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 ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (3,660,151) $ (3,825,782)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 65,824 88,678
Share-based compensation 429,026 498,881
Expenses paid through the issuance of common stock 502,032 230,397
(Gain) loss from change in fair value of derivative liabilities 61,739 (424,045)
Amortization of debt issuance costs and original issue discounts 201,243 234,943
Loss from retirement of fixed assets 1,689
Gain from debt restructuring (121,224)
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 115,182 448,320
Inventory, net (68,312) 51,483
Prepaid expenses and other current assets (135,485) (161,552)
Other assets (227,570)
Accounts payable and accrued expenses (279,435) (193,063)
Deferred revenue 202,784 106,628
Net cash flows from operating activities (2,565,553) (3,292,217)
Cash flows from investing activities:    
Purchases of property and equipment (3,134) (100,324)
Net cash flows from investing activities (3,134) (100,324)
Cash flows from financing activities:    
Proceeds from private equity offering 13,250,000
Offering costs (1,256,504)
Net cash flows from financing activities 11,993,496
Net change in cash and cash equivalents 9,424,809 (3,392,541)
Cash and cash equivalents, beginning of period 3,315,774 5,408,523
Cash and cash equivalents, end of period 12,740,583 2,015,982
Cash paid for:    
Income taxes
Interest 146,611 739,323
Noncash Investing and Financing Items    
Transfer from inventory to property and equipment $ 32,503 89,184
The fair value of the derivatives   $ 192,173