Sigma Labs Reports First Quarter 2018 Financial Results
| | |
Sigma Labs, Inc. | |
Condensed Statements of Cash Flows | |
(Unaudited) | | | | | |
Three Months Ended | | | | |
March 31, 2018 | | |
March 31, 2017 | | |
OPERATING ACTIVITIES | | | | | | | | | |
Net Loss | | $ | (1,170,876 | ) | | $ | (979,645 | ) | |
Adjustments to reconcile Net Loss to Net Cash used in operating activities: | | | | | | | | | |
Noncash Expenses: | | | | | | | | | | Depreciation and Amortization | | | 47,320 | | | | 46,149 | | | Stock Based Compensation | | | 161,522 | | | | 140,671 | | | Loss on Write-off of Asset | | | 36,733 | | | | - | | | Gain/Loss on Change in Derivative Balance | | | - | | | | (93,206 | ) | | Original Issue Discount Amortization | | | - | | | | 24,658 | | | Debt Discount Amortization | | | - | | | | 56,441 | | |
Change in assets and liabilities: | | | | | | | | | | Accounts Receivable | | | 32,343 | | | | 130,882 | | | Interest Receivable | | | 22,438 | | | | - | | | Inventory | | | 76,324 | | | | (13,732 | ) | | Prepaid Assets | | | (1,938 | ) | | | 7,039 | | | Accounts Payable | | | 164,930 | | | | 167,845 | | | Deferred Revenue | | | 24,351 | | | | 35,680 | | | Accrued Expenses | | | (5,396 | ) | | | 36,665 | | |
NET CASH USED IN OPERATING ACTIVITIES | | |
(612,249 |
) | | |
(440,553 |
) | | | | | | | | | | | |
INVESTING ACTIVITIES | | | | | | | | | | Purchase of Property and Equipment | | | (16,565 | ) | | | (33,000 | ) | | Purchase of Intangible Assets | | | (39,542 | ) | | | (17,441 | ) | | Advance of Funds for Note Receivable | | | | | | | (500,000 | ) | | Proceeds from Note Receivable and Related Accrued Interest | | | 500,000 | | | | - | | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | | |
443,894 | | | |
(550,441 |
) | | | | | | | | | | | |
FINANCING ACTIVITIES | | | | | | | | | | Gross Proceeds from issuance of Common Stock and Warrants | | | - | | | | 5,823,300 | | | Offering Costs Paid | | | - | | | | (597,651 | ) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | | |
- | | | |
5,225,649 | | | | | | | | | | | | |
NET CHANGE IN CASH FOR PERIOD | | |
(168,355 |
) | | |
4,234,655 | | | | | | | | | | | | |
CASH AT BEGINNING OF PERIOD | | | 1,515,674 | | | | 398,391 | | | | | | | | | | | | |
CASH AT END OF PERIOD | |
$ |
1,347,319 | | |
$ |
4,633,046 | | | | | | | | | | | | |
Supplemental Disclosures: | | | | | | | | | |
Other noncash operating activities disclosure: | | | | | | | | | | Issuance of Common Stock for services | | $ | 40,000 | | | $ | 51,408 | | |
Disclosure of cash paid for: | | | | | | | | | | Interest | | $ | - | | | $ | 20,114 | | | Income Taxes | | $ | - | | | $ | - | |
|
