Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v3.2.0.727
Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (7,628,248) $ (3,536,403)
Adjustments to reconcile net loss to net cash used in operating activities:    
Technology access fee paid in convertible note payable to shareholder 5,000,000  
Depreciation and amortization 32,457 13,299
Loss on sale of fixed assets   203
Stock issued as compensation to non-employee directors 132,000 102,500
Stock-based compensation expense 254,280 154,221
Changes in operating assets and liabilities:    
Accounts receivable, net (11,190) 41,609
Inventory, net 75,115 49,408
Prepaid expenses and other current assets 78,416 81,367
Accounts payable and accrued expenses (161,524) (206,743)
Deferred revenue (3,367) 20,037
Net cash used in operating activities (2,232,061) (3,280,502)
Cash flows from investing activities:    
Proceeds from sale of fixed asset   424
Purchase of property and equipment (93,889) (18,889)
Net cash used in investing activities (93,889) (18,465)
Cash flows from financing activities:    
Payments on short-term notes payable (79,468) (78,970)
Net cash used by financing activities (79,468) (78,970)
Net decrease in cash and cash equivalents (2,405,418) (3,377,937)
Cash and cash equivalents at beginning of period 10,448,921 16,276,510
Cash and cash equivalents at end of period 8,043,503 12,898,573
Supplemental disclosure of cash flow information:    
Interest paid 1,471 1,579
Non-cash investing and financing activities:    
Borrowings under short-term notes payable for prepaid expense 49,395 50,694
Par value of common stock issued for cashless exercise of warrants   $ 135
Par value of restricted shares issued $ 200