Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

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Condensed Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (3,048,306) $ (3,811,961)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 19,711 12,621
Write-down of inventory 0 5,199
Stock-based compensation 379,282 22,975
Common stock to be issued for services 0 87,497
Amortization of debt discount 0 2,074,772
Fair value of warrants issued for consulting services 67,920 0
Accrued interest - promissory note 0 40,000
Decrease (increase) in operating assets:    
Accounts receivable (152,602) (148,162)
Inventories 272,724 (20,419)
Prepaid expenses 22,734 (114,522)
Increase (decrease) in operating liabilities:    
Accounts payable (195,648) 251,447
Accrued expenses 130,198 79,061
Deferred revenue 0 50,000
Net cash used in operating activities (2,503,987) (1,471,492)
Cash flows from investing activities:    
Purchase of property and equipment (233,971) (11,550)
Acquisition of patents (254,809) (116,721)
Net cash used in investing activities (488,780) (128,271)
Cash flows from financing activities:    
Exercise of options and warrants 4,990 0
Net cash provided by financing activities 4,990 0
Net decrease in cash and cash equivalents (2,987,777) (1,599,763)
Cash and cash equivalents at beginning of period 14,137,097 1,972,301
Cash and cash equivalents at end of period $ 11,149,320 $ 372,538