Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income (loss) $ (7,005,405) $ 1,037,302
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Depreciation and license amortization 137,356 206,076
Share-based compensation 1,152,309 363,908
Expenses paid through the issuance of common stock 72,326 337,735
(Gain) loss on change in fair value of derivative liabilities $ 969,106 (1,359,336)
Gain on negotiated reductions in accounts payable   (70,000)
Gain on sale of intellectual property   (4,338,601)
Amortization of debt issuance costs and and original issue discounts $ 223,739 142,880
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (18,154) 171,300
Inventory (188,079) (299,644)
Prepaid expenses and other current assets (128,130) 124,625
Other assets (16,715) (1,500)
Accounts payable and accrued expenses (885,757) 676,973
Deferred revenue (29,490) (72,819)
Net cash flows from operating activities (5,716,894) (3,081,101)
Cash flows from investing activities:    
Purchases of property and equipment (7,377) (5,378)
Net cash flows from investing activities $ (7,377) (5,378)
Cash flows from financing activities:    
Net proceeds from debt private placement   3,503,314
Proceeds from stock option exercises   143,000
Net cash flows from financing activities   3,646,314
Net change in cash and cash equivalents $ (5,724,271) 559,835
Cash and cash equivalents, beginning of period 9,244,006 3,516,244
Cash and cash equivalents, end of period $ 3,519,735 $ 4,076,079
SUPPLEMENTAL CASH FLOW INFORMATION    
Income taxes    
Interest   $ 323
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Transfer from Inventory to Property and Equipment $ 63,196 114,878
Notes Payable Cancelled, Principal Amount   4,338,601
Fair value of the warrants issued to the placement agent   30,210
Debt discount   $ 413,057