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, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (10,435,098) $ (10,981,091)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 192,693 85,375
Write-down of inventory 760,785 72,823
Depreciation and amortization 451,547 406,639
Write-off of fixed assets 54,261 47,560
Write-off of capitalized patents 279,982 116,969
Stock-based compensation 1,108,359 1,517,545
Decrease (increase) in operating assets:    
Accounts receivable (35,119) 408,841
Inventories 232,999 (679,993)
Prepaid expenses and other assets 9,805 (16,238)
Increase (decrease) in operating liabilities:    
Accounts payable 102,708 (992,061)
Accrued expenses (138,461) (85,022)
Net cash used in operating activities (7,415,539) (10,098,653)
Cash flows from investing activities:    
Purchase of property and equipment (155,613) (391,088)
Acquisition of intangible assets (278,417) (359,904)
Net cash used in investing activities (434,030) (750,992)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 13,657,331 0
Exercise of options and warrants 11,143 35,533
Payment of taxes related to restricted stock vesting (1,574) (3,258)
Net cash provided by financing activities 13,666,900 32,275
Net increase (decrease) in cash and cash equivalents 5,817,331 (10,817,370)
Cash and cash equivalents at beginning of year 4,204,916 15,022,286
Cash and cash equivalents at end of year $ 10,022,247 $ 4,204,916