Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows from Operating Activities    
Net loss $ (6,738,030) $ (6,445,664)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 570,061 2,559,174
Net realized and unrealized investment losses 18,409 26,815
Depreciation and amortization 343,353 529,594
Provision for uncollectable assets (172,726) (684,481)
Prepaid compensation amortization (3,672) (3,702)
Unrealized exchange rate loss on liabilities denominated in foreign currency 177,244 424,731
Loss on extinguishment of convertible debt 220,128 262,636
Other non-cash income 0 (27,484)
Decrease (increase) in assets:    
Accounts receivable 55,472 (24,980)
Inventory (325,138) (164,248)
Prepaid expenses and other current assets 8,985 79,752
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 912,258 908,372
Deferred revenue 64,057 (149,182)
Other current liabilities (4,348) (1,006)
Total Adjustments 1,864,083 3,735,991
Net Cash Used in Operating Activities (4,873,947) (2,709,673)
Cash Used in Investing Activities    
Purchase of property and equipment (645,331) (130,430)
Net Cash Used in Investing Activities (645,331) (130,430)
Cash Provided by Financing Activities    
Proceeds from exercise of common stock options 49,959 0
Proceeds from issuance of loans payable 325,000 908,498
Repayments of loans payable (318,846) (159,000)
Repayments of convertible debt obligations (729,022) (37,000)
Proceeds from equity offerings received prior to closing 1,770,575 581,000
Proceeds from issuance of preferred stock 4,110,877 1,469,500
Net Cash Provided by Financing Activities 5,208,543 2,762,998
Effect of Exchange Rate Changes on Cash 438,767 243,243
Net Increase in Cash 128,032 166,138
Cash - Beginning of Period 207,418 114,763
Cash - End of Period 335,450 280,901
Supplemental Disclosures of Cash Flow Information:    
Interest paid 471,103 80,237
Income taxes paid 66,846 30,810
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity 48,272 78,128
Common stock converted into preferred stock and retired 94,790 (1,111)
Debt and interest converted to equity 876,908 1,034,557
Issuance of preferred stock previously subscribed 789,800 298,050
Common stock issued to settle operational expenses 136,091 0
Debt and interest converted to pending equity $ 668,103 $ 0