Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ (946,356) $ (652,947)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 65,456 67,239
Provision for inventory reserve 14,000 (40,000)
Stock-based compensation 27,243 93,254
Non-cash interest expense 12,382 12,383
Gain (loss) on sale of assets 640 (5,569)
Change in provision for allowance on accounts receivable (6,154) 0
Changes in operating assets and liabilities    
Short term investments (73) (353)
Accounts receivable (595,293) (659,607)
Unbilled revenue 213,121 (153,905)
Inventory, net 367,511 374,069
Due from related party 582,662 327,843
Prepaid expenses and other current assets (1,786) (53,163)
Increase (decrease) in:    
Accounts payable (934,598) 681,160
Accrued expenses 13,109 270,174
Deferred revenue 37,021 (765,124)
Net cash used in operating activities (1,151,115) (504,546)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (47,371) (12,935)
Proceeds from sale of assets 0 5,569
Purchases of intangible assets (27,959) (47,237)
Net cash used in investing activities (75,330) (54,603)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of stock issuance costs (6,150) 0
Proceeds from sale of restricted common stock, net 0 996,874
Proceeds from the exercise of stock options 0 360,225
Net cash provided by (used in) financing activities (6,150) 1,357,099
Net increase (decrease) in cash and cash equivalents (1,232,595) 797,950
Cash and cash equivalents, beginning of the period 5,486,526 1,186,033
Cash and cash equivalents, end of the period 4,253,931 1,983,983
Non-cash investing and financing activities:    
Cash paid for interest $ 29,999 $ 30,059