Sigma Labs Announces Full Year 2017 Financial Results
Sigma Labs, Inc.
|
Condensed Statements of Cash Flows
|
(Unaudited)
| | | | | | | |
Twelve Months ended
| | | |
2017 | | | |
2016 | | | | | | | |
OPERATING ACTIVITIES | | | | |
Net Loss | $ | (4,577,516 | ) | | $ | (2,221,034 | ) | |
Adjustments to reconcile Net Income (Loss) to Net | | | | |
Cash used in operating activities: | | | | |
Noncash Expenses: | | | | | Depreciation, Depletion and Amortization | | 196,943 | | | | 178,841 | | | Stock Compensation | | 722,061 | | | | (345,759 | ) | | Loss on Write-off of Assets | | 28,861 | | | | - | | | Gain/Loss on Change in Derivative Balance | | 186,908 | | | | 354,644 | | | Amortization of Debt Discount | | 358,280 | | | | 89,570 | | | Note payable original issue discount | | 88,442 | | | | 20,114 | | |
Change in assets and liabilities: | | | | | Accounts Receivable, net | | 183,698 | | | | (8,014 | ) | | Inventory | | (5,464 | ) | | | (167,112 | ) | | Prepaid Assets | | (19,222 | ) | | | 2,631 | | | Accounts Payable | | (11,291 | ) | | | 73,782 | | | Deferred Revenue | | 32,365 | | | | 24,200 | | | Accrued Expenses | | 24,529 | | | | 53,593 | | |
NET CASH USED IN OPERATING ACTIVITIES | |
(2,791,406 |
) | | |
(1,962,314 |
) | | | | | | |
INVESTING ACTIVITIES | | | | | Purchase of Furniture and Equipment | | (69,463 | ) | | | (22,494 | ) | | Purchase of Intangible Assets | | (70,997 | ) | | | (65,332 | ) | | Notes receivable | | (788,500 | ) | | | - | | | Investment in Joint Venture | | | | 8,722 | | |
NET CASH USED IN INVESTING ACTIVITIES | |
(928,960 |
) | | |
(79,104 |
) | | | | | | |
FINANCING ACTIVITIES | | | | | Proceeds from issuance of common stock and warrants | | 5,225,649 | | | | - | | | Proceeds from issuance of Notes Payable | | - | | | | 900,000 | | | Payments on Debt | | (500,000 | ) | | | | Proceeds from Exercise of Warrants | | 112,000 | | | | - | | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
4,837,649 | | | |
900,000 | | | |
| |
| |
NET CASH DECREASE FOR PERIOD | |
1,117,283 | | | |
(1,141,418 |
) | | | | | | |
CASH AT BEGINNING OF PERIOD | | 398,391 | | | | 1,539,809 | | | | | | | |
CASH AT END OF PERIOD |
$ |
1,515,674 | | |
$ |
398,391 | | | | | | | |
Supplemental Disclosures: | | | | |
Noncash investing & financing activities disclosure:
| | | | | Shares issued for Cashless Exchange of Unit Purchase Option | $ | - | | | $ | - | | | Write-off of Derivative Liability | $ | (280,114 | ) | | $ | - | | | Conversion of conv debt for stock | $ | (408,556 | ) | | $ | - | | |
Other noncash operating activit
ies disclosure:
| | | | | Issuance of Common Stock for Services | $ | 73,314 | | | $ | 152,265 | | |
Disclosure of cash paid for: | | | | | Interest Expense | $ | 89,348 | | | $ | - | | | |
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