Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (3,536,403) $ (3,663,995)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 13,299 42,105
Loss on sale of property and equipment 203  
Stock issued as compensation to non-employee directors 102,500  
Stock-based compensation expense 154,221 85,822
Write off of expired inventory   (240,005)
Changes in operating assets and liabilities:    
Accounts receivable, net 41,609 20,182
Inventory, net 49,408 61,179
Prepaid expenses and other current assets 81,367 76,472
Accounts payable and accrued expenses (206,743) 64,943
Deferred revenue 20,037 (27,842)
Net cash used in operating activities (3,280,502) (3,581,139)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 424  
Purchase of property and equipment (18,889) (6,374)
Net cash used in investing activities (18,465) (6,374)
Cash flows from financing activities:    
Payments on short-term notes payable (78,970) (62,702)
Net proceeds from issuance of common stock   30,000
Restricted cash released   61,763
Net cash (used in) provided by financing activities (78,970) 29,061
Net decrease in cash and cash equivalents (3,377,937) (3,558,452)
Cash and cash equivalents at beginning of period 16,276,510 9,925,967
Cash and cash equivalents at end of period 12,898,573 6,367,515
Supplemental disclosure of cash flow information:    
Interest paid 1,579 1,793
Non-cash investing and financing activities:    
Borrowings under short-term notes payable for prepaid expense 50,694 157,031
Par value of common stock issued for cashless exercise of warrants $ 135 $ 106