Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (2,062,885) $ (1,292,777)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,287 13,872
Stock issued as compensation to non-employee directors 42,000 66,000
Stock-based compensation expense 163,761 46,140
Changes in operating assets and liabilities:    
Accounts receivable, net (11,633) (13,953)
Inventory, net 80,027 62,173
Prepaid expenses and other current assets 68,253 35,012
Accounts payable and accrued expenses 16,957 (200,892)
Deferred revenue 3,472 (3,946)
Net cash used in operating activities (1,681,761) (1,288,371)
Cash flows from investing activities:    
Purchase of property and equipment   (72,237)
Net cash used in investing activities   (72,237)
Cash flows from financing activities:    
Payments on short-term notes payable (33,947) (34,845)
Net cash used in financing activities (33,947) (34,845)
Net decrease in cash and cash equivalents (1,715,708) (1,395,453)
Cash and cash equivalents at beginning of period 5,083,355 10,448,921
Cash and cash equivalents at end of period 3,367,647 9,053,468
Supplemental disclosure of cash flow information:    
Interest paid 771 606
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 49,395 49,395
Par value of restricted shares issued $ 200 $ 200