Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities    
Net loss $ (1,810,885) $ (1,996,265)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) expense 18,017 16,616
Stock-based compensation: Options and warrants 164,529 234,092
Stock-based compensation: Vesting of restricted stock 291,667
Net realized and unrealized investment losses 3,031 24,098
Depreciation and amortization 21,615 26,037
Provision for uncollectible assets 2,000 (39,815)
Prepaid compensation amortization 750 750
Other non-cash income, net (6,243)
Gain on sale of investment in subsidiary (199,200)
Decrease (increase) in assets:    
Accounts receivable (11,713) (33,328)
Inventory (26,475) (130,847)
Prepaid expenses and other current assets 7,301 (128,363)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (125,780) (138,410)
Deferred revenue (104,776) 75,067
Other liabilities 1,172 (4,939)
Total Adjustments (249,529) 186,382
Net Cash Used in Operating Activities (2,060,414) (1,809,883)
Cash Flows from Investing Activities    
Purchase of property and equipment (99,699) (30,259)
Proceeds from sale of investment in subsidiary 199,200
Net Cash Provided by (Used in) Investing Activities 99,501 (30,259)
Cash Flows from Financing Activities    
Proceeds from loans payable 517,243 34,701
Repayments of loans payable (32,158)
Proceeds from convertible debt obligations 1,260,000
Repayments of debt obligations (15,000) (25,000)
Proceeds from sale of Series B Preferred stock 285,000
Proceeds from sale of common stock, net of issuance costs of $4,500 40,500 2,851,610
Net Cash Provided by Financing Activities 2,055,585 2,861,311
Effect of Exchange Rate Changes on Cash 86,226 197,922
Net Increase in Cash 180,898 1,219,091
Cash - Beginning of Period 131,190 110,645
Cash - End of Period 312,088 1,329,736
Supplemental Disclosures of Cash Flow Information:    
Interest paid 42,897 3,484
Income taxes paid
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity 73,868 76,750
Debt and interest converted to equity $ 1,267,324 $ 75,433