XML 14 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net Loss $ (1,410,527) $ (2,658,023)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 8,674 7,368
Stock-based compensation expense 1,362,729 1,055,108
Changes in operating assets and liabilities:    
Accounts receivable, net (2,066,226) (932,107)
Inventories net (1,046,091) (250,864)
Prepaid expenses and other current assets (1,026,286) (437,151)
Accounts payable and accrued expenses 1,626,399 (231,523)
Accrued preferred dividends (101,111) (101,667)
Deferred revenue and other current liabilities (83,291) 774,972
Net cash provided by (used in) in operating activities (2,735,730) (2,773,887)
Cash flows from investing activities:    
Purchase of property and equipment (12,346) (12,330)
Net cash (used in) investing activities (12,346) (12,330)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 9,999,948  
Proceeds from exercise of stock options 998,733 5,300
Net cash provided by financing activities 10,998,681 5,300
Net increase (decrease) in cash 8,250,605 (2,780,917)
Cash at beginning of the period 11,747,138 10,128,320
Cash at end of the period 19,997,743 7,347,403
Cash paid during period for:    
Interest 86,534 113,750
Income Taxes
Non-cash investing and financing activities:    
Accrued preferred dividends 181,493 173,306
Conversion of convertible note to common shares, related-party $ 1,000,000