Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (2,043,818) $ (3,945,254)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 41,022 86,680
Share-based compensation 260,149 377,892
Expenses paid through the issuance of common stock 192,166 37,583
(Gain) loss on change in fair value of derivative liabilities (160,118) 782,802
Amortization of debt issuance costs and original issue discounts 151,759 110,015
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (279,494) (136,769)
Inventory 217,873 (109,994)
Prepaid expenses and other current assets (18,114) (6,909)
Other assets (58,473) (4,000)
Accounts payable and accrued expenses 52,790 13,782
Deferred revenue 35,697 (4,870)
Net cash flows from operating activities (1,608,561) (2,799,042)
Cash flows from investing activities:    
Purchases of property and equipment (77,649) (6,635)
Net cash flows from investing activities (77,649) $ (6,635)
Cash flows from financing activities    
Payment of 2015 private placement financing costs (140,086)
Net cash flows from financing activities (140,086)
Net change in cash and cash equivalents (1,826,296) $ (2,805,677)
Cash and cash equivalents, beginning of period 5,408,523 9,244,006
Cash and cash equivalents, end of period $ 3,582,227 $ 6,438,329
Cash paid for:    
Income taxes
Interest $ 223,500 $ 223,500
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Transfer from inventory to property and equipment $ 24,223 $ 4,366