Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v2.4.0.8
Condensed Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income (loss) $ 1,037,302 $ (2,175,680)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Depreciation and license amortization 206,076 231,368
Share-based compensation 363,908 642,591
Expenses paid through the issuance of common stock 337,735 66,767
Gain on change in fair value of derivative liabilities (1,359,336) (2,578,969)
Gain on negotiated reductions in account payable (70,000) (382,263)
Gain on sale of intellectual property (4,338,601)  
Loss on loan modification   1,356,177
Amortization of debt issuance costs and original issue discounts 142,880 53,553
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 171,300 4,728
Inventory (299,644) (259,033)
Prepaid expenses and other current assets 124,625 (24,432)
Other assets (1,500)  
Accounts payable and accrued expenses 676,973 (676,544)
Deferred revenue (72,819) (686,938)
Net cash flows from operating activities (3,081,101) (4,428,675)
Cash flows from investing activities:    
Purchases of property and equipment (5,378) (55,844)
Net cash flows from investing activities (5,378) (55,844)
Cash flows from financing activities:    
Proceeds from stock option exercises 143,000 13,375
Net cash flows from financing activities 3,646,314 9,842,389
Net change in cash and cash equivalents 559,835 5,357,870
Cash and cash equivalents, beginning of period 3,516,244 1,620,005
Cash and cash equivalents, end of period 4,076,079 6,977,875
Cash paid for:    
Income taxes      
Interest 323 8,798
Equity Private Placement [Member]
    
Cash flows from financing activities:    
Net proceeds from private placement   9,829,014
Debt Private Placement [Member]
    
Cash flows from financing activities:    
Net proceeds from private placement $ 3,503,314