Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (4,485,388) $ (3,048,306)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 54,791 0
Write-down of inventory (6,430) 0
Depreciation and amortization 80,940 19,711
Write-off of capitalized software 45,641 0
Write-off of capitalized patents 103,289 0
Stock-based compensation 666,434 379,282
Fair value of warrants issued for services 50,940 67,920
Decrease (increase) in operating assets:    
Accounts receivable (365,734) (152,602)
Inventories (423,740) 272,724
Prepaid expenses (22,763) 22,734
Increase (decrease) in operating liabilities:    
Accounts payable 713,177 (195,648)
Accrued expenses 107,912 130,198
Net cash used in operating activities (3,480,931) (2,503,987)
Cash flows from investing activities:    
Purchase of property and equipment (343,208) (233,971)
Acquisition of patents (195,378) (254,809)
Net cash used in investing activities (538,586) (488,780)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 15,924,405 0
Exercise of options and warrants 148,892 4,990
Net cash provided by financing activities 16,073,297 4,990
Net increase (decrease) in cash and cash equivalents 12,053,780 (2,987,777)
Cash and cash equivalents at beginning of period 7,912,011 14,137,097
Cash and cash equivalents at end of period $ 19,965,791 $ 11,149,320