Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (unaudited)

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Statements of Cash Flows (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (3,068,384) $ (2,802,347)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 60,703 0
Write-down of inventory 348,793 4,242
Depreciation and amortization 113,068 86,999
Write-off of capitalized patents 559 24,753
Write-off of fixed assets 10,534 992
Stock-based compensation 384,329 383,516
Decrease (increase) in operating assets:    
Accounts receivable (247,512) 425,103
Inventories 44,491 (76,801)
Prepayments and other current assets 7,780 5,586
Increase (decrease) in operating liabilities:    
Accounts payable 16,566 (574,774)
Accrued expenses (116,648) (53,140)
Net cash used in operating activities (2,445,721) (2,575,871)
Cash flows from investing activities:    
Purchase of property and equipment (4,378) (100,382)
Acquisition of intangible assets (72,376) (103,111)
Net cash used in investing activities (76,754) (203,493)
Cash flows from financing activities:    
Net proceeds from issuance of stock 13,657,331 0
Exercise of options and warrants 11,143 35,536
Net cash provided by financing activities 13,668,474 35,536
Net increase (decrease) in cash and cash equivalents 11,145,999 (2,743,828)
Cash and cash equivalents at beginning of period 4,204,916 15,022,286
Cash and cash equivalents at end of period $ 15,350,915 $ 12,278,458