Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities    
Net loss $ (7,912,512) $ (10,042,141)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) stock 81,386 73,868
Stock-based compensation: Options and warrants 623,907 1,131,056
Stock-based compensation: Restricted stock 797,222
Common stock price modification expense 941,530
Warrant modification expense 89,549
Net realized and unrealized investment losses 16,287 92,825
Depreciation and amortization 193,065 64,853
Amortization of debt discount 12,217
Provision for uncollectible assets 76,215 543,909
Write-down of inventory 61,000 91,479
Prepaid compensation amortization 3,000
Other non-cash income, net (8,311)
Gain on sale of investment in subsidiary (199,200)
Decrease (increase) in assets:    
Accounts receivable (246,917) (339,739)
Inventory (394,728) (246,391)
Prepaid expenses and other current assets (124,378) (288,685)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (511,902) (186,236)
Deferred revenue 246,881 790,372
Other liabilities 3,380 22,280
Total Adjustments (162,787) 3,572,581
Net Cash Used in Operating Activities (8,075,299) (6,469,560)
Cash Flows from Investing Activities    
Purchase of property and equipment (930,368) (548,834)
Proceeds from sale of investment in subsidiary 81,114
Net Cash Used in Investing Activities (849,254) (548,834)
Cash Flows from Financing Activities    
Proceeds from loans payable 519,157 68,001
Repayments of loans payable (104,645) (35,128)
Proceeds from convertible debt obligations 1,280,000
Repayments of debt obligations (162,500) (75,000)
Dividends paid (60,515)
Proceeds from sale of Series B Preferred stock 7,759,500
Proceeds from common stock offering, net of issuance costs 40,500 7,097,862
Net Cash Provided by Financing Activities 9,271,497 7,055,735
Effect of Exchange Rate Changes on Cash (119,831) (16,796)
Net Increase in Cash 227,113 20,545
Cash - Beginning of Period 131,190 110,645
Cash - End of Period 358,303 131,190
Supplemental Disclosures of Cash Flow Information:    
Interest paid 185,364 149,795
Income taxes paid
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity 73,868 76,750
Exchange of 8% notes for Series B preferred stock 1,267,324
Exchange of 12.5% notes for common stock 75,433
Land purchased in exchange for note payable 517,390
Common stock issued in satisfaction of deferred revenue $ 124,539