Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flows from Operating Activities    
Net loss $ (4,881,933) $ (4,724,942)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 605,823 425,771
Net realized and unrealized investment losses 133,759 11,324
Depreciation and amortization 131,668 142,122
Provision for uncollectable assets 46,109 (57,270)
Prepaid compensation amortization 4,833 (7,119)
Loss on extinguishment of convertible debt 0 219,421
Decrease (increase) in assets:    
Accounts receivable (149,174) 3,579
Inventory 124,937 (101,073)
Prepaid expenses and other current assets (287,211) (88,707)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (753,265) 773,566
Deferred revenue 173,877 174,967
Other liabilities 498,904 (2,899)
Total Adjustments 530,260 1,493,682
Net Cash Used in Operating Activities (4,351,673) (3,231,260)
Cash Flows from Investing Activities    
Purchase of property and equipment (143,857) (488,869)
Net Cash Used in Investing Activities (143,857) (488,869)
Cash Flows from Financing Activities    
Proceeds from issuance of loans payable 0 200,000
Repayments of loans payable (100,000) (326,218)
Repayments of convertible debt obligations (50,000) (656,848)
Proceeds from common stock offering 5,498,484 0
Proceeds from preferred stock offering 0 4,891,353
Proceeds from the exercise of stock options 0 49,959
Net Cash Provided by Financing Activities 5,348,484 4,158,246
Effect of Exchange Rate Changes on Cash 434,026 318,687
Net Increase in Cash 1,286,980 756,804
Cash - Beginning of Year 442,725 207,418
Cash - End of Period 1,729,705 964,222
Supplemental Disclosures of Cash Flow Information:    
Interest paid 121,384 421,590
Income taxes paid 16,601 33,848
Non-Cash Investing and Financing Activity    
Debt and interest converted to equity 0 1,515,606
Common stock issued to settle operational expenses 0 136,091
Accrued stock based compensation converted to equity $ 73,401 $ 48,272