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Summary of Significant Accounting Policies (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Accounting Policies [Abstract]    
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows:

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

June 30, 2018

 

 

December 31, 2017

 

Cash and cash equivalents

 

$

3,055,894

 

 

$

4,572,487

 

 

$

7,428,993

 

 

$

1,847,171

 

Restricted cash

 

 

185,380

 

 

 

164,720

 

 

 

181,490

 

 

 

243,380

 

Total cash, cash equivalents and restricted cash in the condensed consolidated statement of cash flows

 

$

3,241,274

 

 

$

4,737,207

 

 

$

7,610,483

 

 

$

2,090,551

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows:

 

 

 

December 31, 2018

 

 

December 31, 2017

 

 

December 31, 2016

 

Cash and cash equivalents

 

$

4,572,487

 

 

$

1,847,171

 

 

$

4,117,324

 

Restricted cash

 

 

164,720

 

 

 

243,380

 

 

 

243,380

 

Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows

 

$

4,737,207

 

 

$

2,090,551

 

 

$

4,360,704

 

Schedule of Inventories

Inventories are valued using the first-in, first-out method and stated at the lower of cost or net realizable value and consist of the following: 

 

 

 

June 30, 2019

 

 

December 31, 2018

 

Raw materials and supplies

 

$

237,500

 

 

$

368,438

 

Work-in-process

 

 

135,916

 

 

 

58,402

 

Finished goods

 

 

194,006

 

 

 

116,907

 

Total

 

$

567,422

 

 

$

543,747

 

Inventories are valued using the first-in, first-out method and stated at the lower of cost or net realizable value and consist of the following:

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Raw materials and supplies

 

$

368,438

 

 

$

360,134

 

Work-in process

 

 

58,402

 

 

 

51,233

 

Finished goods

 

 

116,907

 

 

 

122,058

 

Total

 

$

543,747

 

 

$

533,425

 

 

Property, Plant and Equipment   Property and equipment consisted of the following at December 31, 2018 and 2017:

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Laboratory and manufacturing equipment

 

$

4,829,323

 

 

$

4,109,367

 

Office furniture and equipment

 

 

700,299

 

 

 

700,299

 

Computers and network equipment

 

 

1,520,713

 

 

 

1,505,651

 

Leasehold improvements

 

 

745,800

 

 

 

729,504

 

 

 

 

7,796,135

 

 

 

7,044,821

 

Less accumulated depreciation

 

 

(6,574,308

)

 

 

(6,209,284

)

Property and equipment, net

 

$

1,221,827

 

 

$

835,537

 

Schedule of Finite-Lived Intangible Assets Finite-lived intangible assets include trademarks, developed technology and customer relationships and consisted of the following as of June 30, 2019 and December 31, 2018

 

 

 

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

Cost

 

 

Accumulated

Amortization

 

 

Net Balance

 

 

Accumulated

Amortization

 

 

Net Balance

 

Trademarks and trade names

 

$

461,000

 

 

$

(182,835

)

 

$

278,165

 

 

$

(159,783

)

 

$

301,217

 

Developed technology

 

 

458,000

 

 

 

(259,458

)

 

 

198,542

 

 

 

(226,746

)

 

 

231,254

 

Customer relationships

 

 

1,094,000

 

 

 

(619,249

)

 

 

474,751

 

 

 

(541,105

)

 

 

552,895

 

 

 

$

2,013,000

 

 

$

(1,061,542

)

 

$

951,458

 

 

$

(927,634

)

 

$

1,085,366

 

Finite-lived intangible assets include trademarks, developed technology and customer relationships, and consisted of the following as of December 31, 2018 and 2017:

 

 

 

 

 

 

 

December 31, 2018

 

 

December 31, 2017

 

 

 

Cost

 

 

Accumulated

Amortization

 

 

Net Balance

 

 

Accumulated

Amortization

 

 

Net Balance

 

Trademarks and tradenames

 

$

461,000

 

 

$

(159,783

)

 

$

301,217

 

 

$

(113,679

)

 

$

347,321

 

Developed technology

 

 

458,000

 

 

 

(226,746

)

 

 

231,254

 

 

 

(161,322

)

 

 

296,678

 

Customer relationships

 

 

1,094,000

 

 

 

(541,105

)

 

 

552,895

 

 

 

(384,817

)

 

 

709,183

 

 

 

$

2,013,000

 

 

$

(927,634

)

 

$

1,085,366

 

 

$

(659,818

)

 

$

1,353,182

 

Schedule of Expected Amortization of Intangible Assets   Expected amortization of intangible assets for each of the next five fiscal years is as follows.

Year Ending December 31,

 

 

 

 

2019

 

$

267,816

 

2020

 

 

267,816

 

2021

 

 

267,816

 

2022

 

 

165,117

 

2023

 

 

46,104

 

Thereafter

 

 

70,697

 

Total

 

$

1,085,366