0001615774-18-012135.txt : 20181106 0001615774-18-012135.hdr.sgml : 20181106 20181106142003 ACCESSION NUMBER: 0001615774-18-012135 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181106 DATE AS OF CHANGE: 20181106 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: 181162533 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 s113772_10q.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

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

 

For the Quarterly Period Ended September 30, 2018

 

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 ☒  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 ☒  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 ☒
       
   

(Do not check if smaller

reporting company)

Emerging growth company ☒

 

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

 

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. ☒

 

As of October 31, 2018, 16,085,461 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 Consolidated Financial Statements (Unaudited)  
  Balance Sheets as of September 30, 2018 and December 31, 2017 4
  Statements of Operations for the Three and Nine Months Ended September 30, 2018 and 2017 5
  Statements of Stockholders’ Equity for the Nine Months Ended September 30, 2018 6
  Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017 7
  Notes to the Condensed Consolidated Financial Statements 8
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk 20
     
Item 4. Controls and Procedures 20
     
PART II – Other Information  
     
Item 1. Legal Proceedings 20
     
Item 1A. Risk Factors 21
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
     
Item 3. Defaults Upon Senior Securities 21
     
Item 4. Mine Safety Disclosure 21
     
Item 5. Other Information 21
     
Item 6. Exhibits 22
     
Signatures 23

 

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 our products;

  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;

 

the regulatory requirements applicable to us and our competitors, including any adverse regulatory action taken against us;

 

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 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;
  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 our products;
  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;

  the concentration of sales in 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 in our Annual Report on Form 10-K 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.

 

3

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

 

   As of September 30,   As of December 31, 
   2018   2017 
   (unaudited)      
Assets          
Current Assets          
Cash and cash equivalents  $17,121,319   $10,085,468 
Accounts receivable, net   10,658,661    4,958,255 
Inventories   1,972,046    1,171,383 
Investment in debt securities       1,104,635 
Prepaid and other current assets   1,349,635    566,972 
Total Current Assets   31,101,661    17,886,713 
Property and Equipment, Net   959,332    394,078 
Patent Rights, Net   457,833    530,123 
Deposits   24,272    24,272 
Total Assets  $32,543,098   $18,835,186 
Liabilities and Stockholders’ Equity          
Current Liabilities          
Accounts payable and accrued expenses  $4,889,874   $4,067,894 
Deferred revenue, current portion   808,374    652,242 
Product warranties   111,915    146,722 
Total Current Liabilities   5,810,163    4,866,858 
Revolving Credit Facility       2,214,970 
Deferred Revenue, Net of Current Portion   533,960    73,083 
Total Liabilities   6,344,123    7,154,911 
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; 16,118,915 issued and 16,085,461 outstanding at September 30, 2018; 13,522,168 issued and 13,488,714 outstanding at December 31, 2017   161,189    135,221 
Additional paid-in capital   39,799,045    23,181,641 
Treasury stock, 33,454 shares at cost, at September 30, 2018 and December 31, 2017, respectively   (133,816)   (133,816)
Accumulated deficit   (13,627,443)   (11,502,771)
Total Stockholders’ Equity   26,198,975    11,680,275 
Total Liabilities and Stockholders’ Equity  $32,543,098   $18,835,186 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

4

 

 

SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   For the Three Months Ended
September 30,
   For the Nine Months Ended
September 30,
 
   2018   2017   2018   2017 
                 
Revenues  $6,333,996   $4,795,616   $18,346,193   $14,118,130 
Cost of Sales   2,165,345    1,577,715    6,296,653    4,631,263 
Gross Profit   4,168,651    3,217,901    12,049,540    9,486,867 
Operating Expenses                    
Selling and marketing   1,971,539    1,844,199    6,146,759    6,211,124 
General and administrative   907,746    837,972    3,163,621    2,798,198 
Research and development   1,712,725    1,501,157    4,775,767    3,795,477 
Total Operating Expenses   4,592,010    4,183,328    14,086,147    12,804,799 
Loss From Operations   (423,359)   (965,427)   (2,036,607)   (3,317,932)
Other Income (Expense)                    
Interest income   23,010    18,642    68,620    59,318 
Interest expense   (57,759)   (18,902)   (156,685)   (43,316)
Other Income (Expense), net   (34,749)   (260)   (88,065)   16,002 
Net Loss  $(458,108)  $(965,687)  $(2,124,672)  $(3,301,930)
Net Loss per share – basic and diluted  $(0.03)  $(0.07)  $(0.16)  $(0.25)
Weighted average number of shares used in computing net loss per share – basic and diluted   13,781,506    13,251,714    13,498,760    13,231,398 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

5

 

 

SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

                 
   Common Stock  Additional  Treasury Stock   Accumulated    
   Shares  Amount  Paid-In Capital  Shares  Amount   Deficit  Total 
December 31, 2017   13,522,168  $135,221  $23,181,641   (33,454) $(133,816)  $(11,502,771) $11,680,275 
Issuance of common stock for cash, net of offering cost   2,536,764   25,368   15,822,291                15,847,659 
Stock based compensation   50,000   500   822,994             823,494 
Surrender of shares for tax withholding on stock compensation   (19,305)  (193)  (118,455)            (118,648)
Exercise of warrants   29,288   293   90,574                90,867 
Net loss                   (2,124,672)  (2,124,672)
September 30, 2018 (unaudited)   16,118,915  $161,189   39,799,046   (33,454) $(133,816)  $(13,627,443) $26,198,975 
                               

See accompanying notes to the unaudited condensed consolidated financial statements.

 

6

 

 

SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

   For the Nine Months Ended
September 30,
 
   2018   2017 
Cash Flows From Operating Activities          
Net loss  $(2,124,672)  $(3,301,930)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:          
Bad debt expense (recovery)   (13,280)   175,695 
Depreciation and amortization   427,426    294,906 
Provision for product warranties   72,494    174,723 
Stock based compensation   823,494    303,465 
Decrease (increase) in:          
Accounts receivable   (5,687,126)   (2,146,942)
Inventories   (958,677)   (438,290)
Prepaid and other current assets   (782,664)   424,500 
Increase (decrease) in:          
Accounts payable and accrued expenses   821,979    964,837 
Deferred revenue   617,009    (197,774)
Product warranties   (107,300)   (104,725)
Total Adjustments   (4,786,645)   (549,605)
Net Cash Used In Operating Activities   (6,911,317)   (3,851,535)
Cash Flows from Investing Activities          
Acquisition of property and equipment   (762,375)   (240,734)
Investment in debt securities - held to maturity       (264,365)
Investments matured   1,104,635    4,816,000 
Net Cash Provided By Investing Activities   342,260    4,310,901 
Cash Flows from Financing Activities          
Offering of common stock   17,249,995     
Offering cost   (1,402,336)    
Revolving credit facility, net   (2,214,970)   1,625,970 
Withholding taxes on stock compensation   (118,648)   (289,286)
Exercise of warrants   90,867     
Net Cash Provided By Financing Activities   13,604,908    1,336,684 
Net Increase in Cash and Cash Equivalents   7,035,851    1,796,050 
Cash and Cash Equivalents – Beginning   10,085,468    5,042,477 
Cash and Cash Equivalents – Ending  $17,121,319   $6,838,527 
Supplemental Disclosure of Cash Flow Information          
Interest Paid  $143,901   $43,316 
Non Cash Investing and Financing Activities          
Transfer of inventory to property and equipment  $158,016   $ 
Transfer of property and equipment to inventory  $   $35,393 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

7

 

 

 

SENSUS HEALTHCARE, INC.
NOTES TO THE 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. In February 2018, the Company formed a wholly-owned subsidiary in Israel. The Company operates as one segment based at its corporate headquarters located in Boca Raton, Florida.

 

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 consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Form 10-K, filed with the SEC. The results for the nine months ended September 30, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018, any other interim periods, or any future year or period.

 

Principles of consolidation

 

The accompanying condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary in Israel. All inter-company balances and transactions have been eliminated.

 

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, 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

 

On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” using the modified retrospective method. The adoption of this standard did not result in a significant change to the Company’s historical revenue recognition policies and there were no necessary adjustments required to retained earnings upon adoption.

 

Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract’s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identifies the contracts with a customer; (ii) identifies the performance obligations within the contract, including whether they are distinct and capable of being distinct in the context of the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when, or as, the Company satisfies each performance obligation.

 

 8

 

 

The Company’s revenue consists of sales of the Company’s devices and services related to maintaining and repairing the devices. The agreement for the sale of the devices and the service contract are usually signed at the same time and in some instances a service contract is signed on a stand-alone basis. Revenue for service contracts is recognized over the service contract period on a straight-line basis. The Company determined that in practice no significant discount is given on the service contract when it is offered with the device purchase as compared to when it is sold on a stand-alone basis, by comparing the median selling price of the service contract as stand-alone and the median selling price of the service contract when sold together with the device. The service level provided is identical when the service contract is purchased stand-alone or together with the device. There is no termination provision in the service contract nor any penalties in practice for cancellation of the service contract. The service contract is not considered a performance obligation until it is paid, and it does not provide a material right for a significant discount when purchased with the device. The service portion of a sales contract or a stand-alone service contract is accounted for over the period of time of the service contract only when the customer exercises the option by paying for the service contract. For the three and nine months ended September 30, 2018, service contract revenue was approximately 6% and 7% of total revenues, respectively.

 

The Company operates in a highly-regulated environment in which state regulatory approval is sometimes required prior to the customer being able to use the product, primarily in the U.S. dermatology market. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained.

 

Deferred revenue as of September 30, 2018 and December 31, 2017 was as follows:

 

   As of September 30,   As of December 31, 
   2018   2017 
   (unaudited)      
Service contracts  $707,179   $570,242 
Deposits on products   101,195    82,000 
Total deferred revenue, current portion   808,374    652,242 
Service contracts, net of current portion   533,960    73,083 
Total deferred revenue  $1,342,334   $725,325 

 

The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties 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 93% and 99% for the three months ended September 30, 2018 and 2017, respectively, and approximately 95% and 99% for the nine months ended September 30, 2018 and 2017, respectively. A customer in the U.S. accounted for approximately 78% and 69% of revenues for the three months ended September 30, 2018 and 2017, respectively, and approximately 74% and 58% for the nine months ended September 30, 2018 and 2017, respectively, and 92% and 85% of the accounts receivable as of September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017, the Company had approximately $16,900,000 and $9,952,000, 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.

 

 9

 

 

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
Value
 
Short-Term:                    
Corporate bonds  $602,599   $   $256   $602,343 
United States Treasury bonds   502,036        332    501,704 
Total Short Term:   1,104,635        588    1,104,047 
                     
Total Investments December 31, 2017  $1,104,635   $   $588   $1,104,047 

 

There were no investments as of September 30, 2018.

 

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 $16,000 as of September 30, 2018 and December 31, 2017. Bad debt expense (recovery) for the three months ended September 30, 2018 and 2017 was $0 and for the nine months ended September 30, 2018 and 2017 was approximately ($13,000) and $176,000, respectively.

 

Inventories

 

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

 

Earnings Per Share

 

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

 

   For the Three Months Ended
September 30,
   For the Nine Months Ended
September 30,
 
   2018   2017   2018   2017 
Warrants   165,003    5,851         
Stock options   53,532        32,610     
Shares   46,036    9,779    13,328    5,430 

 

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 $195,000 and $185,000 for the three months ended September 30, 2018 and 2017, respectively, and $1,028,000 and $1,242,000 for the nine months ended September 30, 2018 and 2017, respectively.

 

 10

 

 

Recently issued and Adopted accounting Standards

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 eliminated transaction- and industry-specific revenue recognition guidance under current GAAP and replaced it with a principle based approach for determining revenue recognition. ASU 2014-09 requires that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also requires 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. The Company adopted the new revenue recognition standard in the first quarter of 2018 using the full retrospective method. There was not a material impact to revenues as a result of applying ASC 606 for the nine months ended September 30, 2018, and there have not been significant changes to the Company’s business processes, systems, or internal controls as a result of implementing the standard.

 

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 1, 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 its financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) – Scope of Modification Accounting. The amendments included in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this standard in the first quarter of 2018 and it did not have a material impact on its financial statements.

 

Note 2 — Property and Equipment

 

   As of September 30,   As to December 31,   Estimated
   2018   2017   Useful Lives
   (unaudited)         
Operations and rental equipment  $999,813   $542,639   3 years
Tradeshow and demo equipment   709,740    271,275   3 years
Computer equipment   119,050    94,298   3 years
    1,828,603    908,212    
Less accumulated depreciation   (869,271)   (514,134)   
Property and Equipment, Net  $959,332   $394,078    

 

Depreciation expense was approximately $170,000 and $79,000, for the three months ended September 30, 2018 and 2017, respectively, and approximately $355,000 and $223,000, for the nine months ended September 30, 2018 and 2017, respectively.

 

Note 3 — Patent Rights

 

   As of September 30,   As of December 31, 
   2018   2017 
   (unaudited)      
Gross carrying amount  $1,253,018   $1,253,018 
Less accumulated amortization   (795,185)   (722,895)
Patent Rights, Net   457,833    530,123 

 

 11

 

 

Amortization expense was approximately $24,000 for the three months ended September 30, 2018 and 2017, and approximately $72,000 for the nine months ended September 30, 2018 and 2017. As of June 30, 2018, future remaining amortization expense is as follows:

 

Year     
2018 (October 1 – December 31, 2018)   $24,096 
2019    96,386 
2020    96,386 
2021    96,386 
2022    96,386 
Thereafter    48,193 
Total   $457,833 

 

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. The Company was not in compliance in April and May 2017 with one of its financial covenants. On June 27, 2017, the covenant defaults were waived and the agreement was amended to modify the financial covenants effective June 2017. An amendment signed on September 15, 2017 extended the maturity date of the credit line through November 19, 2017. On October 31, 2017, the Company amended its revolving credit facility to extend the maturity to October 31, 2019 and to amend the financial covenants. The availability under the amended facility will equal the lesser of the $5 million commitment amount or the borrowing base plus the $2.5 million non-formula sublimit. The borrowing base consists of 80% of eligible accounts receivable, as defined in the agreement.

 

Interest, at Prime plus 0.75% (6.00% at September 30, 2018) and Prime plus 1.50% on non-formula borrowings (6.75% at September 30, 2018), is payable monthly, and the outstanding principal and interest are 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, as defined in the agreement. The Company was in compliance with its financial covenants as of September 30, 2018 and December 31, 2017. There were no borrowings outstanding under the revolving credit facility at September 30, 2018 and approximately $2,215,000 was outstanding at December 31, 2017. 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 nine months ended September 30, 2018:

 

Balance, beginning of period  $146,722 
Warranties accrued during the period   72,492 
Payments on warranty claims   (107,299)
Balance, end of period  $111,915 

 

Note 6 — Commitments and Contingencies

 

Operating Lease Agreements

 

In July 2016, the Company renewed its 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. In February 2017 and January 2018, the Company signed amendments to expand further the leased office space. The Company’s Israeli subsidiary entered into a two year lease for office space starting in September 2018. Future minimum lease payments as of September 30, 2018 are as follows:

 

Year   Minimum Lease
Payment
 
2018    62,000 
2019    250,000 
2020    245,000 
2021    231,000 
2022    177,000 
Total   $965,000 

 

Rental expense for the three months ended September 30, 2018 and 2017 was approximately $58,000 and $46,000, respectively, and for the nine months ended September 30, 2018 and 2017 was approximately $167,000 and $131,000, respectively.

 

 12

 

 

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 renews 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 $1,302,000 and $1,582,000 for the three months ended September 30, 2018 and 2017, respectively, and approximately $3,127,000 and $3,074,000 for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, and December 31, 2017 approximately $1,209,000 and $829,000, 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.

 

In November 2015, the Company learned that the Department of Justice (the “Department”) had commenced an investigation of the billing to Medicare by a physician who had treated patients with the Company’s SRT-100. The Company received a Civil Investigative Demand from the Department seeking documents and written responses in connection with that investigation. The Company has fully cooperated with the investigation. The Department has advised the Company that it was considering expanding the investigation to determine whether the Company had any involvement in the physician’s use of certain reimbursement codes. The Company disputes that it has engaged in any wrongdoing with respect to such reimbursement claims; among other things, the Company does not submit claims for reimbursement or provide coding or billing advice to physicians. To the Company’s knowledge, the Department has made no determination as to whether the Company engaged in any wrongdoing, or whether to pursue any legal action against the Company. Should the Department decide to pursue legal action, the Company believes it has strong and meritorious defenses and will vigorously defend itself. At this time, the Company is unable to estimate the cost associated with this matter.

 

Note 7 — Employee Benefit Plans

 

We sponsor a 401(k) defined contribution retirement plan that allows eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. Expenses related to this plan totaled approximately $24,000 and $0 for the three months ended September 30, 2018 and 2017, respectively, and approximately $72,000 and $0 for the nine months ended September 30, 2018 and 2017, respectively.

 

Note 8 — Stockholders’ Equity

 

The Company has authorized 50,000,000 shares of common stock, of which 16,118,915 were issued and 16,085,461 outstanding at September 30, 2018; 13,522,168 shares were issued and 13,488,714 were outstanding as of December 31, 2017.

 

Stock Issuances

 

On September 17, 2018, the Company completed a public offering of 2,205,882 shares of its common stock, par value $0.01 per share, at a public offering price of $6.80 per share. Total proceeds to the Company from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, were approximately $15 million. On September 21, 2018 the Company issued an additional 330,882 shares of its common stock pursuant to the exercise in full of the underwriters’ option received in connection with the public offering of its common stock. After giving effect to the full exercise of the option, Sensus sold an aggregate of 2,536,764 shares of its common stock at a price of $6.80 per share with total gross proceeds of approximately $17.25 million, before deducting underwriting discounts and commissions and other offering expenses.

 

Warrants

 

In April 2013, the closing date of the Company’s 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. During the first quarter of 2018, 73,309 of the warrants were exercised, and 13,067 warrants expired.

 

 13

 

 

In June 2016, from the Company’s 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 for the IPO 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, 2017    2,524,376   $6.67    1.50 
Granted             
Exercised    (73,309)   4.55     
Expired    (13,067)   4.55     
Outstanding – September 30, 2018    2,438,000   $6.75    0.80 
Exercisable – September 30, 2018    2,438,000   $6.75    0.80 


The intrinsic value of the common stock warrants was approximately $3,974,000 and $19,000 as of September 30, 2018, and December 31, 2017, respectively.

 

2016 and 2017 Equity Incentive Plans

 

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. The Company has limited the aggregate number of shares of common stock to be awarded under the 2017 Equity Incentive Plan to 500,000 shares and no more than 500,000 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 and 2017 Plans and the awards granted under those plans 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.

 

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 restricted 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.

 

On January 25, 2018, 80,000 fully vested shares were granted to the nonemployee directors, and 229,334 stock options with a four-year vesting period were granted to employees. The shares were recorded at the fair value of $5.55 per share for a total of $444,000 and the stock options were valued using a Black Scholes model at $3.52 per option using the assumptions noted in the following table.

 

   2018 
Expected volatility   67.8%
Risk-free interest rate   2.5%
Expected life   6.25 years
Dividend yield   0.0%

The Company recognizes forfeitures as they occur rather than estimating a forfeiture rate. The reduction of stock compensation expense related to the forfeitures was approximately $39,000 and $7,000 for the nine months ended September 30, 2018 and 2017, respectively.

 

 14

 

 

A summary of the restricted stock activity is presented as follows:

 

    Shares   Weighted
Average
Grant Date Fair
Value
 
Unvested balance at December 31, 2017    237,000   $5.24 
Granted         
Vested    (68,166)   5.24 
Forfeited    (30,000)   5.25 
Unvested balance at September 30, 2018    138,834   $5.24 

 

The following table summarizes the Company’s stock option activity:

 

    Number of
Options
   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Term
(In Years)
 
Outstanding – December 31, 2017      $     
Granted    229,334    5.55    10.00 
Exercised             
Expired             
Outstanding – September 30, 2018    229,334   $5.55    9.33 
Exercisable – September 30, 2018             

 

The intrinsic value of the stock options was approximately $649,000 and $0 as of September 30, 2018, and December 31, 2017, respectively.

 

Stock compensation expense of approximately $143,000 and $102,000 was recognized for the three months ended September 30, 2018 and 2017, respectively, and approximately $823,000 and $303,000 for the nine months ended September 30, 2017 and 2018, respectively. Unrecognized stock compensation expense was approximately $1,298,000 as of September 30, 2018, which will be recognized over the remaining vesting period. As of September 30, 2018, no shares were available to be granted under the 2016 Plan and 305,473 shares were available to be granted under the 2017 Plan.

 

Treasury Stock

 

The Company accounts for purchases of treasury stock under the cost method with the cost of such share purchases reflected in treasury stock in the accompanying condensed balance sheet. As of September 30, 2018 and December 31, 2017, the Company had 33,454 treasury shares.

 

Note 9 — Income Taxes

 

Book income before taxes was negative for the three and nine months ended September 30, 2018. Tax expense for the three and nine months ended September 30, 2018 and 2017 was $0.

 

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 September 30, 2018, the Company has U.S. federal and certain state tax returns subject to examination, beginning with those filed for the year 2014.

 

 15

 

 

Note 10 — 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, 2017 (“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.

 

Overview

 

The Company was formed in 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 February 2018, the Company opened a subsidiary in Israel.

 

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 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, which includes the SRT-100 Vision that offers additional features most notably high-frequency ultrasound for imaging.

 

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.

 

 16

 

 

Results of Operations

 

   For the Three Months Ended
September 30,
   For the Nine Months Ended
September 30,
 
   2018   2017   2018   2017 
                 
Revenues  $6,333,996   $4,795,616   $18,346,193   $14,118,130 
Cost of Sales   2,165,345    1,577,715    6,296,653    4,631,263 
Gross Profit   4,168,651    3,217,901    12,049,540    9,486,867 
Operating Expenses                    
Selling and marketing   1,971,539    1,844,199    6,146,759    6,211,124 
General and administrative   907,746    837,972    3,163,621    2,798,198 
Research and development   1,712,725    1,501,157    4,775,767    3,795,477 
Total Operating Expenses   4,592,010    4,183,328    14,086,147    12,804,799 
Loss From Operations   (423,359)   (965,427)   (2,036,607)   (3,317,932)
Other Income (Expense)                    
Interest income   23,010    18,642    68,620    59,318 
Interest expense   (57,759)   (18,902)   (156,685)   (43,316)
Other Income (Expense), net   (34,749)   (260)   (88,065)   16,002 
Net Loss  $(458,108)  $(965,687)  $(2,124,672)  $(3,301,930)

 

Three months ended September 30, 2018 compared to the three months ended September 30, 2017

 

Revenue. Revenue was $6,333,996 for the three months ended September 30, 2018 compared to $4,795,616 for the three months ended September 30, 2017, an increase of $1,538,380, or 32.1%. The growth in revenue was primarily attributable to an increase in sales of the higher priced SRT-100 Vision product in the current quarter.

 

Cost of sales. Cost of sales was $2,165,345 for the three months ended September 30, 2018 compared to $1,577,715 for the three months ended September 30, 2017, an increase of $587,630, or 37.2%. The increase in cost was due to the increase in sales.

 

Gross profit. Gross profit was $4,168,651 for the three months ended September 30, 2018 compared to $3,217,901 for the three months ended September 30, 2017, an increase of $950,750, or 29.5%. Our overall gross profit percentage was 65.8% in the three months ended September 30, 2018 compared to 67.1% in the corresponding period in 2017. The decrease in gross margin percentage was primarily due to a decrease in the average selling price.

 

Selling and marketing. Selling and marketing expense was $1,971,539 for the three months ended September 30, 2018 compared to $1,844,199 for the three months ended September 30, 2017, an increase of $127,339, or 6.9%. The increase was primarily attributable to an increase in commission expense directly related to the increase in sales.

 

General and administrative. General and administrative expense was $907,746 for the three months ended September 30, 2018 compared to $837,972 for the three months ended September 30, 2017, an increase of $69,774, or 8.3%. The increase in general and administrative was primarily due to an increase in professional services.

 

Research and development. Research and development expense was $1,712,725 for the three months ended September 30, 2018 compared to $1,501,157 for the three months ended September 30, 2017, an increase of $211,569, or 14.1%. The increase in research and development spending was primarily attributable to the continuation and acceleration of R&D projects.

 

Other income (expense). We incur interest expense in connection with our secured credit facility with Silicon Valley Bank and interest income from our cash and investments. Interest expense increased in 2018 with the increase in borrowings on the line of credit.

 

Nine months ended September 30, 2018 compared to the nine months ended September 30, 2017

 

Revenue. Revenue was $18,346,193 for the nine months ended September 30, 2018 compared to $14,118,130 for the nine months ended September 30, 2017, an increase of $4,228,063, or 29.9%. The growth in revenue was primarily attributable to an increase in sales of the higher priced SRT-100 Vision product.

 

Cost of sales. Cost of sales was $6,296,653 for the nine months ended September 30, 2018 compared to $4,631,263 for the nine months ended September 30, 2017, an increase of $1,665,390, or 36.0%. The increase in cost was due to the increase in sales.

 

Gross profit. Gross profit was $12,049,540 for the nine months ended September 30, 2018 compared to $9,486,867 for the nine months ended September 30, 2017, an increase of $2,562,673, or 27.0%. Our overall gross profit percentage was 65.7% in the nine months ended September 30, 2018 compared to 67.2% in the corresponding period in 2017. The decrease in gross margin percentage was primarily due to the decrease in average selling price.

 

 17

 

 

Selling and marketing. Selling and marketing expense was $6,146,759 for the nine months ended September 30, 2018 compared to $6,211,124 for the nine months ended September 30, 2017, a decrease of $64,365, or 1.0%. The decrease was primarily attributable to lower spending on marketing activities.

 

General and administrative. General and administrative expense was $3,163,621 for the nine months ended September 30, 2018 compared to $2,798,198 for the nine months ended September 30, 2017, an increase of $365,423, or 13.1%. The net increase was due primarily to a non-recurring stock compensation expense of $444,000, offset by a decrease in bad debt expense and professional fees.

 

Research and development. Research and development expense was $4,775,767 for the nine months ended September 30, 2018 compared to $3,795,477 for the nine months ended September 30, 2017, an increase of $980,290, or 25.8%. The increase in research and development spending was primarily attributable to continuation and acceleration of R&D projects.

 

Other income (expense). We incur interest expense in connection with our secured credit facility with Silicon Valley Bank and interest income from our cash and investments. Interest expense increased in 2018 with the increase in borrowings on the line of credit.

 

Financial Condition

 

Our cash, cash equivalent and investment balance increased from $11.2 million at December 31, 2017 to $17.1 million at September 30, 2018, primarily as a result of the net proceeds of $15.8 million from the share offering in September 2018, offset by the operating loss of $2.0 million during the nine months ended in September 30, 2018 as well as the $5.7 million increase in accounts receivable as a result of higher sales and longer payment terms to certain customers.

 

Borrowings under the revolving line of credit of $4.2 million were repaid in September 2018.

 

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.

 

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 Nine Months Ended September 30, 
   (unaudited) 
   2018   2017 
Net Cash Provided by (Used In):          
Operating Activities  $(6,911,317)  $(3,851,535)
Investing Activities   342,260    4,310,901 
Financing Activities   13,604,908    1,336,684 
Total  $7,035,851   $1,796,050 

 

 18

 

 

Cash flows from operating activities

 

Net cash used in operating activities was $6,911,317 for the nine months ended September 30, 2018, consisting of a net loss of $2,124,672 and an increase in net operating assets of $6,096,780, partially offset by non-cash charges of $1,310,134. The increase in net operating assets was primarily due to the increase in accounts receivable from higher sales and longer payment terms to a key customer, increase in inventories and prepaid and other current assets as well as an increase in accounts payables and deferred revenue. Non-cash charges consisted of stock compensation expense, depreciation and amortization, bad debts and warranty provision. Net cash used in operating activities was $3,851,535 for the nine months ended September 30, 2017, primarily due to the increase in accounts receivable and inventories as well as an increase in accounts payable and accrued expenses.

 

Cash flows from investing activities

 

Net cash provided by investing activities was $342,260 due to the maturity of debt securities held-to-maturity for $1,104,635, offset by $762,375 for the acquisition of property and equipment during the nine months ended September 30, 2018. Net cash provided by investing activities was $4,310,901 for the nine months ended September 30, 2017 due to the maturity of debt securities held-to-maturity of $4,816,000, offset by the purchase of debt securities held-to-maturity for $264,365 and $240,734 for acquisition of property and equipment.

 

Cash flows from financing activities

 

Net cash provided by financing activities was $13,604,908 during the nine months ended September 30, 2018, mostly from the gross proceeds of $17,249,995 from the offering of common stock and $90,867 exercise of warrants offset by $2,214,970 repayment of our revolving credit facility, $1,402,336 offering costs and $118,648 withholding tax on stock compensation. Net cash provided by financing activities was $1,336,684 during the nine months ended September 30, 2017, mainly from $1,625,970 in borrowing from our revolving credit facility.

 

Capital resources

 

On November 6, 2017, we filed a universal shelf registration statement to offer up to $20 million of our securities. In September 2018, we issued and sold 2,536,764 shares of our common stock in a follow-on public offering at a price of $6.80 per share, for an aggregate offering price of $17.25 million. Due to the SEC’s “baby shelf” rules, which prohibit companies with a public float of less than $75 million from issuing securities under a shelf registration statement in excess of one-third of such company’s public float in a twelve-month period, the amount of securities that we could currently issue is severely limited. As a result, until the limit increases, we do not anticipate issuing additional securities under the shelf registration statement.

 

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. The Company was not in compliance in April and May 2017 with one of its financial covenants. On June 27, 2017, the covenant defaults were waived and the agreement was amended to modify the financial covenants effective June 2017. An amendment signed on September 15, 2017 extended the maturity date of the credit line through November 19, 2017. On October 31, 2017, the Company amended its revolving credit facility to extend the maturity to October 31, 2019 and to amend the financial covenants. The availability under the amended facility will equal the lesser of the $5 million commitment amount or the borrowing base plus the $2.5 million non-formula sublimit. The borrowing base consists of 80% of eligible accounts receivable, as defined in the agreement.

 

Interest, at Prime plus 0.75% (6.00% at September 30, 2018) and Prime plus 1.50% on non-formula borrowings (6.75% at September 30, 2018), is payable monthly, and the outstanding principal and interest are 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, as defined in the agreement. The Company was in compliance with its financial covenants as of September 30, 2018 and December 31, 2017. There were no borrowings under the revolving credit facility at September 30, 2018 and approximately $2,215,000 was outstanding at December 31, 2017. The Company pays commitment fees of 0.25% per annum on the average unused portion of the line of credit.

 

 19

 

 

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, 2017.

 

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.

 

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

Item 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Control and Procedures

 

As of September 30, 2018, 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 September 30, 2018, 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. See Note 6, Commitments and Contingencies.

 

 20

 

 

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, 2017, 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, 2017, 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 were no unregistered sales of securities during the three months ended September 30, 2018.

 

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

 

None.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosure

 

Not applicable.

 

Item 5. Other Information

 

None.

 

 21

 

 

Item 6. Exhibits

 

Exhibit No. Description

 

31.1 Certification 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.
   
31.2 Certification of Arthur Levine, Chief Financial Officer of Sensus Healthcare, Inc., Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
   
32.1 Certification of Joseph C. Sardano, Chairman and Chief Executive Officer of Sensus Healthcare, Inc., Pursuant to 18 U.S.C. Section 1350.
   
32.2 Certification 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

 

 22

 

 

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: November 6, 2018 /s/ Joseph C. Sardano
  Joseph C. Sardano
  Chief Executive Officer
  (Principal Executive Officer)
   
Date: November 6, 2018 /s/ Arthur Levine
  Arthur Levine
  Chief Financial Officer
  (Principal Financial Officer and Principal Accounting Officer)

 

 23

EX-31.1 2 s113772_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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

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

 

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

 

  5. The registrant’s other certifying officer 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: November 6, 2018 /s/ Joseph C. Sardano
  Joseph C. Sardano
  Chairman and Chief Executive Officer

 

 24

EX-31.2 3 s113772_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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

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

 

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

 

  5. The registrant’s other certifying officer 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: November 6, 2018 /s/ Arthur Levine
  Arthur Levine
  Chief Financial Officer

 

 25

EX-32.1 4 s113772_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 September 30, 2018, 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
 
November 6, 2018

 

 26

EX-32.2 5 s113772_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 September 30, 2018, 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
 
November 6, 2018

 

 27

EX-101.INS 6 srts-20180930.xml XBRL INSTANCE FILE 0001494891 2018-01-01 2018-09-30 0001494891 2018-10-31 0001494891 2018-09-30 0001494891 2017-12-31 0001494891 2017-01-01 2017-09-30 0001494891 2017-09-30 0001494891 2018-07-01 2018-09-30 0001494891 2017-07-01 2017-09-30 0001494891 2016-12-31 0001494891 srts:ServiceContractsMember 2018-09-30 0001494891 srts:DepositsOnProductsMember 2018-09-30 0001494891 srts:ServiceContractsMember 2017-12-31 0001494891 srts:DepositsOnProductsMember 2017-12-31 0001494891 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember 2017-01-01 2017-12-31 0001494891 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasurySecuritiesMember 2017-01-01 2017-12-31 0001494891 us-gaap:ShortTermInvestmentsMember 2017-01-01 2017-12-31 0001494891 2017-01-01 2017-12-31 0001494891 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember 2017-12-31 0001494891 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasurySecuritiesMember 2017-12-31 0001494891 us-gaap:ShortTermInvestmentsMember 2017-12-31 0001494891 us-gaap:WarrantMember 2018-07-01 2018-09-30 0001494891 us-gaap:EmployeeStockOptionMember 2018-07-01 2018-09-30 0001494891 srts:SharesMember 2018-07-01 2018-09-30 0001494891 us-gaap:WarrantMember 2017-07-01 2017-09-30 0001494891 us-gaap:EmployeeStockOptionMember 2017-07-01 2017-09-30 0001494891 srts:SharesMember 2017-07-01 2017-09-30 0001494891 us-gaap:WarrantMember 2018-01-01 2018-09-30 0001494891 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0001494891 srts:SharesMember 2018-01-01 2018-09-30 0001494891 us-gaap:WarrantMember 2017-01-01 2017-09-30 0001494891 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-09-30 0001494891 srts:SharesMember 2017-01-01 2017-09-30 0001494891 country:US 2018-07-01 2018-09-30 0001494891 country:US 2017-07-01 2017-09-30 0001494891 country:US 2018-01-01 2018-09-30 0001494891 country:US 2017-01-01 2017-09-30 0001494891 country:US srts:CustomerMember us-gaap:SalesRevenueNetMember 2018-07-01 2018-09-30 0001494891 country:US srts:CustomerMember us-gaap:SalesRevenueNetMember 2017-07-01 2017-09-30 0001494891 country:US srts:CustomerMember us-gaap:SalesRevenueNetMember 2018-01-01 2018-09-30 0001494891 country:US srts:CustomerMember us-gaap:SalesRevenueNetMember 2017-01-01 2017-09-30 0001494891 country:US srts:CustomerMember us-gaap:AccountsReceivableMember 2018-01-01 2018-09-30 0001494891 country:US srts:CustomerMember us-gaap:AccountsReceivableMember 2017-01-01 2017-12-31 0001494891 srts:OperationsAndRentalEquipmentMember 2018-01-01 2018-09-30 0001494891 srts:TradeshowAndDemoEquipmentMember 2018-01-01 2018-09-30 0001494891 us-gaap:ComputerEquipmentMember 2018-01-01 2018-09-30 0001494891 srts:OperationsAndRentalEquipmentMember 2018-09-30 0001494891 srts:TradeshowAndDemoEquipmentMember 2018-09-30 0001494891 us-gaap:ComputerEquipmentMember 2018-09-30 0001494891 srts:OperationsAndRentalEquipmentMember 2017-12-31 0001494891 srts:TradeshowAndDemoEquipmentMember 2017-12-31 0001494891 us-gaap:ComputerEquipmentMember 2017-12-31 0001494891 2013-03-01 2013-03-12 0001494891 2013-03-12 0001494891 2015-03-12 0001494891 2016-09-21 0001494891 2010-07-01 2010-07-31 0001494891 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0001494891 us-gaap:CommonStockMember 2017-12-31 0001494891 us-gaap:CommonStockMember 2018-09-30 0001494891 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0001494891 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001494891 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001494891 us-gaap:TreasuryStockMember 2018-01-01 2018-09-30 0001494891 us-gaap:TreasuryStockMember 2017-12-31 0001494891 us-gaap:TreasuryStockMember 2018-09-30 0001494891 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0001494891 us-gaap:RetainedEarningsMember 2017-12-31 0001494891 us-gaap:RetainedEarningsMember 2018-09-30 0001494891 srts:CommonUnitWarrantsMember 2018-01-01 2018-09-30 0001494891 srts:CommonUnitWarrantsMember 2017-12-31 0001494891 srts:CommonUnitWarrantsMember 2018-09-30 0001494891 srts:PublicOfferingMember 2018-09-01 2018-09-17 0001494891 srts:PublicOfferingMember 2018-09-17 0001494891 srts:PublicOfferingMember 2018-09-01 2018-09-21 0001494891 srts:PublicOfferingMember 2018-09-21 0001494891 srts:EquityIncentivePlanMember us-gaap:RestrictedStockMember 2017-01-19 2017-01-20 0001494891 us-gaap:IPOMember us-gaap:InvestorMember srts:CommonUnitWarrantsMember 2016-09-29 2016-09-30 0001494891 srts:EquityIncentivePlanMember us-gaap:RestrictedStockMember 2016-06-01 2016-06-02 0001494891 srts:EquityIncentivePlanMember 2018-01-01 2018-09-30 0001494891 srts:EquityIncentivePlan1Member 2018-01-01 2018-09-30 0001494891 us-gaap:IPOMember srts:UnderwritersRepresentativesMember srts:CommonUnitWarrantsMember 2016-09-01 2016-09-30 0001494891 us-gaap:IPOMember srts:UnderwritersRepresentativesMember srts:CommonUnitWarrantsMember srt:MinimumMember 2016-09-01 2016-09-30 0001494891 us-gaap:IPOMember srts:UnderwritersRepresentativesMember srts:CommonUnitWarrantsMember srt:MaximumMember 2016-09-01 2016-09-30 0001494891 srts:EquityIncentivePlanMember 2018-09-30 0001494891 srts:EquityIncentivePlan1Member 2018-09-30 0001494891 srts:PlacementAgentMember us-gaap:InvestorMember srts:CommonUnitWarrantsMember 2013-04-30 0001494891 srts:PlacementAgentMember us-gaap:InvestorMember srts:CommonUnitWarrantsMember 2013-04-01 2013-04-30 0001494891 srts:CommonUnitWarrantsMember 2018-01-01 2018-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure srts:Segment Sensus Healthcare, Inc. 0001494891 10-Q 2018-09-30 false --12-31 Non-accelerated Filer Q3 2018 16085461 SRTS 50000000 50000000 16118915 13522168 16085461 13488714 33454 33454 26198975 11680275 135221 161189 23181641 39799046 -133816 -133816 -11502771 -13627443 5000000 5000000 0 0 0 0 0.01 0.01 0.01 -2124672 -3301930 -458108 -965687 -2124672 Yes true true true 32543098 18835186 -13627443 -11502771 133816 133816 39799045 23181641 161189 135221 6344123 7154911 533960 73083 2214970 5810163 4866858 111915 146722 808374 652242 707179 101195 570242 82000 4889874 4067894 32543098 18835186 24272 24272 457833 530123 959332 394078 31101661 17886713 1349635 566972 1104635 1972046 1171383 10658661 4958255 13498760 13231398 13781506 13251714 -0.16 -0.25 -0.03 -0.07 -88065 16002 -34749 -260 156685 43316 57759 18902 68620 59318 23010 18642 -2036607 -3317932 -423359 -965427 14086147 12804799 4592010 4183328 4775767 3795477 1712725 1501157 3163621 2798198 907746 837972 6146759 6211124 1971539 1844199 12049540 9486867 4168651 3217901 6296653 4631263 2165345 1577715 18346193 14118130 6333996 4795616 35393 158016 143901 43316 17121319 10085468 6838527 5042477 7035851 1796050 13604908 1336684 90867 293 90574 -118648 -289286 -193 -118455 -2214970 1625970 342260 4310901 1104635 4816000 264365 762375 240734 -6911317 -3851535 -4786645 -549605 -107300 -104725 617009 -197774 821979 964837 782664 -424500 958677 438290 5687126 2146942 823494 303465 143000 102000 72494 174723 427426 294906 -13280 175695 0 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b>Note 1 &#8212; Organization and Summary of Significant Accounting Policies</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45.8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Description of the Business</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sensus Healthcare, Inc. (the &#8220;Company&#8221;) 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. In February 2018, the Company formed a wholly-owned subsidiary in Israel. The Company operates as one segment based at its corporate headquarters located in Boca Raton, Florida.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Basis of Presentation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 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 consolidated financial statements should be read in conjunction with the Company&#8217;s audited financial statements and notes thereto for the year ended December 31, 2017 included in the Company&#8217;s Form 10-K, filed with the SEC. The results for the nine months ended September 30, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018, any other interim periods, or any future year or period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Principles of consolidation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary in Israel. All inter-company balances and transactions have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Use of Estimates</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 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, inventory reserves, receivable allowances, recoverability of long-lived assets and estimation of the Company&#8217;s product warranties. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Revenue Recognition</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2018, the Company adopted Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, &#8220;Revenue from Contracts with Customers&#8221; using the modified retrospective method. The adoption of this standard did not result in a significant change to the Company&#8217;s historical revenue recognition policies and there were no necessary adjustments required to retained earnings upon adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract&#8217;s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identifies the contracts with a customer; (ii) identifies the performance obligations within the contract, including whether they are distinct and capable of being distinct in the context of the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when, or as, the Company satisfies each performance obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 8.15pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s revenue consists of sales of the Company&#8217;s devices and services related to maintaining and repairing the devices. The agreement for the sale of the devices and the service contract are usually signed at the same time and in some instances a service contract is signed on a stand-alone basis. Revenue for service contracts is recognized over the service contract period on a straight-line basis. The Company determined that in practice no significant discount is given on the service contract when it is offered with the device purchase as compared to when it is sold on a stand-alone basis, by comparing the median selling price of the service contract as stand-alone and the median selling price of the service contract when sold together with the device. The service level provided is identical when the service contract is purchased stand-alone or together with the device. There is no termination provision in the service contract nor any penalties in practice for cancellation of the service contract. The service contract is not considered a performance obligation until it is paid, and it does not provide a material right for a significant discount when purchased with the device. The service portion of a sales contract or a stand-alone service contract is accounted for over the period of time of the service contract only when the customer exercises the option by paying for the service contract. For the three and nine months ended September 30, 2018, service contract revenue was approximately 6% and 7% of total revenues, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 8.15pt 0 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates in a highly-regulated environment in which state regulatory approval is sometimes required prior to the customer being able to use the product, primarily in the U.S. dermatology market. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred revenue as of September 30, 2018 and December 31, 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of December 31,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Service contracts</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">707,179</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">570,242</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Deposits on products</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">101,195</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">82,000</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Total deferred revenue, current portion</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">808,374</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">652,242</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Service contracts, net of current portion</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">533,960</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">73,083</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total deferred revenue</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,342,334</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">725,325</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties 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&#8217;s estimate of the future claims rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 58.9pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping and handling costs are expensed as incurred and are included in cost of sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Segment and Geographical Information</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s revenue is generated primarily from customers in the United States, which represented approximately 93% and 99% for the three months ended September 30, 2018 and 2017, respectively, and approximately 95% and 99% for the nine months ended September 30, 2018 and 2017, respectively. A customer in the U.S. accounted for approximately 78% and 69% of revenues for the three months ended September 30, 2018 and 2017, respectively, and approximately 74% and 58% for the nine months ended September 30, 2018 and 2017, respectively, and 92% and 85% of the accounts receivable as of September 30, 2018 and December 31, 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Cash and Cash Equivalents</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company 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 September 30, 2018 and December 31, 2017, the Company had approximately $16,900,000 and $9,952,000, respectively in excess of federally insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Investments</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="color: #252525">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 h</font>eld-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 ar<font style="color: #252525">e carried at amortized cost plus accrued interest and consist of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized</b></font><br /> <font style="font-size: 10pt"><b>Cost</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Gross</b></font><br /> <font style="font-size: 10pt"><b>Unrealized</b></font><br /> <font style="font-size: 10pt"><b>Gain</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Gross</b></font><br /> <font style="font-size: 10pt"><b>Unrealized</b></font><br /> <font style="font-size: 10pt"><b>Loss</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair</b></font><br /> <font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b><u>Short-Term:</u></b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%"><font style="font-size: 10pt">Corporate bonds</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">602,599</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">256</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">602,343</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">United States Treasury bonds</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">502,036</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">332</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">501,704</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Total Short Term:</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,104,635</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,104,047</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total Investments December 31, 2017</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,104,635</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,104,047</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no investments as of September 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.6pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Accounts Receivable</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does business and extends credit based on an evaluation of each customer&#8217;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 $16,000 as of September 30, 2018 and December 31, 2017. Bad debt expense (recovery) for the three months ended September 30, 2018 and 2017 was $0 and for the nine months ended September 30, 2018 and 2017 was approximately ($13,000) and $176,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Inventories</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories consist of finished product and components and are stated at the lower of cost or net realizable value, determined using the first-in-first-out method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Earnings Per Share</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. The diluted net income per share is computed by giving effect to all potential dilutive common share equivalents outstanding for the period, using the treasury stock method for options and warrants, as well as unvested restricted shares. In periods when the Company has incurred a net loss, options, warrants and unvested shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share as their effect is antidilutive. Shares were excluded as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Three Months Ended </b></font><br /> <font style="font-size: 10pt"><b>September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Nine Months Ended </b></font><br /> <font style="font-size: 10pt"><b>September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%"><font style="font-size: 10pt">Warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">165,003</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">5,851</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Stock options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">53,532</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32,610</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Shares</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">46,036</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,779</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,328</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,430</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Advertising Costs</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 56.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 $195,000 and $185,000 for the three months ended September 30, 2018 and 2017, respectively, and $1,028,000 and $1,242,000 for the nine months ended September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Recently issued and Adopted accounting Standards</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 eliminated transaction- and industry-specific revenue recognition guidance under current GAAP and replaced it with a principle based approach for determining revenue recognition. ASU 2014-09 requires that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also requires 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. The Company adopted the new revenue recognition standard in the first quarter of 2018 using the full retrospective method. There was not a material impact to revenues as a result of applying ASC 606 for the nine months ended September 30, 2018, and there have not been significant changes to the Company&#8217;s business processes, systems, or internal controls as a result of implementing the standard.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842).&#8221; 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 1, 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 its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2017, the FASB issued ASU 2017-09, Compensation &#8211; Stock Compensation (Topic 718) &#8211; Scope of Modification Accounting. The amendments included in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this standard in the first quarter of 2018 and it did not have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-variant: small-caps"><b>Note 2 &#8212; Property and Equipment</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 47.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As to December 31,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Estimated</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Useful Lives</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%"><font style="font-size: 10pt">Operations and rental equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">999,813</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">542,639</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: center"><font style="font-size: 10pt">3 years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Tradeshow and demo equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">709,740</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">271,275</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">3 years</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Computer equipment</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">119,050</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">94,298</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">3 years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,828,603</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">908,212</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Less accumulated depreciation</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(869,271</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(514,134</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Property and Equipment, Net</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">959,332</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">394,078</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense was approximately $170,000 and $79,000, for the three months ended September 30, 2018 and 2017, respectively, and approximately $355,000 and $223,000, for the nine months ended September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-variant: small-caps"><b>Note 3 &#8212; Patent Rights</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 52.35pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of December 31,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Gross carrying amount</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,253,018</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,253,018</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Less accumulated amortization</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(795,185</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(722,895</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Patent Rights, Net</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">457,833</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">530,123</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization expense was approximately $24,000 for the three months ended September 30, 2018 and 2017, and approximately $72,000 for the nine months ended September 30, 2018 and 2017. As of June 30, 2018, future remaining amortization expense is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Year</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%"><font style="font-size: 10pt">2018 (October 1 &#8211; December 31, 2018)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">24,096</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">48,193</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">457,833</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b>Note 4 &#8212; Revolving Credit Facility</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 56.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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. The Company was not in compliance in April and May 2017 with one of its financial covenants. On June 27, 2017, the covenant defaults were waived and the agreement was amended to modify the financial covenants effective June 2017. An amendment signed on September 15, 2017 extended the maturity date of the credit line through November 19, 2017. On October 31, 2017, the Company amended its revolving credit facility to extend the maturity to October 31, 2019 and to amend the financial covenants. The availability under the amended facility will equal the lesser of the $5 million commitment amount or the borrowing base plus the $2.5 million non-formula sublimit. The borrowing base consists of 80% of eligible accounts receivable, as defined in the agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 103.8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest, at Prime plus 0.75% (6.00% at September 30, 2018) and Prime plus 1.50% on non-formula borrowings (6.75% at September 30, 2018), is payable monthly, and the outstanding principal and interest are due on the maturity date. The facility is secured by all of the Company&#8217;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, as defined in the agreement. The Company was in compliance with its financial covenants as of September 30, 2018 and December 31, 2017. There were no borrowings outstanding under the revolving credit facility at September 30, 2018 and approximately $2,215,000 was outstanding at December 31, 2017. The Company pays commitment fees of 0.25% per annum on the average unused portion of the line of credit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-variant: small-caps"><b>Note 5 &#8212; Product Warranties</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Changes in product warranty liability were as follows for the nine months ended September 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%"><font style="font-size: 10pt">Balance, beginning of period</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">146,722</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Warranties accrued during the period</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">72,492</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Payments on warranty claims</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(107,299</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Balance, end of period</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">111,915</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-variant: small-caps"><b>Note 6 &#8212; Commitments and Contingencies</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 65.45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Operating Lease Agreements</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 46.75pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2016, the Company renewed its 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. In February 2017 and January 2018, the Company signed amendments to expand further the leased office space. The Company&#8217;s Israeli subsidiary entered into a two year lease for office space starting in September 2018. Future minimum lease payments as of September 30, 2018 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Year</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Minimum Lease</b></font><br /> <font style="font-size: 10pt"><b>Payment</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%"><font style="font-size: 10pt">2018</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">62,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">250,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">245,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">231,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">2022</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">177,000</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">965,000</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rental expense for the three months ended September 30, 2018 and 2017 was approximately $58,000 and $46,000, respectively, and for the nine months ended September 30, 2018 and 2017 was approximately $167,000 and $131,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 77.6pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Manufacturing Agreement</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s main product in accordance with the Company&#8217;s product specifications. The agreement renews 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&#8217;s business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchases from this manufacturer totaled approximately $1,302,000 and $1,582,000 for the three months ended September 30, 2018 and 2017, respectively, and approximately $3,127,000 and $3,074,000 for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, and December 31, 2017 approximately $1,209,000 and $829,000, respectively, was due to this manufacturer, which is presented in accounts payable and accrued expenses in the accompanying balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Legal contingencies</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2015, the Company learned that the Department of Justice (the &#8220;Department&#8221;) had commenced an investigation of the billing to Medicare by a physician who had treated patients with the Company&#8217;s SRT-100. The Company received a Civil Investigative Demand from the Department seeking documents and written responses in connection with that investigation. The Company has fully cooperated with the investigation. The Department has advised the Company that it was considering expanding the investigation to determine whether the Company had any involvement in the physician&#8217;s use of certain reimbursement codes. The Company disputes that it has engaged in any wrongdoing with respect to such reimbursement claims; among other things, the Company does not submit claims for reimbursement or provide coding or billing advice to physicians. To the Company&#8217;s knowledge, the Department has made no determination as to whether the Company engaged in any wrongdoing, or whether to pursue any legal action against the Company. Should the Department decide to pursue legal action, the Company believes it has strong and meritorious defenses and will vigorously defend itself. At this time, the Company is unable to estimate the cost associated with this matter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b>Note 7 &#8212; Employee Benefit Plans</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 50.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We sponsor a 401(k) defined contribution retirement plan that allows eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees&#8217; contributions up to certain limits. Expenses related to this plan totaled approximately $24,000 and $0 for the three months ended September 30, 2018 and 2017, respectively, and approximately $72,000 and $0 for the nine months ended September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b>Note 9 &#8212; Income Taxes</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 52.35pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Book income before taxes was negative for the three and nine months ended September 30, 2018. Tax expense for the three and nine months ended September 30, 2018 and 2017 was $0.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2018, the Company has U.S. federal and certain state tax returns subject to examination, beginning with those filed for the year 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b>Note 10 &#8212; Subsequent Events</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 50.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Description of the Business</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 46.75pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sensus Healthcare, Inc. (the &#8220;Company&#8221;) 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. In February 2018, the Company formed a wholly-owned subsidiary in Israel. The Company operates as one segment based at its corporate headquarters located in Boca Raton, Florida.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Basis of Presentation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.55pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 consolidated financial statements should be read in conjunction with the Company&#8217;s audited financial statements and notes thereto for the year ended December 31, 2017 included in the Company&#8217;s Form 10-K, filed with the SEC. The results for the nine months ended September 30, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018, any other interim periods, or any future year or period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Principles of consolidation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary in Israel. All inter-company balances and transactions have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Use of Estimates</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 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, inventory reserves, receivable allowances, recoverability of long-lived assets and estimation of the Company&#8217;s product warranties. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Revenue Recognition</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2018, the Company adopted Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, &#8220;Revenue from Contracts with Customers&#8221; using the modified retrospective method. The adoption of this standard did not result in a significant change to the Company&#8217;s historical revenue recognition policies and there were no necessary adjustments required to retained earnings upon adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 64.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract&#8217;s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identifies the contracts with a customer; (ii) identifies the performance obligations within the contract, including whether they are distinct and capable of being distinct in the context of the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when, or as, the Company satisfies each performance obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 8.15pt 0 0; text-align: justify">The Company&#8217;s revenue consists of sales of the Company&#8217;s devices and services related to maintaining and repairing the devices. The agreement for the sale of the devices and the service contract are usually signed at the same time and in some instances a service contract is signed on a stand-alone basis. Revenue for service contracts is recognized over the service contract period on a straight-line basis. The Company determined that in practice no significant discount is given on the service contract when it is offered with the device purchase as compared to when it is sold on a stand-alone basis, by comparing the median selling price of the service contract as stand-alone and the median selling price of the service contract when sold together with the device. The service level provided is identical when the service contract is purchased stand-alone or together with the device. There is no termination provision in the service contract nor any penalties in practice for cancellation of the service contract. The service contract is not considered a performance obligation until it is paid, and it does not provide a material right for a significant discount when purchased with the device. The service portion of a sales contract or a stand-alone service contract is accounted for over the period of time of the service contract only when the customer exercises the option by paying for the service contract. For the three and nine months ended September 30, 2018, service contract revenue was approximately 6% and 7% of total revenues, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 8.15pt 0 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates in a highly-regulated environment in which state regulatory approval is sometimes required prior to the customer being able to use the product, primarily in the U.S. dermatology market. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred revenue as of September 30, 2018 and December 31, 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of December 31,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Service contracts</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">707,179</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">570,242</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Deposits on products</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">101,195</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">82,000</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Total deferred revenue, current portion</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">808,374</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">652,242</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Service contracts, net of current portion</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">533,960</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">73,083</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total deferred revenue</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,342,334</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">725,325</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties 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&#8217;s estimate of the future claims rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 58.9pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping and handling costs are expensed as incurred and are included in cost of sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Segment and Geographical Information</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s revenue is generated primarily from customers in the United States, which represented approximately 93% and 99% for the three months ended September 30, 2018 and 2017, respectively, and approximately 95% and 99% for the nine months ended September 30, 2018 and 2017, respectively. A customer in the U.S. accounted for approximately 78% and 69% of revenues for the three months ended September 30, 2018 and 2017, respectively, and approximately 74% and 58% for the nine months ended September 30, 2018 and 2017, respectively, and 92% and 85% of the accounts receivable as of September 30, 2018 and December 31, 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Cash and Cash Equivalents</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.55pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 September 30, 2018 and December 31, 2017, the Company had approximately $16,900,000 and $9,952,000, respectively in excess of federally insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Investments</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="color: #252525">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 h</font>eld-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 ar<font style="color: #252525">e carried at amortized cost plus accrued interest and consist of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized</b></font><br /> <font style="font-size: 10pt"><b>Cost</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Gross</b></font><br /> <font style="font-size: 10pt"><b>Unrealized</b></font><br /> <font style="font-size: 10pt"><b>Gain</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Gross</b></font><br /> <font style="font-size: 10pt"><b>Unrealized</b></font><br /> <font style="font-size: 10pt"><b>Loss</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair</b></font><br /> <font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b><u>Short-Term:</u></b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%"><font style="font-size: 10pt">Corporate bonds</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">602,599</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">256</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">602,343</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">United States Treasury bonds</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">502,036</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">332</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">501,704</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Total Short Term:</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,104,635</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,104,047</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total Investments December 31, 2017</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,104,635</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,104,047</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no investments as of September 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Accounts Receivable</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 44.9pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does business and extends credit based on an evaluation of each customer&#8217;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 $16,000 as of September 30, 2018 and December 31, 2017. Bad debt expense (recovery) for the three months ended September 30, 2018 and 2017 was $0 and for the nine months ended September 30, 2018 and 2017 was approximately ($13,000) and $176,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Inventories</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories consist of finished product and components and are stated at the lower of cost or net realizable value, determined using the first-in-first-out method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Earnings Per Share</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 46.75pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. The diluted net income per share is computed by giving effect to all potential dilutive common share equivalents outstanding for the period, using the treasury stock method for options and warrants, as well as unvested restricted shares. In periods when the Company has incurred a net loss, options, warrants and unvested shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share as their effect is antidilutive. Shares were excluded as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Three Months Ended </b></font><br /> <font style="font-size: 10pt"><b>September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Nine Months Ended </b></font><br /> <font style="font-size: 10pt"><b>September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%"><font style="font-size: 10pt">Warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">165,003</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">5,851</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Stock options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">53,532</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32,610</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Shares</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">46,036</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,779</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,328</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,430</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Advertising Costs</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 $195,000 and $185,000 for the three months ended September 30, 2018 and 2017, respectively, and $1,028,000 and $1,242,000 for the nine months ended September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Recently issued and Adopted accounting Standards</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 eliminated transaction- and industry-specific revenue recognition guidance under current GAAP and replaced it with a principle based approach for determining revenue recognition. ASU 2014-09 requires that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also requires 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. The Company adopted the new revenue recognition standard in the first quarter of 2018 using the full retrospective method. There was not a material impact to revenues as a result of applying ASC 606 for the nine months ended September 30, 2018, and there have not been significant changes to the Company&#8217;s business processes, systems, or internal controls as a result of implementing the standard.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 110.35pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842).&#8221; 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 1, 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 its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2017, the FASB issued ASU 2017-09, Compensation &#8211; Stock Compensation (Topic 718) &#8211; Scope of Modification Accounting. The amendments included in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this standard in the first quarter of 2018 and it did not have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred revenue as of September 30, 2018 and December 31, 2017 was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of December 31,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Service contracts</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">707,179</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">570,242</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Deposits on products</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">101,195</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">82,000</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Total deferred revenue, current portion</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">808,374</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">652,242</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Service contracts, net of current portion</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">533,960</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">73,083</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total deferred revenue</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,342,334</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">725,325</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These securities ar<font style="color: #252525">e carried at amortized cost plus accrued interest and consist of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized</b></font><br /> <font style="font-size: 10pt"><b>Cost</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Gross</b></font><br /> <font style="font-size: 10pt"><b>Unrealized</b></font><br /> <font style="font-size: 10pt"><b>Gain</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Gross</b></font><br /> <font style="font-size: 10pt"><b>Unrealized</b></font><br /> <font style="font-size: 10pt"><b>Loss</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair</b></font><br /> <font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b><u>Short-Term:</u></b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%"><font style="font-size: 10pt">Corporate bonds</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">602,599</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">256</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">602,343</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">United States Treasury bonds</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">502,036</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">332</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">501,704</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Total Short Term:</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,104,635</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,104,047</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total Investments December 31, 2017</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,104,635</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,104,047</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares were excluded as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1402.6pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Three Months Ended </b></font><br /> <font style="font-size: 10pt"><b>September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>For the Nine Months Ended </b></font><br /> <font style="font-size: 10pt"><b>September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%"><font style="font-size: 10pt">Warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">165,003</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">5,851</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Stock options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">53,532</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32,610</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Shares</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">46,036</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,779</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,328</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,430</font></td> <td>&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As to December 31,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Estimated</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Useful Lives</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%"><font style="font-size: 10pt">Operations and rental equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">999,813</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">542,639</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: center"><font style="font-size: 10pt">3 years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Tradeshow and demo equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">709,740</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">271,275</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">3 years</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Computer equipment</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">119,050</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">94,298</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">3 years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,828,603</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">908,212</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Less accumulated depreciation</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(869,271</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(514,134</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Property and Equipment, Net</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">959,332</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">394,078</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of September 30,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of December 31,</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Gross carrying amount</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,253,018</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,253,018</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Less accumulated amortization</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(795,185</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(722,895</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Patent Rights, Net</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">457,833</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">530,123</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2018, future remaining amortization expense is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 910.75pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Year</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%"><font style="font-size: 10pt">2018 (October 1 &#8211; December 31, 2018)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">24,096</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">96,386</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">48,193</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">457,833</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Changes in product warranty liability were as follows for the nine months ended September 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%"><font style="font-size: 10pt">Balance, beginning of period</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">146,722</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Warranties accrued during the period</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">72,492</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Payments on warranty claims</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(107,299</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Balance, end of period</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">111,915</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future minimum lease payments as of September 30, 2018 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 777.05pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Year</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Minimum Lease</b></font><br /> <font style="font-size: 10pt"><b>Payment</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%"><font style="font-size: 10pt">2018</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">62,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">250,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">245,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">231,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">2022</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">177,000</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">965,000</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s warrant activity:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="10" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt"><b>Common Unit Warrants</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of</b></font><br /> <font style="font-size: 10pt"><b>Warrants</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Exercise</b></font><br /> <font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Remaining</b></font><br /> <font style="font-size: 10pt"><b>Contractual</b></font><br /> <font style="font-size: 10pt"><b>Term (In Years)</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; December 31, 2017</b></font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double">&#160;</td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,524,376</font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.67</font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double">&#160;</td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.50</font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(73,309</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.55</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Expired</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(13,067</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">4.55</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,438,000</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.75</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.80</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Exercisable &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,438,000</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.75</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.80</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The shares were recorded at the fair value of $5.55 per share for a total of $444,000 and the stock options were valued using a Black Scholes model at $3.52 per option using the assumptions noted in the following table.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 884.55pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 83%"><font style="font-size: 10pt">Expected volatility</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">67.8</font></td> <td style="width: 5%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.5</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected life</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.25</font></td> <td><font style="font-size: 10pt">&#160;years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Dividend yield</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.0</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the restricted stock activity is presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45.8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted </b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Grant Date Fair</b></font><br /> <font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 73%"><font style="font-size: 10pt"><b>Unvested balance at December 31, 2017</b></font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">237,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">5.24</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(68,166</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.24</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Forfeited</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(30,000</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">5.25</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Unvested balance at September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">138,834</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5.24</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s stock option activity:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of</b></font><br /> <font style="font-size: 10pt"><b>Options</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Exercise</b></font><br /> <font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Remaining</b></font><br /> <font style="font-size: 10pt"><b>Contractual</b></font><br /> <font style="font-size: 10pt"><b>Term </b></font><br /> <font style="font-size: 10pt"><b>(In Years)</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; December 31, 2017</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td colspan="2" style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td colspan="2" style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 60%"><font style="font-size: 10pt">Granted</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">229,334</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">5.55</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">10.00</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Expired</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">229,334</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5.55</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9.33</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Exercisable &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> 1342334 725325 1104635 602599 502036 1104635 256 332 588 588 1104047 602343 501704 1104047 165003 53532 46036 5851 9779 32610 13328 5430 1 0.93 0.99 0.95 0.99 0.78 0.69 0.74 0.58 0.92 0.85 250000 16900000 9952000 0 16000 1028000 1242000 195000 185000 P1Y 1828603 908212 999813 709740 119050 542639 271275 94298 869271 514134 P3Y P3Y P3Y 355000 223000 170000 79000 1253018 1253018 795185 722895 24096 96386 96386 96386 96386 48193 72000 72000 24000 24000 P2Y 3000000 1500000 2000000 0.80 0.0075 0.06 0.0025 </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 27, 2017, the covenant defaults were waived and the agreement was amended to modify the financial covenants effective June 2017. An amendment signed on September 15, 2017 extended the maturity date of the credit line through November 19, 2017. On October 31, 2017, the Company amended its revolving credit facility to extend the maturity to October 31, 2019 and to amend the financial covenants. The availability under the amended facility will equal the lesser of the $5 million commitment amount or the borrowing base plus the $2.5 million non-formula sublimit. The borrowing base consists of 80% of eligible accounts receivable, as defined in the agreement.</p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> 72492 107299 62000 250000 245000 231000 177000 965000 3127000 3074000 1302000 1582000 1209000 829000 2022-09-30 0.03 167000 131000 58000 46000 P3Y 72000 0 24000 0 13522168 16118915 -33454 -33454 15847659 25368 15822291 2536764 823494 500 822994 50000 -19305 29288 2524376 2438000 86376 2300000 138000 -73309 -73309 -13067 -13067 2438000 6.67 6.75 4.55 6.75 6.75 4.55 4.55 6.75 P1Y6M P9M18D P9M18D 0.678 0.025 P6Y2M30D 0.00 138834 237000 10000 307666 0 305473 68166 30000 5.24 5.24 4.99 5.24 5.25 229334 229334 5.55 5.55 P10Y P9Y3M29D 2205882 6.80 15000000 330882 2536764 6.80 17249995 17249995 P3Y P4Y P5Y 1.10 2019-06-02 2017-06-02 2021-06-02 0.01 19000 3974000 397473 500000 P4Y 5.25 0.25 <p><font style="font: 10pt Times New Roman, Times, Serif">The restricted 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.</font></p> 1298000 39000 7000 649000 0 0 0 0 0 1402336 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b>Note 8 &#8212; Stockholders&#8217; Equity</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has authorized 50,000,000 shares of common stock, of which 16,118,915 were issued and 16,085,461 outstanding at September 30, 2018; 13,522,168 shares were issued and 13,488,714 were outstanding as of December 31, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Stock Issuances</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 17, 2018, the Company completed a public offering of 2,205,882 shares of its common stock, par value $0.01 per share, at a public offering price of $6.80 per share. Total proceeds to the Company from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, were approximately $15 million. On September 21, 2018 the Company issued an additional 330,882 shares of its common stock pursuant to the exercise in full of the underwriters&#8217; option received in connection with the public offering of its common stock. After giving effect to the full exercise of the option, Sensus sold an aggregate of 2,536,764 shares of its common stock at a price of $6.80 per share with total gross proceeds of approximately $17.25 million, before deducting underwriting discounts and commissions and other offering expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Warrants</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2013, the closing date of the Company&#8217;s second common offering, the Company&#8217;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. During the first quarter of 2018, 73,309 of the warrants were exercised, and 13,067 warrants expired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, from the Company&#8217;s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the underwriter&#8217;s representatives for the IPO 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s warrant activity:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="10" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt"><b>Common Unit Warrants</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of</b></font><br /> <font style="font-size: 10pt"><b>Warrants</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Exercise</b></font><br /> <font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Remaining</b></font><br /> <font style="font-size: 10pt"><b>Contractual</b></font><br /> <font style="font-size: 10pt"><b>Term (In Years)</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; December 31, 2017</b></font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double">&#160;</td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,524,376</font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.67</font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double">&#160;</td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.50</font></td> <td style="width: 1%; padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(73,309</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.55</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Expired</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(13,067</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">4.55</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,438,000</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.75</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.80</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Exercisable &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,438,000</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.75</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.80</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br /> The intrinsic value of the common stock warrants was approximately $3,974,000 and $19,000 as of September 30, 2018, and December 31, 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>2016 and 2017 Equity Incentive Plans</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company 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. The Company has limited the aggregate number of shares of common stock to be awarded under the 2017 Equity Incentive Plan to 500,000 shares and no more than 500,000 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 and 2017 Plans and the awards granted under those plans 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 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 restricted 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 25, 2018, 80,000 fully vested shares were granted to the nonemployee directors, and 229,334 stock options with a four-year vesting period were granted to employees. The shares were recorded at the fair value of $5.55 per share for a total of $444,000 and the stock options were valued using a Black Scholes model at $3.52 per option using the assumptions noted in the following table.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 83%"><font style="font-size: 10pt">Expected volatility</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">67.8</font></td> <td style="width: 5%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.5</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected life</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.25</font></td> <td><font style="font-size: 10pt">&#160;years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Dividend yield</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.0</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes forfeitures as they occur rather than estimating a forfeiture rate. The reduction of stock compensation expense related to the forfeitures was approximately $39,000 and $7,000 for the nine months ended September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the restricted stock activity is presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted </b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Grant Date Fair</b></font><br /> <font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 73%"><font style="font-size: 10pt"><b>Unvested balance at December 31, 2017</b></font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">237,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">5.24</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(68,166</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.24</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Forfeited</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(30,000</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">5.25</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Unvested balance at September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">138,834</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5.24</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s stock option activity:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of</b></font><br /> <font style="font-size: 10pt"><b>Options</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Exercise</b></font><br /> <font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font><br /> <font style="font-size: 10pt"><b>Average</b></font><br /> <font style="font-size: 10pt"><b>Remaining</b></font><br /> <font style="font-size: 10pt"><b>Contractual</b></font><br /> <font style="font-size: 10pt"><b>Term </b></font><br /> <font style="font-size: 10pt"><b>(In Years)</b></font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; December 31, 2017</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td colspan="2" style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td colspan="2" style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 60%"><font style="font-size: 10pt">Granted</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">229,334</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">5.55</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">10.00</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Expired</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Outstanding &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">229,334</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5.55</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9.33</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt"><font style="font-size: 10pt"><b>Exercisable &#8211; September 30, 2018</b></font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td> <td style="padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The intrinsic value of the stock options was approximately $649,000 and $0 as of September 30, 2018, and December 31, 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock compensation expense of approximately $143,000 and $102,000 was recognized for the three months ended September 30, 2018 and 2017, respectively, and approximately $823,000 and $303,000 for the nine months ended September 30, 2017 and 2018, respectively. Unrecognized stock compensation expense was approximately $1,298,000 as of September 30, 2018, which will be recognized over the remaining vesting period. As of September 30, 2018, no shares were available to be granted under the 2016 Plan and 305,473 shares were available to be granted under the 2017 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-variant: small-caps"><b><i>Treasury Stock</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for purchases of treasury stock under the cost method with the cost of such share purchases reflected in treasury stock in the accompanying condensed balance sheet. As of September 30, 2018 and December 31, 2017, the Company had 33,454 treasury shares.</p> EX-101.SCH 7 srts-20180930.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - PROPERTY AND EQUIPMENT link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - PATENT RIGHTS link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - REVOLVING CREDIT FACILITY link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - PRODUCT WARRANTIES link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - COMMITMENT AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - EMPLOYEE BENEFIT PLANS link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - INCOME TAXES link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - PROPERTY AND EQUIPMENT (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - PATENT RIGHTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - PRODUCT WARRANTIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - COMMITMENT AND CONTINGENCIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - STOCKHOLDERS' EQUITY (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - PROPERTY AND EQUIPMENT (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - PROPERTY AND EQUIPMENT (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - PATENT RIGHTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - PATENT RIGHTS (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - PATENT RIGHTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - REVOLVING CREDIT FACILITY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - PRODUCT WARRANTIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - COMMITMENT AND CONTINGENCIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - COMMITMENT AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - EMPLOYEE BENEFIT PLANS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - STOCKHOLDERS' EQUITY (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - STOCKHOLDERS' EQUITY (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - STOCKHOLDERS' EQUITY (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - STOCKHOLDERS' EQUITY (Details 3) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - INCOME TAXES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 srts-20180930_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 srts-20180930_def.xml XBRL DEFINITION FILE EX-101.LAB 10 srts-20180930_lab.xml XBRL LABEL FILE Deferred Revenue Arrangement Type [Axis] Service Contracts [Member] Deposits on Products [Member] Investment Type [Axis] Short Term [Member] Financial Instrument [Axis] Corporate Bonds [Member] United States Treasury Bonds [Member] Antidilutive Securities [Axis] Warrants [Member] Stock options [Member] Shares [Member] Warrant [Member] Geographical [Axis] UNITED STATES Customer [Axis] Customer [Member] Concentration Risk Benchmark [Axis] Revenue [Member] Accounts Receivable [Member] Property, Plant and Equipment, Type [Axis] Operations and Rental Equipment [Member] Tradeshow and Demo Equipment [Member] Computer Equipment [Member] Equity Components [Axis] Common Stock Common Stock [Member] Additional Paid-In Capital Additional Paid-In Capital [Member] Treasury Stock Treasury Stock [Member] Accumulated Deficit Accumulated Deficit [Member] Common Unit Warrants [Member] Sale of Stock [Axis] Public Offering [member] Plan Name [Axis] 2016 Equity Incentive Plan [Member] Award Type [Axis] Unvested Restricted Stock [Member] IPO [Member] Related Party [Axis] Investor [Member] 2017 Equity Incentive Plan [Member] Underwriter's Representatives [Member] Range [Axis] Minimum [Member] Maximum [Member] Legal Entity [Axis] Placement Agent [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Emerging Growth Company Entity Small Business Entity Shell Company Entity Ex Transition Period Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current Assets Cash and cash equivalents Accounts receivable, net Inventories Investment in debt securities Prepaid and other current assets Total Current Assets Property and Equipment, Net Patent Rights, Net Deposits Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts payable and accrued expenses Deferred revenue, current portion Product warranties Total Current Liabilities Revolving credit facility Deferred Revenue, Net of Current Portion Total Liabilities 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; 16,118,915 issued and 16,085,461 outstanding at September 30, 2018; 13,522,168 issued and 13,488,714 outstanding at December 31, 2017 Additional paid-in capital Treasury stock, 33,454 shares at cost, at September 30, 2018 and December 31, 2017, respectively Accumulated deficit Total Stockholders' Equity Total Liabilities and Stockholders' Equity Preferred stock, authorized Preferred stock, issued Preferred stock, outstanding Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common Stock, outstanding Treasury stock, shares Income Statement [Abstract] Revenues Cost of Sales Gross Profit Operating Expenses Selling and marketing General and administrative Research and development Total Operating Expenses Loss From Operations Other Income (Expense) Interest income Interest expense Other Income (Expense), net Net Loss Net loss per share - basic and diluted (in dollars per share) Weighted average number of shares used in computing net loss per share - basic and diluted (in shares) Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance beginning Balance beginning (in shares) Issuance of common stock for cash, net of offering cost Issuance of common stock for cash, net of offering cost (in shares) Stock based compensation Stock based compensation (in shares) Surrender of shares for tax withholding on stock compensation Surrender of shares for tax withholding on stock compensation (in shares) Exercise of warrants Exercise of warrants (in shares) Net loss Balance end Balance end (in shares) Statement of Cash Flows [Abstract] Cash Flows From Operating Activities Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: Bad debt expense (recovery) Depreciation and amortization Provision for product warranties Stock based compensation Decrease (increase) in: Accounts receivable Inventories Prepaid and other current assets Increase (decrease) in: Accounts payable and accrued expenses Deferred revenue Product warranties Total Adjustments Net Cash Used In Operating Activities Cash Flows from Investing Activities Acquisition of property and equipment Investment in debt securities - held to maturity Investments matured Net Cash Provided By Investing Activities Cash Flows from Financing Activities Offering of common stock Offering cost Revolving credit facility, net Withholding taxes on stock compensation Net Cash Provided By Financing Activities Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents - Beginning Cash and Cash Equivalents - Ending Supplemental Disclosure of Cash Flow Information Interest Paid Non Cash Investing and Financing Activities Transfer of inventory to property and equipment Transfer of property and equipment to inventory Organization, Consolidation and Presentation of Financial Statements [Abstract] ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment [Abstract] PROPERTY AND EQUIPMENT Goodwill and Intangible Assets Disclosure [Abstract] PATENT RIGHTS Debt Disclosure [Abstract] REVOLVING CREDIT FACILITY Product Warranties Disclosures [Abstract] PRODUCT WARRANTIES Commitments and Contingencies Disclosure [Abstract] COMMITMENT AND CONTINGENCIES Retirement Benefits [Abstract] EMPLOYEE BENEFIT PLANS Equity [Abstract] STOCKHOLDERS' EQUITY Income Tax Disclosure [Abstract] INCOME TAXES Subsequent Events [Abstract] SUBSEQUENT EVENTS DESCRIPTION OF THE BUSINESS BASIS OF PRESENTATION PRINCIPLES OF CONSOLIDATION USE OF ESTIMATES REVENUE RECOGNITION SEGMENT AND GEOGRAPHICAL INFORMATION CASH AND CASH EQUIVALENTS INVESTMENTS ACCOUNTS RECEIVABLE INVENTORIES EARNINGS PER SHARE ADVERTISING COSTS RECENTLY ISUED ACCOUNTING PRONOUNCEMENT Schedule of deferred revenue Schedule of investment Schedule of antidilutive Schedule of property and equipment Schedule of intangible assets Schedule of amortization expense Schedule of changes in product warranty liability Schedule of future minimum lease payments for operating leases Schedule of warrant activity Schedule of Stock Options, Valuation Assumptions Summary of restricted stock activity Schedule of option activity Deferred Revenue Arrangement, by Type [Table] Deferred Revenue Arrangement [Line Items] Total deferred revenue, current portion Service contracts, net of current portion Total deferred revenue Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive securities excluded from computation of earnings per share, amount Number of operating segments Reveune percent Cash, FDIC insured amount Cash uninsured amount Allowance for doubtful accounts receivable, current Advertising and promotion expense Product warranty term Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property, plant and equipment, gross Less accumulated depreciation Property and Equipment, Net Property, plant and equipment, useful Life Depreciation expense Gross carrying amount Less accumulated amortization Patent Rights, Net Finite-Lived Intangible Assets, Net [Abstract] 2018 (October 1- December 31, 2018) 2019 2020 2021 2022 Thereafter Amortization expense Debt instrument, term Line of credit facility, maximum borrowing capacity Line of credit percentage of borrowing base to accounts receivables Debt instrument, basis spread on variable rate Debt instrument, interest rate, effective percentage Line of credit, outstanding Line of credit facility, unused capacity, commitment fee percentage Line of credit description Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] Balance, beginning of period Warranties accrued during the period Payments on warranty claims Balance, end of period Operating Leases, Future Minimum Payments Due [Abstract] 2018 (October 1- December 31, 2018) 2019 2020 2021 2022 Total Payments to suppliers Accounts payable and accrued expenses Lease expiration date Percentage of increase in lease payments Rental expense Manufacturing agreement contract term Expenses related to employee benefit plan Class of Warrant or Right, Outstanding [Roll Forward] Outstanding at beginning Granted Exercised Forfeited Outstanding at ending Exercisable at end Class of Warrant or Right, Exercise Price of Warrants or Rights [Roll Forward] Outstanding at beginning Granted Exercised Forfeited Outstanding at ending Exercisable at ending Class Of Warrant Or Right Weighted Average Remaining Contract Term Of Warrants Or Rights [Roll Forward] Outstanding at beginning Granted Exercised Forfeited Outstanding at ending Exercisable at ending Expected volatility Risk-free interest rate Expected life Dividend yield Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] Unvested balance at beginning Granted Vested Forfeited Unvested balance at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Rollforward] Unvested balance at beginning Granted Vested Forfeited Unvested balance at end Number of Options Outstanding at beginning Granted Exercised Expired Outstanding at end Exercisable at end Weighted Average Exercise Outstanding at beginning (in dollars per share) Granted (in dollars per share) Exercised Expired Outstanding at end (in dollars per share) Exercisable at end (in dollars per share) Weighted Average Remaining Contractual Term (In Years) Outstanding at beginning Granted Exercised Expired Outstanding at end Exercisable at end Common stock,outstanding Number of common stock issued in public offering Common stock, par value Public offering price Proceeds from offering Number of additional common stock issued in public offering Number of common stock sold Common stock sale price Proceeds from offering of common stock Stock compensation expense Weighted average grant date fair value (in dollars per share) Warrant term Number of warrant outstanding Warrant exercise price (in dollars per share) Percentage of offering price Number of warrant granted Warrant granted exercise price (in dollars per share) Date of warrants exercisable Warrant redemption price (in dollars per warrant) Intrinsic value of common stock warrants Number of authorized shares under the plan Vesting period Number of restricted stock granted Initial offering price (in dollars per share) Vesting percentage Description of vesting rights Unrecognized stock compensation expense Reduction of stock compensation expense value forfeited Intrinsic value of the stock options Treasury stock Tax expense Number of warrants or rights cancelled/forfeited. Number of warrants or rights exercisable. Exercise price per share or per unit of warrants or rights cancelled/forfeited. Exercise price per share or per unit of warrants or rights exercisable. Exercise price per share or per unit of warrants or rights exercised. Exercise price per share or per unit of warrants or rights granted. The exercise price percentage of warrants issued. Number of warrants or rights exercised. The expiration term of the warrants or rights issued. Number of warrants or rights granted. The redemption price per share of warrants issued. Weighted average remaining contractual term for warrant outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for warrant outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for warrant outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for warrant cancelled, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for warrant exercisable, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for warrant exercised, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for warrant granted, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Refers to value of common stock warrant intrinsic value as on date. Security that gives the holder the right to purchase shares of stock in accordance with the terms of the instrument, usually upon payment of a specified amount. Information by benchmark of concentration risk. Information by type of deferred revenue arrangement. Information related to equity incentive plan. Information about stock plan. Number of exercise of warrants in shares. Represents the maximum percentage on accounts receivables' amount that can be borrowed under credit facility. Refers to agreement term, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. The annual rate of increase on lease payments. Information by type of long-lived, physical assets used to produce goods and services and not intended for resale. Information about legal entity. Product warranty term, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Information by type of deferred revenue arrangement. A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. Weighted average remaining contractual term for option awards granted, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for option outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Weighted average remaining contractual term for option exertcised, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Information by type of long-lived, physical assets used to produce goods and services and not intended for resale. Information about related party. Transfer of inventory to property and equipment. Transfer of property and equipment to inventory. Number of shares surrender for tax withholding on stock compensation. Amount paid for Surrender of shares for tax withholding on stock compensation. Number of common stock issued in public offering. Public offering price. Proceeds from offering. Number of additional common stock issued in public offering. Assets, Current Assets [Default Label] Liabilities, Current Liabilities Treasury Stock, Common, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses [Default Label] Operating Income (Loss) Interest Expense Nonoperating Income (Expense) Shares, Outstanding Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Standard Product Warranty Accrual, Period Increase (Decrease) Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Held-to-maturity Securities Net Cash Provided by (Used in) Investing Activities Partners' Capital Account, Public Sale of Units Net of Offering Costs Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Deferred Revenue Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Finite-Lived Intangible Assets, Accumulated Amortization Standard and Extended Product Warranty Accrual, Decrease for Payments Operating Leases, Future Minimum Payments, Remainder of Fiscal Year Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments, Due in Five Years Operating Leases, Future Minimum Payments Due Accounts Payable, Trade, Current Transfer of Inventory Unit to Property and Equipment Service Contracts [Member] [Default Label] ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsCancelledForfeited ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExercisable ClassOfWarrantOrRightWeightedAverageRemainingContractTermOfWarrantsOrRightsGranted ClassOfWarrantOrRightWeightedAverageRemainingContractTermOfWarrantsOrRightsExercised Operating Lease, Percentage of Increase in Lease payments Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term Granted (in years) SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisedOptionsWeightedAverageRemainingContractualTerm2 Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period EX-101.PRE 11 srts-20180930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Oct. 31, 2018
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 Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity's Reporting Status Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company true  
Entity Small Business true  
Entity Ex Transition Period true  
Entity Common Stock, Shares Outstanding   16,085,461
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 17,121,319 $ 10,085,468
Accounts receivable, net 10,658,661 4,958,255
Inventories 1,972,046 1,171,383
Investment in debt securities 1,104,635
Prepaid and other current assets 1,349,635 566,972
Total Current Assets 31,101,661 17,886,713
Property and Equipment, Net 959,332 394,078
Patent Rights, Net 457,833 530,123
Deposits 24,272 24,272
Total Assets 32,543,098 18,835,186
Current Liabilities    
Accounts payable and accrued expenses 4,889,874 4,067,894
Deferred revenue, current portion 808,374 652,242
Product warranties 111,915 146,722
Total Current Liabilities 5,810,163 4,866,858
Revolving credit facility 2,214,970
Deferred Revenue, Net of Current Portion 533,960 73,083
Total Liabilities 6,344,123 7,154,911
Stockholders' Equity    
Preferred stock, 5,000,000 shares authorized and none issued and outstanding
Common stock, $0.01 par value - 50,000,000 authorized; 16,118,915 issued and 16,085,461 outstanding at September 30, 2018; 13,522,168 issued and 13,488,714 outstanding at December 31, 2017 161,189 135,221
Additional paid-in capital 39,799,045 23,181,641
Treasury stock, 33,454 shares at cost, at September 30, 2018 and December 31, 2017, respectively (133,816) (133,816)
Accumulated deficit (13,627,443) (11,502,771)
Total Stockholders' Equity 26,198,975 11,680,275
Total Liabilities and Stockholders' Equity $ 32,543,098 $ 18,835,186
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, authorized 5,000,000 5,000,000
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized 50,000,000 50,000,000
Common stock, issued 16,118,915 13,522,168
Common Stock, outstanding 16,085,461 13,488,714
Treasury stock, shares 33,454 33,454
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenues $ 6,333,996 $ 4,795,616 $ 18,346,193 $ 14,118,130
Cost of Sales 2,165,345 1,577,715 6,296,653 4,631,263
Gross Profit 4,168,651 3,217,901 12,049,540 9,486,867
Operating Expenses        
Selling and marketing 1,971,539 1,844,199 6,146,759 6,211,124
General and administrative 907,746 837,972 3,163,621 2,798,198
Research and development 1,712,725 1,501,157 4,775,767 3,795,477
Total Operating Expenses 4,592,010 4,183,328 14,086,147 12,804,799
Loss From Operations (423,359) (965,427) (2,036,607) (3,317,932)
Other Income (Expense)        
Interest income 23,010 18,642 68,620 59,318
Interest expense (57,759) (18,902) (156,685) (43,316)
Other Income (Expense), net (34,749) (260) (88,065) 16,002
Net Loss $ (458,108) $ (965,687) $ (2,124,672) $ (3,301,930)
Net loss per share - basic and diluted (in dollars per share) $ (0.03) $ (0.07) $ (0.16) $ (0.25)
Weighted average number of shares used in computing net loss per share - basic and diluted (in shares) 13,781,506 13,251,714 13,498,760 13,231,398
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($)
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Deficit
Total
Balance beginning at Dec. 31, 2017 $ 135,221 $ 23,181,641 $ (133,816) $ (11,502,771) $ 11,680,275
Balance beginning (in shares) at Dec. 31, 2017 13,522,168   (33,454)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock for cash, net of offering cost $ 25,368 15,822,291     15,847,659
Issuance of common stock for cash, net of offering cost (in shares) 2,536,764        
Stock based compensation $ 500 822,994 823,494
Stock based compensation (in shares) 50,000        
Surrender of shares for tax withholding on stock compensation $ (193) (118,455) (118,648)
Surrender of shares for tax withholding on stock compensation (in shares) (19,305)        
Exercise of warrants $ 293 90,574     90,867
Exercise of warrants (in shares) 29,288        
Net loss (2,124,672) (2,124,672)
Balance end at Sep. 30, 2018 $ 161,189 $ 39,799,046 $ (133,816) $ (13,627,443) $ 26,198,975
Balance end (in shares) at Sep. 30, 2018 16,118,915   (33,454)    
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows From Operating Activities    
Net loss $ (2,124,672) $ (3,301,930)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Bad debt expense (recovery) (13,280) 175,695
Depreciation and amortization 427,426 294,906
Provision for product warranties 72,494 174,723
Stock based compensation 823,494 303,465
Decrease (increase) in:    
Accounts receivable (5,687,126) (2,146,942)
Inventories (958,677) (438,290)
Prepaid and other current assets (782,664) 424,500
Increase (decrease) in:    
Accounts payable and accrued expenses 821,979 964,837
Deferred revenue 617,009 (197,774)
Product warranties (107,300) (104,725)
Total Adjustments (4,786,645) (549,605)
Net Cash Used In Operating Activities (6,911,317) (3,851,535)
Cash Flows from Investing Activities    
Acquisition of property and equipment (762,375) (240,734)
Investment in debt securities - held to maturity (264,365)
Investments matured 1,104,635 4,816,000
Net Cash Provided By Investing Activities 342,260 4,310,901
Cash Flows from Financing Activities    
Offering of common stock 17,249,995
Offering cost (1,402,336)
Revolving credit facility, net (2,214,970) 1,625,970
Withholding taxes on stock compensation (118,648) (289,286)
Exercise of warrants 90,867
Net Cash Provided By Financing Activities 13,604,908 1,336,684
Net Increase in Cash and Cash Equivalents 7,035,851 1,796,050
Cash and Cash Equivalents - Beginning 10,085,468 5,042,477
Cash and Cash Equivalents - Ending 17,121,319 6,838,527
Supplemental Disclosure of Cash Flow Information    
Interest Paid 143,901 43,316
Non Cash Investing and Financing Activities    
Transfer of inventory to property and equipment 158,016
Transfer of property and equipment to inventory $ 35,393
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2018
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. In February 2018, the Company formed a wholly-owned subsidiary in Israel. The Company operates as one segment based at its corporate headquarters located in Boca Raton, Florida.

 

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 consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Form 10-K, filed with the SEC. The results for the nine months ended September 30, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018, any other interim periods, or any future year or period.

 

Principles of consolidation

 

The accompanying condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary in Israel. All inter-company balances and transactions have been eliminated.

 

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, 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

 

On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” using the modified retrospective method. The adoption of this standard did not result in a significant change to the Company’s historical revenue recognition policies and there were no necessary adjustments required to retained earnings upon adoption.

 

Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract’s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identifies the contracts with a customer; (ii) identifies the performance obligations within the contract, including whether they are distinct and capable of being distinct in the context of the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when, or as, the Company satisfies each performance obligation.

 

The Company’s revenue consists of sales of the Company’s devices and services related to maintaining and repairing the devices. The agreement for the sale of the devices and the service contract are usually signed at the same time and in some instances a service contract is signed on a stand-alone basis. Revenue for service contracts is recognized over the service contract period on a straight-line basis. The Company determined that in practice no significant discount is given on the service contract when it is offered with the device purchase as compared to when it is sold on a stand-alone basis, by comparing the median selling price of the service contract as stand-alone and the median selling price of the service contract when sold together with the device. The service level provided is identical when the service contract is purchased stand-alone or together with the device. There is no termination provision in the service contract nor any penalties in practice for cancellation of the service contract. The service contract is not considered a performance obligation until it is paid, and it does not provide a material right for a significant discount when purchased with the device. The service portion of a sales contract or a stand-alone service contract is accounted for over the period of time of the service contract only when the customer exercises the option by paying for the service contract. For the three and nine months ended September 30, 2018, service contract revenue was approximately 6% and 7% of total revenues, respectively.

 

The Company operates in a highly-regulated environment in which state regulatory approval is sometimes required prior to the customer being able to use the product, primarily in the U.S. dermatology market. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained.

 

Deferred revenue as of September 30, 2018 and December 31, 2017 was as follows:

 

    As of September 30,     As of December 31,  
    2018     2017  
    (unaudited)          
Service contracts   $ 707,179     $ 570,242  
Deposits on products     101,195       82,000  
Total deferred revenue, current portion     808,374       652,242  
Service contracts, net of current portion     533,960       73,083  
Total deferred revenue   $ 1,342,334     $ 725,325  

 

The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties 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 93% and 99% for the three months ended September 30, 2018 and 2017, respectively, and approximately 95% and 99% for the nine months ended September 30, 2018 and 2017, respectively. A customer in the U.S. accounted for approximately 78% and 69% of revenues for the three months ended September 30, 2018 and 2017, respectively, and approximately 74% and 58% for the nine months ended September 30, 2018 and 2017, respectively, and 92% and 85% of the accounts receivable as of September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017, the Company had approximately $16,900,000 and $9,952,000, 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
Value
 
Short-Term:                                
Corporate bonds   $ 602,599     $     $ 256     $ 602,343  
United States Treasury bonds     502,036             332       501,704  
Total Short Term:     1,104,635             588       1,104,047  
                                 
Total Investments December 31, 2017   $ 1,104,635     $     $ 588     $ 1,104,047  

 

There were no investments as of September 30, 2018.

        

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 $16,000 as of September 30, 2018 and December 31, 2017. Bad debt expense (recovery) for the three months ended September 30, 2018 and 2017 was $0 and for the nine months ended September 30, 2018 and 2017 was approximately ($13,000) and $176,000, respectively.

 

Inventories

 

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

 

Earnings Per Share

 

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

 

    For the Three Months Ended
September 30,
    For the Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Warrants     165,003       5,851              
Stock options     53,532             32,610        
Shares     46,036       9,779       13,328       5,430  

 

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 $195,000 and $185,000 for the three months ended September 30, 2018 and 2017, respectively, and $1,028,000 and $1,242,000 for the nine months ended September 30, 2018 and 2017, respectively.

 

Recently issued and Adopted accounting Standards

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 eliminated transaction- and industry-specific revenue recognition guidance under current GAAP and replaced it with a principle based approach for determining revenue recognition. ASU 2014-09 requires that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also requires 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. The Company adopted the new revenue recognition standard in the first quarter of 2018 using the full retrospective method. There was not a material impact to revenues as a result of applying ASC 606 for the nine months ended September 30, 2018, and there have not been significant changes to the Company’s business processes, systems, or internal controls as a result of implementing the standard.

 

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 1, 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 its financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) – Scope of Modification Accounting. The amendments included in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this standard in the first quarter of 2018 and it did not have a material impact on its financial statements.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 2 — Property and Equipment

        

    As of September 30,     As to December 31,     Estimated
    2018     2017     Useful Lives
    (unaudited)              
Operations and rental equipment   $ 999,813     $ 542,639     3 years
Tradeshow and demo equipment     709,740       271,275     3 years
Computer equipment     119,050       94,298     3 years
      1,828,603       908,212      
Less accumulated depreciation     (869,271 )     (514,134 )    
Property and Equipment, Net   $ 959,332     $ 394,078      

 

Depreciation expense was approximately $170,000 and $79,000, for the three months ended September 30, 2018 and 2017, respectively, and approximately $355,000 and $223,000, for the nine months ended September 30, 2018 and 2017, respectively.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
PATENT RIGHTS
9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
PATENT RIGHTS

Note 3 — Patent Rights

        

    As of September 30,     As of December 31,  
    2018     2017  
    (unaudited)          
Gross carrying amount   $ 1,253,018     $ 1,253,018  
Less accumulated amortization     (795,185 )     (722,895 )
Patent Rights, Net     457,833       530,123  

 

Amortization expense was approximately $24,000 for the three months ended September 30, 2018 and 2017, and approximately $72,000 for the nine months ended September 30, 2018 and 2017. As of June 30, 2018, future remaining amortization expense is as follows:

 

Year        
2018 (October 1 – December 31, 2018)     $ 24,096  
2019       96,386  
2020       96,386  
2021       96,386  
2022       96,386  
Thereafter       48,193  
Total     $ 457,833  
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVOLVING CREDIT FACILITY
9 Months Ended
Sep. 30, 2018
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. The Company was not in compliance in April and May 2017 with one of its financial covenants. On June 27, 2017, the covenant defaults were waived and the agreement was amended to modify the financial covenants effective June 2017. An amendment signed on September 15, 2017 extended the maturity date of the credit line through November 19, 2017. On October 31, 2017, the Company amended its revolving credit facility to extend the maturity to October 31, 2019 and to amend the financial covenants. The availability under the amended facility will equal the lesser of the $5 million commitment amount or the borrowing base plus the $2.5 million non-formula sublimit. The borrowing base consists of 80% of eligible accounts receivable, as defined in the agreement.

        

Interest, at Prime plus 0.75% (6.00% at September 30, 2018) and Prime plus 1.50% on non-formula borrowings (6.75% at September 30, 2018), is payable monthly, and the outstanding principal and interest are 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, as defined in the agreement. The Company was in compliance with its financial covenants as of September 30, 2018 and December 31, 2017. There were no borrowings outstanding under the revolving credit facility at September 30, 2018 and approximately $2,215,000 was outstanding at December 31, 2017. 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 v3.10.0.1
PRODUCT WARRANTIES
9 Months Ended
Sep. 30, 2018
Product Warranties Disclosures [Abstract]  
PRODUCT WARRANTIES

Note 5 — Product Warranties

 

Changes in product warranty liability were as follows for the nine months ended September 30, 2018:

 

Balance, beginning of period   $ 146,722  
Warranties accrued during the period     72,492  
Payments on warranty claims     (107,299 )
Balance, end of period   $ 111,915  
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENT AND CONTINGENCIES
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENT AND CONTINGENCIES

Note 6 — Commitments and Contingencies

        

Operating Lease Agreements

        

In July 2016, the Company renewed its 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. In February 2017 and January 2018, the Company signed amendments to expand further the leased office space. The Company’s Israeli subsidiary entered into a two year lease for office space starting in September 2018. Future minimum lease payments as of September 30, 2018 are as follows:

 

Year     Minimum Lease
Payment
 
2018       62,000  
2019       250,000  
2020       245,000  
2021       231,000  
2022       177,000  
Total     $ 965,000  

 

Rental expense for the three months ended September 30, 2018 and 2017 was approximately $58,000 and $46,000, respectively, and for the nine months ended September 30, 2018 and 2017 was approximately $167,000 and $131,000, 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 renews 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 $1,302,000 and $1,582,000 for the three months ended September 30, 2018 and 2017, respectively, and approximately $3,127,000 and $3,074,000 for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, and December 31, 2017 approximately $1,209,000 and $829,000, 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.

 

In November 2015, the Company learned that the Department of Justice (the “Department”) had commenced an investigation of the billing to Medicare by a physician who had treated patients with the Company’s SRT-100. The Company received a Civil Investigative Demand from the Department seeking documents and written responses in connection with that investigation. The Company has fully cooperated with the investigation. The Department has advised the Company that it was considering expanding the investigation to determine whether the Company had any involvement in the physician’s use of certain reimbursement codes. The Company disputes that it has engaged in any wrongdoing with respect to such reimbursement claims; among other things, the Company does not submit claims for reimbursement or provide coding or billing advice to physicians. To the Company’s knowledge, the Department has made no determination as to whether the Company engaged in any wrongdoing, or whether to pursue any legal action against the Company. Should the Department decide to pursue legal action, the Company believes it has strong and meritorious defenses and will vigorously defend itself. At this time, the Company is unable to estimate the cost associated with this matter.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
EMPLOYEE BENEFIT PLANS
9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS

Note 7 — Employee Benefit Plans

        

We sponsor a 401(k) defined contribution retirement plan that allows eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. Expenses related to this plan totaled approximately $24,000 and $0 for the three months ended September 30, 2018 and 2017, respectively, and approximately $72,000 and $0 for the nine months ended September 30, 2018 and 2017, respectively.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
STOCKHOLDERS' EQUITY

Note 8 — Stockholders’ Equity

 

The Company has authorized 50,000,000 shares of common stock, of which 16,118,915 were issued and 16,085,461 outstanding at September 30, 2018; 13,522,168 shares were issued and 13,488,714 were outstanding as of December 31, 2017.

 

Stock Issuances

 

On September 17, 2018, the Company completed a public offering of 2,205,882 shares of its common stock, par value $0.01 per share, at a public offering price of $6.80 per share. Total proceeds to the Company from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, were approximately $15 million. On September 21, 2018 the Company issued an additional 330,882 shares of its common stock pursuant to the exercise in full of the underwriters’ option received in connection with the public offering of its common stock. After giving effect to the full exercise of the option, Sensus sold an aggregate of 2,536,764 shares of its common stock at a price of $6.80 per share with total gross proceeds of approximately $17.25 million, before deducting underwriting discounts and commissions and other offering expenses.

 

Warrants

 

In April 2013, the closing date of the Company’s 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. During the first quarter of 2018, 73,309 of the warrants were exercised, and 13,067 warrants expired.

 

In June 2016, from the Company’s 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 for the IPO 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, 2017       2,524,376     $ 6.67       1.50  
Granted                    
Exercised       (73,309 )     4.55        
Expired       (13,067 )     4.55        
Outstanding – September 30, 2018       2,438,000     $ 6.75       0.80  
Exercisable – September 30, 2018       2,438,000     $ 6.75       0.80  


The intrinsic value of the common stock warrants was approximately $3,974,000 and $19,000 as of September 30, 2018, and December 31, 2017, respectively.

 

2016 and 2017 Equity Incentive Plans

 

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. The Company has limited the aggregate number of shares of common stock to be awarded under the 2017 Equity Incentive Plan to 500,000 shares and no more than 500,000 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 and 2017 Plans and the awards granted under those plans 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.

 

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 restricted 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.

 

On January 25, 2018, 80,000 fully vested shares were granted to the nonemployee directors, and 229,334 stock options with a four-year vesting period were granted to employees. The shares were recorded at the fair value of $5.55 per share for a total of $444,000 and the stock options were valued using a Black Scholes model at $3.52 per option using the assumptions noted in the following table.

 

    2018  
Expected volatility     67.8 %
Risk-free interest rate     2.5 %
Expected life     6.25  years
Dividend yield     0.0 %

The Company recognizes forfeitures as they occur rather than estimating a forfeiture rate. The reduction of stock compensation expense related to the forfeitures was approximately $39,000 and $7,000 for the nine months ended September 30, 2018 and 2017, respectively.

 

A summary of the restricted stock activity is presented as follows:

 

      Shares     Weighted
Average
Grant Date Fair
Value
 
Unvested balance at December 31, 2017       237,000     $ 5.24  
Granted              
Vested       (68,166 )     5.24  
Forfeited       (30,000 )     5.25  
Unvested balance at September 30, 2018       138,834     $ 5.24  

 

The following table summarizes the Company’s stock option activity:

 

      Number of
Options
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term
(In Years)
 
Outstanding – December 31, 2017         $      
Granted       229,334       5.55       10.00  
Exercised                    
Expired                    
Outstanding – September 30, 2018       229,334     $ 5.55       9.33  
Exercisable – September 30, 2018                    

 

The intrinsic value of the stock options was approximately $649,000 and $0 as of September 30, 2018, and December 31, 2017, respectively.

 

Stock compensation expense of approximately $143,000 and $102,000 was recognized for the three months ended September 30, 2018 and 2017, respectively, and approximately $823,000 and $303,000 for the nine months ended September 30, 2017 and 2018, respectively. Unrecognized stock compensation expense was approximately $1,298,000 as of September 30, 2018, which will be recognized over the remaining vesting period. As of September 30, 2018, no shares were available to be granted under the 2016 Plan and 305,473 shares were available to be granted under the 2017 Plan.

 

Treasury Stock

 

The Company accounts for purchases of treasury stock under the cost method with the cost of such share purchases reflected in treasury stock in the accompanying condensed balance sheet. As of September 30, 2018 and December 31, 2017, the Company had 33,454 treasury shares.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
INCOME TAXES

Note 9 — Income Taxes

        

Book income before taxes was negative for the three and nine months ended September 30, 2018. Tax expense for the three and nine months ended September 30, 2018 and 2017 was $0.

 

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 September 30, 2018, the Company has U.S. federal and certain state tax returns subject to examination, beginning with those filed for the year 2014.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Note 10 — 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 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2018
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. In February 2018, the Company formed a wholly-owned subsidiary in Israel. The Company operates as one segment based at its corporate headquarters located in Boca Raton, Florida.

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 consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Form 10-K, filed with the SEC. The results for the nine months ended September 30, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018, any other interim periods, or any future year or period.

PRINCIPLES OF CONSOLIDATION

Principles of consolidation

 

The accompanying condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary in Israel. All inter-company balances and transactions have been eliminated.

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, 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

 

On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” using the modified retrospective method. The adoption of this standard did not result in a significant change to the Company’s historical revenue recognition policies and there were no necessary adjustments required to retained earnings upon adoption.

        

Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract’s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identifies the contracts with a customer; (ii) identifies the performance obligations within the contract, including whether they are distinct and capable of being distinct in the context of the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when, or as, the Company satisfies each performance obligation.

  

The Company’s revenue consists of sales of the Company’s devices and services related to maintaining and repairing the devices. The agreement for the sale of the devices and the service contract are usually signed at the same time and in some instances a service contract is signed on a stand-alone basis. Revenue for service contracts is recognized over the service contract period on a straight-line basis. The Company determined that in practice no significant discount is given on the service contract when it is offered with the device purchase as compared to when it is sold on a stand-alone basis, by comparing the median selling price of the service contract as stand-alone and the median selling price of the service contract when sold together with the device. The service level provided is identical when the service contract is purchased stand-alone or together with the device. There is no termination provision in the service contract nor any penalties in practice for cancellation of the service contract. The service contract is not considered a performance obligation until it is paid, and it does not provide a material right for a significant discount when purchased with the device. The service portion of a sales contract or a stand-alone service contract is accounted for over the period of time of the service contract only when the customer exercises the option by paying for the service contract. For the three and nine months ended September 30, 2018, service contract revenue was approximately 6% and 7% of total revenues, respectively.

 

The Company operates in a highly-regulated environment in which state regulatory approval is sometimes required prior to the customer being able to use the product, primarily in the U.S. dermatology market. In these cases, where regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained.

 

Deferred revenue as of September 30, 2018 and December 31, 2017 was as follows:

 

    As of September 30,     As of December 31,  
    2018     2017  
    (unaudited)          
Service contracts   $ 707,179     $ 570,242  
Deposits on products     101,195       82,000  
Total deferred revenue, current portion     808,374       652,242  
Service contracts, net of current portion     533,960       73,083  
Total deferred revenue   $ 1,342,334     $ 725,325  

 

The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties 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 93% and 99% for the three months ended September 30, 2018 and 2017, respectively, and approximately 95% and 99% for the nine months ended September 30, 2018 and 2017, respectively. A customer in the U.S. accounted for approximately 78% and 69% of revenues for the three months ended September 30, 2018 and 2017, respectively, and approximately 74% and 58% for the nine months ended September 30, 2018 and 2017, respectively, and 92% and 85% of the accounts receivable as of September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017, the Company had approximately $16,900,000 and $9,952,000, 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
Value
 
Short-Term:                                
Corporate bonds   $ 602,599     $     $ 256     $ 602,343  
United States Treasury bonds     502,036             332       501,704  
Total Short Term:     1,104,635             588       1,104,047  
                                 
Total Investments December 31, 2017   $ 1,104,635     $     $ 588     $ 1,104,047  

 

There were no investments as of September 30, 2018.

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 $16,000 as of September 30, 2018 and December 31, 2017. Bad debt expense (recovery) for the three months ended September 30, 2018 and 2017 was $0 and for the nine months ended September 30, 2018 and 2017 was approximately ($13,000) and $176,000, respectively.

INVENTORIES

Inventories

 

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

EARNINGS PER SHARE

Earnings Per Share

        

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

 

    For the Three Months Ended
September 30,
    For the Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Warrants     165,003       5,851              
Stock options     53,532             32,610        
Shares     46,036       9,779       13,328       5,430  
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 $195,000 and $185,000 for the three months ended September 30, 2018 and 2017, respectively, and $1,028,000 and $1,242,000 for the nine months ended September 30, 2018 and 2017, respectively.

RECENTLY ISUED ACCOUNTING PRONOUNCEMENT

Recently issued and Adopted accounting Standards

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 eliminated transaction- and industry-specific revenue recognition guidance under current GAAP and replaced it with a principle based approach for determining revenue recognition. ASU 2014-09 requires that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also requires 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. The Company adopted the new revenue recognition standard in the first quarter of 2018 using the full retrospective method. There was not a material impact to revenues as a result of applying ASC 606 for the nine months ended September 30, 2018, and there have not been significant changes to the Company’s business processes, systems, or internal controls as a result of implementing the standard.

        

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 1, 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 its financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) – Scope of Modification Accounting. The amendments included in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this standard in the first quarter of 2018 and it did not have a material impact on its financial statements.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of deferred revenue

Deferred revenue as of September 30, 2018 and December 31, 2017 was as follows:

 

    As of September 30,     As of December 31,  
    2018     2017  
    (unaudited)          
Service contracts   $ 707,179     $ 570,242  
Deposits on products     101,195       82,000  
Total deferred revenue, current portion     808,374       652,242  
Service contracts, net of current portion     533,960       73,083  
Total deferred revenue   $ 1,342,334     $ 725,325  
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
Value
 
Short-Term:                                
Corporate bonds   $ 602,599     $     $ 256     $ 602,343  
United States Treasury bonds     502,036             332       501,704  
Total Short Term:     1,104,635             588       1,104,047  
                                 
Total Investments December 31, 2017   $ 1,104,635     $     $ 588     $ 1,104,047  
Schedule of antidilutive

Shares were excluded as follows:

        

    For the Three Months Ended
September 30,
    For the Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Warrants     165,003       5,851              
Stock options     53,532             32,610        
Shares     46,036       9,779       13,328       5,430  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT (Tables)
9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
    As of September 30,     As to December 31,     Estimated
    2018     2017     Useful Lives
    (unaudited)              
Operations and rental equipment   $ 999,813     $ 542,639     3 years
Tradeshow and demo equipment     709,740       271,275     3 years
Computer equipment     119,050       94,298     3 years
      1,828,603       908,212      
Less accumulated depreciation     (869,271 )     (514,134 )    
Property and Equipment, Net   $ 959,332     $ 394,078      
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
PATENT RIGHTS (Tables)
9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets
    As of September 30,     As of December 31,  
    2018     2017  
    (unaudited)          
Gross carrying amount   $ 1,253,018     $ 1,253,018  
Less accumulated amortization     (795,185 )     (722,895 )
Patent Rights, Net     457,833       530,123  
Schedule of amortization expense

As of June 30, 2018, future remaining amortization expense is as follows:

        

Year        
2018 (October 1 – December 31, 2018)     $ 24,096  
2019       96,386  
2020       96,386  
2021       96,386  
2022       96,386  
Thereafter       48,193  
Total     $ 457,833  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
PRODUCT WARRANTIES (Tables)
9 Months Ended
Sep. 30, 2018
Product Warranties Disclosures [Abstract]  
Schedule of changes in product warranty liability

Changes in product warranty liability were as follows for the nine months ended September 30, 2018:

 

Balance, beginning of period   $ 146,722  
Warranties accrued during the period     72,492  
Payments on warranty claims     (107,299 )
Balance, end of period   $ 111,915  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENT AND CONTINGENCIES (Tables)
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future minimum lease payments for operating leases

Future minimum lease payments as of September 30, 2018 are as follows:

        

Year     Minimum Lease
Payment
 
2018       62,000  
2019       250,000  
2020       245,000  
2021       231,000  
2022       177,000  
Total     $ 965,000  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Tables)
9 Months Ended
Sep. 30, 2018
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, 2017       2,524,376     $ 6.67       1.50  
Granted                    
Exercised       (73,309 )     4.55        
Expired       (13,067 )     4.55        
Outstanding – September 30, 2018       2,438,000     $ 6.75       0.80  
Exercisable – September 30, 2018       2,438,000     $ 6.75       0.80  
Schedule of Stock Options, Valuation Assumptions

The shares were recorded at the fair value of $5.55 per share for a total of $444,000 and the stock options were valued using a Black Scholes model at $3.52 per option using the assumptions noted in the following table.

        

    2018  
Expected volatility     67.8 %
Risk-free interest rate     2.5 %
Expected life     6.25  years
Dividend yield     0.0 %
Summary of restricted stock activity

A summary of the restricted stock activity is presented as follows:

        

      Shares     Weighted
Average
Grant Date Fair
Value
 
Unvested balance at December 31, 2017       237,000     $ 5.24  
Granted              
Vested       (68,166 )     5.24  
Forfeited       (30,000 )     5.25  
Unvested balance at September 30, 2018       138,834     $ 5.24  
Schedule of option activity

The following table summarizes the Company’s stock option activity:

 

      Number of
Options
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term
(In Years)
 
Outstanding – December 31, 2017         $      
Granted       229,334       5.55       10.00  
Exercised                    
Expired                    
Outstanding – September 30, 2018       229,334     $ 5.55       9.33  
Exercisable – September 30, 2018                    
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Deferred Revenue Arrangement [Line Items]    
Total deferred revenue, current portion $ 808,374 $ 652,242
Service contracts, net of current portion 533,960 73,083
Total deferred revenue 1,342,334 725,325
Service Contracts [Member]    
Deferred Revenue Arrangement [Line Items]    
Total deferred revenue, current portion 707,179 570,242
Deposits on Products [Member]    
Deferred Revenue Arrangement [Line Items]    
Total deferred revenue, current portion $ 101,195 $ 82,000
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)
12 Months Ended
Dec. 31, 2017
USD ($)
Amortized Cost $ 1,104,635
Gross Unrealized Gain
Gross Unrealized Loss 588
Fair Value 1,104,047
Short Term [Member]  
Amortized Cost 1,104,635
Gross Unrealized Gain
Gross Unrealized Loss 588
Fair Value 1,104,047
Short Term [Member] | Corporate Bonds [Member]  
Amortized Cost 602,599
Gross Unrealized Gain
Gross Unrealized Loss 256
Fair Value 602,343
Short Term [Member] | United States Treasury Bonds [Member]  
Amortized Cost 502,036
Gross Unrealized Gain
Gross Unrealized Loss 332
Fair Value $ 501,704
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Warrants [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 165,003 5,851
Stock options [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 53,532 32,610
Shares [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 46,036 9,779 13,328 5,430
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Segment
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Number of operating segments | Segment     1    
Cash, FDIC insured amount $ 250,000   $ 250,000    
Cash uninsured amount 16,900,000   16,900,000   $ 9,952,000
Allowance for doubtful accounts receivable, current 0   0   $ 16,000
Advertising and promotion expense 195,000 $ 185,000 $ 1,028,000 $ 1,242,000  
Product warranty term     1 year    
Bad debt expense (recovery) $ 0 $ 0 $ (13,280) $ 175,695  
UNITED STATES          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Reveune percent 93.00% 99.00% 95.00% 99.00%  
UNITED STATES | Customer [Member] | Revenue [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Reveune percent 78.00% 69.00% 74.00% 58.00%  
UNITED STATES | Customer [Member] | Accounts Receivable [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Reveune percent     92.00%   85.00%
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,828,603 $ 908,212
Less accumulated depreciation (869,271) (514,134)
Property and Equipment, Net 959,332 394,078
Operations and Rental Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 999,813 542,639
Property, plant and equipment, useful Life 3 years  
Tradeshow and Demo Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 709,740 271,275
Property, plant and equipment, useful Life 3 years  
Computer Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 119,050 $ 94,298
Property, plant and equipment, useful Life 3 years  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 170,000 $ 79,000 $ 355,000 $ 223,000
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
PATENT RIGHTS (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]    
Gross carrying amount $ 1,253,018 $ 1,253,018
Less accumulated amortization (795,185) (722,895)
Patent Rights, Net $ 457,833 $ 530,123
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
PATENT RIGHTS (Details 1) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Finite-Lived Intangible Assets, Net [Abstract]    
2018 (October 1- December 31, 2018) $ 24,096  
2019 96,386  
2020 96,386  
2021 96,386  
2022 96,386  
Thereafter 48,193  
Patent Rights, Net $ 457,833 $ 530,123
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
PATENT RIGHTS (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 24,000 $ 24,000 $ 72,000 $ 72,000
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVOLVING CREDIT FACILITY (Details Narrative) - USD ($)
9 Months Ended
Mar. 12, 2013
Sep. 30, 2018
Dec. 31, 2017
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   6.00%      
Line of credit, outstanding   $ 2,214,970    
Line of credit facility, unused capacity, commitment fee percentage   0.25%      
Line of credit description   </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 27, 2017, the covenant defaults were waived and the agreement was amended to modify the financial covenants effective June 2017. An amendment signed on September 15, 2017 extended the maturity date of the credit line through November 19, 2017. On October 31, 2017, the Company amended its revolving credit facility to extend the maturity to October 31, 2019 and to amend the financial covenants. The availability under the amended facility will equal the lesser of the $5 million commitment amount or the borrowing base plus the $2.5 million non-formula sublimit. The borrowing base consists of 80% of eligible accounts receivable, as defined in the agreement.</p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">      
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
PRODUCT WARRANTIES (Details)
9 Months Ended
Sep. 30, 2018
USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]  
Balance, beginning of period $ 146,722
Warranties accrued during the period 72,492
Payments on warranty claims (107,299)
Balance, end of period $ 111,915
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENT AND CONTINGENCIES (Details)
Sep. 30, 2018
USD ($)
Operating Leases, Future Minimum Payments Due [Abstract]  
2018 (October 1- December 31, 2018) $ 62,000
2019 250,000
2020 245,000
2021 231,000
2022 177,000
Total $ 965,000
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENT AND CONTINGENCIES (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2010
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]            
Payments to suppliers   $ 1,302,000 $ 1,582,000 $ 3,127,000 $ 3,074,000  
Accounts payable and accrued expenses   1,209,000   $ 1,209,000   $ 829,000
Lease expiration date       Sep. 30, 2022    
Percentage of increase in lease payments       3.00%    
Rental expense   $ 58,000 $ 46,000 $ 167,000 $ 131,000  
Manufacturing agreement contract term 3 years          
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
EMPLOYEE BENEFIT PLANS (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Retirement Benefits [Abstract]        
Expenses related to employee benefit plan $ 24,000 $ 0 $ 72,000 $ 0
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details) - Common Unit Warrants [Member] - $ / shares
3 Months Ended 9 Months Ended
Mar. 31, 2018
Sep. 30, 2018
Class of Warrant or Right, Outstanding [Roll Forward]    
Outstanding at beginning 2,524,376 2,524,376
Granted  
Exercised (73,309) (73,309)
Forfeited (13,067) (13,067)
Outstanding at ending   2,438,000
Exercisable at end   2,438,000
Class of Warrant or Right, Exercise Price of Warrants or Rights [Roll Forward]    
Outstanding at beginning $ 6.67 $ 6.67
Granted  
Exercised   4.55
Forfeited   4.55
Outstanding at ending   6.75
Exercisable at ending   $ 6.75
Class Of Warrant Or Right Weighted Average Remaining Contract Term Of Warrants Or Rights [Roll Forward]    
Outstanding at beginning   1 year 6 months
Outstanding at ending   9 months 18 days
Exercisable at ending   9 months 18 days
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details 1)
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Expected volatility 67.80%
Risk-free interest rate 2.50%
Expected life 6 years 2 months 30 days
Dividend yield 0.00%
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details 2)
9 Months Ended
Sep. 30, 2018
$ / 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 237,000
Granted | shares
Vested | shares (68,166)
Forfeited | shares (30,000)
Unvested balance at end | shares 138,834
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Rollforward]  
Unvested balance at beginning | $ / shares $ 5.24
Granted | $ / shares
Vested | $ / shares 5.24
Forfeited | $ / shares 5.25
Unvested balance at end | $ / shares $ 5.24
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details 3)
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Number of Options  
Outstanding at beginning | shares
Granted | shares 229,334
Exercised | shares
Expired | shares
Outstanding at end | shares 229,334
Exercisable at end | shares
Weighted Average Exercise  
Outstanding at beginning (in dollars per share) | $ / shares
Granted (in dollars per share) | $ / shares 5.55
Exercised | $ / shares
Expired | $ / shares
Outstanding at end (in dollars per share) | $ / shares 5.55
Exercisable at end (in dollars per share) | $ / shares
Granted 10 years
Outstanding at end 9 years 3 months 29 days
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jan. 20, 2017
Sep. 30, 2016
Jun. 02, 2016
Sep. 21, 2018
Sep. 17, 2018
Sep. 30, 2016
Apr. 30, 2013
Sep. 30, 2018
Mar. 31, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Common stock, authorized               50,000,000     50,000,000   50,000,000
Common stock, issued               16,118,915     16,118,915   13,522,168
Common stock,outstanding               16,085,461     16,085,461   13,488,714
Common stock, par value               $ 0.01     $ 0.01   $ 0.01
Proceeds from offering of common stock                     $ 17,249,995  
Stock compensation expense               $ 143,000   $ 102,000 $ 823,494 303,465  
Weighted average grant date fair value (in dollars per share)                        
Number of restricted stock granted                        
Unrecognized stock compensation expense                         $ 1,298,000
Reduction of stock compensation expense value forfeited                     $ 39,000 $ 7,000  
Intrinsic value of the stock options               $ 649,000     $ 649,000   $ 0
Treasury stock               33,454     33,454   33,454
Common Unit Warrants [Member]                          
Number of warrant outstanding               2,438,000     2,438,000   2,524,376
Warrant exercise price (in dollars per share)               $ 6.75     $ 6.75   $ 6.67
Exercised                 (73,309)   (73,309)    
Forfeited                 (13,067)   (13,067)    
Number of warrant granted                        
Warrant granted exercise price (in dollars per share)                        
Intrinsic value of common stock warrants               $ 3,974,000     $ 3,974,000   $ 19,000
Investor [Member] | Common Unit Warrants [Member] | Placement Agent [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%            
2016 Equity Incentive Plan [Member]                          
Number of authorized shares under the plan               397,473     397,473    
Number of restricted stock granted                     0    
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     <p><font style="font: 10pt Times New Roman, Times, Serif">The restricted 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.</font></p>                    
2017 Equity Incentive Plan [Member]                          
Number of authorized shares under the plan               500,000     500,000    
Number of restricted stock granted                     305,473    
Public Offering [member]                          
Number of common stock issued in public offering         2,205,882                
Common stock, par value         $ 0.01                
Public offering price         $ 6.80                
Proceeds from offering         $ 15,000,000                
Number of additional common stock issued in public offering       330,882                  
Number of common stock sold       2,536,764                  
Common stock sale price       $ 6.80                  
Proceeds from offering of common stock       $ 17,249,995                  
IPO [Member] | Investor [Member] | Common Unit Warrants [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                      
IPO [Member] | Underwriter's Representatives [Member] | Common Unit Warrants [Member]                          
Warrant term           4 years              
Number of warrant granted           138,000              
Warrant granted exercise price (in dollars per share)           $ 6.75              
IPO [Member] | Underwriter's Representatives [Member] | Common Unit Warrants [Member] | Minimum [Member]                          
Date of warrants exercisable           Jun. 02, 2017              
IPO [Member] | Underwriter's Representatives [Member] | Common Unit Warrants [Member] | Maximum [Member]                          
Date of warrants exercisable           Jun. 02, 2021              
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Tax Disclosure [Abstract]        
Tax expense $ 0 $ 0 $ 0 $ 0
EXCEL 55 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 56 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 57 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 59 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 88 234 1 false 30 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://sensushealthcare.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Sheet http://sensushealthcare.com/role/CondensedConsolidatedBalanceSheets CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) Sheet http://sensushealthcare.com/role/CondensedConsolidatedBalanceSheetsParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Sheet http://sensushealthcare.com/role/CondensedConsolidatedStatementsOfOperations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Sheet http://sensushealthcare.com/role/CondensedConsolidatedStatementsOfStockholdersEquity CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Sheet http://sensushealthcare.com/role/CondensedConsolidatedStatementsOfCashFlows CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes 7 false false R8.htm 00000008 - Disclosure - PROPERTY AND EQUIPMENT Sheet http://sensushealthcare.com/role/PropertyAndEquipment PROPERTY AND EQUIPMENT Notes 8 false false R9.htm 00000009 - Disclosure - PATENT RIGHTS Sheet http://sensushealthcare.com/role/PatentRights PATENT RIGHTS Notes 9 false false R10.htm 00000010 - Disclosure - REVOLVING CREDIT FACILITY Sheet http://sensushealthcare.com/role/RevolvingCreditFacility REVOLVING CREDIT FACILITY Notes 10 false false R11.htm 00000011 - Disclosure - PRODUCT WARRANTIES Sheet http://sensushealthcare.com/role/ProductWarranties PRODUCT WARRANTIES Notes 11 false false R12.htm 00000012 - Disclosure - COMMITMENT AND CONTINGENCIES Sheet http://sensushealthcare.com/role/CommitmentAndContingencies COMMITMENT AND CONTINGENCIES Notes 12 false false R13.htm 00000013 - Disclosure - EMPLOYEE BENEFIT PLANS Sheet http://sensushealthcare.com/role/EmployeeBenefitPlans EMPLOYEE BENEFIT PLANS Notes 13 false false R14.htm 00000014 - Disclosure - STOCKHOLDERS' EQUITY Sheet http://sensushealthcare.com/role/StockholdersEquity STOCKHOLDERS' EQUITY Notes 14 false false R15.htm 00000015 - Disclosure - INCOME TAXES Sheet http://sensushealthcare.com/role/IncomeTaxes INCOME TAXES Notes 15 false false R16.htm 00000016 - Disclosure - SUBSEQUENT EVENTS Sheet http://sensushealthcare.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 16 false false R17.htm 00000017 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 17 false false R18.htm 00000018 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Sheet http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Tables http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies 18 false false R19.htm 00000019 - Disclosure - PROPERTY AND EQUIPMENT (Tables) Sheet http://sensushealthcare.com/role/PropertyAndEquipmentTables PROPERTY AND EQUIPMENT (Tables) Tables http://sensushealthcare.com/role/PropertyAndEquipment 19 false false R20.htm 00000020 - Disclosure - PATENT RIGHTS (Tables) Sheet http://sensushealthcare.com/role/PatentRightsTables PATENT RIGHTS (Tables) Tables http://sensushealthcare.com/role/PatentRights 20 false false R21.htm 00000021 - Disclosure - PRODUCT WARRANTIES (Tables) Sheet http://sensushealthcare.com/role/ProductWarrantiesTables PRODUCT WARRANTIES (Tables) Tables http://sensushealthcare.com/role/ProductWarranties 21 false false R22.htm 00000022 - Disclosure - COMMITMENT AND CONTINGENCIES (Tables) Sheet http://sensushealthcare.com/role/CommitmentAndContingenciesTables COMMITMENT AND CONTINGENCIES (Tables) Tables http://sensushealthcare.com/role/CommitmentAndContingencies 22 false false R23.htm 00000023 - Disclosure - STOCKHOLDERS' EQUITY (Tables) Sheet http://sensushealthcare.com/role/StockholdersEquityTables STOCKHOLDERS' EQUITY (Tables) Tables http://sensushealthcare.com/role/StockholdersEquity 23 false false R24.htm 00000024 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 24 false false R25.htm 00000025 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Sheet http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Details http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 25 false false R26.htm 00000026 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) Sheet http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails2 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) Details http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 26 false false R27.htm 00000027 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Sheet http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetailsNarrative ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Details http://sensushealthcare.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 27 false false R28.htm 00000028 - Disclosure - PROPERTY AND EQUIPMENT (Details) Sheet http://sensushealthcare.com/role/PropertyAndEquipmentDetails PROPERTY AND EQUIPMENT (Details) Details http://sensushealthcare.com/role/PropertyAndEquipmentTables 28 false false R29.htm 00000029 - Disclosure - PROPERTY AND EQUIPMENT (Details Narrative) Sheet http://sensushealthcare.com/role/PropertyAndEquipmentDetailsNarrative PROPERTY AND EQUIPMENT (Details Narrative) Details http://sensushealthcare.com/role/PropertyAndEquipmentTables 29 false false R30.htm 00000030 - Disclosure - PATENT RIGHTS (Details) Sheet http://sensushealthcare.com/role/PatentRightsDetails PATENT RIGHTS (Details) Details http://sensushealthcare.com/role/PatentRightsTables 30 false false R31.htm 00000031 - Disclosure - PATENT RIGHTS (Details 1) Sheet http://sensushealthcare.com/role/PatentRightsDetails1 PATENT RIGHTS (Details 1) Details http://sensushealthcare.com/role/PatentRightsTables 31 false false R32.htm 00000032 - Disclosure - PATENT RIGHTS (Details Narrative) Sheet http://sensushealthcare.com/role/PatentRightsDetailsNarrative PATENT RIGHTS (Details Narrative) Details http://sensushealthcare.com/role/PatentRightsTables 32 false false R33.htm 00000033 - Disclosure - REVOLVING CREDIT FACILITY (Details Narrative) Sheet http://sensushealthcare.com/role/RevolvingCreditFacilityDetailsNarrative REVOLVING CREDIT FACILITY (Details Narrative) Details http://sensushealthcare.com/role/RevolvingCreditFacility 33 false false R34.htm 00000034 - Disclosure - PRODUCT WARRANTIES (Details) Sheet http://sensushealthcare.com/role/ProductWarrantiesDetails PRODUCT WARRANTIES (Details) Details http://sensushealthcare.com/role/ProductWarrantiesTables 34 false false R35.htm 00000035 - Disclosure - COMMITMENT AND CONTINGENCIES (Details) Sheet http://sensushealthcare.com/role/CommitmentAndContingenciesDetails COMMITMENT AND CONTINGENCIES (Details) Details http://sensushealthcare.com/role/CommitmentAndContingenciesTables 35 false false R36.htm 00000036 - Disclosure - COMMITMENT AND CONTINGENCIES (Details Narrative) Sheet http://sensushealthcare.com/role/CommitmentAndContingenciesDetailsNarrative COMMITMENT AND CONTINGENCIES (Details Narrative) Details http://sensushealthcare.com/role/CommitmentAndContingenciesTables 36 false false R37.htm 00000037 - Disclosure - EMPLOYEE BENEFIT PLANS (Details Narrative) Sheet http://sensushealthcare.com/role/EmployeeBenefitPlansDetailsNarrative EMPLOYEE BENEFIT PLANS (Details Narrative) Details http://sensushealthcare.com/role/EmployeeBenefitPlans 37 false false R38.htm 00000038 - Disclosure - STOCKHOLDERS' EQUITY (Details) Sheet http://sensushealthcare.com/role/StockholdersEquityDetails STOCKHOLDERS' EQUITY (Details) Details http://sensushealthcare.com/role/StockholdersEquityTables 38 false false R39.htm 00000039 - Disclosure - STOCKHOLDERS' EQUITY (Details 1) Sheet http://sensushealthcare.com/role/StockholdersEquityDetails1 STOCKHOLDERS' EQUITY (Details 1) Details http://sensushealthcare.com/role/StockholdersEquityTables 39 false false R40.htm 00000040 - Disclosure - STOCKHOLDERS' EQUITY (Details 2) Sheet http://sensushealthcare.com/role/StockholdersEquityDetails2 STOCKHOLDERS' EQUITY (Details 2) Details http://sensushealthcare.com/role/StockholdersEquityTables 40 false false R41.htm 00000041 - Disclosure - STOCKHOLDERS' EQUITY (Details 3) Sheet http://sensushealthcare.com/role/StockholdersEquityDetails3 STOCKHOLDERS' EQUITY (Details 3) Details http://sensushealthcare.com/role/StockholdersEquityTables 41 false false R42.htm 00000042 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) Sheet http://sensushealthcare.com/role/StockholdersEquityDetailsNarrative STOCKHOLDERS' EQUITY (Details Narrative) Details http://sensushealthcare.com/role/StockholdersEquityTables 42 false false R43.htm 00000043 - Disclosure - INCOME TAXES (Details Narrative) Sheet http://sensushealthcare.com/role/IncomeTaxesDetailsNarrative INCOME TAXES (Details Narrative) Details http://sensushealthcare.com/role/IncomeTaxes 43 false false All Reports Book All Reports srts-20180930.xml srts-20180930.xsd srts-20180930_cal.xml srts-20180930_def.xml srts-20180930_lab.xml srts-20180930_pre.xml http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/country/2017-01-31 http://fasb.org/srt/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 true true ZIP 61 0001615774-18-012135-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001615774-18-012135-xbrl.zip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�PE6KB8]/ MJQD%QFRUGG^EKF8^!I^]_-/A,0D?;C"J:E$Q@ *:K*>?$Z>SN MTPPM9]/%A[LY'%^TPH\TB;S$^S J)_&#'O0T>8TN1;N84UN6ZC""@6$7;5O+ MU=F'\D3)A]GBPW)R_\-\.KE%\[N;Q?(CH'E24#)5+RS3XP50^U8C4--A!(/- M+MJV#CQ-5C]D1YWH'^A6U8^36S@IE>-;97H@E-";W4-0J%W?0! 0@P&82L/V MUL&/)-;[" =&)'K 9%P\^&2M'#DN+0?!'LO+E]+Q\?>)[X>?Z;,X-V%T':8/ MR38MW@[)1Y0P3AGR$V8#R.$;IQYK#BF0>+1CT*13D^>.[]6()YA#SS(EHG75:C)^=KM$# MDI++Z D\/1-J1_+D+�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end