Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

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Condensed Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (4,900,150) $ (5,976,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 43,248 21,155
Write-down of inventory 0 5,199
Stock-based compensation 597,055 150,340
Common stock issued or to be issued for services 50,004 124,393
Amortization of debt discount 0 3,348,284
Fair value of warrants issued for consulting services 101,879 0
Accrued interest - promissory note 0 60,000
Issuance of note payable in connection with services 0 213,293
Decrease (increase) in operating assets:    
Accounts receivable (147,363) (483,603)
Inventories 175,746 (168,076)
Prepaid expenses and offering costs 88,956 (440,257)
Increase (decrease) in operating liabilities:    
Accounts payable (109,717) 754,753
Accrued expenses 280,610 233,142
Deferred revenue 0 25,000
Net cash used in operating activities (3,819,732) (2,133,106)
Cash flows from investing activities:    
Purchase of property and equipment (278,318) (32,036)
Acquisition of patents (313,766) (139,631)
Net cash used in investing activities (592,084) (171,667)
Cash flows from financing activities:    
Borrowings on notes payable, net of debt raising costs 0 611,256
Exercise of options and warrants 4,987 0
Net cash provided by financing activities 4,987 611,256
Net decrease in cash and cash equivalents (4,406,829) (1,693,517)
Cash and cash equivalents at beginning of period 14,137,097 1,972,301
Cash and cash equivalents at end of period $ 9,730,268 $ 278,784