Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (3,739,583) $ (5,290,934)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) expense 43,814 42,506
Stock-based compensation: Options and warrants 314,127 493,158
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 8,168 47,489
Depreciation and amortization 64,972 52,073
Provision for uncollectible assets 6,000 (42,604)
Prepaid compensation amortization 1,500
Other non-cash income, net (7,535)
Gain on sale of investment in subsidiary (199,200)
Decrease (increase) in assets:    
Accounts receivable (103,662) (172,820)
Inventory (38,255) (63,353)
Prepaid expenses and other current assets 128,154 (127,321)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (472,794) (317,128)
Deferred revenue (87,962) 233,882
Other liabilities (2,115) (13,056)
Total Adjustments (338,753) 1,700,757
Net Cash Used in Operating Activities (4,078,336) (3,590,177)
Cash Flows from Investing Activities    
Purchase of property and equipment (283,279) (207,586)
Proceeds from sale of investment in subsidiary 199,200
Net Cash Used in Investing Activities (84,079) (207,586)
Cash Flows from Financing Activities    
Proceeds from loans payable 517,243 34,701
Repayments of loans payable (31,312) (35,128)
Proceeds from convertible debt obligations 1,260,000
Repayments of debt obligations (115,000) (25,000)
Proceeds from sale of Series B Preferred stock 3,539,214
Proceeds from sale of common stock, ended June 30, 2017 and 2016, respectively net of issuance costs of $4,500 and $0 for the six months 40,500 4,230,500
Net Cash Provided by Financing Activities 5,210,645 4,205,073
Effect of Exchange Rate Changes on Cash 85,045 66,263
Net Increase in Cash 1,133,275 473,573
Cash - Beginning of Period 131,190 110,645
Cash - End of Period 1,264,465 584,218
Supplemental Disclosures of Cash Flow Information:    
Interest paid 112,855 51,994
Income taxes paid 15,643 63
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity 73,868 76,750
Debt and interest converted to Series B Preferred 1,267,324
Debt and interest converted to common stock $ 75,433