Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (8,192,090) $ (7,403,587)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 85,375 54,791
Write-down of inventory 73,521 (2,156)
Depreciation and amortization 290,474 144,834
Write-off of capitalized patents 71,109 109,788
Write-off of fixed assets 6,215 45,641
Stock-based compensation 1,135,008 1,012,825
Fair value of warrants issued for services 0 76,410
Decrease (increase) in operating assets:    
Accounts receivable 337,480 (403,829)
Inventories (689,854) (348,677)
Prepayments and other current assets 147,061 96,971
Increase (decrease) in operating liabilities:    
Accounts payable (729,435) 592,218
Accrued expenses (151,178) 320,244
Net cash used in operating activities (7,616,314) (5,704,527)
Cash flows from investing activities:    
Purchase of property and equipment (328,930) (636,741)
Acquisition of intangible assets (299,140) (402,445)
Net cash used in investing activities (628,070) (1,039,186)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 15,924,405
Exercise of options and warrants 35,536 233,885
Net cash provided by financing activities 35,536 16,158,290
Net increase (decrease) in cash and cash equivalents (8,208,848) 9,414,577
Cash and cash equivalents at beginning of period 15,022,286 7,912,011
Cash and cash equivalents at end of period $ 6,813,438 $ 17,326,588