terms of the option.

 

On December 31, 2015, Modern Round merged with a subsidiary of MREC pursuant to a Plan of Merger (the “Merger Agreement”) and each unit of Modern Round issued and outstanding as of the effective time of the merger automatically converted into the right to receive approximately 1.2277 shares of MREC common stock. As a result of the Merger Agreement, the Company held 1,676,748 shares of MREC common stock, options to purchase 153,459 shares of MREC common stock at an exercise price of $0.41 per share, and conditional warrants to purchase 1,676,747 shares of MREC common stock at an exercise price of $0.20 per share.

 

On October 25, 2016, the Company exercised the conditional warrant and purchased 1,676,747 shares of MREC common stock for $335,349, resulting in the Company’s aggregate holdings of MREC increasing to 3,353,495 common shares representing approximately 8.9% of the issued and outstanding common shares of MREC. The MREC equity securities have been recorded as a cost method investment as the Company does not have the ability to exercise significant influence over MREC.

 

As part of the Co-Venture Agreement, the Company granted 459,691 conditional warrants to affiliates of MREC to purchase 5% of the Company’s capital stock on a fully diluted basis as of the date of the Co-Venture Agreement. The conditional warrants are exercisable commencing at the earlier of the first anniversary of MREC opening its first range facility utilizing VirTra technology or after MREC opening its first range facility utilizing VirTra technology and the payment to the Company of all required US/Canada minimum royalty payments during the first 12-month period. MREC opened its first location on June 1, 2016.

 

The Company also granted 459,691 of additional conditional warrants to affiliates of MREC to purchase another 5% of the Company’s capital stock on a fully diluted basis as of the Agreement date. These conditional warrants are exercisable any time subsequent to MREC’s payment of $2.0 million in cumulative license fees (royalty). Both conditional warrant issuances are for a period of five years with an exercise price of $2.72.

 

These conditional warrants were considered contingent consideration for the equity investment as they did not meet the definition of a derivative under ASC 815. Thus, the contingent consideration was not included in the cost of the equity investment until the contingency was resolved and the warrant became exercisable.

 

On June 1, 2017, the warrants related to the opening of the facility vested and became exercisable at an exercise price equal to $2.72 per unit and terminate on the fifth anniversary of the date of vesting, if not earlier pursuant to the terms of the option. On June 1, 2017, these warrants were recorded at the Black-Scholes Merton fair value using annual volatility of 91.5%, an annual risk free rate of 1.76%, expected term of five years and a fair value of $4.28 a share for a fair value of $1,516,246 as an additional investment in MREC.

 

The Co-Venture Agreement grants MREC an exclusive non-transferrable license to use the Company’s technology solely for use at locations to operate the concept, as defined in the Co-Venture Agreement. The license would become non-exclusive if the first U.S. location is not opened within 24 months of the effective date and at least one location is opened outside the U.S. and Canada within five years of the Co-Venture Agreement date, the respective milestone dates. Throughout the duration of the Co-Venture Agreement, MREC will pay the Company a royalty based on gross revenue, as defined and subject to certain minimum royalties commencing with the first twelve-month period subsequent to the respective milestone date of June 1, 2017. If the total royalty payments for locations in the United States and Canada together do not total at least the minimum royalty amount specified in the agreement, MREC may pay to VirTra the difference between the amount of total royalty payments and the minimum specified in the agreement to maintain exclusivity. The Company recognized $245,082 and $47,829 for license fees (royalties) for the nine months ended September 30, 2017 and 2016, respectively.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

Note 6. Related Party Transactions

 

During the three months ended September 30, 2017 and 2016, the Company issued 13,750 and 11,250 stock options to the CEO, COO and members of the Board of Directors to purchase shares of common stock at a weighted average purchase price of $3.76 and $4.20, respectively. During the nine months ended September 30, 2017 and 2016, the Company issued 41,250 and 33,750 stock options to the CEO, COO and members of the Board of Directors to purchase shares of common stock at a weighted average purchase price of $4.42 and $3.08, respectively. All options are exercisable within seven years of grant date.

 

During the three and nine months ended September 30, 2017 and 2016, the Company redeemed stock options from the CEO and COO that had previously been awarded. As a result, the Company recorded additional compensation expense as follows:

 

    Three Months Ending September 30,     Nine Months Ending September 30,  
    2017     2016     2017     2016  
Number of stock options redeemed     30,000       12,500       55,000       237,500  
Redemption value   $ 97,300     $ 37,500     $ 182,550     $ 505,224  
Amount previously expensed (2010 and 2009)     (32,000 )     (12,500 )     (67,000 )     (190,000 )
                                 
Additional compensation expense   $ 65,300     $ 25,000     $ 115,550     $ 315,224  

 

Mr. Mitch Saltz, a member of the Company’s Board of Directors, is also Chairman of the Board of Directors and a majority stockholder of MREC. The Company entered into the Co-Venture Agreement with MREC as disclosed in Note 5. Through the terms of that agreement, the Company owns 3,353,495 shares of MREC common stock representing approximately 9.3% of the issued and outstanding shares of MREC common stock. In addition, the Company recognized license fees (royalties) from MREC of $40,852 and $47,829 for the three months ended September 30, 2017 and 2016, respectively, and $245,082 and $47,829 for the nine months ended September 30, 2017 and 2016, respectively, pursuant to the terms of the Co-Venture Agreement.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 7. Commitments and Contingencies

 

The Company’s operating lease obligations relate to the leasing of the Company’s corporate office space located at 7970 South Kyrene Road, Tempe, Arizona 85284, which expires in April 2019, unless renewed and the leasing of the machine shop building located at 2169 East Fifth St., Tempe, Arizona 85284, which expires in March 2018, unless renewed.

 

Future minimum lease payments under non-cancelable operating leases are as follows:

 

Building Lease Schedule
         
2017   $ 87,651  
2018     324,353  
2019     105,542  
         
Total   $ 517,546  

 

The Company has a deferred rent liability of $87,861 and $122,126 as of September 30, 2017 and December 31, 2016, respectively, relative to the increasing future minimum lease payments. Rent expense was $92,910 and $86,578 for the three months ended September 30, 2017 and 2016, respectively. Rent expense was $229,198 and $146,564 for the nine months ended September 30, 2017 and 2016, respectively.

 

General or Threatened Litigation

 

From time to time, the Company is notified of threatened litigation or that a claim is being made against it. The Company’s policy is to not disclose the specifics of any claim or threatened lawsuit until such complaint is actually served on the Company. On October 20, 2016, a former employee filed a lawsuit in the U.S. District Court, District of Arizona alleging the Company’s failure and/or refusal to pay overtime in violation of 29 U.S.C. Sec. 201, et. seq. and a claim for wrongfully withheld wages under A.R.S. Sec. 23-350 et. seq. The complaint seeks certification of class action status, declaratory relief, damages, interest, attorneys’ fees and such other relief the Court deems just and proper. Additionally, two former and one current employee opted-in to the class action.

 

On September 18, 2017, VirTra entered into a Settlement Agreement and Release of Claims with two parties and on November 30, 2017, VirTra entered into a Settlement Agreement and Release of Claims with the remaining two parties in the outstanding lawsuit agreeing to payments totaling $100,300 in full dismissal of all outstanding complaints against VirTra. The agreement does not constitute an admission that VirTra violated any local, state or federal regulations or engaged in any improper or unlawful conduct or wrongdoing. The US District Court of Arizona, District of Arizona approved Joint Motion Requesting Approval of Settlements on September 25, 2017 and December 7, 2017, respectively, for each settlement agreement. All required settlement payments were completed in accordance with the Settlement Agreements on September 29, 2017 and December 13, 2017. Management believes that the ultimate outcome of this matter did not have a material effect on its earnings, cash flows, or financial position.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Stockholders' Equity

Note 8. Stockholders’ Equity

 

Stock Repurchase

 

On October 25, 2016, the Company’s Board of Directors authorized the repurchase of up to $1,000,000 of its common stock through December 31, 2017. Purchases made pursuant to this authorization were to be made in the open market, in privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 of the SEC. The timing, manner, price and amount of any repurchases were to be determined by the Company at its discretion and were to be subject to economic and market conditions, stock price, applicable legal requirements and other factors. During the nine months ended September 30, 2017, the Company repurchased 20,939 shares at a cost of $96,633.

 

For the three month period ending September 30, 2017, VirTra repurchased 17,489 shares of stock to hold in treasury at a total cost basis of $82,834, and for the nine month period ending September 30, 2017 VirTra repurchased 20,939 shares of stock to hold in treasury at a total cost basis of $96,634 pursuant to its Repurchase Program. On October 18, 2017, VirTra suspended its Repurchase Program indefinitely due to its pending Regulation A Offering. The repurchased shares will remain in treasury for future sale.

 

Stock Options

 

The Company periodically issues non-qualified incentive stock options to key employees, officers and directors under a Stock Option Compensation plan approved by the Board of Directors in 2009. Terms of the option grants are at the discretion of the Board of Directors but historically have been seven years. During the three months ended September 30, 2017 and 2016, the Company issued 13,750 and 11,250 stock options, with a weighted average exercise price of $3.76 and $4.20 per share, respectively. During the nine months ended September 30, 2017 and 2016, the Company issued 41,250 and 33,750 stock options, with a weighted average exercise price of $4.42 and $3.08 per share, respectively.

 

On July 1, 2017, the Company granted to members of its Board of Directors options to purchase 13,750 shares of the Company’s common stock at an exercise price of $3.76 and a term of seven years.

 

On July 1, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $34,000, of which $12,500 had been previously expensed in 2010 with the balance of $21,500 being recognized as additional compensation cost in July 2017. On September 30, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $50,000, of which $12,500 had been previously expensed in 2010 with the balance of $37,500 being recognized as additional compensation cost in September 2017.

 

2017 Equity Incentive Plan

 

On August 23, 2017, our board approved, subject to shareholder approval at the annual meeting of shareholders on October 6, 2017, the 2017 Equity Incentive Plan (the “Equity Plan”). The Equity Plan is intended to make available incentives that will assist us to attract, retain and motivate employees, including officers, consultants and directors. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units and other cash-based or stock-based awards.

 

A total of 1,187,500 shares of our common stock will be initially authorized and reserved for issuance under the Equity Plan. This reserve will automatically increase on January 1, 2018 and each subsequent anniversary through 2027, by an amount equal to the smaller of (a) 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by the board.

 

Awards may be granted under the Equity Plan to our employees, including officers, directors or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. All awards will be evidenced by a written agreement between us and the holder of the award and may include any of the following: stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units and cash-based awards and other stock-based awards.

 

The assumptions used for the periods ended September 30, 2017 and 2016, and the resulting estimates of weighted-average fair value per share of options granted during those periods, are as follows:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2017     2016     2017     2016  
                         
Volatility     96% to 98%       103% to 105%       96% to 101%       103% to 107%  
Risk-free interest rate     1-2%       1-2%       1-2%       1-2%  
Expected term     7 years       7 years       7 years       7 years  

 

The following table summarizes all compensation plan stock options as of September 30:

 

    September 30, 2017     September 30, 2016  
    Number of     Weighted     Number of     Weighted  
    Stock Options     Exercise Price     Stock Options     Exercise Price  
Options outstanding, beginning of year     557,917     $ 1.60       833,967     $ 1.20  
Granted     41,250       4.42       33,750       3.08  
Redeemed     (55,000 )     (1.28 )     (237,500 )     (0.82 )
Exercised     -       -       (15,000 )     (1.10 )
Expired / terminated     -       -       (57,717 )     (1.08 )
Options outstanding, end of period     544,167     $ 2.10       557,500     $ 2.46  
Options exercisable, end of period     524,167     $ 2.08       537,500     $ 2.44  

 

Stock compensation expense was $42,376 and $30,000 for the three months ended September 30, 2017 and 2016, respectively. Stock compensation expense was $160,351 and $93,990 for the nine months ended September 30, 2017 and 2016, respectively. There are 20,000 non-vested stock options as of September 30, 2017. Of that amount, 10,000 options will vest equally in Octo ber 2017 and October 2018.

 

Warrants

 

As part of the Co-Venture Agreement, the Company granted 459,691 conditional warrants to affiliates of MREC, a related party, to purchase 5% of the Company’s capital stock on a fully diluted basis. The conditional warrants are exercisable commencing at the earlier of the first anniversary of MREC opening its first range facility utilizing the Company’s technology and the payment of all required minimum royalty/licensing fee payments during the first 12- month period. The Company also granted 459,691 conditional warrants to affiliates of MREC to purchase 5% of the Company’s capital stock on a fully diluted basis, which are exercisable any time subsequent to MREC’s payment of $2.0 million in royalty fees. The conditional warrants have a contractual term of five years and an exercise price of $2.72. On June 1, 2017, the one-year anniversary of MREC opening its first range facility occurred, and the associated warrants were vested. See Note 5.

 

Warrant Redemptions and Co-Venture Agreement Amendment

 

On July 28, 2017, the Company received Notices of Exercise for all 459,691 warrants currently exercisable (the “Tranche 1 Warrants”) from all the MREC affiliate holders electing to purchase warrants pursuant to the terms of the net exercise provision set forth in the Warrant Agreement. Mr. Saltz, a director of the Company and a substantial shareholder of MREC, held 778,243 of the Tranche 1 Warrants prior to the assignment of the warrants to MREC on August 11, 2017. Under the net exercise provision, in lieu of exercising the warrant for cash, the holder may elect to receive shares equal to the value of the warrant (or the portion thereof being exercised) by surrender of the warrant and the Company issuing to holder the number of computed shares. Using the July 28, 2017 OTCQX closing price at $4.36 as fair value and the $2.72 warrant exercise price, upon conversion the 459,691 warrants entitle the holders to receive 172,912 shares of the Company’s common stock without payment of any additional consideration pursuant to the net exercise terms of the Tranche 1 Warrants that are currently exercisable.

 

Effective August 16, 2017, the Company and the MREC affiliate holders entered into an agreement (the “Warrant Buyout Agreement”) whereby the Company acknowledged the assignment of the Tranche 1 Warrants to MREC and agreed to repurchase them at a price of $3.924 per share of common stock issuable by the Company pursuant to the net exercise terms of the Warrants for a total of $678,505.

 

In addition, the Company agreed to repurchase from MREC an additional 459,691 warrants held by MREC that are not currently exercisable (the “Tranche 2 Warrants”). Mr. Saltz held 728,243 of the Tranche 2 Warrants prior to their assignment to MREC on August 11, 2017. The Warrant Buyout Agreement amends the Tranche 2 Warrants to provide for the immediate exercise on a net exercise basis of 48,415 shares of the Company’s common stock. The purchase price for the Tranche 2 Warrants of a total of $94,990 is based on a price of $3.924 per share of common stock issuable on a net exercise basis based on 24,208 shares of the Company’s common stock. The aggregate purchase price of the Tranche 1 Warrants and the Tranche 2 Warrants was $773,495.

 

MREC agreed that proceeds of the warrant redemption, net of applicable taxes, would be used to fund the development of a second stand-alone Modern Round location. In addition, MREC agreed that the minimum royalty due to us during the first 12-month royalty period in order to maintain exclusivity is $118,427. Further, MREC acknowledged that the second 12-month minimum royalty calculation period provided for in the Co-Venture Agreement began on June 1, 2017 and ends on May 31, 2018. Total minimum royalty payments due during this period required to maintain MREC’s exclusive rights under the Co-Venture Agreement are $560,000 including any shortfalls for prior periods being due no later than June 30, 2018. By fully funding the Minimum Royalty Payment, MREC will retain its exclusive license to use the Company’s shooting scenario content and other intellectual property in MREC’s facilities for a future 12-month period in accordance with the Co-Venture Agreement.

 

In addition, on August 16, 2017, we entered into an amendment to the Co-Venture Agreement to permit MREC to sublicense the VirTra Technology to third party operators of stand-alone location-based entertainment companies. MREC agreed to pay us royalties for any such sublicenses in an amount equal to 10% of the revenue paid to MREC in cases where MREC pays for the cost of the equipment for such location or 14% of the revenue paid to MREC in cases where it does not pay for the cost of the equipment.

 

On August 17, 2017, VirTra paid the aggregate purchase price of Tranche 1 Warrants and Tranche 2 Warrants of $773,495 reduced by the minimum royalty payment of $118,427 for net cash payment to MREC totaling $655,068.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 9. Subsequent Events 

 

Other

 

On September 18, 2017, VirTra entered into a Settlement Agreement and Release of Claims with two parties and on November 30, 2017, VirTra entered into a Settlement Agreement and Release of Claims with the remaining two parties in the outstanding lawsuit agreeing to payments totaling $106,030 in full dismissal of all outstanding complaints against VirTra. The agreement does not constitute an admission that VirTra violated any local, state or federal regulations or engaged in any improper or unlawful conduct or wrongdoing. The US District Court of Arizona, District of Arizona approved Joint Motion Requesting Approval of Settlements on September 25, 2017 and December 7, 2017, respectively, for each settlement agreement. All required settlement payments were completed in accordance with the Settlement Agreements on September 29, 2017 and December 13, 2017. Management believes that the ultimate outcome of this matter did not have a material effect on its earnings, cash flows, or financial position. (See Note 7. Commitments and Contingencies – General or Threatened Litigation)

 

On October 6, 2017, VirTra held its Annual General Meeting and the shareholders approved, in line with the Board of Directors’ recommendations, all proposals presented at the meeting. Shareholders voted to elect all five of the director nominees: Robert D. Ferris, Matthew D. Burlend, Mitchell A. Saltz, Jeffrey D. Brown and Jim Richardson. Additionally, the shareholders approved the VirTra 2017 Equity Incentive Plan.

 

On October 9, 2017, VirTra’s Board of Directors appointed Robert D. Ferris, CEO to continue to serve as the Chairman of the Board of Directors. Additionally, the Board of Directors elected the following officers of the Company: Robert D. Ferris as Chief Executive Officer and President; Matthew D. Burlend as Chief Operating Officer and Vice President; and Judy A. Henry as Chief Financial Officer, Secretary and Treasurer.

 

On October 10, 2017, VirTra applied to list its common stock on the Nasdaq Capital Market upon qualification by the SEC of its planned Regulation A+ offering of common stock with a minimum of $5,000,000 and a maximum of $10,000,000 pursuant to an Offering Statement filed with the SEC on September 11, 2017, as amended.

 

On December 1, 2017, the Company redeemed from the CEO and COO 12,500 previously awarded expiring stock options for cash totaling $62,000, of which $17,500 had been previously expensed in 2011 with the balance of $44,500 being recognized as additional compensation cost in December 2017.

 

On February 12, 2018, VirTra’s Board of Directors unanimously approved a 1-for-2 reverse stock split of the Company’s common stock, par value $0.0001 per share with resulting fractional shares to be rounded up to the next higher whole number of shares. The record date for shareholders entitled to participate in the Reverse Split shall be the market effective date as established by FINRA, which was effectuated on March 2, 2018. Except as otherwise indicated, all references to common stock, share data, per share data and related information depict the 1-for-2 Reverse Stock Split as if it was effective and as if it had occurred at the beginning of the earliest period presented.

 

On March 29, 2018, pursuant to an Offering Circular on Form 1-A, as amended, pursuant to Regulation A, we offered on a “best efforts” basis a minimum of 714,286 shares of common stock and a maximum of 1,428,571 shares of common stock (the “Offered Shares”), par value of $0.0001 per share (the “Common Stock”), at a price per share of Common Stock of $7.00. The minimum offering amount (“Minimum Offering Amount”) was $5,000,000 and the maximum offering amount (“Maximum Offering Amount”) was $10,000,000. We terminated the offering on March 29, 2018. No shares were sold pursuant to the offering.

 

On March 29, 2018, our shares of Common Stock began trading on the Nasdaq Capital Market under the symbol, “VTSI.”

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Business Operations (Policies)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and note disclosures normally included in complete annual financial statements prepared in accordance with GAAP have been condensed or omitted. However, the Company believes that the disclosures included in these unaudited condensed financial statements are adequate to make the information presented not misleading. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation of such interim results. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended December 31, 2016 included in the Company’s Post-Qualification Offering Circular Amendment No. 1 to Form 1-A filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2018.

 

Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on net income/(loss).

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

Between May 2014 and December 2016, the Financial Accounting Standards Board (the “FASB”) issued several Accounting Standard Updates (“ASUs”) on Revenue from Contracts with Customers (Topic 606). These updates will supersede nearly all existing revenue recognition guidance under current GAAP. The core principle is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. A five-step process has been defined to achieve this core principle, and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standards are effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standards in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting the standards recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of these standards on its financial statements and expects to adopt the modified retrospective approach. However, the adoption of these new standards will not have a material impact on its revenue recognition as it pertains to current revenue streams, the Company’s financial position or results of operations

 

In February 2016, the FASB issued ASU No. 2016-02 – “Leases (Topic 842)”, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.

 

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. As the Company wrote-down its Investment in Modern Round to fair value in 2017, the Company believes that the adoption of ASU 2016-01 will not have a material impact on its financial statements, however, the Company will change from the cost method of accounting.

 

In July 2015, the FASB issued ASU No. 2015-11 – “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The amendment’s purpose is to simplify the measurement, reduce costs and increase comparability for inventory measured using first-in, first-out (FIFO) or average cost methods. An entity should measure inventory within the scope of this ASU at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This accounting guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard was adopted on January 1, 2017 and its adoption did not to have a material significant impact on the Company’s financial statement position and results of operations.

 

In November 2015, the FASB issued ASU No. 2015-17 – “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU’s purpose is to require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position (Balance Sheet). This accounting guidance will become effective beginning in the first quarter of 2017. Early application is permitted. The Company adopted this pronouncement and such adoption did not have a material impact on the Company’s financial statements and related disclosures.

 

In February 2016, the FASB issued ASU No. 2016-02 – “Leases (Topic 842)”, which requires leases to put most leases on their balance sheets by recognizing lease assets and lease liabilities for those leases classified as operating leases under previous guidance. This ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently in the process of assessing the impact of this ASU on its financial statements.

 

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), to provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flow. The amendments should be applied using a retrospective transition method, and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement is not expected to have an impact on the Company’s financial position or results of operations.

 

In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250). The ASU adds SEC disclosure requirements for both the quantitative and qualitative impacts that certain recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. Specially, these disclosure requirements apply to the adoption of ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As indicated below, the Company does not believe that the adoption of ASU No. 2014-09 will have a material impact on its revenue recognition as it pertains to current revenue streams.

 

In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, which is the same time as the amendments in ASU No. 2014-09, and early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Accounting Standards Codification (“ASC”) 718. The amendments are effective for fiscal years beginning after December 15, 2017, and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption in an interim period. The Company does not expect this amendment to have a material impact on its financial statements.

 

In July 2017, the FASB issued ASU No. 2017-11 – “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815)” I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Part I applies to entities that issue financial instruments such as warrants, convertible debt or convertible preferred stock that contain down round features. Part II simply replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. This ASU is effective for public companies for the annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. The Company does not expect this amendment to have a material impact on its financial statements.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventory (Tables)
9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventory consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Raw materials   $ 1,718,367     $ 1,085,519  
Finished goods     -       251,707  
Reserve     (29,218 )     (17,282 )
                 
Total inventory   $ 1,689,149     $ 1,319,944

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Computer equipment   $ 818,155     $ 753,987  
Furniture and office equipment     196,216       182,969  
Machinery and equipment     925,495       925,495  
Leasehold improvements     324,313       318,318  
                 
Total property and equipment     2,264,178       2,180,768  
Less: Accumulated depreciation     (1,570,972 )     (1,366,445 )
                 
Property and equipment, net   $ 693,206     $ 814,323

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses (Tables)
9 Months Ended
Sep. 30, 2017
Payables and Accruals [Abstract]  
Schedule of Accrued Compensation and Related Costs

Accrued compensation and related costs consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Salaries and wages payable   $ 431,741     $ 93,832  
401(k) contributions payable     16,971       25,729  
Accrued paid time off     254,211       190,518  
Profit sharing payable     406,811       307,503  
                 
Total accrued compensation and related costs   $ 1,109,734     $ 617,582

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of:

 

    September 30, 2017     December 31, 2016  
             
Manufacturer’s warranties   $ 135,000     $ 122,000  
Taxes payable     61,045       32,668  
Other     31,643       40,000  
                 
Total accrued expenses and other current liabilities   $ 227,688     $ 194,668

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Tables)
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Schedule of Additional Compensation Expenses

During the three and nine months ended September 30, 2017 and 2016, the Company redeemed stock options from the CEO and COO that had previously been awarded. As a result, the Company recorded additional compensation expense as follows:

 

    Three Months Ending September 30,     Nine Months Ending September 30,  
    2017     2016     2017     2016  
Number of stock options redeemed     30,000       12,500       55,000       237,500  
Redemption value   $ 97,300     $ 37,500     $ 182,550     $ 505,224  
Amount previously expensed (2010 and 2009)     (32,000 )     (12,500 )     (67,000 )     (190,000 )
                                 
Additional compensation expense   $ 65,300     $ 25,000     $ 115,550     $ 315,224

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases

Future minimum lease payments under non-cancelable operating leases are as follows:

 

Building Lease Schedule
         
2017   $ 87,651  
2018     324,353  
2019     105,542  
         
Total   $ 517,546

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used for the periods ended September 30, 2017 and 2016, and the resulting estimates of weighted-average fair value per share of options granted during those periods, are as follows:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2017     2016     2017     2016  
                         
Volatility     96% to 98%       103% to 105%       96% to 101%       103% to 107%  
Risk-free interest rate     1-2%       1-2%       1-2%       1-2%  
Expected term     7 years       7 years       7 years       7 years

Schedule of Stock Options Activity

The following table summarizes all compensation plan stock options as of September 30:

 

    September 30, 2017     September 30, 2016  
    Number of     Weighted     Number of     Weighted  
    Stock Options     Exercise Price     Stock Options     Exercise Price  
Options outstanding, beginning of year     557,917     $ 1.60       833,967     $ 1.20  
Granted     41,250       4.42       33,750       3.08  
Redeemed     (55,000 )     (1.28 )     (237,500 )     (0.82 )
Exercised     -       -       (15,000 )     (1.10 )
Expired / terminated     -       -       (57,717 )     (1.08 )
Options outstanding, end of period     544,167     $ 2.10       557,500     $ 2.46  
Options exercisable, end of period     524,167     $ 2.08       537,500     $ 2.44  

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Business Operations (Details Narrative) - $ / shares
Feb. 12, 2017
Oct. 20, 2016
Oct. 01, 2016
Sep. 30, 2017
Dec. 31, 2016
Number of common stock shares converted     7,927,688    
Common stock, shares authorized       50,000,000 50,000,000
Common stock, par value       $ 0.0001 $ 0.0001
Reverse stock split 1 for 2 reverse stock split 1 for 10 reverse stock split      
Common Stock [Member]          
Common stock, shares authorized     62,500,000 60,000,000  
Common stock, par value     $ 0.0001 $ 0.0001  
Class A Common Stock [Member]          
Common stock, shares authorized       2,500,000 2,500,000
Common stock, par value       $ 0.0001 $ 0.0001
Class B Common Stock [Member]          
Common stock, shares authorized       7,500,000 7,500,000
Common stock, par value       $ 0.0001 $ 0.0001
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventory - Schedule of Inventory (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Raw materials $ 1,718,367 $ 1,085,519
Finished goods 251,707
Reserve (29,218) (17,282)
Total inventory $ 1,689,149 $ 1,319,944
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 65,570 $ 64,591 $ 204,527 $ 160,768
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Total property and equipment $ 2,264,178 $ 2,180,768
Less: Accumulated depreciation (1,570,972) (1,366,445)
Property and equipment, net 693,206 814,323
Computer Equipment [Member]    
Total property and equipment 818,155 753,987
Furniture and Office Equipment [Member]    
Total property and equipment 196,216 182,969
Machinery and Equipment [Member]    
Total property and equipment 925,495 925,495
Leasehold Improvements [Member]    
Total property and equipment $ 324,313 $ 318,318
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Payables and Accruals [Abstract]        
Percentage of annual net profit used     15.00% 15.00%
Profit sharing expense $ 113,976 $ (3,379) $ 403,709 $ 325,678
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses - Schedule of Accrued Compensation and Related Costs (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Payables and Accruals [Abstract]    
Salaries and wages payable $ 431,741 $ 93,832
401(k) contributions payable 16,971 25,729
Accrued paid time off 254,211 190,518
Profit sharing payable 406,811 307,503
Total accrued compensation and related costs $ 1,109,734 $ 617,582
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Payables and Accruals [Abstract]    
Manufacturer's warranties $ 135,000 $ 122,000
Taxes payable 61,045 32,668
Other 31,643 40,000
Total accrued expenses and other current liabilities $ 227,688 $ 194,668
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Collaboration Agreement (Details Narrative) - USD ($)
9 Months Ended 12 Months Ended
Jun. 01, 2017
Oct. 25, 2016
Apr. 14, 2015
Jan. 16, 2015
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2015
Ownership percentage   8.90%          
Warrant exercise price per share $ 2.72            
Number of option issued to purchase shares         41,250 33,750  
Options exercisable weighted average exercise price         $ 2.08 $ 2.44  
Cumulative license fees         $ 245,082 $ 47,829  
Volatility rate 91.50%            
Risk free rate 1.76%            
Expected term 5 years            
Fair value per share $ 4.28            
Fair value, investment $ 1,516,246            
Maximum [Member]              
Number of warrants to purchase shares of common stock   3,353,495          
Conditional Warrants [Member]              
Warrant exercise price per share   $ 2.72     $ 2.72    
Number of warrants to purchase shares of common stock   1,676,747          
Number of warrants exercised, value   335,349          
Warrants issued to purchase capital stock, percent   5.00%     5.00%    
Cumulative license fees   $ 2,000,000     $ 2,000,000    
Warrant term   5 years     5 years    
Conditional Warrants [Member] | Date of Co Venture Agreement [Member]              
Number of warrants to purchase shares of common stock   459,691          
Warrants issued to purchase capital stock, percent   5.00%          
Conditional Warrants [Member] | Agreement Date [Member]              
Number of warrants to purchase shares of common stock   459,691          
Warrants issued to purchase capital stock, percent   5.00%          
Modern Round [Member]              
Number of option issued to purchase shares     125,000        
Options exercisable weighted average exercise price     $ 0.50        
Co-Venture Agreement [Member]              
Number of capital units received       1,365,789      
Ownership percentage       5.00% 9.30%    
Fair value per unit       $ 0.10      
Warrant exercise price per share       $ 0.25      
Merger Agreement [Member]              
Number of option issued to purchase shares             153,459
Options exercisable weighted average exercise price             $ 0.41
Number of issued and outstanding units converted into common stock             1.2277
Number of common shares held             $ 1,676,748
Merger Agreement [Member] | Conditional Warrants [Member]              
Warrant exercise price per share             $ 0.20
Number of warrants to purchase shares of common stock             1,676,747
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Oct. 25, 2016
Jan. 16, 2015
Number of stock options issued to purchase common stock     41,250 33,750      
Weighted average purchase price of stock options issued     $ 4.42 $ 3.80      
Options exercisable term     7 years        
Common stock shares owned 7,906,835   7,906,835   7,927,774    
Ownership percentage           8.90%  
License fees from related party     $ 245,082 $ 47,829      
Co-Venture Agreement [Member]              
Common stock shares owned 3,353,495   3,353,495        
Ownership percentage 9.30%   9.30%       5.00%
Co-Venture Agreement [Member] | Modern Round Entertainment Corporation [Member]              
License fees from related party     $ 245,082 $ 47,829      
CEO, COO and Members of Board of Directors [Member]              
Number of stock options issued to purchase common stock 13,750 11,250 41,250 33,750      
Weighted average purchase price of stock options issued $ 3.76 $ 4.20 $ 4.42 $ 3.08      
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions - Schedule of Additional Compensation Expenses (Details) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Related Party Transactions [Abstract]          
Number of stock options redeemed   30,000 12,500 55,000 237,500
Redemption value   $ 97,300 $ 37,500 $ 182,550 $ 505,224
Amount previously expensed (2010 and 2009)   (32,000) (12,500) (67,000) (190,000)
Additional compensation expense $ 21,500 $ 65,300 $ 25,000 $ 115,550 $ 315,224
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Nov. 30, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Deferred rent liability   $ 87,861   $ 87,861   $ 122,126
Rent expense   $ 92,910 $ 86,578 $ 229,198 $ 146,564  
Settlement Agreement [Member]            
Payments for outstanding lawsuit $ 100,300          
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details)
Sep. 30, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2017 $ 87,651
2018 324,353
2019 105,542
Total $ 517,546
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 17, 2017
Aug. 16, 2017
Jul. 28, 2017
Jul. 02, 2017
Oct. 25, 2016
Apr. 14, 2015
Jul. 31, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2017
Aug. 23, 2017
Jun. 01, 2017
Jan. 16, 2015
Shares repurchased during the period held in treasury cost method                   $ (96,633)          
Number of stock options issued to purchase common stock                   41,250 33,750        
Weighted average purchase price of stock options issued                   $ 4.42 $ 3.80        
Options exercisable term                   7 years          
Number of stock options redeemed shares               30,000 12,500 55,000 237,500        
Number of stock options redeemed value               $ 97,300 $ 37,500 $ 182,550 $ 505,224        
Amount previously expensed               (32,000) (12,500) (67,000) (190,000)        
Additional compensation cost (Stock compensation expense)             $ 21,500 65,300 25,000 115,550 315,224        
Cumulative license fees                   245,082 47,829        
Warrant exercise price per share                           $ 2.72  
Warrants purchase price $ 773,495                            
Minimum royalty due 118,427                            
Royalty payment $ 655,068                            
Modern Round [Member]                              
Number of stock options issued to purchase common stock           125,000                  
Warrant Buyout Agreement [Member] | Common Stock [Member]                              
Warrants purchase price   $ 773,495                          
Co-Venture Agreement [Member]                              
Warrant exercise price per share                             $ 0.25
Minimum royalty due                       $ 118,427      
Co-Venture Agreement [Member] | Modern Round [Member]                              
Minimum royalty due                       $ 560,000      
Royalty due date                       Jun. 30, 2018      
2017 Equity Incentive Plan [Member]                              
Additional compensation cost (Stock compensation expense)               $ 42,376 $ 30,000 $ 160,351 $ 93,990        
Number of common stock capital shares reserved for future issuance                         1,187,500    
Percentage of common stock shares issued and outstanding                         3.00%    
Number of Non-vested stock options               20,000   20,000          
2017 Equity Incentive Plan [Member] | October 2017 [Member]                              
Number of non-vested stock options vested equally                   10,000          
2017 Equity Incentive Plan [Member] | October 2018 [Member]                              
Number of non-vested stock options vested equally                   10,000          
Treasury Stock [Member]                              
Number of shares repurchased                   20,939          
Number of shares repurchased, cost                   $ 96,634          
Stock Options [Member]                              
Number of stock options issued to purchase common stock               13,750 11,250 41,250 33,750        
Weighted average purchase price of stock options issued               $ 3.76 $ 4.20 $ 4.42 $ 3.08        
Conditional Warrants [Member]                              
Number of warrants granted                   459,691          
Warrants issued to purchase capital stock, percent         5.00%         5.00%          
Cumulative license fees         $ 2,000,000         $ 2,000,000          
Warrant term         5 years         5 years          
Warrant exercise price per share         $ 2.72     $ 2.72   $ 2.72          
Number of warrants entitle to receive the shares of common stock         1,676,747                    
Number of warrants exercised, value         335,349                    
Tranche 1 Warrants [Member]                              
Warrant exercise price per share     $ 2.72                        
Number of warrants entitle to receive the shares of common stock     172,912                        
Warrants held during the period     778,243                        
Warrants fair value     $ 4.36                        
Tranche 1 Warrants [Member] | Warrant Buyout Agreement [Member]                              
Shares issued price per share   $ 3.924                          
Number of warrants exercised, value   678,505                          
Tranche 2 Warrants [Member] | Warrant Buyout Agreement [Member]                              
Number of warrants entitle to receive the shares of common stock   459,691                          
Warrants held during the period   728,243                          
Shares issued price per share   $ 3.924                          
Number of warrants exercised, value   94,990                          
Number of warrants to exercise common stock   48,415                          
Tranche 2 Warrants [Member] | Warrant Buyout Agreement [Member] | Common Stock [Member]                              
Number of warrants to exercise common stock   24,208                          
Repurchase Program [Member]                              
Shares repurchased during the period held in treasury                   17,489          
Shares repurchased during the period held in treasury cost method                   $ 82,834          
Board of Directors [Member]                              
Common stock shares authorized to repurchase         1,000,000                    
Number of shares repurchased                   20,939          
Number of shares repurchased, cost                   $ 96,633          
Number of stock options issued to purchase common stock       13,750                      
Weighted average purchase price of stock options issued       $ 3.76                      
Options exercisable term       7 years                      
Chief Executive Officer and Chief Operating Officer [Member]                              
Number of stock options redeemed shares       12,500                      
Number of stock options redeemed value       $ 34,000                      
Amount previously expensed       $ 12,500                      
Chief Executive Officer and Chief Operating Officer [Member] | Stock Options [Member]                              
Number of stock options redeemed shares                   12,500          
Number of stock options redeemed value                   $ 50,000          
Amount previously expensed                   12,500          
Additional compensation cost (Stock compensation expense)                   $ 37,500          
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Expected term 7 years 7 years 7 years 7 years
Minimum [Member]        
Volatility 96.00% 103.00% 96.00% 103.00%
Risk-free interest rate 1.00% 1.00% 1.00% 1.00%
Maximum [Member]        
Volatility 98.00% 105.00% 101.00% 107.00%
Risk-free interest rate 2.00% 2.00% 2.00% 2.00%
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity - Schedule of Stock Options Activity (Details) - $ / shares
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Equity [Abstract]    
Options outstanding, beginning of year 557,917 833,967
Number of options, Granted / Vested 41,250 33,750
Number of options, Redeemed (55,000) (237,500)
Number of options, Exercised (15,000)
Number of options, Expired / terminated (57,717)
Number of options outstanding, end of year 544,167 557,500
Number of options exercisable, end of year 524,167 557,500
Weighted Exercise Price outstanding, beginning of year $ 1.60 $ 1.20
Weighted average exercise price, Granted / Vested 4.42 3.80
Weighted average exercise price, Redeemed 1.28 0.82
Weighted average exercise price, Exercised 1.10
Weighted average exercise price, Expired / terminated 1.08
Weighted average exercise price outstanding, end of year 2.10 2.46
Weighted average exercise price exercisable, end of year $ 2.08 $ 2.44
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 29, 2018
Feb. 12, 2018
Dec. 01, 2017
Nov. 30, 2017
Nov. 30, 2017
Oct. 10, 2017
Jul. 02, 2017
Feb. 12, 2017
Oct. 20, 2016
Dec. 31, 2017
Jul. 31, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Number of expiring stock options redeemed                       30,000 12,500 55,000 237,500  
Number of expiring stock options redeemed for cash                       $ 97,300 $ 37,500 $ 182,550 $ 505,224  
Amount previously expensed                       32,000 12,500 67,000 190,000  
Stock compensation expense                     $ 21,500 $ 65,300 $ 25,000 $ 115,550 $ 315,224  
Reverse stock split               1 for 2 reverse stock split 1 for 10 reverse stock split              
Common stock, par value                       $ 0.0001   $ 0.0001   $ 0.0001
Chief Executive Officer and Chief Operating Officer [Member]                                
Number of expiring stock options redeemed             12,500                  
Number of expiring stock options redeemed for cash             $ 34,000                  
Amount previously expensed             $ (12,500)                  
Settlement Agreement [Member]                                
Payments for outstanding lawsuit       $ 100,300                        
Subsequent Event [Member]                                
Common stock, par value $ 0.0001                              
Shares issued price per share $ 7.00                              
Subsequent Event [Member] | Chief Executive Officer and Chief Operating Officer [Member]                                
Number of expiring stock options redeemed     12,500                          
Number of expiring stock options redeemed for cash     $ 62,000                          
Amount previously expensed     $ 17,500                          
Stock compensation expense                   $ 44,500            
Subsequent Event [Member] | Board of Directors [Member]                                
Reverse stock split   1-for-2 reverse stock split                            
Common stock, par value   $ 0.0001                            
Subsequent Event [Member] | Minimum [Member]                                
Number of common stock shares issued during the period 714,286         5,000,000                    
Common stock shares issued during the period, value $ 5,000,000                              
Subsequent Event [Member] | Maximum [Member]                                
Number of common stock shares issued during the period 1,428,571         10,000,000                    
Common stock shares issued during the period, value $ 10,000,000                              
Subsequent Event [Member] | Settlement Agreement [Member]                                
Payments for outstanding lawsuit         $ 106,030                      
EXCEL 49 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 51 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 53 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 117 187 1 false 36 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://virtra.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Balance Sheets (Unaudited) Sheet http://virtra.com/role/BalanceSheets Condensed Balance Sheets (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - Condensed Balance Sheets (Parenthetical) Sheet http://virtra.com/role/BalanceSheetsParenthetical Condensed Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Statements of Operations (Unaudited) Sheet http://virtra.com/role/StatementsOfOperations Condensed Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Statement of Stockholders' Equity (Unaudited) Sheet http://virtra.com/role/StatementOfStockholdersEquity Condensed Statement of Stockholders' Equity (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Condensed Statements of Cash Flows (Unaudited) Sheet http://virtra.com/role/StatementsOfCashFlows Condensed Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - Organization and Business Operations Sheet http://virtra.com/role/OrganizationAndBusinessOperations Organization and Business Operations Notes 7 false false R8.htm 00000008 - Disclosure - Inventory Sheet http://virtra.com/role/Inventory Inventory Notes 8 false false R9.htm 00000009 - Disclosure - Property and Equipment Sheet http://virtra.com/role/PropertyAndEquipment Property and Equipment Notes 9 false false R10.htm 00000010 - Disclosure - Accrued Expenses Sheet http://virtra.com/role/AccruedExpenses Accrued Expenses Notes 10 false false R11.htm 00000011 - Disclosure - Collaboration Agreement Sheet http://virtra.com/role/CollaborationAgreement Collaboration Agreement Notes 11 false false R12.htm 00000012 - Disclosure - Related Party Transactions Sheet http://virtra.com/role/RelatedPartyTransactions Related Party Transactions Notes 12 false false R13.htm 00000013 - Disclosure - Commitments and Contingencies Sheet http://virtra.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 13 false false R14.htm 00000014 - Disclosure - Stockholders' Equity Sheet http://virtra.com/role/StockholdersEquity Stockholders' Equity Notes 14 false false R15.htm 00000015 - Disclosure - Subsequent Events Sheet http://virtra.com/role/SubsequentEvents Subsequent Events Notes 15 false false R16.htm 00000016 - Disclosure - Organization and Business Operations (Policies) Sheet http://virtra.com/role/OrganizationAndBusinessOperationsPolicies Organization and Business Operations (Policies) Policies 16 false false R17.htm 00000017 - Disclosure - Inventory (Tables) Sheet http://virtra.com/role/InventoryTables Inventory (Tables) Tables http://virtra.com/role/Inventory 17 false false R18.htm 00000018 - Disclosure - Property and Equipment (Tables) Sheet http://virtra.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) Tables http://virtra.com/role/PropertyAndEquipment 18 false false R19.htm 00000019 - Disclosure - Accrued Expenses (Tables) Sheet http://virtra.com/role/AccruedExpensesTables Accrued Expenses (Tables) Tables http://virtra.com/role/AccruedExpenses 19 false false R20.htm 00000020 - Disclosure - Related Party Transactions (Tables) Sheet http://virtra.com/role/RelatedPartyTransactionsTables Related Party Transactions (Tables) Tables http://virtra.com/role/RelatedPartyTransactions 20 false false R21.htm 00000021 - Disclosure - Commitments and Contingencies (Tables) Sheet http://virtra.com/role/CommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables http://virtra.com/role/CommitmentsAndContingencies 21 false false R22.htm 00000022 - Disclosure - Stockholders' Equity (Tables) Sheet http://virtra.com/role/StockholdersEquityTables Stockholders' Equity (Tables) Tables http://virtra.com/role/StockholdersEquity 22 false false R23.htm 00000023 - Disclosure - Organization and Business Operations (Details Narrative) Sheet http://virtra.com/role/OrganizationAndBusinessOperationsDetailsNarrative Organization and Business Operations (Details Narrative) Details http://virtra.com/role/OrganizationAndBusinessOperationsPolicies 23 false false R24.htm 00000024 - Disclosure - Inventory - Schedule of Inventory (Details) Sheet http://virtra.com/role/Inventory-ScheduleOfInventoryDetails Inventory - Schedule of Inventory (Details) Details 24 false false R25.htm 00000025 - Disclosure - Property and Equipment (Details Narrative) Sheet http://virtra.com/role/PropertyAndEquipmentDetailsNarrative Property and Equipment (Details Narrative) Details http://virtra.com/role/PropertyAndEquipmentTables 25 false false R26.htm 00000026 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) Sheet http://virtra.com/role/PropertyAndEquipment-ScheduleOfPropertyAndEquipmentDetails Property and Equipment - Schedule of Property and Equipment (Details) Details 26 false false R27.htm 00000027 - Disclosure - Accrued Expenses (Details Narrative) Sheet http://virtra.com/role/AccruedExpensesDetailsNarrative Accrued Expenses (Details Narrative) Details http://virtra.com/role/AccruedExpensesTables 27 false false R28.htm 00000028 - Disclosure - Accrued Expenses - Schedule of Accrued Compensation and Related Costs (Details) Sheet http://virtra.com/role/AccruedExpenses-ScheduleOfAccruedCompensationAndRelatedCostsDetails Accrued Expenses - Schedule of Accrued Compensation and Related Costs (Details) Details 28 false false R29.htm 00000029 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses and Other Current Liabilities (Details) Sheet http://virtra.com/role/AccruedExpenses-ScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetails Accrued Expenses - Schedule of Accrued Expenses and Other Current Liabilities (Details) Details 29 false false R30.htm 00000030 - Disclosure - Collaboration Agreement (Details Narrative) Sheet http://virtra.com/role/CollaborationAgreementDetailsNarrative Collaboration Agreement (Details Narrative) Details http://virtra.com/role/CollaborationAgreement 30 false false R31.htm 00000031 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://virtra.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://virtra.com/role/RelatedPartyTransactionsTables 31 false false R32.htm 00000032 - Disclosure - Related Party Transactions - Schedule of Additional Compensation Expenses (Details) Sheet http://virtra.com/role/RelatedPartyTransactions-ScheduleOfAdditionalCompensationExpensesDetails Related Party Transactions - Schedule of Additional Compensation Expenses (Details) Details 32 false false R33.htm 00000033 - Disclosure - Commitments and Contingencies (Details Narrative) Sheet http://virtra.com/role/CommitmentsAndContingenciesDetailsNarrative Commitments and Contingencies (Details Narrative) Details http://virtra.com/role/CommitmentsAndContingenciesTables 33 false false R34.htm 00000034 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) Sheet http://virtra.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumLeasePaymentsUnderNon-cancelableOperatingLeasesDetails Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) Details 34 false false R35.htm 00000035 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://virtra.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://virtra.com/role/StockholdersEquityTables 35 false false R36.htm 00000036 - Disclosure - Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) Sheet http://virtra.com/role/StockholdersEquity-ScheduleOfShare-basedPaymentAwardStockOptionsValuationAssumptionsDetails Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) Details 36 false false R37.htm 00000037 - Disclosure - Stockholders' Equity - Schedule of Stock Options Activity (Details) Sheet http://virtra.com/role/StockholdersEquity-ScheduleOfStockOptionsActivityDetails Stockholders' Equity - Schedule of Stock Options Activity (Details) Details 37 false false R38.htm 00000038 - Disclosure - Subsequent Events (Details Narrative) Sheet http://virtra.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://virtra.com/role/SubsequentEvents 38 false false All Reports Book All Reports vtsid-20170930.xml vtsid-20170930.xsd vtsid-20170930_cal.xml vtsid-20170930_def.xml vtsid-20170930_lab.xml vtsid-20170930_pre.xml http://xbrl.sec.gov/dei/2014-01-31 http://fasb.org/us-gaap/2017-01-31 true true ZIP 55 0001493152-18-004277-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-18-004277-xbrl.zip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