Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (7,167,353) $ (8,069,895)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 116,454 155,707
Share-based compensation 1,245,601 1,187,100
Expenses paid through the issuance of common stock 502,032 62,730
Gain on change in fair value of derivative liabilities (24,728) (1,065,935)
Loss on debt restructuring 811,909
Loss on retirement of equipment 1,689
Amortization of debt issuance costs and original issue discounts 426,358 424,431
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (83,472) 352,100
Inventory (469,922) 72,342
Prepaid expenses and other current assets (57,731) (37,748)
Other assets (999)
Accounts payable and accrued expenses (512,362) 178,419
Deferred revenue 33,061 107,108
Net cash flows from operating activities (5,992,511) (5,820,043)
Cash flows from investing activities:    
Purchases of property and equipment (26,752) (101,002)
Net cash flows from investing activities (26,752) (101,002)
Cash flows from financing activities:    
Net proceeds from equity private placements and exercise of warrants 11,993,320 3,833,052
Cash paid in lieu of issuing fractional shares in reverse split of common stock (4,756)
Net cash flows from financing activities 11,993,320 3,828,296
Net change in cash and cash equivalents 5,974,057 (2,092,749)
Cash and cash equivalents, beginning of year 3,315,774 5,408,523
Cash and cash equivalents, end of year 9,289,831 3,315,774
Cash paid for:    
Income taxes
Interest 348,528 976,295
Noncash Investing and Financing Items    
Transfer from inventory to property and equipment 29,121 55,963
The fair value of the derivatives 72,289 1,207,813
Reduced of derivative liabilities $ 10,659 $ 37,672