Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows from Operating Activities    
Net loss $ (1,996,265) $ (2,061,128)
Adjustments to reconcile net loss to net cash used in operating activities:    
401(k) expense 16,616 34,936
Options and warrants 234,092 $ 270,128
Vesting of restricted stock 291,667
Net realized and unrealized investment losses 24,098 $ 16,316
Depreciation and amortization 45,987 114,115
Provision for uncollectible assets (39,815) 42,018
Prepaid compensation amortization 750 $ 1,583
Other non-cash income, net (6,243)
Decrease (increase) in assets:    
Accounts receivable (33,328) $ (96,091)
Inventory (130,847) (100,552)
Prepaid expenses and other current assets (128,363) 128,005
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (138,410) (267,019)
Deferred revenue 75,067 97,103
Other liabilities (4,939) 69,773
Total Adjustments 206,332 310,315
Net Cash Used in Operating Activities (1,789,933) (1,750,813)
Cash Flows from Investing Activities    
Purchase of property and equipment (50,209) (46,603)
Net Cash Used in Investing Activities (50,209) (46,603)
Cash Flows from Financing Activities    
Proceeds from issuance of loans payable 34,701 $ 50,000
Repayments of convertible debt obligations (25,000)
Proceeds from common stock offering 2,851,610 $ 1,527,362
Net Cash Provided by Financing Activities 2,861,311 1,577,362
Effect of Exchange Rate Changes on Cash 197,922 150,505
Net Increase (Decrease) in Cash 1,219,091 (69,549)
Cash - Beginning of Period 110,645 442,725
Cash - End of Period 1,329,736 373,176
Supplemental Disclosures of Cash Flow Information:    
Interest paid $ 3,484 38,145
Income taxes paid $ 20,025
Non-Cash Investing and Financing Activity    
Debt and interest converted to equity $ 75,433
Accrued stock based compensation converted to equity $ 76,750