Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

v3.5.0.2
Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (5,269,824) $ (4,485,388)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 15,475 54,791
Write-down of inventory 12,590 (6,430)
Depreciation and amortization 184,279 80,940
Write-off of capitalized patents 48,773 103,289
Write-off of capitalized software 0 45,641
Write-off of fixed assets 1,215 0
Stock-based compensation 763,326 666,434
Fair value of warrants issued for services 0 50,940
Decrease (increase) in operating assets:    
Accounts receivable 446,261 (365,734)
Inventories (627,650) (423,740)
Prepayments and other current assets 60,427 (22,763)
Increase (decrease) in operating liabilities:    
Accounts payable (234,486) 713,177
Accrued expenses (405,761) 107,912
Net cash used in operating activities (5,005,375) (3,480,931)
Cash flows from investing activities:    
Purchase of property and equipment (297,095) (343,208)
Acquisition of intangible assets (203,500) (195,378)
Net cash used in investing activities (500,595) (538,586)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 15,924,405
Exercise of options and warrants 35,536 148,892
Net cash provided by financing activities 35,536 16,073,297
Net increase (decrease) in cash and cash equivalents (5,470,434) 12,053,780
Cash and cash equivalents at beginning of period 15,022,286 7,912,011
Cash and cash equivalents at end of period $ 9,551,852 $ 19,965,791