Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (6,163,469) $ (7,167,353)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 109,439 116,454
Share-based compensation 1,231,379 1,245,601
Expenses paid through the issuance of common stock 77,500 502,032
Gain on change in fair value of derivative liabilities (64,318) (24,178)
Amortization of debt issuance costs and original issue discounts 562,529 426,358
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (284,481) (83,472)
Inventory 122,220 (469,922)
Prepaid expenses and other current assets (20,957) (57,731)
Other assets (10,897) (999)
Accounts payable and accrued expenses (284,322) (512,362)
Deferred revenue 94,785 33,061
Net cash flows from operating activities (4,630,592) (5,992,511)
Cash flows from investing activities:    
Purchases of property and equipment (63,490) (26,752)
Net cash flows from investing activities (63,490) (26,752)
Cash flows from financing activities:    
Net proceeds from equity private placements and exercise of warrants 11,993,320
Exercise of warrants 505,384
Repayment of senior secured note (2,000,000)
Net cash flows from financing activities (1,494,616) 11,993,320
Net change in cash and cash equivalents (6,188,698) 5,974,057
Cash and cash equivalents, beginning of year 9,289,831 3,315,774
Cash and cash equivalents, end of year 3,101,133 9,289,831
Cash paid for:    
Income taxes
Interest $ 210,722 $ 348,528