Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.3.1.900
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (10,440,643) $ (6,900,219)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for doubtful accounts 97,344 24,775
Write-down of inventory 0 62,851
Depreciation and amortization 232,852 67,793
Write-off of fixed assets 53,855 0
Write-off of capitalized patents 145,691 0
Stock-based compensation 1,384,763 944,102
Fair value of warrants issued for services 84,900 130,179
Common stock issued for services 0 50,004
Decrease (increase) in operating assets:    
Accounts receivable (523,697) (218,890)
Inventories (412,698) 205,468
Prepaid expenses and other assets (32,750) (50,030)
Increase (decrease) in operating liabilities:    
Accounts payable 897,192 (97,509)
Accrued expenses 466,974 311,926
Net cash used in operating activities (8,046,217) (5,469,550)
Cash flows from investing activities:    
Purchase of property and equipment (791,605) (342,247)
Acquisition of intangible assets (630,136) (418,255)
Net cash used in investing activities (1,421,741) (760,502)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 15,924,405 0
Exercise of options and warrants 653,828 4,966
Net cash provided by financing activities 16,578,233 4,966
Net increase (decrease) in cash and cash equivalents 7,110,275 (6,225,086)
Cash and cash equivalents at beginning of year 7,912,011 14,137,097
Cash and cash equivalents at end of year $ 15,022,286 $ 7,912,011