Sigma Labs Announces Full Year 2018 Financial Results
| | | | |
Sigma Labs, Inc. | | | |
Condensed Statements of Cash Flows | | | |
For the Periods Ended
| | | |
(Unaudited) | | | | | | | | | | | | | | | |
December 31, | |
December 31, | | | | | | | |
2018
| | | |
2017
| | | | |
OPERATING ACTIVITIES | | | | | | | |
Net Loss | $ | (5,574,163 | ) | | $ | (4,424,503 | ) | | | | | | | | | | | | | |
Adjustments to reconcile Net Income (Loss) to Net Cash used in operating activities: | | | | | | | |
Noncash Expenses: | | | | | | | | | Depreciation and Amortization | | 192,374 | | | | 196,943 | | | | | | | Stock Based Compensation | | 1,145,530 | | | | 719,796 | | | | | | | Loss on Writeoff of Assets | | 36,733 | | | | 13,161 | | | | | | | Refund on Write-off of Asset | | - | | | | 15,700 | | | | | | | Gain/Loss on Change in Derivative Balance | | - | | | | 186,908 | | | | | | | Original Issue Discount Amortization | | - | | | | 88,442 | | | | | | | Debt Discount Amortization | | - | | | | 358,280 | | | | | |
Change in assets and liabilities: | | | | | | | | | Accounts Receivable, net | | 65,738 | | | | 183,698 | | | | | | | Interest Receivable | | 34,390 | | | | - | | | | | | | Inventory | | (24,844 | ) | | | (5,464 | ) | | | | | | Prepaid Assets | | (1,652 | ) | | | (16,957 | ) | | | | | | Accounts Payable | | 116,604 | | | | (11,291 | ) | | | | | | Deferred Revenue | | 15,818 | | | | 32,365 | | | | | | | Accrued Expenses | | 230,501 | | | | 24,529 | | | | | | |
NET CASH USED IN OPERATING ACTIVITIES |
$ |
(3,762,971 |
) | |
$ |
(2,638,393 |
) | | | | | | | | | | | | |
INVESTING ACTIVITIES | | | | | | | | | Purchase of Furniture and Equipment | | (79,116 | ) | | | (69,463 | ) | | | | | | Purchase of Intangible Assets | | (149,409 | ) | | | (70,997 | ) | | | | | | Notes Receivable | | 632,197 | | | | (788,500 | ) | | | | |
|
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | |
403,672 | | | |
(928,960 |
) | | | | | | | | | | | | |
FINANCING ACTIVITIES | | | | | | | | | Proceeds from issuance of Series B Convertible Preferred & Warrants | | 1,000,000 | | | | - | | | | | | | Proceeds from issuance of Series C Convertible Preferred & Warrants | | 350,000 | | | | - | | | | | | | Proceeds from issuance of Common Stock and Warrants | | 2,040,100 | | | | 5,823,300 | | | | | | | Less Offering Costs | | (443,700 | ) | | | (750,664 | ) | | | | | | Payments on Notes Payable | | - | | | | (500,000 | ) | | | | | | Proceeds from Exercise of Warrants | | 192,132 | | | | 112,000 | | | | | | | Dividends on Preferred | | (15,125 | ) | | | - | | | | | | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
3,123,407 | | | |
4,684,636 | | 153,013 | | | | | |
| |
| | | |
NET CASH INCREASE (DECREASE) FOR PERIOD |
$ |
(235,892 |
) | |
$ |
1,117,283 | | | | | | | | | | | | | |
CASH AT BEGINNING OF PERIOD | $ | 1,515,674 | | | $ | 398,391 | | | | | | | | | | | | | |
CASH AT END OF PERIOD |
$ |
1,279,782 | | |
$ |
1,515,674 | | | | | | | | | | | | | | | | | |
Supplemental Disclosures: | | | | | | | |
Noncash investing & financing activities disclosure:
| | | | | | | |
| Write-off of Derivative Liability | $ | - | | | $ | (280,114 | ) | | | | |
| Conversion of conv debt for stock | $ | (50,000 | ) | | $ | (408,566 | ) | | | | |
Ot
her noncash operating activities disclosure:
| | | | | | | |
| Issuance of Common Stock for Services | $ | 256,264 | | | $ | 75,578 | | | | | |
Di
sclosure of cash paid for: | | | | | | | |
| Interest | $ | 12,205 | | | $ | 89,348 | | | | | | | | | | | | |
|
