Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (2,056,162) $ (3,068,384)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 18,235 60,703
Write-down of inventory (883) 348,793
Depreciation and amortization 113,808 113,068
Write-off of capitalized patents 10,873 559
Write-off of fixed assets 7,056 10,534
Stock-based compensation 192,033 384,329
Decrease (increase) in operating assets:    
Accounts receivable 50,133 (247,512)
Inventories 25,241 44,491
Prepayments and other current assets 32,062 7,780
Increase (decrease) in operating liabilities:    
Accounts payable (149,745) 16,566
Accrued expenses (70,024) (116,648)
Net cash used in operating activities (1,827,373) (2,445,721)
Cash flows from investing activities:    
Purchase of property and equipment 0 (4,378)
Acquisition of intangible assets (41,606) (72,376)
Net cash used in investing activities (41,606) (76,754)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 13,657,331
Exercise of options and warrants 0 11,143
Net cash provided by financing activities 0 13,668,474
Net increase (decrease) in cash and cash equivalents (1,868,979) 11,145,999
Cash and cash equivalents at beginning of period 10,022,247 4,204,916
Cash and cash equivalents at end of period $ 8,153,268 $ 15,350,915