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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

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

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

March 31, 2018

 

 

December 31, 2017

 

Cash and cash equivalents

 

$

6,011,508

 

 

$

4,572,487

 

 

$

10,291,532

 

 

$

1,847,171

 

Restricted cash

 

 

185,380

 

 

 

164,720

 

 

 

186,690

 

 

 

243,380

 

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

 

$

6,196,888

 

 

$

4,737,207

 

 

$

10,478,222

 

 

$

2,090,551

 

Schedule of Inventories

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

 

 

 

March 31, 2019

 

 

December 31, 2018

 

Raw materials and supplies

 

$

290,587

 

 

$

368,438

 

Work-in-process

 

 

53,165

 

 

 

58,402

 

Finished goods

 

 

155,100

 

 

 

116,907

 

Total

 

$

498,852

 

 

$

543,747

 

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

 

 

 

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

Cost

 

 

Accumulated

Amortization

 

 

Net Balance

 

 

Accumulated

Amortization

 

 

Net Balance

 

Trademarks and trade names

 

$

461,000

 

 

$

(171,309

)

 

$

289,691

 

 

$

(159,783

)

 

$

301,217

 

Developed technology

 

 

458,000

 

 

 

(243,102

)

 

 

214,898

 

 

 

(226,746

)

 

 

231,254

 

Customer relationships

 

 

1,094,000

 

 

 

(580,177

)

 

 

513,823

 

 

 

(541,105

)

 

 

552,895

 

 

 

$

2,013,000

 

 

$

(994,588

)

 

$

1,018,412

 

 

$

(927,634

)

 

$

1,085,366