Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (2,609,920) $ (5,370,492)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and license amortization 294,639 346,183
Share-based compensation 555,909 1,003,028
Expenses paid through the issuance of common stock 374,546 101,683
Gain on change in fair value of derivative liabilities (578,179) (1,328,112)
Gain on negotiated reductions in account payable (70,000) (382,263)
Gain on sale of intellectual property (4,338,601)  
Loss on loan modification   1,356,177
Amortization of debt issuance costs and and original issue discounts 233,865 94,732
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 221,586 (342,274)
Inventory (657,948) (355,709)
Prepaid expenses and other current assets 126,778 (54,126)
Other assets   (2,125)
Accounts payable and accrued expenses 1,203,834 (678,042)
Deferred revenue (12,796) (652,460)
Net cash flows from operating activities (5,256,287) (6,263,800)
Cash flows from investing activities:    
Purchases of property and equipment (11,590) (73,645)
Acquisition of license   (100,000)
Net cash flows from investing activities (11,590) (173,645)
Cash flows from financing activities:    
Proceeds from stock option and warrant exercises 143,000 19,625
Net cash flows from financing activities 3,646,314 9,848,639
Net change in cash and cash equivalents (1,621,563) 3,411,194
Cash and cash equivalents, beginning of period 3,516,244 1,620,005
Cash and cash equivalents, end of period 1,894,681 5,031,199
Cash paid for:    
Income taxes      
Interest 223,823 10,709
Equity Private Placement [Member]
    
Cash flows from financing activities:    
Net proceeds from private placement   9,829,014
Debt Private Placement [Member]
    
Cash flows from financing activities:    
Net proceeds from private placement $ 3,503,314