Sigma Labs Announces Full Year 2016 Financial Results
March 30 2017 - 8:00AM
Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs” or the “Company”), a
provider of quality assurance software under the PrintRite3D®
brand, today announced financial results for the three and twelve
months ended December 31, 2016.
Recent Highlights
- Completed a public offering that raised gross proceeds of
approximately $5.8 million concurrent with uplisting to the NASDAQ
Capital Market following a reverse stock split. The offering
provided funds for the Company’s 2017 growth plans, while moving to
the NASDAQ allows for a broader base of potential institutional
investors.
- The Company also formed strategic alliances with Morf3D and
Jaguar Precision Machine (“Jaguar”) to serve the additive
manufacturing (“AM”) needs of the aerospace and defense (“A&D”)
sector. As part of these agreements, the Company’s PrintRite3D®
software will be licensed to Morf3D and Jaguar, and Sigma Labs will
utilize its on-site EOS machine to form aerospace components under
contract using additive manufacturing. The strategic alliances are
expected to significantly enhance the Company’s 2017 top line
growth profile.
- Sigma Labs announced additional contract wins with Aerojet
Rocketdyne, Pratt & Whitney, Honeywell, and Siemens during the
fourth quarter and early part of 2017.
- The Company also announced, subsequent to the end of 2016, that
a leading European AM equipment provider had signed onto its OEM
Partner Program as part of a long-term commercial agreement,
expanding an existing relationship. Sigma Labs’ PrintRite3D®
applications will be embedded in certain of the OEM’s AM machines
prior to them being sold.
“We’re already well into 2017 and, with so much
behind us, I feel the Company is in a position to see greatly
improved performance going forward,” said Mark Cola, President
& CEO of Sigma Labs. “In a relatively short period of time
we’ve raised much-needed growth capital, uplisted to the NASDAQ,
signed several important strategic relationships, and won contracts
with marquee customers such as Pratt & Whitney and Siemens.
We’ve also landed a significant OEM Partner and are actively
working on other business development initiatives, setting the
stage for stronger growth in the quarters to come. In effect, we’ve
done what we said we would do – winning new customers, joining with
other leading companies to move the industry forward, and improving
our balance sheet to take advantage of the opportunities to come.
This year we have the wind at our backs, with unlimited potential
for taking additive manufacturing to a whole new level.”
2016 Full Year Financial
ResultsRevenue for the year ended December 31, 2016 was
approximately $1.0 million versus approximately $1.2 million for
2015. The Company reported a net loss for the year of approximately
$2.2 million, or $(0.35) per diluted share, versus a loss of
approximately $1.7 million, or $(0.27) per diluted share, for
2015.
Investor Conference CallThe
Company will host a conference call to discuss its 2016 full year
financial results today, March 30, 2017, at 11:00 a.m. Eastern
Time. To participate in the call, please dial toll free
1-844-802-2441, or 1-412-317-5134, approximately five minutes
before the conference call time stated above. A live webcast of the
call can also be accessed on the Sigma Labs website at
www.sigmalabsinc.com. A recording will be available on the
Company's website upon completion of the call.
About Sigma Labs, Inc. Sigma
Labs, Inc. is a provider of quality assurance software under the
PrintRite3D® brand and a developer of advanced, in-process,
non-destructive quality assurance software for commercial firms
worldwide seeking productive solutions for advanced manufacturing.
For more information please visit us at
www.sigmalabsinc.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements often contain words such as
"expects," "anticipates," "intends," "believes" or "will." Our
forward-looking statements are subject to a number of risks,
uncertainties and assumptions that could adversely affect us,
including the risks set forth in our annual report on Form 10-K.
The forward-looking statements in this press release are made only
as of the date of this press release. We undertake no obligation to
update our forward-looking statements, whether as a result of new
information, future events or otherwise.
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Sigma Labs, Inc. |
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Condensed Statements of
Operations |
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Three Months
Ended |
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Twelve Months
Ended |
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Years Ended December 31 |
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Years Ended December 31 |
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2016 |
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2015 |
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2016 |
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2015 |
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REVENUE |
$ |
324,192 |
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$ |
586,295 |
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$ |
966,422 |
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$ |
1,234,810 |
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COST OF REVENUE |
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21,158 |
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75,625 |
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228,902 |
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214,004 |
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GROSS PROFIT |
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303,034 |
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510,670 |
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737,520 |
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1,020,806 |
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EXPENSES: |
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Other General and Administration |
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444,520 |
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395,987 |
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1,790,096 |
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1,282,952 |
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Payroll Expense |
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299,346 |
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247,173 |
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1,026,840 |
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585,706 |
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Stock-Based Compensation |
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105,004 |
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39,938 |
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341,558 |
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518,438 |
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Research and Development |
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4,488 |
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124,009 |
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92,992 |
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330,554 |
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Total Expenses |
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853,358 |
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807,107 |
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3,251,486 |
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2,717,650 |
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OTHER INCOME (EXPENSE) |
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Interest Income |
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67 |
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203 |
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355 |
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1,340 |
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Other Income |
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20,077 |
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- |
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51,703 |
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- |
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Other Income-Decrease in fair value of derivative
liabilities |
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354,644 |
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- |
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354,644 |
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- |
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Other Expense - Debt discount amortization |
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(89,570 |
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- |
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(89,570 |
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Loss on Investment in Joint Venture |
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105 |
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(670 |
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- |
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(778 |
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Total Other Income |
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285,323 |
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(467 |
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317,132 |
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562 |
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LOSS BEFORE PROVISION FOR INCOME TAXES |
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(265,001 |
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(296,904 |
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(2,196,834 |
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(1,696,282 |
) |
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Provision for income Taxes |
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- |
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- |
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- |
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- |
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Net
Loss |
$ |
(265,001 |
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$ |
(296,904 |
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$ |
(2,196,834 |
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$ |
(1,696,282 |
) |
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Net Loss per
Common Share - Basic and Diluted |
$ |
(0.04 |
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$ |
(0.05 |
) |
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$ |
(0.35 |
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$ |
(0.27 |
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Weighted
Average Number of Shares |
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Outstanding - Basic and Diluted |
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6,267,577 |
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6,237,511 |
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6,249,609 |
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6,228,108 |
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Sigma Labs, Inc. |
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Condensed Balance Sheets |
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December 31, 2016 |
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December 31, 2015 |
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ASSETS |
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Current Assets: |
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Cash |
$ |
398,391 |
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$ |
1,539,809 |
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Accounts Receivable, net |
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288,236 |
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280,222 |
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Inventory |
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187,241 |
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20,129 |
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Prepaid Assets |
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36,056 |
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38,687 |
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Total Current Assets |
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909,924 |
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1,878,847 |
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Other Assets: |
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Property and Equipment, net |
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564,933 |
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714,754 |
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Intangible Assets, net |
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226,450 |
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167,644 |
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Investment in Joint Venture |
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500 |
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9,222 |
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Prepaid Stock
Compensation |
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167,562 |
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418,547 |
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Total Other Assets |
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959,445 |
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1,310,167 |
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TOTAL ASSETS |
$ |
1,869,369 |
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$ |
3,189,014 |
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LIABILITIES AND STOCKHOLDERS'
EQUITY |
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Current Liabilities: |
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Accounts Payable |
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112,175 |
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38,393 |
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Notes Payable, net of original issue discount
$79,886 |
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561,834 |
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- |
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Accrued Expenses |
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125,116 |
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71,523 |
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Total Current Liabilities |
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799,125 |
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109,916 |
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Long-Term Liabilities |
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Derivative Liability |
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93,206 |
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- |
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Total Long-Term
Liablitiy |
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93,206 |
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- |
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TOTAL LIABILITIES |
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892,331 |
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109,916 |
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Stockholders' Equity |
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Preferred Stock, $0.001 par; 10,000,000 shares
authorized; |
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None
issued and outstanding |
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- |
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- |
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Common Stock, $0.001 par; 15,000,000 shares
authorized; |
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6,267,577
and 6,239,073 issued and outstanding at |
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December
31, 2016 and 2015, respectively |
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6,268 |
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6,239 |
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Additional Paid-In Capital |
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10,731,724 |
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10,636,979 |
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Accumulated Deficit |
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(9,760,954 |
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(7,564,120 |
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Total Stockholders'
Equity |
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977,038 |
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3,079,098 |
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TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$ |
1,869,369 |
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$ |
3,189,014 |
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Investor Relations Contact:
Chris Witty
cwitty@darrowir.com; 646-438-9385
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