Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows from Operating Activities    
Net loss $ (5,290,934) $ (4,881,933)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) expense 42,506 65,735
Stock-based compensation: Options and warrants 493,158 605,823
Stock-based compensation: Vesting of restricted stock 563,888
Common stock price modification expense 941,530
Warrant modification expense 68,548
Net realized and unrealized investment losses 47,489 133,759
Depreciation and amortization 52,073 131,668
Provision for uncollectible assets (42,604) 46,109
Prepaid compensation amortization 1,500 4,833
Other non-cash income, net (7,535)
Decrease (increase) in assets:    
Accounts receivable (172,820) (149,174)
Inventory (63,353) 124,937
Prepaid expenses and other current assets (127,321) (287,211)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (317,128) (819,000)
Deferred revenue 233,882 173,877
Other liabilities (13,056) 498,904
Total Adjustments 1,700,757 530,260
Net Cash Used in Operating Activities (3,590,177) (4,351,673)
Cash Used in Investing Activities    
Purchase of property and equipment (207,586) (143,857)
Net Cash Used in Investing Activities (207,586) (143,857)
Cash Provided by Financing Activities    
Proceeds from loans payable 34,701
Repayments of loans payable (35,128) (100,000)
Repayments of convertible debt obligations (25,000) (50,000)
Proceeds from common stock offering 4,230,500 5,498,484
Net Cash Provided by Financing Activities 4,205,073 5,348,484
Effect of Exchange Rate Changes on Cash 66,263 434,026
Net Increase in Cash 473,573 1,286,980
Cash - Beginning of Period 110,645 442,725
Cash - End of Period 584,218 1,729,705
Supplemental Disclosures of Cash Flow Information:    
Interest paid 51,994 121,384
Income taxes paid 63 16,601
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity 76,750 73,401
Debt and interest converted to equity $ 75,433