Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (2,802,347) $ (2,192,998)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 86,999 32,803
Write-down of inventory 4,242 (16,454)
Write-off of fixed assets 992 0
Write-off of capitalized patents 24,753 69,482
Stock-based compensation 383,516 353,159
Fair value of warrants issued for services 0 25,470
Decrease (increase) in operating assets:    
Accounts receivable 425,103 (386,949)
Inventories (76,801) 33,831
Prepaid expenses 5,586 (485)
Increase (decrease) in operating liabilities:    
Accounts payable (574,774) 245,768
Accrued expenses (53,140) 244,110
Net cash used in operating activities (2,575,871) (1,592,263)
Cash flows from investing activities:    
Purchase of property and equipment (100,382) (150,343)
Acquisition of intangible assets (103,111) (84,843)
Net cash used in investing activities (203,493) (235,186)
Cash flows from financing activities:    
Exercise of options and warrants 35,536 84,813
Net cash provided by financing activities 35,536 84,813
Net decrease in cash and cash equivalents (2,743,828) (1,742,636)
Cash and cash equivalents at beginning of period 15,022,286 7,912,011
Cash and cash equivalents at end of period $ 12,278,458 $ 6,169,375