XG SCIENCES INC

CIK:0001435375|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Total Revenues	$ 782,692	$ 1,369,556
COST OF GOODS SOLD
Direct costs	495,229	1,006,594
Unallocated manufacturing expenses	2,168,695	2,756,879
Cost of Goods Sold	2,663,924	3,763,473
GROSS LOSS	(1,881,232)	(2,393,917)
OPERATING EXPENSES
Research & Development Expense	896,840	1,506,716
Sales, General & Administrative Expense	4,218,361	5,467,698
Total Operating Expenses	5,115,201	6,974,414
OPERATING LOSS	(6,996,433)	(9,368,331)
OTHER INCOME (EXPENSE)
Interest expense, net	(875,277)	(409,318)
Nonoperating income - SBA PPP Loan Forgiveness	796,089
Nonoperating expense - Exchange Rights Expense	(26,127)
Total Other Expense	(105,315)	(409,318)
Net Loss	$ (7,101,748)	$ (9,777,649)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - Basic and diluted (in shares)	3,853,681	3,951,178
NET LOSS PER SHARE - Basic and diluted (in dollars per share)	$ (1.84)	$ (2.47)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (7,101,748)	$ (9,777,649)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	865,026	927,974
Amortization of intangible assets	74,733	68,040
Loss on disposal of equipment and intangibles	6,122	2,605
Provision for bad debts		181,679
Stock-based compensation expense	529,390	459,885
Non-cash interest expense	902,445	130,410
Non-cash SBA PPP loan forgiveness	(796,089)
Changes in current assets and liabilities:
Accounts receivable	(47,006)	605,148
Inventory	376,935	(231,370)
Other current and non-current assets	258,905	(296,123)
Accounts payable and other liabilities	148,864	(660,197)
NET CASH USED IN OPERATING ACTIVITIES	(4,782,423)	(8,589,598)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of leasehold improvements and equipment	(47,526)	(383,070)
Patents	(76,414)	(131,257)
NET CASH USED IN INVESTING ACTIVITIES	(123,940)	(514,327)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of capital lease obligations		(15,527)
Repayments of long-term loan debt		(638,220)
Proceeds from issuance of common stock		2,013,400
Common stock issuance fees and expenses		(20,000)
Proceeds from long-term loan	1,000,000	4,000,000
Proceeds of Unit Offering	3,867,810
Unit Offering issuance fees and expenses	(117,578)
Proceeds from SBA Loans / EIDL	800,795
NET CASH PROVIDED BY FINANCING ACTIVITIES	5,551,027	5,339,653
NET CHANGE IN CASH AND CASH EQUIVALENTS	644,664	(3,764,272)
CASH, AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,129,702	4,893,974
CASH, AND CASH EQUIVALENTS, END OF PERIOD	1,774,366	1,129,702
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest		208,286
Warrants issued with Dow financing	$ 71,276	$ 303,168

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 1,774,366	$ 1,129,702
Accounts receivable, less allowance for doubtful accounts of $152,000 at December 31, 2020 and $179,600 at December 31, 2019	119,234	72,227
Inventories	514,652	891,587
Other current assets	219,997	334,493
Total current assets	2,628,249	2,428,009
LEASEHOLD IMPROVEMENTS AND EQUIPMENT, NET	2,852,519	3,676,142
LEASE DEPOSIT	59,650	77,544
INTANGIBLE ASSETS, NET	755,544	753,862
RIGHT OF USE ASSET	1,057,614	1,606,443
TOTAL ASSETS	7,353,576	8,542,000
CURRENT LIABILITIES
Accounts payable	686,812	634,564
Other current liabilities	280,950	238,554
Deferred revenue	1,820
Current portion of long-term debt	7,800
Current portion of lease liabilities	641,663	520,197
Total current liabilities	1,619,045	1,393,315
LONG-TERM LIABILITIES
Long-term portion of lease liabilities	640,093	1,183,872
Long term debt	12,776,975	8,111,610
Total long-term liabilities	13,417,068	9,295,482
TOTAL LIABILITIES	15,036,113	10,688,797
STOCKHOLDERS' EQUITY
Common stock, no par value, 25,000,000 shares authorized, 3,387,403 and 4,024,443 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	27,260,156	32,351,876
Additional paid-in capital	10,280,853	8,774,975
Accumulated deficit	(72,682,876)	(65,581,128)
Total stockholders' equity	(7,682,537)	(2,146,797)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,353,576	8,542,000
Series A Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock, value	22,307,480	22,307,480
Series B Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock, value	$ 5,151,850