Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (8,449,246) $ (4,524,732)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 211,946 377,261
Share-based compensation 1,682,063 880,765
Expenses paid through the issuance of common stock 145,987 411,459
Gain on change in fair value of derivative liabilities $ (1,539,876) (1,549,696)
Gain on negotiated reductions in account payable (77,837)
Gain on sale of intellectual property $ (4,338,601)
Loss on retirement of equipment $ 2,053
Amortization of debt issuance costs and original issue discounts 471,146 $ 330,987
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (749,094) 301,403
Inventory 68,626 (345,988)
Prepaid expenses and other current assets (68,029) $ 145,650
Other assets 9,811
Accounts payable and accrued expenses (436,420) $ 1,143,175
Deferred revenue 13,299 (4,149)
Net cash flows from operating activities (8,637,734) (7,250,303)
Cash flows from investing activities:    
Purchases of property and equipment (76,883) (48,129)
Net cash flows from investing activities (76,883) (48,129)
Cash flows from financing activities:    
Net proceeds from equity private placement $ 4,879,134 9,379,880
Net proceeds from debt private placement 3,503,314
Proceeds from stock option and warrant exercises 143,000
Net cash flows from financing activities $ 4,879,134 13,026,194
Net change in cash and cash equivalents (3,835,483) 5,727,762
Cash and cash equivalents, beginning of year 9,244,006 3,516,244
Cash and cash equivalents, end of year $ 5,408,523 $ 9,244,006
Cash paid for:    
Income taxes
Interest $ 223,500 $ 223,500
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Transfer from Inventory to Property and Equipment 94,751 221,021
Accrued costs incurred equity private placement 138,747  
Notes Payable Cancelled, Principal Amount 4,338,601 $ 4,338,601
Fair value of the warrants issued to the placement agent 30,210  
Debt discount $ 413,057