Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (11,711,333) $ (5,789,519)
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 71,152 27,667
(Gain) loss on sale of property and equipment (1,280) 203
Stock issued as compensation to non-employee directors 264,000 102,500
Stock-based compensation expense 770,704 184,532
Changes in operating assets and liabilities:    
Accounts receivables, net (5,507) 48,826
Inventory, net 117,680 (150,806)
Prepaid expenses and other current assets 66,123 214,831
Accounts payable and accrued expenses 331,083 (199,747)
Deferred revenue (7,007) 2,383
Net cash used in operating activities (5,104,385) (5,559,130)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 1,280 424
Purchase of property and equipment (102,511) (110,673)
Net cash used in investing activities (101,231) (110,249)
Cash flows from financing activities:    
Payments on short-term notes payable (159,950) (158,210)
Net cash used in financing activities (159,950) (158,210)
Net decrease in cash and cash equivalents (5,365,566) (5,827,589)
Cash and cash equivalents at beginning of period 10,448,921 16,276,510
Cash and cash equivalents at end of period 5,083,355 10,448,921
Supplemental disclosure of cash flow information:    
Interest paid 5,241 4,058
Non-cash investing and financing activities:    
Conversion of convertible note payable and accrued interest to common shares 5,071,506  
Borrowings under short term notes payable for prepaid expense 158,462 158,999
Par value of common stock issued for cashless exercise of warrants 99 $ 135
Par value of restricted shares issued $ 200