Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,800,960) $ (3,870,952)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 271,727 278,865
Loss (gain) on disposal of asset (4,631) 1,209
Provision for losses on accounts receivable 0 53,800
Provision (recovery) for inventory reserve (7,000) 0
Stock-based compensation 199,500 126,936
Non-cash interest expense 50,202 50,910
(Increase) decrease in:    
Short-term investments, restricted 290,900 (1,303)
Accounts receivable (536,426) (1,063,352)
Inventory (1,585,822) (746,428)
Unbilled revenue (375,479) (50,514)
Due from related party (577,010) (600,251)
Prepaid assets and other current assets (4,237) (8,855)
Other assets (5,100) 19,100
Changes in operating liabilities increase (decrease) in:    
Accounts payable 895,496 78,267
Accrued expenses 58,707 (131,401)
Deferred revenue (603,626) 1,055,270
Interest payable, related party 0 (198,450)
Due to related party 0 (119,667)
Net cash used in operating activities (4,733,759) (5,126,816)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (69,582) (223,574)
Disposal of property and equipment 16,874 7,092
Purchases of intangible assets (133,032) (141,959)
Payments to Acquire Short-term Investments 0 584,400
Net cash used in investing activities (185,740) (942,841)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments made on demand notes payable, related party 0 2,950,000
Proceeds from sale of common stock, net of costs 8,859,767 2,340,194
Proceeds from exercise of stock options 360,225 161,265
Payments from debt issuance costs 0 (9,668)
Net cash provided by financing activities 9,219,992 (458,209)
Net increase (decrease) in cash and cash equivalents 4,300,493 (6,527,866)
Cash and cash equivalents, beginning of the year 1,186,033 7,713,899
Cash and cash equivalents, end of the year 5,486,526 1,186,033
Supplemental disclosures of cash flows information:    
Cash paid for interest $ 121,742 $ 324,885