Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (5,612,632) $ (7,437,636)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) expense 59,680 60,175
Stock-based compensation: Options and warrants 462,036 813,644
Vesting of restricted stock 797,222
Common stock price modification expense 941,530
Warrant modification expense 68,548
Net realized and unrealized investment losses 12,707 75,568
Depreciation and amortization 122,072 101,758
Amortization of debt discount 1,389
Provision for uncollectible assets 9,000 (21,584)
Prepaid compensation amortization 2,250
Other non-cash income, net (8,310)
Gain on sale of investment in subsidiary 199,200
Decrease (increase) in assets:    
Accounts receivable (218,608) (191,883)
Inventory (169,659) (185,825)
Prepaid expenses and other current assets (8,594) (169,405)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (773,483) (122,196)
Deferred revenue (81,314) 483,895
Other liabilities 645 6,896
Total Adjustments (783,329) 2,652,283
Net Cash Used in Operating Activities (6,395,961) (4,785,353)
Cash Flows from Investing Activities    
Purchase of property and equipment (440,856) (260,338)
Proceeds from sale of investment in subsidiary 199,200
Net Cash Used in Investing Activities (241,656) (260,338)
Cash Flows from Financing Activities    
Proceeds from loans payable 517,244
Repayments of loans payable (32,328) (50,000)
Proceeds from convertible debt obligations 1,260,000
Repayments of debt obligations (140,000)
Dividends paid (60,515)
Proceeds from sale of Series B Preferred stock 6,352,319
Proceeds from sale of common stock, net of issuance costs of $4,500 and $0 for the nine months ended September 30, 2017 and 2016, respectively 40,500 5,547,590
Net Cash Provided by Financing Activities 7,937,220 5,497,590
Effect of Exchange Rate Changes on Cash (9,082) 27,391
Net Increase in Cash 1,290,521 479,290
Cash - Beginning of Period 131,190 110,645
Cash - End of Period 1,421,711 589,935
Supplemental Disclosures of Cash Flow Information:    
Interest paid 123,614 70,513
Income taxes paid 27,775 88
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
Land purchased in exchange for note payable 517,390
Common stock issued in satisfaction of deferred revenue $ 124,539