Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (8,069,895) $ (8,449,246)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 155,707 211,946
Share-based compensation 959,585 1,682,063
Expenses paid through the issuance of common stock 290,245 145,987
Gain on change in fair value of derivative liabilities (1,065,935) (1,539,876)
Loss on debt restructuring 811,909
Loss on retirement of equipment 1,689 2,053
Amortization of debt issuance costs and original issue discounts 424,431 471,146
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 352,100 (749,094)
Inventory 72,342 68,626
Prepaid expenses and other current assets (37,748) (68,029)
Other assets 9,811
Accounts payable and accrued expenses 178,419 (436,420)
Deferred revenue 107,108 13,299
Net cash flows from operating activities (5,820,043) (8,637,734)
Cash flows from investing activities:    
Purchases of property and equipment (101,002) (76,883)
Net cash flows from investing activities (101,002) (76,883)
Cash flows from financing activities:    
Net proceeds from equity private placements 3,833,052 4,879,134
Cash paid in lieu of issuing fractional shares in reverse split of common stock (4,756)
Net cash flows from financing activities 3,828,296 4,879,134
Net change in cash and cash equivalents (2,092,749) (3,835,483)
Cash and cash equivalents, beginning of year 5,408,523 9,244,006
Cash and cash equivalents, end of year 3,315,774 5,408,523
Cash paid for:    
Income taxes
Interest $ 976,295 $ 223,500