Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ (1,165,801) $ (1,974,731)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 198,766 205,262
Change in provision for allowance on accounts receivable (6,000)  
Provision (recovery) for inventory reserve (90,000) (25,000)
Stock-based compensation 117,065 90,971
Non-cash interest expense 37,923 37,550
Loss (gain) on sale of assets 640 (4,631)
Short term investments 294,802 290,974
Changes in operating assets and liabilities    
Accounts receivable (2,664,462) 419,256
Unbilled revenue (1,024,276) (1,104,143)
Inventory, net 714,896 (584,692)
Due from related party 744,266 (348,878)
Prepaid expenses and other current assets (100,398) (5,991)
Other non-current assets 0 (5,100)
Increase (decrease) in:    
Accounts payable (279,196) 425,545
Accrued expenses 122,809 130,761
Deferred revenue 184,103 (901,872)
Net cash used in operating activities (2,914,863) (3,354,719)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (130,499) (48,827)
Proceeds from sale of assets 0 16,874
Purchases of intangible assets (71,223) (110,502)
Cash paid for investment in Ultra Emissions Technologies Ltd (2,000,000)  
Net cash used in investing activities (2,201,722) (142,455)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of debt issuance costs (2,034) 0
Proceeds on demand notes payable 150,000  
Payment of stock issuance costs (28,548) 0
Proceeds from sale of restricted common stock, net 0 5,920,927
Proceeds from the exercise of stock options 312,698 360,225
Proceeds from the exercise of warrants 2,700,000 0
Net cash provided by financing activities 3,132,116 6,281,152
Net increase (decrease) in cash and cash equivalents (1,984,469) 2,783,978
Cash and cash equivalents, beginning of the period 5,486,526 1,186,033
Cash and cash equivalents, end of the period 3,502,057 3,970,011
Non-cash investing and financing activities:    
Cash paid for interest 94,049 91,076
Stock exchange for non-controlling interest in Ilios $ 330,852 $ 0