Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (1,655,738) $ (2,043,818)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 36,121 41,022
Share-based compensation 206,896 260,149
Expenses paid through the issuance of common stock 192,166
(Gain) loss on change in fair value of derivative liabilities 93,046 (160,118)
Amortization of debt issuance costs and original issue discounts 100,622 151,759
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (143,832) (279,494)
Inventory (62,043) 217,873
Prepaid expenses and other current assets 39,371 (18,114)
Other assets (5,659) (58,473)
Accounts payable and accrued expenses 5,059 52,790
Deferred revenue 39,980 35,697
Net cash flows from operating activities (1,346,177) (1,608,561)
Cash flows from investing activities:    
Purchases of property and equipment (77,649)
Net cash flows from investing activities (77,649)
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 (1,346,177) (1,826,296)
Cash and cash equivalents, beginning of period 3,315,774 5,408,523
Cash and cash equivalents, end of period 1,969,597 3,582,227
Cash paid for:    
Income taxes
Interest 146,611 223,500
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Transfer from inventory to property and equipment $ 91,405 $ 24,223