Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities    
Net loss $ (8,278,964) $ (9,063,427)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,118,884 926,202
Net realized & unrealized investment losses 167,451 23,542
Depreciation and amortization 224,580 279,082
Provision for uncollectable assets (49,073) 90,232
Write-off of inventory 193,146 0
Prepaid compensation amortization 19,121 13,000
Loss on extinguishment of convertible debt 0 220,126
Decrease (increase) in assets:    
Accounts receivable (206,755) (77,775)
Inventory (284,924) (355,612)
Deposits (19,266) (906)
Prepaid expenses and other current assets (154,192) (279,787)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (558,249) 875,878
Deferred revenue 731,991 303,070
Other liabilities 558,542 (5,797)
Total Adjustments 1,741,256 2,011,255
Net Cash Used in Operating Activities (6,537,708) (7,052,172)
Cash Used in Investing Activities    
Purchase of property and equipment (470,442) (653,995)
Net Cash Used in Investing Activities (470,442) (653,995)
Cash Provided by Financing Activities    
Proceeds from issuance of promissory notes 0 325,000
Repayments of promissory notes (100,000) (331,019)
Repayments of convertible debt obligations (50,000) (729,022)
Proceeds from common stock offering 6,331,034 2,446,697
Proceeds from preferred stock offering 0 5,532,877
Proceeds from the exercise of stock options 0 49,959
Net Cash Provided by Financing Activities 6,181,034 7,294,492
Effect of Exchange Rate Changes on Cash 495,036 646,982
Net (Decrease) Increase in Cash (332,080) 235,307
Cash - Beginning of Year 442,725 207,418
Cash - End of Year 110,645 442,725
Supplemental Disclosures of Cash Flow Information:    
Interest paid 248,567 471,103
Income taxes paid 25,049 66,846
Non-Cash Investing and Financing Activity    
Issuance of preferred stock previously subscribed 0 789,800
Debt and interest converted to equity 0 1,645,012
Preferred stock converted into common stock 0 100,973
Common stock issued to settle operational expenses 0 136,092
Accrued stock based compensation converted to equity $ 73,400 $ 48,272