0001615774-17-002138.txt : 20170509 0001615774-17-002138.hdr.sgml : 20170509 20170509115945 ACCESSION NUMBER: 0001615774-17-002138 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170509 DATE AS OF CHANGE: 20170509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sensus Healthcare, Inc. CENTRAL INDEX KEY: 0001494891 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 271647271 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37714 FILM NUMBER: 17825326 BUSINESS ADDRESS: STREET 1: 851 BROKEN SOUND PARKWAY NW STREET 2: SUITE 215 CITY: BOCA RATON STATE: FL ZIP: 33487 BUSINESS PHONE: 561-922-5808 MAIL ADDRESS: STREET 1: 851 BROKEN SOUND PARKWAY NW STREET 2: SUITE 215 CITY: BOCA RATON STATE: FL ZIP: 33487 FORMER COMPANY: FORMER CONFORMED NAME: Sensus Healthcare, LLC DATE OF NAME CHANGE: 20100622 10-Q 1 s106050_10q.htm QUARTERLY REPORT

   

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

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

 

For the Quarterly Period Ended March 31, 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: 001-37714

 

Sensus Healthcare, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware 27-1647271
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

851 Broken Sound Pkwy., NW #215, Boca Raton, Florida 33487
(Address of principal executive office) Zip Code)

 

(561) 922-5808

(Registrant’s telephone number, including area code)

 

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 x No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data 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 definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” and an “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 smaller
reporting company)		   Emerging growth company x

 

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

 

If an emerging growth company, indicate by check mark 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.  x

 

As of April 30, 2017, 13,527,168 shares of the Registrant’s Common Stock, $0.01 par value, were outstanding.

 

 

 

 

SENSUS HEALTHCARE, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

    Page
PART I – Financial Information  
     
Item 1. Condensed Financial Statements (Unaudited)  
  Balance Sheets as of March 31, 2017 and December 31, 2016 5
  Statements of Operations for the Three Months Ended March 31, 2017 and 2016 6
  Statements of Stockholders’ Equity for the Three Months Ended March 31, 2017 7
  Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016 8
  Notes to the Condensed Financial Statements 9
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17
     
Item 3. Quantitative and Qualitative Disclosures about Market Risks 22
Item 4. Controls and Procedures 22
     
PART II – Other Information  
     
Item 1. Legal Proceedings 22
     
Item 1A. Risk Factors 22
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22
     
Item 3. Defaults Upon Senior Securities 23
     
Item 4. Mine Safety Disclosure 23
     
Item 5. Other Information 23
     
Item 6. Exhibits 23
     
Signatures   24

 

 2 

 

 

INTRODUCTORY NOTE

Caution Concerning Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words “may,” “could,” “should,” “would,” “will,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “goal,” and similar expressions are intended to identify forward-looking statements.

 

All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements.

 

Our ability to achieve our financial objectives could be adversely affected by the factors discussed in detail in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K., as well as:

 

·our ability to achieve and sustain profitability;
·market acceptance of the SRT-100 product line;
·our ability to successfully commercialize our products, including the SRT-100;
·our ability to compete effectively in selling our products and services, including responding to technological change and cost containment efforts of our customers;
·our need and ability to obtain additional financing in the future, as well as complying with the restrictions our existing revolving credit facility imposes;
·our ability to expand, manage and maintain our direct sales and marketing organizations;
·our actual financial results may vary significantly from forecasts and from period to period;
·our ability to successfully develop new products, improve or enhance existing products or acquire complementary products, technologies, services or businesses;
·our ability to obtain and maintain intellectual property of sufficient scope to adequately protect our products, including the SRT-100, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties;
·market risks regarding consolidation in the healthcare industry;
·the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third party payors for procedures using our products significantly declines;
·the level and availability of government and third party payor reimbursement for clinical procedures using our products;
·our ability to effectively manage our anticipated growth, including hiring and retaining qualified personnel;
·the regulatory requirements applicable to us and our competitors;
·our ability to manufacture our products to meet demand;
·our reliance on third party manufacturers and sole- or single-source suppliers;
·our ability to reduce the per unit manufacturing cost of the SRT-100;
·our ability to efficiently manage our manufacturing processes;
·the regulatory and legal risks, and certain operating risks, that our international operations subject us to;
·off label use of our products;
·the fact that product quality issues or product defects may harm our business;
·the accuracy of our financial statements and accounting estimates, including allowances for accounts receivable and inventory obsolescence;
·any product liability claims;
·limited trading in our shares and the concentration of ownership of our shares;
·cyberattacks and other data breaches and the adverse effect on our reputation;
·new legislation, administrative rules, or executive orders, including those that impact taxes and international trade regulation;
·the provisions in our certificate of incorporation, bylaws, or Delaware law that discourage takeovers or that limit certain disputes to be brought exclusively in the Delaware Court of Chancery;

 

 3 

 

 

·geographic concentration of our customers in the U.S. and China; and
·our ability to manage the risk of the foregoing.

 

 However, other factors besides those listed in Item 1A Risk Factors or discussed in this Form 10-Q also could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by us or on our behalf speak only as of the date they are made. We do not undertake to update any forward-looking statement, except as required by applicable law.

 

 4 

 

 

PART I.   FINANCIAL INFORMATION

 

Item 1.     CONDENSED FINANCIAL STATEMENTS

 

SENSUS HEALTHCARE, INC.
CONDENSED BALANCE SHEETS

 

   As of March 31,   As of December 31, 
   2017   2016 
   (unaudited)     
Assets          
Current Assets          
Cash and cash equivalents  $3,141,223   $5,042,477 
Accounts receivable, net   4,220,481    3,098,635 
Inventories   1,537,321    1,254,915 
Investment in debt securities   7,906,370    6,462,369 
Prepaid and other current assets   1,156,995    900,722 
Total Current Assets   17,962,390    16,759,118 
Property and Equipment, Net   507,840    433,408 
Patent Rights, Net   602,412    626,509 
Investment in Debt Securities   —    1,103,773 
Deposits   24,272    24,272 
Total Assets  $19,096,914   $18,947,080 
Liabilities and Stockholders’ Equity          
Current Liabilities          
Accounts payable and accrued expenses  $3,321,792   $2,762,371 
Product warranties   52,303    40,481 
Revolving credit facility   1,500,000    — 
Deferred revenue, current portion   563,005    853,798 
Total Current Liabilities   5,437,100    3,656,650 
Deferred Revenue, Net of Current Portion   9,166    16,251 
Total Liabilities   5,446,266    3,672,901 
Commitments and Contingencies          
Stockholders’ Equity          
Preferred stock, 5,000,000 shares authorized and none issued and outstanding.   —    — 
Common stock, $0.01 par value – 50,000,000 authorized and 13,527,168 and 13,546,171 issued and outstanding at March 31, 2017 and December 31, 2016, respectively.   135,271    135,461 
Additional paid-in capital   22,879,767    22,930,975 
Accumulated deficit   (9,364,390)   (7,792,257)
Total Stockholders’ Equity   13,650,648    15,274,179 
Total Liabilities and Stockholders’ Equity  $19,096,914   $18,947,080 

 

See accompanying notes to the unaudited condensed financial statements.

 

 5 

 

 

SENSUS HEALTHCARE, INC.
CONDENSED STATEMENTS OF OPERATIONS

 

(unaudited)

 

   For the Three Months Ended March 31, 
   2017   2016 
         
Revenues  $4,354,349   $3,035,204 
Cost of Sales   1,499,701    1,102,370 
Gross Profit   2,854,648    1,932,834 
Operating Expenses          
Selling and marketing   2,263,481    944,122 
General and administrative   1,043,953    685,720 
Research and development   1,135,426    293,404 
Total Operating Expenses   4,442,860    1,923,246 
Income (Loss) From Operations   (1,588,212)   9,588 
Other Income (Expense)          
Interest income   22,720    2,755 
Interest expense   (6,641)   (9,626)
Other Income (Expense), net   16,079    (6,871)
Income (Loss) Before Income Taxes   (1,572,133)   2,717 
Provision for income taxes   -    636 
Net Income (Loss)  $(1,572,133)  $2,081 
Net Income (Loss) per share – Basic  $(0.12)  $0.00 
 – Diluted  $(0.12)  $0.00 
Weighted average number of shares used in computing net income (loss) per share         
– Basic   13,219,170    10,367,883 
– Diluted   13,219,170    10,657,307 

 

See accompanying notes to the unaudited condensed financial statements.

 

 6 

 

 

SENSUS HEALTHCARE, INC.
CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2017

(unaudited)

 

   Common Stock   Additional         
   Shares   Amount   Paid-In Capital   Accumulated Deficit   Total 
December 31, 2016   13,546,171   $135,461   $22,930,975   $(7,792,257)  $15,274,179 
Stock based compensation   10,000    100    103,970    —    104,070 
Surrender of shares for tax withholding on stock compensation   (29,003)   (290)   (155,178)   —    (155,468)
Net loss   —    —    —    (1,572,133)   (1,572,133)
March 31, 2017 (unaudited)   13,527,168   $135,271   $22,879,767   $(9,364,390)  $13.650,648 

 

See accompanying notes to the unaudited condensed financial statements.

 

 7 

 

 

SENSUS HEALTHCARE, INC.
CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

 

   For the Three Months Ended March 31, 
   2017   2016 
Cash Flows From Operating Activities          
Net loss  $(1,572,133)  $2,081 
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities:          
Bad debt expense   169,054    - 
Depreciation and amortization   94,157    84,795 
Provision for product warranties   80,122    734 
Stock based compensation   104,070    1,619 
(Increase) decrease in:          
Accounts receivable   (1,290,900)   (250,368)
Inventories   (282,406)   138,269 
Prepaid and other current assets   (256,274)   (721,201)
Increase (decrease) in:          
Accounts payable and accrued expenses   559,423    250,050 
Deferred revenue   (297,879)   (85,739)
Product warranties   (68,300)   (8,855)
Total Adjustments   (1,188,933)   (590,696)
Net Cash Used In Operating Activities   (2,761,066)   (588,615)
Cash Flows from Investing Activities          
Acquisition of property and equipment  $(144,492)  $(232,906)
Investment in debt securities - held to maturity   (1,840,228)   — 
Investments matured   1,500,000    — 
Net Cash Used In Investing Activities   (484,720)   (232,906)
Cash Flows from Financing Activities          
Revolving credit facility, net   1,500,000    377,298 
Withholding taxes on stock compensation   (155,468)   — 
Offering costs   —    126,254 
Net Cash Provided By Financing Activities   1,344,532    503,552 
Net Decrease in Cash and Cash Equivalents   (1,901,254)   (317,969)
Cash and Cash Equivalents – Beginning   5,042,477    5,065,068 
Cash and Cash Equivalents – Ending  $3,141,223   $4,747,099 
Supplemental Disclosure of Cash Flow Information          
Interest Paid  $6,641   $7,916 
Non Cash Investing and Financing Activities          
Reclassification of Prepaid Offering Costs to APIC   —    130,629 
Transfer of inventory units to property and equipment  $—   $44,854 

 

See accompanying notes to the unaudited condensed financial statements.

 

 8 

 

 

SENSUS HEALTHCARE, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS

(unaudited)

 

Note 1 — Organization and Summary of Significant Accounting Policies

 

Description of the Business

 

Sensus Healthcare, Inc. (the “Company”) is a manufacturer of superficial radiation therapy devices and has established a distribution and marketing network to sell the devices to healthcare providers globally. The Company was organized on May 7, 2010 as a limited liability corporation. On January 1, 2016, the Company completed a corporate conversion pursuant to which Sensus Healthcare, Inc. succeeded to the business of Sensus Healthcare, LLC. The Company operates as one segment from its corporate headquarters located in Boca Raton, Florida.

 

Initial Public Offering

 

In June 2016, the Company issued 2,300,000 units in its initial public offering (“IPO”) at a price of $5.50 per unit ($5.25 attributable to the common stock and $0.25 attributable to the warrant), for net proceeds of approximately $10,393,000 after deducting underwriting discounts and commissions of $886,000 and expenses of $1,371,000. Each unit consisted of one share of common stock and a warrant to purchase one share of common stock. Immediately prior to the IPO, all shares of stock then outstanding converted into an aggregate of 10,367,883 shares of common stock following a 241.95-for-one forward stock split approved by the Company’s board of directors. On July 25, 2016, the common stock and warrants included in the units issued in the IPO commenced trading separately under the symbols “SRTS” and “SRTSW,” respectively, and trading of the units under the symbol “SRTSU” was suspended.

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC.  Accordingly, they do not include certain footnotes and financial presentations normally required under accounting principles generally accepted in the United States of America for complete financial statements.   The interim financial information is unaudited, but reflects all normal adjustments and accruals which are, in the opinion of management, considered necessary to provide a fair presentation for the interim periods presented. The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Form 10-K, filed with the SEC. The results for the three months ended March 31, 2017 are not necessarily indicative of results to be expected for the year ending December 31, 2017, any other interim periods, or any future year or period.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates to which it is reasonably possible that a change could occur in the near term include, revenue recognition, inventory reserves, receivable allowances, recoverability of long lived assets and estimation of the Company’s product warranties. Actual results could differ from those estimates.

 

Revenue Recognition

 

The Company’s sales primarily relate to sales of the Company’s devices. The Company recognizes product revenue upon shipment provided that there is persuasive evidence of an arrangement, there are no uncertainties regarding customer acceptance, the sales price is fixed and determinable, and collection of the resulting receivable is reasonably assured. The Company does not provide a right of return related to product sales. Revenues for service contracts are recognized over the service contract period on a straight-line basis. Revenue for rentals of equipment is recognized over the lease term on a straight-line basis.

 

 9 

 

 

The Company sells products and services under multiple-element arrangements with separate units of accounting; in these situations, total consideration is allocated to the identified units of accounting based on their relative selling prices and revenue is then recognized for each unit based on its specific characteristics. A deliverable in an arrangement qualifies as a separate unit of accounting if the delivered item has value to the customer on a stand-alone basis. The principal deliverables in our multiple deliverable arrangements that qualify as separate units of accounting consist of (i) sales of medical devices and accessories and (ii) service contracts. Performance obligations, including installation and customer training, are considered inconsequential and are combined with the product as one unit of accounting. Selling prices are established using vendor-specific objective evidence (VSOE).

 

If VSOE does not exist, the Company uses its best estimate of the selling prices for the deliverables. The Company operates in a highly-regulated environment and is continually entering into new markets in which regulatory approval is sometimes required prior to the customer being able to use the product. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained and customer acceptance becomes certain.

  

Deferred revenue consists of payments from customers for long term separately priced service contracts, sales pending regulatory approval and deposits on products. Deferred revenue as of March 31, 2017 and December 31, 2016 was as follows:

 

   As of March 31,   As of December 31, 
   2017   2016 
   (unaudited)     
Service contracts  $527,943   $613,374 
Sales pending regulatory approval   -    155,517 
Deposits on products   35,062    84,907 
Total deferred revenue, current portion  $563,005   $853,798 
Service contracts, net of current portion   9,166    16,251 
Total deferred revenue  $572,171   $870,049 

 

The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties are short term in nature and entitle the customer to repair, replacement, or modification of the defective product subject to the terms of the respective warranty. The Company records an estimate of future warranty claims at the time the Company recognizes revenue from the sale of the product based upon management’s estimate of the future claims rate.

 

Shipping and handling costs are expensed as incurred and are included in cost of sales.

  

Segment and Geographical Information

 

The Company’s revenue is generated primarily from customers in the United States, which represented approximately 99% and 45% for the three months ended March 31, 2017 and 2016, respectively. Customers in China accounted for approximately 0% and 20% for the three months ended March 31, 2017 and 2016, respectively. A customer in the US accounted for approximately 51% and 0% of revenues for the three months ended March 31, 2017 and 2016, respectively, and approximately 69% and 39% of the accounts receivable as of March 31, 2017 and December 31, 2016, respectively. A distributor in Costa Rica accounted for approximately 0% and 24% of revenues for the three months ended March 31, 2017 and 2016, respectively.

  

Cash and Cash Equivalents

 

The Company maintains its cash and cash equivalents with financial institutions which balances exceed the federally insured limits. Federally insured limits are $250,000 for deposits. As of March 31, 2017 and December 31, 2016, the Company had approximately $2,697,000 and $4,792,000, respectively in excess of federally insured limits.

 

 10 

 

 

For purposes of the statement of cash flows, the Company considers all highly liquid financial instruments with a maturity of three months or less when purchased to be a cash equivalent.

 

Investments

 

Short term investments consist of investments which the Company expects to convert into cash within one year and long term investments after one year. The Company classifies its investments in debt securities at the time of purchase as held-to-maturity and reevaluates such classification on a quarterly basis. Held-to-maturity investments consist of securities that the Company has the intent and ability to retain until maturity. These securities are carried at amortized cost plus accrued interest and consist of the following:

 

   Amortized Cost   Gross
Unrealized
Gain		   Gross
Unrealized
Loss		   Fair
Market
Value		 
Short Term:                    
Corporate bonds  $6,462,369    167    7,243    6,455,293 
United States Treasury bonds   -    -    -    - 
Total Short Term:   6,462,369    167    7,243    6,455,293 
                     
Long Term:                    
United States Treasury bonds   502,063    -    1,174    500,890 
Corporate bonds   601,710         2,618    599,091 
Total Long Term:   1,103,773    -    3,792    1,099,981 
                     
Total Investment December 31, 2016   7,566,142    167    11,035    7,555,274 
                     
Short Term:                    
Corporate bonds  $6,403,228    -    5,707    6,397,521 
United States Treasury bonds   1,503,142    -    1,868    1,501,274 
Total Short Term:   7,906,370    -    7,575    7,898,795 
                     
Long Term:                    
United States Treasury bonds   -    -    -    - 
Corporate bonds   -         -    - 
Total Long Term:   -    -    -    - 
                     
Total Investment March 31, 2017 (unaudited)   7,906,370    -    7,575    7,898,795 

 

Accounts Receivable

 

The Company does business and extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The allowance for doubtful accounts was approximately $0 and $7,000 as of March 31, 2017 and December 31, 2016, respectively. Bad debt expense for the three months ended March 31, 2017 and 2016 was approximately $169,000 and $0, respectively.

 

Inventories

 

Inventories consist of finished product and components and are stated at the lower of cost and net realizable value, determined using the first-in-first-out method.

 

 11 

 

 

Earnings Per Share

 

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period using the treasury stock method for options and warrants. The diluted net income per share attributable to common stockholders is computed by giving effect to all potential dilutive common share equivalents outstanding for the period. In periods when the Company has incurred a net loss, options and warrants to purchase common shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. Shares excluded were computed under the treasury stock method as follows:

 

   For the Three Months Ended March 31, 
   2017   2016 
Warrants   4,025    288,474 
Unvested restricted stock   39,509    — 
Options   —    950 

 

Advertising Costs

 

Advertising and promotion expenses are charged to expense as incurred. Advertising and promotion expense included in selling expense in the accompanying statements of operations amounted to approximately $733,000 and $232,000 for the three months ended March 31, 2017 and 2016, respectively.

 

Recently issued accounting pronouncements

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. In April 2016, the FASB also issued ASU 2016-10, Identifying Performance Obligations and Licensing, implementation guidance on principal versus agent, identifying performance obligations, and licensing. ASU 2016-10 is effective for reporting periods beginning after December 15, 2017. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. For Sensus the ASU is effective January 1, 2018. The Company is continuing to evaluate the standard’s impact on the results of operations and financial condition. The Company has conducted initial analyses and is currently completing detailed contract reviews to determine if any adjustments are necessary to the existing accounting policies and to support the evaluation of the standard’s impact to the results of operations and financial condition. For the majority of the Company’s revenue arrangements, no significant impacts are expected as these transactions are not accounted for under industry-specific guidance that will be superseded by the ASU, and generally consist of obligations to transfer goods and services. The Company currently anticipates utilizing the modified retrospective method of adoption on January 1, 2018.

 

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). Under the new guidance, companies are required to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. In addition, companies will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowances will also be classified as noncurrent. This guidance is effective for financial statements issued for annual and interim periods beginning after December 15, 2016. The Company adopted this standard in the first quarter of 2017 and it did not have a material impact on its financial statements.

 

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In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of the amendments in the update is permitted. The Company is currently evaluating the effect this standard will have on our financial statements.

 

In April 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718), which requires that the income tax effect of share-based awards be recognized in the income statement when the awards vest or are settled. The guidance will also allow an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The guidance is effective for years beginning after December 15, 2016 and interim periods within those years. The Company adopted this standard in the first quarter of 2017 and it did not have a material impact on its financial statements.

 

Note 2 — Property and Equipment

 

   As of March 31,   As to December 31,   Estimated
   2017   2016   Useful Lives
   (unaudited)        
Operations and rental equipment  $758,954   $630,886   3 years
Tradeshow and demo equipment   294,476    294,475   3 years
Computer equipment   111,641    95,218   3 years
    1,165,071    1,020,579    
Less accumulated depreciation   (657,231)   (587,171)   
Property and Equipment, Net  $507,840   $433,408    

 

Depreciation expense was approximately 70,000 and $61,000, for the three months ended March 31, 2017 and 2016, respectively.

 

Note 3 — Patent Rights

 

   As to March 31,   As of December 31, 
   2017   2016 
   (unaudited)     
Gross carrying amount  $1,253,018   $1,253,018 
Less accumulated amortization   (650,606)   (626,509)
Patent Rights, Net   602,412    626,509 

 

Amortization expense was approximately $24,000 for the three months ended March 31, 2017 and 2016. As of March 31, 2017, future remaining amortization expense is as follows:

 

   As of March 31,  
For the Year Ending December 31,  2017 
2017 (April 1 — December 31, 2017)   72,290 
2018   96,386 
2019   96,386 
2020   96,386 
2021   96,386 
Thereafter   144,578 
Total  $602,412 

 

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Note 4 — Revolving Credit Facility

 

On March 12, 2013, the Company entered into a two-year $3 million revolving credit facility. The credit facility was amended and extended effective March 12, 2015 through May 12, 2017. The maximum borrowing was reduced to $1,500,000 and was limited by the Company’s eligible borrowing base of 80% of eligible accounts receivable. On September 21, 2016, a second amendment to the credit facility extended the facility through September 21, 2017, increased the maximum borrowing to $2,000,000 and expanded the eligible accounts receivables to include certain international receivables.

 

Interest, at Prime plus 0.75% (4.75% at March 31, 2017), is payable monthly with outstanding principal and interest due on the maturity date. The facility is secured by all of the Company’s assets and limits the amount of additional indebtedness, restricts the sale, disposition or transfer of assets of the Company and requires the maintenance of a certain monthly adjusted quick ratio restrictive covenant and minimum quarterly EBITDA restrictive covenant, as defined in the agreement. Approximately $1,500,000 was outstanding under the revolving credit facility at March 31, 2017 and $0 at December 31, 2016. The Company pays commitment fees of 0.25% per annum on the average unused portion of the line of credit.

 

Note 5 — Product Warranties

 

Changes in product warranty liability were as follows for the three months ended March 31, 2017 (unaudited).

 

Balance, beginning of period  $40,481 
Warranties accrued during the period   80,754 
Payments on warranty claims   (68,932)
Balance, end of period   52,303 

 

Note 6 — Commitment and Contingencies

 

Operating Lease Agreements

 

In July 2016, the Company renewed a lease with an unrelated third party for its headquarters office. The renewal was effective September 1, 2016 and expanded the office space being occupied. The lease expires in September 2022 and lease payments increase by 3% annually. Future minimum lease payments as of March 31, 2017 are as follows:

 

   As of March 31, 
Year  2017 
   (unaudited) 
2017 (April 1 — December 31, 2017)  $138,000 
2018   190,000 
2019   196,000 
2020   202,000 
2021   208,000 
Thereafter   160,000 
Total  $1,094,000 

 

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Rental expense for the three months ended March 31, 2017 and 2016 was approximately $40,000 and $25,000, respectively.

 

Manufacturing Agreement

 

In July 2010, the Company entered into a three-year contract manufacturing agreement with an unrelated third party for the production and manufacture of the Company’s main product in accordance with the Company’s product specifications. The agreement shall automatically be renewed for successive years unless either party notifies the other party in writing, at least 60 days prior to the anniversary date of this agreement that it will not renew the agreement. The Company or the manufacturer has the option to terminate the agreement with 90 days written notice. Any change in the relationship with the manufacturer could have an adverse effect on the Company’s business.

 

Purchases from this manufacturer totaled approximately $1,275,000 and $1,175,000 for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, and December 31, 2016 approximately $967,000 and $563,000, respectively, was due to this manufacturer, which is presented in accounts payable and accrued expenses in the accompanying balance sheets.

 

Legal contingencies

 

The Company is party to certain legal proceedings in the ordinary course of business. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and related contingencies. The Company does not believe that any legal proceedings are likely to have a material effect on the business, financial condition, or results of operations.

 

Note 7 — Stockholders’ Equity

 

The Company has authorized 50,000,000 shares of common stock, of which 13,527,168 and 13,546,171 shares were issued and outstanding as of March 31, 2017 and December 31, 2016, respectively.

 

Stock Issuances

 

On January 1, 2016, Sensus Healthcare, LLC converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Sensus Healthcare, Inc. As a result of the corporate conversion, the holders of the different classes of units of Sensus Healthcare, LLC became holders of common stock of Sensus Healthcare, Inc. Holders of warrants and options, respectively, to purchase membership interests of Sensus Healthcare, LLC became holders of warrants and options to purchase common stock of Sensus Healthcare, Inc., respectively. Each membership interest converted to one share of common stock.

 

During 2011, the Company offered to a limited number of investors (the “investor members”) preferred membership interests (the “interests”) consisting of (i) cumulative, non-compounded, 8% per annum preferential return, payable annually, if and when such distributions are made by the Company’s board of directors and (ii) participation in the Company’s net profits, net losses and distributions of the Company’s assets pursuant to the operating agreement. The offering raised approximately $6.4 million in gross proceeds ($6.0 million net of offering costs), utilizing a private placement memorandum. As of December 31, 2015, accumulated unpaid preferential distributions were approximately $2,674,000 ($0.87 per share). Preferential distributions no longer accrued after December 31, 2015. In June 2016, after the completion of the IPO, the accumulated unpaid distribution as of December 31, 2015 was payable in cash or shares, at the option of each stockholder with a preferential distribution. On July 15, 2016, the Company paid the accrued dividends in the amount of approximately $2,553,000 representing the amount for which former holders of membership units with a preferred return elected to receive dividends in cash. In addition, 23,138 shares valued at approximately $122,000 of common stock were issued to those that elected to receive the dividends in shares.

 

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Warrants

 

In April 2013, the closing date of the second common offering, the Company’s placement agent received investor rights to 5 year warrants to purchase 86,376 common shares of the Company at an exercise price of $4.55 per unit, which was equal to 110% of the offering price.

 

In June 2016, from the IPO, the investors received three-year warrants to purchase 2,300,000 shares of common stock at an exercise price of $6.75 per share; the warrants are exercisable through June 2, 2019. Following the first anniversary of the date of issuance, if certain conditions are met, the Company may redeem any and all of the outstanding warrants at a price equal to $0.01 per warrant.

 

In addition, the underwriter’s representatives received four-year warrants to purchase up to 138,000 units, consisting of one share of common stock and one warrant to purchase one share of common stock. The warrants for the units are exercisable between June 2, 2017 and June 2, 2021 at an exercise price of $6.75 per unit.

 

The following table summarizes the Company’s warrant activity:

 

   Common Unit Warrants 
   Number of
Warrants		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term (In Years)		 
Outstanding – December 31, 2016   2,524,376   $6.67    2.50 
Granted   —    —    — 
Exercised   —    —    — 
Cancelled (forfeited)   —    —    — 
Outstanding – March 31, 2017   2,524,376   $6.67    2.26 
Exercisable –  March 31, 2017   2,386,376   $6.67    2.26 

 

The intrinsic value of the common stock warrants was approximately $19,000 as of March 31, 2017, and $114,000 as of December 31, 2016.

 

2016 equity incentive Plan

 

The Company has limited the aggregate number of shares of common stock to be awarded under the 2016 Equity Incentive Plan to 397,473 shares and no more than 397,473 shares of common stock in the aggregate may be granted in connection with incentive stock options. In addition, unless the Compensation Committee specifically determines otherwise, the maximum number of shares available under the 2016 Plan and the awards granted under the 2016 Plan will be subject to appropriate adjustment in the case of any stock dividends, stock splits, recapitalizations, reorganizations, mergers, consolidations, exchanges or other changes in capitalization affecting our common stock. Any shares granted in connection with options and stock appreciation rights shall be counted against this limit as one share for every one share allotted in connection with the awarded option or stock appreciation right. Any shares granted in connection with awards other than options and stock appreciation rights shall be counted against this limit as two shares for every one share granted in connection with such award or by which the award is valued by reference.

 

On June 2, 2016, 307,666 shares of restricted stock were issued to employees and were recorded at the fair value of $5.25 as per the initial offering price. In addition, on January 20, 2017, 10,000 shares of restricted stock were issued to one employee and were recorded at the fair value of $4.99 per share. The shares vest 25% per year over a four-year vesting period and are being recognized as expense on a straight-line basis over the vesting period of the awards. Stock compensation expense of approximately $104,000 and $0 was recognized for the three months ended March 31, 2017 and 2016, respectively. Unrecognized stock compensation expense was approximately $1,327,000 as of March 31, 2017, which will be recognized over the remaining vesting period. As of March 31, 2017, 79,807 shares were available to be granted under the 2016 Plan.

 

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A summary of the restricted stock activity for the three months ended March 31, 2017 is presented as follows:

 

   Shares   Weighted Average
Grant Date Fair
Value		 
Unvested balance at December 31, 2016   412,914    5.04 
Granted   10,000    4.99 
Vested   (105,284)   4.42 
Forfeited   -    - 
Unvested balance at March 31, 2017   317,666    5.24 

 

Note 8 — Income Taxes

 

Book income before taxes was negative for the first quarter of 2017. Tax expense for the first quarter of 2016 was $636.

 

There are no uncertain tax positions that would require recognition in the financial statements. If the Company incurs an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The Company’s conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors.

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

 

As of March 31, 2017, the Company has US federal and certain state tax returns subject to examination, beginning with those filed for the year 2013.

 

Note 9 — Subsequent Events

 

The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued for potential recognition or disclosure. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 

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

 

You should read the following discussion and analysis in conjunction with the information set forth within the financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q, and with our Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2016 (“Annual Report”). The statements in this discussion regarding our expectations of our future performance, liquidity and capital resources, our plans, estimates, beliefs and expectations that involve risks and uncertainties, and other non-historical statements in this discussion, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “goal,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Please see the Introductory Note and Item 1A. Risk Factors of our Annual Report, as updated in our subsequent quarterly reports filed on Form 10-Q, and in our other filings made from time to time with the SEC after the date of this report.

 

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Overview

 

Sensus Healthcare, LLC, a Delaware limited liability company (the “Company”), was formed on May 7, 2010, to design, manufacture and market proprietary medical devices specializing in the treatment of non-melanoma skin cancers and other skin conditions, such as keloids, with superficial radiation therapy. In June 2010, Sensus Healthcare, LLC, a Florida limited liability company (“Sensus (FL)”) acquired all the assets associated with our primary product, the SRT-100, from Topex, Inc. for $1.3 million. Following this acquisition, we relaunched the SRT-100 under the Sensus Healthcare brand. In December 2011, we merged with Sensus (FL), with the Delaware limited liability company surviving the merger for the purpose of changing our domicile from Florida to Delaware. On January 1, 2016, Sensus Healthcare, LLC converted into a Delaware corporation pursuant to a statutory conversion and we changed our name to Sensus Healthcare, Inc. As a result of the corporate conversion, all holders of units of Sensus Healthcare, LLC became holders of common stock of Sensus Healthcare, Inc. Holders of warrants and options to purchase units of Sensus Healthcare, LLC became holders of warrants and options to purchase common stock of Sensus Healthcare, Inc., respectively.

 

The SRT-100 is a photon x-ray low energy superficial radiotherapy system that provides patients an alternative to surgery for treating non-melanoma skin cancers, including basal cell and squamous cell skin cancers and other skin conditions such as keloids. The SRT-100 may also be used to treat primary lesions that would otherwise be difficult to treat or require extensive surgery involving sensitive areas of the head and neck regions, such as the fold in the nose, eyelids, lips, corner of the mouth, and the lining of the ear, which could lead to a less than desirable cosmetic outcome. Superficial radiation therapy treatment procedures do not require the use of anesthetics and eliminates the need for skin grafting. The SRT-100 provides healthcare providers and patients with a safe, virtually painless, and substantially non-scarring treatment option for non-melanoma skin cancer and other skin conditions, such as keloids. It allows dermatologists to retain non-melanoma skin cancer patients, rather than referring them to specialists, while offering radiation oncologists an alternative to costly linear accelerator–based treatments with a process that is less invasive, more time-efficient, and improves practice economics. Our revenue is primarily derived from sales of our SRT-100 product line.

 

Components of our results of operations

 

We manage our business globally within one reportable segment, which is consistent with how our management reviews our business, prioritizes investment and resource allocation decisions and assesses operating performance.

 

Results of Operations

 

   For the Three Months Ended March 31, 
   2017   2016 
         
Revenues  $4,354,349   $3,035,204 
Cost of Sales   1,499,701    1,102,370 
Gross Profit   2,854,648    1,932,834 
Operating Expenses          
Selling and marketing   2,263,481    944,122 
General and administrative   1,043,953    685,720 
Research and development   1,135,426    293,404 
Total Operating Expenses   4,442,860    1,923,246 
Income (Loss) From Operations   (1,588,212)   9,588 
Other Income (Expense)          
Interest income   22,720    2,755 
Interest expense   (6,641)   (9,626)
Other Income (Expense), net   16,079    (6,871)
Income (Loss) Before Income Taxes   (1,572,133)   2,717 
Provision for income taxes   -    636 
Net Income (Loss)  $(1,572,133)  $2,081 

 

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Three months ended March 31, 2017 compared to the three months ended March 31, 2016

 

Total revenue. Total revenue was $4,354,349 for the three months ended March 31, 2017 compared to $3,035,204 for the three months ended March 31, 2016, an increase of $1,319,145, or 43.5%. The growth in revenue was primarily attributable to an increase in sales of the higher priced SRT-100 Vision product in the current quarter.

 

Total cost of sales. Cost of sales was $1,499,701 for the three months ended March 31, 2017 compared to $1,102,370 for the three months ended March 31, 2016, an increase of $397,331, or 36.0%. The increase in cost was due to a greater number of SRT-Vision systems sold during the three months ended March 31, 2017 compared to the corresponding period in 2016.

 

Gross profit. Gross profit was $2,854,648 for the three months ended March 31, 2017 compared to $1,932,834 for the three months ended March 31, 2016, an increase of $921,814, or 47.7%, for the reasons discussed above. Our overall gross profit percentage was 65.6% in the three months ended March 31, 2017 compared to 63.7% in the corresponding period in 2016.

 

Selling and marketing. Selling and marketing expense was $2,263,481 for the three months ended March 31, 2017 compared to $944,122 for the three months ended March 31, 2016, an increase of $1,319,358, or 140%. The increase was primarily attributable to an increase in sales headcount and higher participation in tradeshows and other marketing activities.

 

General and administrative. General and administrative expense was $1,043,953 for the three months ended March 31, 2017 compared to $685,720 for the three months ended March 31, 2016, an increase of $358,233, or 52.2%. The net increase was due primarily to director and officer insurance and other public company expenses as well as bad debts, offset by a reduction in legal and other professional fees.

 

Research and development. Research and development expense was $1,135,426 for the three months ended March 31, 2017 compared to $293,404 for the three months ended March 31, 2016, an increase of $842,022, or 287%. The increase in research and development spending was primarily attributable to new R&D projects that we expect will continue as the projects progress during 2017.

 

Other income (expense). We incur interest expense in connection with our secured credit facility with Silicon Valley Bank and interest income from our investment in held-to-maturity securities.

 

Income taxes. Book income before taxes was negative for the first quarter of 2017. Tax expense for the first quarter 2016 was $636.

 

Financial Condition

 

Our cash, cash equivalent and investment balance decreased from $12.6 million at December 31, 2016 to $11.0 million at March 31, 2017, primarily as a result of the operating loss in the first quarter of 2017 and the increase in accounts receivable.

 

Borrowings under the revolving line of credit as of March 31, 2017 were $1.5M.

 

Liquidity and Capital Resources

 

Overview

 

Our liquidity position and capital requirements may be impacted by a number of factors, including the following:

 

•our ability to generate and increase revenue;

 

•fluctuations in gross margins, operating expenses and net results; and

 

•fluctuations in working capital.

 

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Our primary short-term capital needs, which are subject to change, include expenditures related to:

 

•expansion of our sales, marketing and distribution activities; and

 

•expansion of our research and development activities.

 

We regularly evaluate our cash requirements for current operations, commitments, capital requirements and business development transactions, and we may elect to raise additional funds for these purposes in the future.

 

Cash flows

 

The following table provides a summary of our cash flows for the periods indicated:

 

   For the Three Months Ended March 31, 
   (unaudited) 
   2017   2016 
Net Cash Provided by (Used In):          
Operating Activities  $(2,761,066)  $(588,615)
Investing Activities   (484,720)   (232,906)
Financing Activities   1,344,532    503,552 
Total  $(1,901,254)  $(317,969)

 

Cash flows from operating activities

 

Net cash used in operating activities was $2,761,066 for the three months ended March 31, 2017, consisting of a net loss of $1,572,133 and an increase in net operating assets of $1,636,335, offset by non-cash charges of $447,403. The increase in net operating assets was primarily due to the increase in sales resulting in an increase in accounts receivable as well as an increase in inventory, prepaid expenses and accounts payable and accrued expenses and a decrease in deferred revenues. Non-cash charges consisted primarily of bad debts, stock compensation expense and depreciation and amortization. Net cash used in operating activities was $588,615 for the three months ended March 31, 2016, primarily due to the increase in accounts receivable, prepaids and other current assets and accounts payable and accrued expenses less a decrease in deferred revenue.

 

Cash flows from investing activities

 

Net cash used in investing activities was $484,720 due to the purchase of debt securities held-to-maturity for $340,228 and $144,492 for acquisition of property and equipment during the three months ended March 31, 2017. Cash used in investing activities was $232,906 for the three months ended March 31, 2016 for the acquisition of property and equipment.

 

Cash flows from financing activities

 

Net cash provided by financing activities was $1,344,532 during the three months ended March 31, 2017, mostly from the $1,500,000 borrowing from the revolving credit facility. Net cash provided by financing activities was $503,552 during the three months ended March 31, 2016 mostly from borrowings from the line of credit.

 

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Indebtedness

 

Silicon Valley Bank Secured Credit Facility

 

On March 12, 2013, the Company entered into a two-year $3 million revolving credit facility. The credit facility was amended and extended effective March 12, 2015 through May 12, 2017. The maximum borrowing was reduced to $1,500,000 and was limited by the Company’s eligible borrowing base of 80% of eligible accounts receivable. On September 21, 2016, a second amendment to the credit facility extended the facility through September 21, 2017, increased the maximum borrowing to $2,000,000 and expanded the eligible accounts receivables to include certain international receivables.

 

Interest, at Prime plus 0.75% (4.75% at March 31, 2017), is payable monthly with outstanding principal and interest due on the maturity date. The facility is secured by all of the Company’s assets and limits the amount of additional indebtedness, restricts the sale, disposition or transfer of assets of the Company and requires the maintenance of a certain monthly adjusted quick ratio restrictive covenant and minimum quarterly EBITDA restrictive covenant, as defined in the agreement. Approximately $1,500,000 was outstanding under the revolving credit facility at March 31, 2017 and $0 was outstanding at December 31, 2016. The Company pays commitment fees of 0.25% per annum on the average unused portion of the line of credit. As of December 31, 2016 and March 31, 2017, the Company was in compliance with all financial covenants.

 

Off-Balance Sheet Arrangements

 

We did not have during the periods presented, and do not currently have, any off-balance sheet arrangements.

 

Critical Accounting Policies and Estimates

 

Our discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with generally accepted accounting principles in the U.S., or GAAP. We have identified certain accounting policies as critical to understanding our financial condition and results of our operations. For a detailed discussion on the application of these and other accounting policies, see the notes to our financial statements and our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, for the year ended December 31, 2016.

 

JOBS Act

 

We qualify as an “emerging growth company” pursuant to the provisions of the JOBS Act. For as long as we are an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies,” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, reduced disclosure obligations relating to the presentation of financial statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations, exemptions from the requirements of holding advisory “say-on-pay” votes on executive compensation and shareholder advisory votes on golden parachute compensation. We have availed ourselves of the reduced reporting obligations in this Quarterly Report on Form 10-Q, and expect to continue to avail ourselves of the reduced reporting obligations available to emerging growth companies in future filings.

 

In addition, an emerging growth company can delay its adoption of certain accounting standards until those standards would otherwise apply to private companies. However, we have chosen to “opt out” of such extended transition period, and as a result, we plan to comply with any new or revised accounting standards on the relevant dates on which non-emerging growth companies must adopt such standards. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

 

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Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

Item 4.CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Control and Procedures

 

As of March 31, 2017, the end of the period covered by this Form 10-Q, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer each concluded that, as of March 31, 2017, the end of the period covered by this Form 10-Q, we maintained effective disclosure controls and procedures.

 

Changes in Internal Control over Financial Reporting

 

Our management, including the Chief Executive Officer and Chief Financial Officer, has reviewed our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934). There have been no significant changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1.Legal Proceedings

 

The Company is party to certain legal proceedings in the ordinary course of business. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and related contingencies. Please see note 6 to the condensed financial statements.

 

Item 1A.Risk Factors

 

An investment in our securities involves risks. You should carefully consider the risk factors as previously disclosed in our Form 10-K filed with the SEC for the year ended December 31, 2016, as updated in our subsequent quarterly reports, together with the other information in this Quarterly Report on Form 10-Q, including the financial statements and related notes, before deciding whether to purchase, hold, or sell our securities. The occurrence of any of these risks could harm our business, financial condition, or results of operations or cause our actual results to differ materially from those contained in forward-looking statements we have made in this report and those we may make from time to time. You should consider all of the risk factors described when evaluating our business. There have been no material changes to the risk factors as previously disclosed in our Form 10-K filed with the SEC for the year ended December 31, 2016, the discussion of which is specifically incorporated by reference into this Quarterly Report on Form 10-Q.

 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

 

(a) Sales of Unregistered Securities

 

There have been no unregistered sales of securities during the quarter ended March 31, 2017.

 

(b) Use of Proceeds from the Sale of Registered Securities

 

In June 2016, we completed an initial public offering, or IPO, of units consisting of one share of common stock and one warrant to purchase one share of common stock. In connection with the IPO, we issued 2,300,000 units of our common stock at a price of $5.50 per unit, including 300,000 units pursuant to the underwriters’ full exercise of their over-allotment option for an aggregate offering price of $12.65 million. The offer and sale of all of the securities in the IPO were registered under the Securities Act pursuant to a registration statement on Form S-1, as amended (File No. 333-209451), which was declared effective by the SEC on June 2, 2016.

 

 22 

 

 

We received total net proceeds from the IPO of approximately $10.5 million after deducting underwriting discounts and commissions of approximately $0.9 million and other offering expenses of approximately $1.4 million. We have used approximately $2.6M for the payment of dividends to former preferred investors and approximately $3.4M in operations.

 

The remaining proceeds from the IPO have been invested in highly-liquid money market funds and debt securities with maturities of 12 months or less. There has been no material change in the planned use of proceeds from our IPO as described in our final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act on June 2, 2016.

 

(c) Purchases of Equity Securities by The Registrant and Affiliated Purchases.

 

The table below summarizes the number of shares of our common stock that were withheld to satisfy the tax withholding obligations for restricted stock that vested during the three months ended March 31, 2017.

 

ISSUER PURCHASES OF EQUITY SECURITIES

 

   Total number of
shares purchased(1)		   Average price paid
per share		   Total number of
shares purchased as
part of publicly
announced plans or
programs		   Maximum number of
shares that may yet
be purchased under
the plans or
programs		 
January 1 – January 31, 2017   29,003   $4.99    -    - 
February 1 – February 28, 2017   -    -    -    - 
March 1 – March 31, 2017   -    -    -    - 
Total   29,003   $4.99    -    - 

 

(1)The table reflects 29,003 shares of the Company’s common stock that were withheld to satisfy tax withholding obligations for restricted stock that vested during the three month period ended March 31, 2017.

 

Item 3.Defaults Upon Senior Securities

 

None.

 

Item 4.Mine Safety Disclosure

 

Not applicable

 

Item 5.Other Information

 

None.

 

Item 6.Exhibits

 

A list of exhibits required to be filed as part of this report is set forth in the Exhibit Index, which is presented elsewhere in this document, and is incorporated herein by reference.

 

 23 

 

 

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.

 

  SENSUS HEALTHCARE, INC.
   
Date: May 9, 2017 /s/ Joseph C. Sardano
  Joseph C. Sardano
  Chief Executive Officer
  (Principal Executive Officer)
   
Date: May 9, 2017 /s/ Arthur Levine
  Arthur Levine
  Chief Financial Officer
  (Principal Financial Officer and Principal Accounting Officer)

 

 24 

 

 

EXHIBIT INDEX

 

Exhibit No. Description

  

31.1Certification of Joseph C. Sardano, Chairman and Chief Executive Officer of Sensus Healthcare, Inc., Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.

 

31.2Certification of Arthur Levine, Chief Financial Officer of Sensus Healthcare, Inc., Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.

 

32.1Certification of Joseph C. Sardano, Chairman and Chief Executive Officer of Sensus Healthcare, Inc., Pursuant to 18 U.S.C. Section 1350.

 

32.2Certification of Arthur Levine, Chief Financial Officer of Sensus Healthcare, Inc., Pursuant to 18 U.S.C. Section 1350.

 

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
   
101.DEF XBRL Taxonomy Extension Definition Linkbase Document

 

 

 25 

 

 EX-31.1 2 s106050_ex31-1.htm EXHIBIT 31.1

    

Exhibit 31.1

 

Certification of CEO Pursuant to Securities Exchange Act

 

Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to

 

Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Joseph C. Sardano, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Sensus Healthcare, 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 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)) 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.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

 

c.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 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: May 9, 2017 /s/ Joseph C. Sardano
  Joseph C. Sardano
  Chairman and Chief Executive Officer

 

 

 

 EX-31.2 3 s106050_ex31-2.htm EXHIBIT 31.2

    

Exhibit 31.2

 

Certification of CFO Pursuant to Securities Exchange Act

 

Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to

 

Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Arthur Levine, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Sensus Healthcare, 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 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)) 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.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

 

c.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 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: May 9, 2017 /s/ Arthur Levine
  Arthur Levine
  Chief Financial Officer

 

 

 

 EX-32.1 4 s106050_ex32-1.htm EXHIBIT 32.1

   

 

Exhibit 32.1

 

Certification of CEO Pursuant to 18 U.S.C. Section 1350

 

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned certificates that:

 

(1) this Quarterly Report for Sensus Healthcare, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered therein.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ Joseph C. Sardano  
Joseph C. Sardano  
Chairman and Chief Executive Officer  
   
May 9, 2017  

 

 

 

 EX-32.2 5 s106050_ex32-2.htm EXHIBIT 32.2

    

Exhibit 32.2

 

Certification of CFO Pursuant to 18 U.S.C. Section 1350

 

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned certificates that:

 

(1) this Quarterly Report for Sensus Healthcare, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered therein.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ Arthur Levine  
Arthur Levine  
Chief Financial Officer  
   
May 9, 2017  

 

 

 

 

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Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2017
Apr. 30, 2017
Document And Entity Information    
Entity Registrant Name Sensus Healthcare, Inc.  
Entity Central Index Key 0001494891  
Document Type 10-Q  
Trading Symbol SRTS  
Document Period End Date Mar. 31, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   13,527,168
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
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CONDENSED BALANCE SHEETS (unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 3,141,223 $ 5,042,477
Accounts receivable, net 4,220,481 3,098,635
Inventories 1,537,321 1,254,915
Investment in debt securities 7,906,370 6,462,369
Prepaid and other current assets 1,156,995 900,722
Total Current Assets 17,962,390 16,759,118
Property and Equipment, Net 507,840 433,408
Patent Rights, Net 602,412 626,509
Investment in Debt Securities 1,103,773
Deposits 24,272 24,272
Total Assets 19,096,914 18,947,080
Current Liabilities    
Accounts payable and accrued expenses 3,321,792 2,762,371
Product warranties 52,303 40,481
Revolving credit facility 1,500,000 0
Deferred revenue, current portion 563,005 853,798
Total Current Liabilities 5,437,100 3,656,650
Deferred Revenue, Net of Current Portion 9,166 16,251
Total Liabilities 5,446,266 3,672,901
Commitments and Contingencies
Stockholders' Equity    
Preferred stock, 5,000,000 shares authorized and none issued and outstanding.
Common stock, $0.01 par value - 50,000,000 authorized and 13,527,168 and 13,546,171 issued and outstanding at March 31, 2017 and December 31, 2016, respectively. 135,271 135,461
Additional paid-in capital 22,879,767 22,930,975
Accumulated deficit (9,364,390) (7,792,257)
Total Stockholders' Equity 13,650,648 15,274,179
Total Liabilities and Stockholders' Equity $ 19,096,914 $ 18,947,080
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Mar. 31, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Preferred stock, authorized 5,000,000 5,000,000
Preferred stock, issued
Preferred stock, outstanding
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized 50,000,000 50,000,000
Common stock, issued 13,527,168 13,546,171
Common Stock, outstanding 13,527,168 13,546,171
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CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenues $ 4,354,349 $ 3,035,204
Cost of Sales 1,499,701 1,102,370
Gross Profit 2,854,648 1,932,834
Operating Expenses    
Selling and marketing 2,263,481 944,122
General and administrative 1,043,953 685,720
Research and development 1,135,426 293,404
Total Operating Expenses 4,442,860 1,923,246
Income (Loss) From Operations (1,588,212) 9,588
Other Income (Expense)    
Interest income 22,720 2,755
Interest expense (6,641) (9,626)
Other Income (Expense), net 16,079 (6,871)
Income (Loss) Before Income Taxes (1,572,133) 2,717
Provision for income taxes 636
Net Income (Loss) $ (1,572,133) $ 2,081
Net Income (Loss) per share - Basic (in dollars per share) $ (0.12) $ 0.00
Net Income (Loss) per share - Diluted (in dollars per share) $ (0.12) $ 0.00
Weighted average number of shares used in computing net income (loss) per share - Basic (in shares) 13,219,170 10,367,883
Weighted average number of shares used in computing net income (loss) per share - Diluted (in shares) 13,219,170 10,657,307
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CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - 3 months ended Mar. 31, 2017 - USD ($)
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Total
Balance beginning at Dec. 31, 2016 $ 135,461 $ 22,930,975 $ (7,792,257) $ 15,274,179
Balance beginning (in shares) at Dec. 31, 2016 13,546,171      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock based compensation $ 100 103,970 104,070
Stock based compensation (in shares) 10,000      
Surrender of shares for tax withholding on stock compensation $ (290) (155,178) (155,468)
Surrender of shares for tax withholding on stock compensation (in shares) (29,003)      
Net loss (1,572,133) (1,572,133)
Balance end at Mar. 31, 2017 $ 135,271 $ 22,879,767 $ (9,364,390) $ 13,650,648
Balance end (in shares) at Mar. 31, 2017 13,527,168      
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CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities    
Net loss $ (1,572,133) $ 2,081
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities:    
Bad debt expense 169,054 0
Depreciation and amortization 94,157 84,795
Provision for product warranties 80,122 734
Stock based compensation 104,070 1,619
(Increase) decrease in:    
Accounts receivable (1,290,900) (250,368)
Inventories (282,406) 138,269
Prepaid and other current assets (256,274) (721,201)
Increase (decrease) in:    
Accounts payable and accrued expenses 559,423 250,050
Deferred revenue (297,879) (85,739)
Product warranties (68,300) (8,855)
Total Adjustments (1,188,933) (590,696)
Net Cash Used In Operating Activities (2,761,066) (588,615)
Cash Flows from Investing Activities    
Acquisition of property and equipment (144,492) (232,906)
Investment in debt securities - held to maturity (1,840,228)
Investments matured 1,500,000
Net Cash Used In Investing Activities (484,720) (232,906)
Cash Flows from Financing Activities    
Revolving credit facility, net 1,500,000 377,298
Withholding taxes on stock compensation (155,468)
Offering costs 126,254
Net Cash Provided By Financing Activities 1,344,532 503,552
Net Decrease in Cash and Cash Equivalents (1,901,254) (317,969)
Cash and Cash Equivalents - Beginning 5,042,477 5,065,068
Cash and Cash Equivalents - Ending 3,141,223 4,747,099
Supplemental Disclosure of Cash Flow Information    
Interest Paid 6,641 7,916
Non Cash Investing and Financing Activities    
Reclassification of Prepaid Offering Costs to APIC 130,629
Transfer of inventory units to property and equipment $ 44,854
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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 1 — Organization and Summary of Significant Accounting Policies

  

Description of the Business

 

Sensus Healthcare, Inc. (the “Company”) is a manufacturer of superficial radiation therapy devices and has established a distribution and marketing network to sell the devices to healthcare providers globally. The Company was organized on May 7, 2010 as a limited liability corporation. On January 1, 2016, the Company completed a corporate conversion pursuant to which Sensus Healthcare, Inc. succeeded to the business of Sensus Healthcare, LLC. The Company operates as one segment from its corporate headquarters located in Boca Raton, Florida.

 

Initial Public Offering

 

In June 2016, the Company issued 2,300,000 units in its initial public offering (“IPO”) at a price of $5.50 per unit ($5.25 attributable to the common stock and $0.25 attributable to the warrant), for net proceeds of approximately $10,393,000 after deducting underwriting discounts and commissions of $886,000 and expenses of $1,371,000. Each unit consisted of one share of common stock and a warrant to purchase one share of common stock. Immediately prior to the IPO, all shares of stock then outstanding converted into an aggregate of 10,367,883 shares of common stock following a 241.95-for-one forward stock split approved by the Company’s board of directors. On July 25, 2016, the common stock and warrants included in the units issued in the IPO commenced trading separately under the symbols “SRTS” and “SRTSW,” respectively, and trading of the units under the symbol “SRTSU” was suspended.

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC.  Accordingly, they do not include certain footnotes and financial presentations normally required under accounting principles generally accepted in the United States of America for complete financial statements.   The interim financial information is unaudited, but reflects all normal adjustments and accruals which are, in the opinion of management, considered necessary to provide a fair presentation for the interim periods presented. The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Form 10-K, filed with the SEC. The results for the three months ended March 31, 2017 are not necessarily indicative of results to be expected for the year ending December 31, 2017, any other interim periods, or any future year or period.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates to which it is reasonably possible that a change could occur in the near term include, revenue recognition, inventory reserves, receivable allowances, recoverability of long lived assets and estimation of the Company’s product warranties. Actual results could differ from those estimates.

 

Revenue Recognition

 

The Company’s sales primarily relate to sales of the Company’s devices. The Company recognizes product revenue upon shipment provided that there is persuasive evidence of an arrangement, there are no uncertainties regarding customer acceptance, the sales price is fixed and determinable, and collection of the resulting receivable is reasonably assured. The Company does not provide a right of return related to product sales. Revenues for service contracts are recognized over the service contract period on a straight-line basis. Revenue for rentals of equipment is recognized over the lease term on a straight-line basis.

 

The Company sells products and services under multiple-element arrangements with separate units of accounting; in these situations, total consideration is allocated to the identified units of accounting based on their relative selling prices and revenue is then recognized for each unit based on its specific characteristics. A deliverable in an arrangement qualifies as a separate unit of accounting if the delivered item has value to the customer on a stand-alone basis. The principal deliverables in our multiple deliverable arrangements that qualify as separate units of accounting consist of (i) sales of medical devices and accessories and (ii) service contracts. Performance obligations, including installation and customer training, are considered inconsequential and are combined with the product as one unit of accounting. Selling prices are established using vendor-specific objective evidence (VSOE).

 

If VSOE does not exist, the Company uses its best estimate of the selling prices for the deliverables. The Company operates in a highly-regulated environment and is continually entering into new markets in which regulatory approval is sometimes required prior to the customer being able to use the product. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained and customer acceptance becomes certain.

  

Deferred revenue consists of payments from customers for long term separately priced service contracts, sales pending regulatory approval and deposits on products. Deferred revenue as of March 31, 2017 and December 31, 2016 was as follows:

 

    As of March 31,     As of December 31,  
    2017     2016  
    (unaudited)        
Service contracts   $ 527,943     $ 613,374  
Sales pending regulatory approval     -       155,517  
Deposits on products     35,062       84,907  
Total deferred revenue, current portion   $ 563,005     $ 853,798  
Service contracts, net of current portion     9,166       16,251  
Total deferred revenue   $ 572,171     $ 870,049  

 

The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties are short term in nature and entitle the customer to repair, replacement, or modification of the defective product subject to the terms of the respective warranty. The Company records an estimate of future warranty claims at the time the Company recognizes revenue from the sale of the product based upon management’s estimate of the future claims rate.

 

Shipping and handling costs are expensed as incurred and are included in cost of sales.

 

Segment and Geographical Information

  

The Company’s revenue is generated primarily from customers in the United States, which represented approximately 99% and 45% for the three months ended March 31, 2017 and 2016, respectively. Customers in China accounted for approximately 0% and 20% for the three months ended March 31, 2017 and 2016, respectively. A customer in the US accounted for approximately 51% and 0% of revenues for the three months ended March 31, 2017 and 2016, respectively, and approximately 69% and 39% of the accounts receivable as of March 31, 2017 and December 31, 2016, respectively. A distributor in Costa Rica accounted for approximately 0% and 24% of revenues for the three months ended March 31, 2017 and 2016, respectively.

 

Cash and Cash Equivalents

 

The Company maintains its cash and cash equivalents with financial institutions which balances exceed the federally insured limits. Federally insured limits are $250,000 for deposits. As of March 31, 2017 and December 31, 2016, the Company had approximately $2,697,000 and $4,792,000, respectively in excess of federally insured limits.

 

For purposes of the statement of cash flows, the Company considers all highly liquid financial instruments with a maturity of three months or less when purchased to be a cash equivalent. 

 

Investments

 

Short term investments consist of investments which the Company expects to convert into cash within one year and long term investments after one year. The Company classifies its investments in debt securities at the time of purchase as held-to-maturity and reevaluates such classification on a quarterly basis. Held-to-maturity investments consist of securities that the Company has the intent and ability to retain until maturity. These securities are carried at amortized cost plus accrued interest and consist of the following:

 

    Amortized Cost     Gross
Unrealized
Gain		     Gross
Unrealized
Loss		     Fair
Market
Value		  
Short Term:                                
Corporate bonds   $ 6,462,369       167       7,243       6,455,293  
United States Treasury bonds     -       -       -       -  
Total Short Term:     6,462,369       167       7,243       6,455,293  
                                 
Long Term:                                
United States Treasury bonds     502,063       -       1,174       500,890  
Corporate bonds     601,710               2,618       599,091  
Total Long Term:     1,103,773       -       3,792       1,099,981  
                                 
Total Investment December 31, 2016     7,566,142       167       11,035       7,555,274  
                                 
Short Term:                                
Corporate bonds   $ 6,403,228       -       5,707       6,397,521  
United States Treasury bonds     1,503,142       -       1,868       1,501,274  
Total Short Term:     7,906,370       -       7,575       7,898,795  
                                 
Long Term:                                
United States Treasury bonds     -       -       -       -  
Corporate bonds     -               -       -  
Total Long Term:     -       -       -       -  
                                 
Total Investment March 31, 2017 (unaudited)     7,906,370       -       7,575       7,898,795  

 

Accounts Receivable

 

The Company does business and extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The allowance for doubtful accounts was approximately $0 and $7,000 as of March 31, 2017 and December 31, 2016, respectively. Bad debt expense for the three months ended March 31, 2017 and 2016 was approximately $169,000 and $0, respectively.

 

Inventories

 

Inventories consist of finished product and components and are stated at the lower of cost and net realizable value, determined using the first-in-first-out method.

 

Earnings Per Share

 

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period using the treasury stock method for options and warrants. The diluted net income per share attributable to common stockholders is computed by giving effect to all potential dilutive common share equivalents outstanding for the period. In periods when the Company has incurred a net loss, options and warrants to purchase common shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. Shares excluded were computed under the treasury stock method as follows:

 

    For the Three Months Ended March 31,  
    2017     2016  
Warrants     4,025       288,474  
Unvested restricted stock     39,509       —  
Options     —       950  

 

Advertising Costs 

 

Advertising and promotion expenses are charged to expense as incurred. Advertising and promotion expense included in selling expense in the accompanying statements of operations amounted to approximately $733,000 and $232,000 for the three months ended March 31, 2017 and 2016, respectively.

  

Recently issued accounting pronouncements 

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. In April 2016, the FASB also issued ASU 2016-10, Identifying Performance Obligations and Licensing, implementation guidance on principal versus agent, identifying performance obligations, and licensing. ASU 2016-10 is effective for reporting periods beginning after December 15, 2017. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. For Sensus the ASU is effective January 1, 2018. The Company is continuing to evaluate the standard’s impact on the results of operations and financial condition. The Company has conducted initial analyses and is currently completing detailed contract reviews to determine if any adjustments are necessary to the existing accounting policies and to support the evaluation of the standard’s impact to the results of operations and financial condition. For the majority of the Company’s revenue arrangements, no significant impacts are expected as these transactions are not accounted for under industry-specific guidance that will be superseded by the ASU, and generally consist of obligations to transfer goods and services. The Company currently anticipates utilizing the modified retrospective method of adoption on January 1, 2018.

  

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). Under the new guidance, companies are required to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. In addition, companies will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowances will also be classified as noncurrent. This guidance is effective for financial statements issued for annual and interim periods beginning after December 15, 2016. The Company adopted this standard in the first quarter of 2017 and it did not have a material impact on its financial statements.

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of the amendments in the update is permitted. The Company is currently evaluating the effect this standard will have on our financial statements.

 

In April 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718), which requires that the income tax effect of share-based awards be recognized in the income statement when the awards vest or are settled. The guidance will also allow an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The guidance is effective for years beginning after December 15, 2016 and interim periods within those years. The Company adopted this standard in the first quarter of 2017 and it did not have a material impact on its financial statements.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 2 — Property and Equipment

 

    As of March 31,     As to December 31,     Estimated
    2017     2016     Useful Lives
    (unaudited)            
Operations and rental equipment   $ 758,954     $ 630,886     3 years
Tradeshow and demo equipment     294,476       294,475     3 years
Computer equipment     111,641       95,218     3 years
      1,165,071       1,020,579      
Less accumulated depreciation     (657,231 )     (587,171 )    
Property and Equipment, Net   $ 507,840     $ 433,408      

 

Depreciation expense was approximately 70,000 and $61,000, for the three months ended March 31, 2017 and 2016, respectively.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
PATENT RIGHTS
 3 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
PATENT RIGHTS

Note 3 — Patent Rights

 

    As to March 31,     As of December 31,  
    2017     2016  
    (unaudited)        
Gross carrying amount   $ 1,253,018     $ 1,253,018  
Less accumulated amortization     (650,606 )     (626,509 )
Patent Rights, Net     602,412       626,509  

 

Amortization expense was approximately $24,000 for the three months ended March 31, 2017 and 2016. As of March 31, 2017, future remaining amortization expense is as follows:

 

For the Year Ending December 31,   As of March 31,
2017		  
2017 (April 1 — December 31, 2017)     72,290  
2018     96,386  
2019     96,386  
2020     96,386  
2021     96,386  
Thereafter     144,578  
Total   $ 602,412
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
REVOLVING CREDIT FACILITY
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
REVOLVING CREDIT FACILITY

Note 4 — Revolving Credit Facility

 

On March 12, 2013, the Company entered into a two-year $3 million revolving credit facility. The credit facility was amended and extended effective March 12, 2015 through May 12, 2017. The maximum borrowing was reduced to $1,500,000 and was limited by the Company’s eligible borrowing base of 80% of eligible accounts receivable. On September 21, 2016, a second amendment to the credit facility extended the facility through September 21, 2017, increased the maximum borrowing to $2,000,000 and expanded the eligible accounts receivables to include certain international receivables.

 

Interest, at Prime plus 0.75% (4.75% at March 31, 2017), is payable monthly with outstanding principal and interest due on the maturity date. The facility is secured by all of the Company’s assets and limits the amount of additional indebtedness, restricts the sale, disposition or transfer of assets of the Company and requires the maintenance of a certain monthly adjusted quick ratio restrictive covenant and minimum quarterly EBITDA restrictive covenant, as defined in the agreement. Approximately $1,500,000 was outstanding under the revolving credit facility at March 31, 2017 and $0 at December 31, 2016. The Company pays commitment fees of 0.25% per annum on the average unused portion of the line of credit.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
PRODUCT WARRANTIES
 3 Months Ended
Mar. 31, 2017
Product Warranties Disclosures [Abstract]  
PRODUCT WARRANTIES

Note 5 — Product Warranties

 

Changes in product warranty liability were as follows for the three months ended March 31, 2017 (unaudited).

 

Balance, beginning of period   $ 40,481  
Warranties accrued during the period     80,754  
Payments on warranty claims     (68,932 )
Balance, end of period     52,303
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENT AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENT AND CONTINGENCIES

Note 6 — Commitment and Contingencies

  

Operating Lease Agreements

  

In July 2016, the Company renewed a lease with an unrelated third party for its headquarters office. The renewal was effective September 1, 2016 and expanded the office space being occupied. The lease expires in September 2022 and lease payments increase by 3% annually. Future minimum lease payments as of March 31, 2017 are as follows:

 

Year   As of March 31,
2017		  
    (unaudited)  
2017 (April 1 — December 31, 2017)   $ 138,000  
2018     190,000  
2019     196,000  
2020     202,000  
2021     208,000  
Thereafter     160,000  
Total   $ 1,094,000  

 

Rental expense for the three months ended March 31, 2017 and 2016 was approximately $40,000 and $25,000, respectively.

 

Manufacturing Agreement

 

In July 2010, the Company entered into a three-year contract manufacturing agreement with an unrelated third party for the production and manufacture of the Company’s main product in accordance with the Company’s product specifications. The agreement shall automatically be renewed for successive years unless either party notifies the other party in writing, at least 60 days prior to the anniversary date of this agreement that it will not renew the agreement. The Company or the manufacturer has the option to terminate the agreement with 90 days written notice. Any change in the relationship with the manufacturer could have an adverse effect on the Company’s business.

 

Purchases from this manufacturer totaled approximately $1,275,000 and $1,175,000 for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, and December 31, 2016 approximately $967,000 and $563,000, respectively, was due to this manufacturer, which is presented in accounts payable and accrued expenses in the accompanying balance sheets.

 

Legal contingencies

 

The Company is party to certain legal proceedings in the ordinary course of business. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and related contingencies. The Company does not believe that any legal proceedings are likely to have a material effect on the business, financial condition, or results of operations.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
STOCKHOLDERS' EQUITY

Note 7 — Stockholders’ Equity

 

The Company has authorized 50,000,000 shares of common stock, of which 13,527,168 and 13,546,171 shares were issued and outstanding as of March 31, 2017 and December 31, 2016, respectively.

 

Stock Issuances

 

On January 1, 2016, Sensus Healthcare, LLC converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Sensus Healthcare, Inc. As a result of the corporate conversion, the holders of the different classes of units of Sensus Healthcare, LLC became holders of common stock of Sensus Healthcare, Inc. Holders of warrants and options, respectively, to purchase membership interests of Sensus Healthcare, LLC became holders of warrants and options to purchase common stock of Sensus Healthcare, Inc., respectively. Each membership interest converted to one share of common stock.

 

During 2011, the Company offered to a limited number of investors (the “investor members”) preferred membership interests (the “interests”) consisting of (i) cumulative, non-compounded, 8% per annum preferential return, payable annually, if and when such distributions are made by the Company’s board of directors and (ii) participation in the Company’s net profits, net losses and distributions of the Company’s assets pursuant to the operating agreement. The offering raised approximately $6.4 million in gross proceeds ($6.0 million net of offering costs), utilizing a private placement memorandum. As of December 31, 2015, accumulated unpaid preferential distributions were approximately $2,674,000 ($0.87 per share). Preferential distributions no longer accrued after December 31, 2015. In June 2016, after the completion of the IPO, the accumulated unpaid distribution as of December 31, 2015 was payable in cash or shares, at the option of each stockholder with a preferential distribution. On July 15, 2016, the Company paid the accrued dividends in the amount of approximately $2,553,000 representing the amount for which former holders of membership units with a preferred return elected to receive dividends in cash. In addition, 23,138 shares valued at approximately $122,000 of common stock were issued to those that elected to receive the dividends in shares.

 

Warrants 

 

In April 2013, the closing date of the second common offering, the Company’s placement agent received investor rights to 5 year warrants to purchase 86,376 common shares of the Company at an exercise price of $4.55 per unit, which was equal to 110% of the offering price.

  

In June 2016, from the IPO, the investors received three-year warrants to purchase 2,300,000 shares of common stock at an exercise price of $6.75 per share; the warrants are exercisable through June 2, 2019. Following the first anniversary of the date of issuance, if certain conditions are met, the Company may redeem any and all of the outstanding warrants at a price equal to $0.01 per warrant.

 

In addition, the underwriter’s representatives received four-year warrants to purchase up to 138,000 units, consisting of one share of common stock and one warrant to purchase one share of common stock. The warrants for the units are exercisable between June 2, 2017 and June 2, 2021 at an exercise price of $6.75 per unit. 

 

The following table summarizes the Company’s warrant activity:

 

    Common Unit Warrants  
    Number of
Warrants		     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Term (In Years)		  
Outstanding – December 31, 2016     2,524,376     $ 6.67       2.50  
Granted     —       —       —  
Exercised     —       —       —  
Cancelled (forfeited)     —       —       —  
Outstanding – March 31, 2017     2,524,376     $ 6.67       2.26  
Exercisable –  March 31, 2017     2,386,376     $ 6.67       2.26  

 

The intrinsic value of the common stock warrants was approximately $19,000 as of March 31, 2017, and $114,000 as of December 31, 2016.

  

2016 equity incentive Plan

 

The Company has limited the aggregate number of shares of common stock to be awarded under the 2016 Equity Incentive Plan to 397,473 shares and no more than 397,473 shares of common stock in the aggregate may be granted in connection with incentive stock options. In addition, unless the Compensation Committee specifically determines otherwise, the maximum number of shares available under the 2016 Plan and the awards granted under the 2016 Plan will be subject to appropriate adjustment in the case of any stock dividends, stock splits, recapitalizations, reorganizations, mergers, consolidations, exchanges or other changes in capitalization affecting our common stock. Any shares granted in connection with options and stock appreciation rights shall be counted against this limit as one share for every one share allotted in connection with the awarded option or stock appreciation right. Any shares granted in connection with awards other than options and stock appreciation rights shall be counted against this limit as two shares for every one share granted in connection with such award or by which the award is valued by reference. 

 

On June 2, 2016, 307,666 shares of restricted stock were issued to employees and were recorded at the fair value of $5.25 as per the initial offering price. In addition, on January 20, 2017, 10,000 shares of restricted stock were issued to one employee and were recorded at the fair value of $4.99 per share. The shares vest 25% per year over a four-year vesting period and are being recognized as expense on a straight-line basis over the vesting period of the awards. Stock compensation expense of approximately $104,000 and $0 was recognized for the three months ended March 31, 2017 and 2016, respectively. Unrecognized stock compensation expense was approximately $1,327,000 as of March 31, 2017, which will be recognized over the remaining vesting period. As of March 31, 2017, 79,807 shares were available to be granted under the 2016 Plan.

 

A summary of the restricted stock activity for the three months ended March 31, 2017 is presented as follows:

 

    Shares     Weighted Average
Grant Date Fair
Value		  
Unvested balance at December 31, 2016     412,914       5.04  
Granted     10,000       4.99  
Vested     (105,284 )     4.42  
Forfeited     -       -  
Unvested balance at March 31, 2017     317,666       5.24
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
INCOME TAXES

Note 8 — Income Taxes

 

Book income before taxes was negative for the first quarter of 2017. Tax expense for the first quarter of 2016 was $636.

 

There are no uncertain tax positions that would require recognition in the financial statements. If the Company incurs an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The Company’s conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors.

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

 

As of March 31, 2017, the Company has US federal and certain state tax returns subject to examination, beginning with those filed for the year 2013.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Note 9 — Subsequent Events

 

The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued for potential recognition or disclosure. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF THE BUSINESS

Description of the Business

 

Sensus Healthcare, Inc. (the “Company”) is a manufacturer of superficial radiation therapy devices and has established a distribution and marketing network to sell the devices to healthcare providers globally. The Company was organized on May 7, 2010 as a limited liability corporation. On January 1, 2016, the Company completed a corporate conversion pursuant to which Sensus Healthcare, Inc. succeeded to the business of Sensus Healthcare, LLC. The Company operates as one segment from its corporate headquarters located in Boca Raton, Florida.
INITIAL PUBLIC OFFERING

Initial Public Offering

 

In June 2016, the Company issued 2,300,000 units in its initial public offering (“IPO”) at a price of $5.50 per unit ($5.25 attributable to the common stock and $0.25 attributable to the warrant), for net proceeds of approximately $10,393,000 after deducting underwriting discounts and commissions of $886,000 and expenses of $1,371,000. Each unit consisted of one share of common stock and a warrant to purchase one share of common stock. Immediately prior to the IPO, all shares of stock then outstanding converted into an aggregate of 10,367,883 shares of common stock following a 241.95-for-one forward stock split approved by the Company’s board of directors. On July 25, 2016, the common stock and warrants included in the units issued in the IPO commenced trading separately under the symbols “SRTS” and “SRTSW,” respectively, and trading of the units under the symbol “SRTSU” was suspended.
BASIS OF PRESENTATION

Basis of Presentation

 

The accompanying unaudited condensed financial statements in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC.  Accordingly, they do not include certain footnotes and financial presentations normally required under accounting principles generally accepted in the United States of America for complete financial statements.   The interim financial information is unaudited, but reflects all normal adjustments and accruals which are, in the opinion of management, considered necessary to provide a fair presentation for the interim periods presented. The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Form 10-K, filed with the SEC. The results for the three months ended March 31, 2017 are not necessarily indicative of results to be expected for the year ending December 31, 2017, any other interim periods, or any future year or period.
USE OF ESTIMATES

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates to which it is reasonably possible that a change could occur in the near term include, revenue recognition, inventory reserves, receivable allowances, recoverability of long lived assets and estimation of the Company’s product warranties. Actual results could differ from those estimates.
REVENUE RECOGNITION

Revenue Recognition

 

The Company’s sales primarily relate to sales of the Company’s devices. The Company recognizes product revenue upon shipment provided that there is persuasive evidence of an arrangement, there are no uncertainties regarding customer acceptance, the sales price is fixed and determinable, and collection of the resulting receivable is reasonably assured. The Company does not provide a right of return related to product sales. Revenues for service contracts are recognized over the service contract period on a straight-line basis. Revenue for rentals of equipment is recognized over the lease term on a straight-line basis.

 

The Company sells products and services under multiple-element arrangements with separate units of accounting; in these situations, total consideration is allocated to the identified units of accounting based on their relative selling prices and revenue is then recognized for each unit based on its specific characteristics. A deliverable in an arrangement qualifies as a separate unit of accounting if the delivered item has value to the customer on a stand-alone basis. The principal deliverables in our multiple deliverable arrangements that qualify as separate units of accounting consist of (i) sales of medical devices and accessories and (ii) service contracts. Performance obligations, including installation and customer training, are considered inconsequential and are combined with the product as one unit of accounting. Selling prices are established using vendor-specific objective evidence (VSOE).

 

If VSOE does not exist, the Company uses its best estimate of the selling prices for the deliverables. The Company operates in a highly-regulated environment and is continually entering into new markets in which regulatory approval is sometimes required prior to the customer being able to use the product. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained and customer acceptance becomes certain.

 

Deferred revenue consists of payments from customers for long term separately priced service contracts, sales pending regulatory approval and deposits on products. Deferred revenue as of March 31, 2017 and December 31, 2016 was as follows:

 

    As of March 31,     As of December 31,  
    2017     2016  
    (unaudited)        
Service contracts   $ 527,943     $ 613,374  
Sales pending regulatory approval     -       155,517  
Deposits on products     35,062       84,907  
Total deferred revenue, current portion   $ 563,005     $ 853,798  
Service contracts, net of current portion     9,166       16,251  
Total deferred revenue   $ 572,171     $ 870,049  

 

The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties are short term in nature and entitle the customer to repair, replacement, or modification of the defective product subject to the terms of the respective warranty. The Company records an estimate of future warranty claims at the time the Company recognizes revenue from the sale of the product based upon management’s estimate of the future claims rate.

 

Shipping and handling costs are expensed as incurred and are included in cost of sales.
SEGMENT AND GEOGRAPHICAL INFORMATION

Segment and Geographical Information

 

The Company’s revenue is generated primarily from customers in the United States, which represented approximately 99% and 45% for the three months ended March 31, 2017 and 2016, respectively. Customers in China accounted for approximately 0% and 20% for the three months ended March 31, 2017 and 2016, respectively. A customer in the US accounted for approximately 51% and 0% of revenues for the three months ended March 31, 2017 and 2016, respectively, and approximately 69% and 39% of the accounts receivable as of March 31, 2017 and December 31, 2016, respectively. A distributor in Costa Rica accounted for approximately 0% and 24% of revenues for the three months ended March 31, 2017 and 2016, respectively.
CASH AND CASH EQUIVALENTS

Cash and Cash Equivalents

 

The Company maintains its cash and cash equivalents with financial institutions which balances exceed the federally insured limits. Federally insured limits are $250,000 for deposits. As of March 31, 2017 and December 31, 2016, the Company had approximately $2,697,000 and $4,792,000, respectively in excess of federally insured limits.

 

For purposes of the statement of cash flows, the Company considers all highly liquid financial instruments with a maturity of three months or less when purchased to be a cash equivalent.
INVESTMENTS

Investments

 

Short term investments consist of investments which the Company expects to convert into cash within one year and long term investments after one year. The Company classifies its investments in debt securities at the time of purchase as held-to-maturity and reevaluates such classification on a quarterly basis. Held-to-maturity investments consist of securities that the Company has the intent and ability to retain until maturity. These securities are carried at amortized cost plus accrued interest and consist of the following:

 

    Amortized Cost     Gross
Unrealized
Gain		     Gross
Unrealized
Loss		     Fair
Market
Value		  
Short Term:                                
Corporate bonds   $ 6,462,369       167       7,243       6,455,293  
United States Treasury bonds     -       -       -       -  
Total Short Term:     6,462,369       167       7,243       6,455,293  
                                 
Long Term:                                
United States Treasury bonds     502,063       -       1,174       500,890  
Corporate bonds     601,710               2,618       599,091  
Total Long Term:     1,103,773       -       3,792       1,099,981  
                                 
Total Investment December 31, 2016     7,566,142       167       11,035       7,555,274  
                                 
Short Term:                                
Corporate bonds   $ 6,403,228       -       5,707       6,397,521  
United States Treasury bonds     1,503,142       -       1,868       1,501,274  
Total Short Term:     7,906,370       -       7,575       7,898,795  
                                 
Long Term:                                
United States Treasury bonds     -       -       -       -  
Corporate bonds     -               -       -  
Total Long Term:     -       -       -       -  
                                 
Total Investment March 31, 2017 (unaudited)     7,906,370       -       7,575       7,898,795  
ACCOUNTS RECEIVABLE

Accounts Receivable

 

The Company does business and extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The allowance for doubtful accounts was approximately $0 and $7,000 as of March 31, 2017 and December 31, 2016, respectively. Bad debt expense for the three months ended March 31, 2017 and 2016 was approximately $169,000 and $0, respectively. To date, the Company has not experienced significant credit-related losses.
INVENTORIES

Inventories

 

Inventories consist of finished product and components and are stated at the lower of cost and net realizable value, determined using the first-in-first-out method.
EARNINGS PER SHARE

Earnings Per Share

 

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period using the treasury stock method for options and warrants. The diluted net income per share attributable to common stockholders is computed by giving effect to all potential dilutive common share equivalents outstanding for the period. In periods when the Company has incurred a net loss, options and warrants to purchase common shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. Shares excluded were computed under the treasury stock method as follows:

 

    For the Three Months Ended March 31,  
    2017     2016  
Warrants     4,025       288,474  
Unvested restricted stock     39,509       —  
Options     —       950
ADVERTISING COSTS

Advertising Costs

 

Advertising and promotion expenses are charged to expense as incurred. Advertising and promotion expense included in selling expense in the accompanying statements of operations amounted to approximately $733,000 and $232,000 for the three months ended March 31, 2017 and 2016, respectively.
RECENTLY ISUED ACCOUNTING PRONOUNCEMENT

Recently issued accounting pronouncements

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. In April 2016, the FASB also issued ASU 2016-10, Identifying Performance Obligations and Licensing, implementation guidance on principal versus agent, identifying performance obligations, and licensing. ASU 2016-10 is effective for reporting periods beginning after December 15, 2017. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. For Sensus the ASU is effective January 1, 2018. The Company is continuing to evaluate the standard’s impact on the results of operations and financial condition. The Company has conducted initial analyses and is currently completing detailed contract reviews to determine if any adjustments are necessary to the existing accounting policies and to support the evaluation of the standard’s impact to the results of operations and financial condition. For the majority of the Company’s revenue arrangements, no significant impacts are expected as these transactions are not accounted for under industry-specific guidance that will be superseded by the ASU, and generally consist of obligations to transfer goods and services. The Company currently anticipates utilizing the modified retrospective method of adoption on January 1, 2018.

 

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). Under the new guidance, companies are required to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. In addition, companies will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowances will also be classified as noncurrent. This guidance is effective for financial statements issued for annual and interim periods beginning after December 15, 2016. The Company adopted this standard in the first quarter of 2017 and it did not have a material impact on its financial statements.

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of the amendments in the update is permitted. The Company is currently evaluating the effect this standard will have on our financial statements.

 

In April 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718), which requires that the income tax effect of share-based awards be recognized in the income statement when the awards vest or are settled. The guidance will also allow an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The guidance is effective for years beginning after December 15, 2016 and interim periods within those years. The Company adopted this standard in the first quarter of 2017 and it did not have a material impact on its financial statements.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of deferred revenue

Deferred revenue as of March 31, 2017 and December 31, 2016 was as follows:

 

    As of March 31,     As of December 31,  
    2017     2016  
    (unaudited)        
Service contracts   $ 527,943     $ 613,374  
Sales pending regulatory approval     -       155,517  
Deposits on products     35,062       84,907  
Total deferred revenue, current portion   $ 563,005     $ 853,798  
Service contracts, net of current portion     9,166       16,251  
Total deferred revenue   $ 572,171     $ 870,049
Schedule of investment

These securities are carried at amortized cost plus accrued interest and consist of the following:

 

    Amortized Cost     Gross
Unrealized
Gain		     Gross
Unrealized
Loss		     Fair
Market
Value		  
Short Term:                                
Corporate bonds   $ 6,462,369       167       7,243       6,455,293  
United States Treasury bonds     -       -       -       -  
Total Short Term:     6,462,369       167       7,243       6,455,293  
                                 
Long Term:                                
United States Treasury bonds     502,063       -       1,174       500,890  
Corporate bonds     601,710               2,618       599,091  
Total Long Term:     1,103,773       -       3,792       1,099,981  
                                 
Total Investment December 31, 2016     7,566,142       167       11,035       7,555,274  
                                 
Short Term:                                
Corporate bonds   $ 6,403,228       -       5,707       6,397,521  
United States Treasury bonds     1,503,142       -       1,868       1,501,274  
Total Short Term:     7,906,370       -       7,575       7,898,795  
                                 
Long Term:                                
United States Treasury bonds     -       -       -       -  
Corporate bonds     -               -       -  
Total Long Term:     -       -       -       -  
                                 
Total Investment March 31, 2017 (unaudited)     7,906,370       -       7,575       7,898,795
Schedule of antidilutive

Shares excluded were computed under the treasury stock method as follows:

 

    For the Three Months Ended March 31,  
    2017     2016  
Warrants     4,025       288,474  
Unvested restricted stock     39,509       —  
Options     —       950
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
  As of March 31,   As to December 31,   Estimated
   2017   2016   Useful Lives
   (unaudited)        
Operations and rental equipment  $758,954   $630,886   3 years
Tradeshow and demo equipment   294,476    294,475   3 years
Computer equipment   111,641    95,218   3 years
    1,165,071    1,020,579    
Less accumulated depreciation   (657,231)   (587,171)   
Property and Equipment, Net  $507,840   $433,408  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
PATENT RIGHTS (Tables)
 3 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets
  As to March 31,   As of December 31, 
   2017   2016 
   (unaudited)     
Gross carrying amount  $1,253,018   $1,253,018 
Less accumulated amortization   (650,606)   (626,509)
Patent Rights, Net   602,412   626,509 
Schedule of amortization expense

As of March 31, 2017, future remaining amortization expense is as follows:

 

For the Year Ending December 31,   As of March 31,
2017		  
2017 (April 1 — December 31, 2017)     72,290  
2018     96,386  
2019     96,386  
2020     96,386  
2021     96,386  
Thereafter     144,578  
Total   $ 602,412
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
PRODUCT WARRANTIES (Tables)
 3 Months Ended
Mar. 31, 2017
Product Warranties Disclosures [Abstract]  
Schedule of changes in product warranty liability

Changes in product warranty liability were as follows for the three months ended March 31, 2017 (unaudited).

 

Balance, beginning of period   $ 40,481  
Warranties accrued during the period     80,754  
Payments on warranty claims     (68,932 )
Balance, end of period     52,303
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENT AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future minimum lease payments for operating leases

Future minimum lease payments as of March 31, 2017 are as follows:

 

Year   As of March 31,
2017		  
    (unaudited)  
2017 (April 1 — December 31, 2017)   $ 138,000  
2018     190,000  
2019     196,000  
2020     202,000  
2021     208,000  
Thereafter     160,000  
Total   $ 1,094,000
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Schedule of warrant activity

The following table summarizes the Company’s warrant activity:

 

    Common Unit Warrants  
    Number of
Warrants		     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Term (In Years)		  
Outstanding – December 31, 2016     2,524,376     $ 6.67       2.50  
Granted     —       —       —  
Exercised     —       —       —  
Cancelled (forfeited)     —       —       —  
Outstanding – March 31, 2017     2,524,376     $ 6.67       2.26  
Exercisable –  March 31, 2017     2,386,376     $ 6.67       2.26
Schedule of option activity

A summary of the restricted stock activity for the three months ended March 31, 2017 is presented as follows:

 

    Shares     Weighted Average
Grant Date Fair
Value		  
Unvested balance at December 31, 2016     412,914       5.04  
Granted     10,000       4.99  
Vested     (105,284 )     4.42  
Forfeited     -       -  
Unvested balance at March 31, 2017     317,666       5.24
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Deferred Revenue Arrangement [Line Items]    
Total deferred revenue, current portion $ 563,005 $ 853,798
Service contracts, net of current portion 9,166 16,251
Total deferred revenue 572,171 870,049
Service Contracts [Member]    
Deferred Revenue Arrangement [Line Items]    
Total deferred revenue, current portion 527,943 613,374
Sales Pending Regulatory Approval [Member]    
Deferred Revenue Arrangement [Line Items]    
Total deferred revenue, current portion 155,517
Deposits on Products [Member]    
Deferred Revenue Arrangement [Line Items]    
Total deferred revenue, current portion $ 35,062 $ 84,907
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Amortized Cost $ 7,906,370 $ 7,566,142
Gross Unrealized Gain 167
Gross Unrealized Loss 7,575 11,035
Fair Market Value 7,898,795 7,555,274
Short Term [Member]    
Amortized Cost 7,906,370 6,462,369
Gross Unrealized Gain 167
Gross Unrealized Loss 7,575 7,243
Fair Market Value 7,898,795 6,455,293
Short Term [Member] | Corporate Bonds [Member]    
Amortized Cost 6,403,228 6,462,369
Gross Unrealized Gain 167
Gross Unrealized Loss 5,707 7,243
Fair Market Value 6,397,521 6,455,293
Short Term [Member] | United States Treasury Bonds [Member]    
Amortized Cost 1,503,142
Gross Unrealized Gain
Gross Unrealized Loss 1,868
Fair Market Value 1,501,274
Long Term [Member]    
Amortized Cost 1,103,773
Gross Unrealized Gain
Gross Unrealized Loss 3,792
Fair Market Value 1,099,981
Long Term [Member] | Corporate Bonds [Member]    
Amortized Cost 601,710
Gross Unrealized Gain
Gross Unrealized Loss 2,618
Fair Market Value 599,091
Long Term [Member] | United States Treasury Bonds [Member]    
Amortized Cost 502,063
Gross Unrealized Gain
Gross Unrealized Loss 1,174
Fair Market Value $ 500,890
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Warrant [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 4,025 288,474
Unvested Restricted Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 39,509
Options [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 950
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2016
USD ($)
$ / shares
shares
Mar. 31, 2017
USD ($)
shares
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Stockholders' equity note, stock split, conversion ratio 241.95      
Cash, FDIC insured amount   $ 250,000    
Cash uninsured amount   2,697,000 $ 4,792,000  
Allowance for doubtful accounts receivable, current   0   $ 7,000
Advertising and promotion expense   $ 733,000 232,000  
Product warranty term   1 year    
Bad debt expense   $ 169,054 $ 0  
UNITED STATES        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Reveune percent   99.00% 45.00%  
UNITED STATES | Customer [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Reveune percent   51.00% 0.00%  
UNITED STATES | Customer [Member] | Accounts Receivable [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Reveune percent   69.00%   39.00%
CHINA        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Reveune percent   0.00% 20.00%  
COSTA RICA | Distributor [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Reveune percent   0.00% 24.00%  
Common Stock [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of units issued upon transaction | shares 1      
Unit price (in dollars per unit) | $ / shares $ 5.25      
Shares outstanding | shares 10,367,883 13,527,168   13,546,171
Warrant [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of units issued upon transaction | shares 1      
Unit price (in dollars per unit) | $ / shares $ 0.25      
IPO [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of units issued upon transaction | shares 2,300,000      
Unit price (in dollars per unit) | $ / shares $ 5.50      
Number of units issued upon transaction, value $ 10,393,000      
Underwriting discounts and commissions 886,000      
Stock issued expenses $ 1,371,000      
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
 3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,165,071 $ 1,020,579
Less accumulated depreciation (657,231) (587,171)
Property and Equipment, Net 507,840 433,408
Operations and Rental Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 758,954 630,886
Property, plant and equipment, useful Life 3 years  
Tradeshow and Demo Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 294,476 294,475
Property, plant and equipment, useful Life 3 years  
Computer Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 111,641 $ 95,218
Property, plant and equipment, useful Life 3 years  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 70,000 $ 61,000
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
PATENT RIGHTS (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]    
Gross carrying amount $ 1,253,018 $ 1,253,018
Less accumulated amortization (650,606) (626,509)
Patent Rights, Net $ 602,412 $ 626,509
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
PATENT RIGHTS (Details 1) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]    
2017 (April 1 - December 31, 2017) $ 72,290  
2018 96,386  
2019 96,386  
2020 96,386  
2021 96,386  
Thereafter 144,578  
Patent Rights, Net $ 602,412 $ 626,509
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
PATENT RIGHTS (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 24,000 $ 24,000
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
REVOLVING CREDIT FACILITY (Details Narrative) - USD ($)
 3 Months Ended
Mar. 12, 2013
Mar. 31, 2017
Dec. 31, 2016
Sep. 21, 2016
Mar. 12, 2015
Debt Disclosure [Abstract]          
Debt instrument, term 2 years        
Line of credit facility, maximum borrowing capacity $ 3,000,000     $ 2,000,000 $ 1,500,000
Line of credit percentage of borrowing base to accounts receivables 80.00%        
Debt instrument, basis spread on variable rate   0.75%      
Debt instrument, interest rate, effective percentage   4.50%      
Line of credit, current   $ 1,500,000 $ 0    
Line of credit facility, unused capacity, commitment fee percentage   0.25%      
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
PRODUCT WARRANTIES (Details)
 3 Months Ended
Mar. 31, 2017
USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]  
Balance, beginning of period $ 40,481
Warranties accrued during the period 80,754
Payments on warranty claims (68,932)
Balance, end of period $ 52,303
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENT AND CONTINGENCIES (Details)
Mar. 31, 2017
USD ($)
Operating Leases, Future Minimum Payments Due [Abstract]  
2017 (April 1 - December 31, 2017) $ 138,000
2018 190,000
2019 196,000
2020 202,000
2021 208,000
Thereafter 160,000
Total $ 1,094,000
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENT AND CONTINGENCIES (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended
Jul. 31, 2010
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]        
Payments to suppliers   $ 1,275,000 $ 1,175,000  
Accounts payable and accrued expenses   $ 967,000   $ 563,000
Lease expiration date   Sep. 30, 2022    
Percentage of increase in lease payments   3.00%    
Rental expense   $ 40,000 $ 25,000  
Manufacturing agreement contract term 3 years      
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details) - Common Unit Warrants [Member]
 3 Months Ended
Mar. 31, 2017
$ / shares
shares
Class of Warrant or Right, Outstanding [Roll Forward]  
Outstanding at beginning | shares 2,524,376
Granted | shares
Exercised | shares
Cancelled (forfeited) | shares
Outstanding at ending | shares 2,524,376
Exercisable at end | shares 2,524,376
Class of Warrant or Right, Exercise Price of Warrants or Rights [Roll Forward]  
Outstanding at beginning | $ / shares $ 6.67
Granted | $ / shares
Exercised | $ / shares
Cancelled (forfeited) | $ / shares
Outstanding at ending | $ / shares 6.67
Exercisable at ending | $ / shares $ 6.67
Class Of Warrant Or Right Weighted Average Remaining Contract Term Of Warrants Or Rights [Roll Forward]  
Outstanding at beginning 2 years 6 months
Outstanding at ending 2 years 3 months 4 days
Exercisable at ending 2 years 3 months 4 days
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details 1)
 3 Months Ended
Mar. 31, 2017
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested balance at beginning | shares 412,914
Granted | shares 10,000
Vested | shares (105,284)
Forfeited | shares
Unvested balance at end | shares 317,666
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Rollforward]  
Unvested balance at beginning | $ / shares $ 5.04
Granted | $ / shares 4.99
Vested | $ / shares 4.42
Forfeited | $ / shares
Unvested balance at end | $ / shares $ 5.24
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 20, 2017
Jul. 15, 2016
Jun. 30, 2016
Jun. 02, 2016
Apr. 30, 2013
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2011
Dec. 31, 2016
Dec. 31, 2015
Common stock, authorized           50,000,000     50,000,000  
Common stock, issued           13,527,168     13,546,171  
Common stock,outstanding           13,527,168     13,546,171  
Description of membership interest          

Each membership interest converted to one share of common stock.

        
Stock compensation expense           $ 104,070 $ 1,619      
Weighted average grant date fair value (in dollars per share)           $ 4.99        
Number of restricted stock granted           10,000        
Unrecognized stock compensation expense           $ 1,327,000        
2016 Equity Incentive Plan [Member]                    
Number of authorized shares under the plan           397,473        
Number of restricted stock granted           79,807        
2016 Equity Incentive Plan [Member] | Unvested Restricted Stock [Member]                    
Weighted average grant date fair value (in dollars per share) $ 4.99                  
Vesting period       4 years            
Number of restricted stock granted 10,000     307,666            
Initial offering price (in dollars per share)       $ 5.25            
Vesting percentage       25.00%            
Description of vesting rights      

The shares vest 25% per year over a four-year vesting period and are being recognized as expense on a straight-line basis over the vesting period of the awards.

            
Common Unit Warrants [Member]                    
Number of warrant outstanding           2,524,376     2,524,376  
Warrant exercise price (in dollars per share)           $ 6.67     $ 6.67  
Number of warrant granted                  
Warrant granted exercise price (in dollars per share)                  
Intrinsic value of common stock warrants           $ 19,000     $ 114,000  
Investor [Member]                    
Percentage cumulative, non-compounded annual preferential return               8.00%    
Proceeds from issuance preference stock, gross               $ 6,400,000    
Proceeds from issuance preference stock, net               $ 6,000,000    
Accumulated unpaid preferential distributions                   $ 2,674,000
Accumulated unpaid preferential distributions (in dollars per share)                   $ 0.87
Accrued dividend paid   $ 2,553,000                
Value of shares issued upon dividend   $ 122,000                
Number of shares issued upon dividend   23,138                
Investor [Member] | Common Unit Warrants [Member] | IPO [Member]                    
Warrant term     3 years              
Number of warrant granted     2,300,000              
Warrant granted exercise price (in dollars per share)     $ 6.75              
Date of warrants exercisable     Jun. 02, 2019              
Warrant redemption price (in dollars per warrant)     $ 0.01              
Investor [Member] | Placement Agent [Member] | Common Unit Warrants [Member]                    
Warrant term         5 years          
Number of warrant outstanding         86,376          
Warrant exercise price (in dollars per share)         $ 4.55          
Percentage of offering price         110.00%          
Underwriter's Representatives [Member] | Common Unit Warrants [Member] | IPO [Member]                    
Warrant term           4 years        
Number of warrant granted           138,000        
Warrant granted exercise price (in dollars per share)           $ 6.75        
Underwriter's Representatives [Member] | Common Unit Warrants [Member] | IPO [Member] | Minimum [Member]                    
Date of warrants exercisable           Jun. 02, 2017        
Underwriter's Representatives [Member] | Common Unit Warrants [Member] | IPO [Member] | Maximum [Member]                    
Date of warrants exercisable           Jun. 02, 2021        
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Tax Disclosure [Abstract]    
Tax expense $ 636
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