Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities    
Net loss $ (10,042,141) $ (8,278,964)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) stock 73,869 76,749
Stock-based compensation: Options and warrants 1,131,056 1,042,135
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 92,825 167,451
Depreciation and amortization 64,853 224,580
Provision for uncollectible assets 543,909 (49,073)
Write-down of inventory 91,479 193,146
Prepaid compensation amortization 3,000 19,121
Other non-cash income, net (8,311)
Decrease (increase) in assets:    
Accounts receivable (339,739) (206,755)
Inventory (246,391) (284,924)
Prepaid expenses and other current assets (288,685) (154,192)
Deposits (19,266)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (186,236) (558,249)
Deferred revenue 790,372 731,991
Other liabilities 22,279 558,542
Total Adjustments 3,572,581 1,741,256
Net Cash Used in Operating Activities (6,469,560) (6,537,708)
Cash Flows from Investing Activities    
Purchase of property and equipment (548,834) (470,442)
Net Cash Used in Investing Activities (548,834) (470,442)
Cash Flows from Financing Activities    
Proceeds from loans payable 68,001
Repayments of loans payable (35,128) (100,000)
Repayments of debt obligations (75,000) (50,000)
Proceeds from common stock offering 7,097,862 6,331,034
Net Cash Provided by Financing Activities 7,055,735 6,181,034
Effect of Exchange Rate Changes on Cash (16,796) 495,036
Net Increase (Decrease) in Cash 20,545 (332,080)
Cash - Beginning of Period 110,645 442,725
Cash - End of Period 131,190 110,645
Supplemental Disclosures of Cash Flow Information:    
Interest paid 149,795 248,567
Income taxes paid 8 25,049
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity 76,750 73,400
Debt and interest converted to equity $ 75,433