XML 19 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net Loss $ (8,240,583) $ (3,067,615)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 20,425 16,951
Gain on equipment (6,095)
Stock-based compensation expense for services 327,997
Stock-based compensation expense 2,241,045 1,579,045
Changes in operating assets and liabilities:    
Accounts receivable, net (3,587,926) (660,673)
Inventory (3,094,135) 111,534
Prepaid expenses and other current assets (243,095) (271,082)
Accounts payable and accrued expenses 4,557,616 (51,697)
Accrued preferred dividends (202,778) (203,335)
Deposits/deferred revenue and other current liabilities (196,691) 189,555
Net cash used in operating activities (8,418,125) (2,363,412)
Cash flows from investing activities:    
Purchase of property and equipment (49,534) (30,830)
Proceeds from sale of equipment 7,760
Net cash (used in) investing activities (49,534) (23,070)
Cash flows from financing activities:    
Net proceeds from sale of common stock 9,999,948 4,000,000
Proceeds from exercise of stock options 946,575 5,300
Net cash provided by financing activities 10,946,523 4,005,300
Effect on exchange rate changes on cash and cash equivalents (39,378)
Net increase in cash and cash equivalents 2,439,486 1,618,818
Cash and cash equivalents at beginning of the year 11,747,138 10,128,320
Cash and cash equivalents at end of the year 14,186,624 11,747,138
Cash paid during period for:    
Interest 160,855 113,750
Preferred Dividends 202,778 152,223
Taxes  
Non-cash investing and financing activities:    
Accrued preferred dividends 163,216 154,269
Conversion of convertible note to common stock, related party 999,999
Conversion of accrued preferred dividend into preferred shares - related party $ 383,000