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 ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (7,250,811) $ (2,609,920)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Depreciation and license amortization 153,545 294,639
Share-based compensation 1,421,198 555,909
Expenses paid through the issuance of common stock 107,570 374,546
Gain on change in fair value of derivative liabilities $ (981,222) (578,179)
Gain on negotiated reductions in accounts payable (70,000)
Gain on sale of intellectual property (4,338,601)
Amortization of debt issuance costs and original issue discounts $ 342,645 233,865
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (368,492) 221,586
Inventory 83,987 (657,948)
Prepaid expenses and other current assets (104,121) $ 126,778
Other assets (9,317)
Accounts payable and accrued expenses (777,956) $ 1,203,834
Deferred revenue 62,852 (12,796)
Net cash flows from operating activities (7,320,122) (5,256,287)
Cash flows from investing activities:    
Purchases of property and equipment (72,021) (11,590)
Net cash flows from investing activities $ (72,021) (11,590)
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 $ (7,392,144) (1,621,563)
Cash and cash equivalents, beginning of period 9,244,006 3,516,244
Cash and cash equivalents, end of period $ 1,851,862 $ 1,894,681
Cash paid for:    
Income taxes
Interest $ 223,500 $ 223,823
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Transfer from Inventory to Property and Equipment $ 196,882 10,344
Notes Payable Cancelled, Principal Amount   4,338,601
Fair value of the warrants issued to the placement agent   30,210
Debt discount   $ 413,057