Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (2,771,120) $ (3,517,453)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation 69,600 55,418
Share-based compensation 356,580 607,124
Expenses paid through the issuance of common stock 77,500
Gain from change in fair value of derivative liabilities (42,023)
Amortization of debt issuance costs and original issue discounts 363,465 272,858
Amortization of lease rights of use, net of accretion in lease liabilities 51,255
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (137,931) 178,629
Inventory, net (201,503) (337,807)
Prepaid expenses and other current assets (216,953) (128,823)
Other assets 11,899 1,001
Accounts payable and accrued expenses 716,222 (197,888)
Lease liabilities (50,285)
Deferred revenue 389,201 (41,477)
Net cash flows from operating activities (1,419,570) (3,072,941)
Cash flows from investing activities:    
Purchases of property and equipment (51,497)
Acquisition of licensing rights (150,000)
Net cash flows from investing activities (150,000) (51,497)
Cash flows from financing activities:    
Proceeds from private offering 7,522,010
Proceeds from warrant exercises 383,075 531,977
Repayment of 2014 junior secured notes payable (1,975,000)
Net cash flows from financing activities 5,930,085 531,977
Net change in cash and cash equivalents 4,360,515 (2,592,461)
Cash and cash equivalents, beginning of period 3,101,133 9,289,831
Cash and cash equivalents, end of period 7,461,648 6,697,370
Cash paid for:    
Income taxes
Interest 164,157 146,611
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Operating lease right-of-use assets 480,395  
Operating lease liabilities 480,395  
Issuance cost 94,000  
Net book value from loan system $ 163,321 $ 25,280