Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (10,981,091) $ (10,440,643)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 85,375 97,344
Write-down of inventory 72,823 0
Depreciation and amortization 406,639 232,852
Write-off of fixed assets 47,560 53,855
Write-off of capitalized patents 116,969 145,691
Stock-based compensation 1,517,545 1,384,763
Fair value of warrants issued for services 0 84,900
Decrease (increase) in operating assets:    
Accounts receivable 408,841 (523,697)
Inventories (679,993) (412,698)
Prepaid expenses and other assets (16,238) (32,750)
Increase (decrease) in operating liabilities:    
Accounts payable (992,061) 897,192
Accrued expenses (85,022) 466,974
Net cash used in operating activities (10,098,653) (8,046,217)
Cash flows from investing activities:    
Purchase of property and equipment (391,088) (791,605)
Acquisition of intangible assets (359,904) (630,136)
Net cash used in investing activities (750,992) (1,421,741)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 15,924,405
Exercise of options and warrants 35,533 653,828
Payment of taxes related to restricted stock vesting (3,258) 0
Net cash provided by financing activities 32,275 16,578,233
Net increase (decrease) in cash and cash equivalents (10,817,370) 7,110,275
Cash and cash equivalents at beginning of year 15,022,286 7,912,011
Cash and cash equivalents at end of year $ 4,204,916 $ 15,022,286