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, 2015
Sep. 30, 2014
Cash Flows from Operating Activities    
Net loss $ (6,535,360) $ (6,738,030)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 937,317 570,061
Net realized and unrealized investment losses 170,210 18,409
Depreciation and amortization 185,262 343,353
Provision for uncollectable assets 80,401 (172,726)
Prepaid compensation amortization 3,083 (3,672)
Unrealized exchange rate loss on liabilities denominated in foreign currency 0 177,244
Loss on extinguishment of convertible debt 0 220,128
Other non-cash income, net (15,876) 0
Decrease (increase) in assets:    
Accounts receivable (292,076) 55,472
Inventory (18,727) (325,138)
Prepaid expenses and other current assets (139,714) 8,985
Deposits (22,284) 0
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (359,577) 912,258
Deferred revenue 275,136 64,057
Other liabilities (4,762) (4,348)
Total Adjustments 798,393 1,864,083
Net Cash Used in Operating Activities (5,736,967) (4,873,947)
Cash Flows from Investing Activities    
Purchase of property and equipment (369,873) (645,331)
Net Cash Used in Investing Activities (369,873) (645,331)
Cash Flows from Financing Activities    
Proceeds from exercise of common stock options 0 49,959
Proceeds from issuance of loans payable 0 325,000
Repayments of loans payable (100,000) (318,846)
Repayments of convertible debt obligations (50,000) (729,022)
Proceeds from common stock offering 5,643,884 0
Proceeds from preferred stock offering 0 1,770,575
Proceeds from issuance of preferred stock 0 4,110,877
Net Cash Provided by Financing Activities 5,493,884 5,208,543
Effect of Exchange Rate Changes on Cash 542,322 438,767
Net (Decrease) Increase in Cash (70,634) 128,032
Cash - Beginning of Year 442,725 207,418
Cash - End of Period 372,091 335,450
Supplemental Disclosures of Cash Flow Information:    
Interest paid 128,171 471,103
Income taxes paid 20,550 66,846
Non-Cash Investing and Financing Activity    
Debt and interest converted to equity 0 876,908
Common stock converted into preferred and retired 0 94,790
Common stock issued to settle operational expenses 0 136,091
Accrued stock based compensation converted to equity 73,401 48,272
Issuance of preferred stock previously subscribed 0 789,800
Debt and interest converted to pending equity $ 0 $ 668,103