Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,161,245) $ (2,800,960)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 264,005 271,727
Loss (gain) on disposal of asset 640 (4,631)
Provision for losses on accounts receivable (19,245) 0
Provision (recovery) for inventory reserve (27,000) (7,000)
Stock-based compensation 165,931 199,500
Non-cash interest expense 49,532 50,202
(Increase) decrease in:    
Short-term investments, restricted 294,802 290,900
Accounts receivable (3,324,310) (536,426)
Inventory 935,779 (1,585,822)
Unbilled revenue (1,197,254) (375,479)
Due from related party 916,273 (577,010)
Prepaid assets and other current assets (48,771) (4,237)
Other assets 0 (5,100)
Changes in operating liabilities increase (decrease) in:    
Accounts payable 55,672 895,496
Accrued expenses 311,398 58,707
Deferred revenue 65,937 (603,626)
Net cash used in operating activities (2,717,856) (4,733,759)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (139,725) (69,582)
Disposal of property and equipment 0 16,874
Purchases of intangible assets (119,665) (133,032)
Investment in Ultra Emissions Technologies, Ltd. (2,000,000) 0
Net cash used in investing activities (2,259,390) (185,740)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments from debt issuance costs (2,034) 0
Proceeds on notes payable 150,000 0
Payments of Stock Issuance Costs (31,053) 0
Proceeds from sale of common stock, net of costs 0 8,859,767
Proceeds from exercise of stock options 395,572 360,225
Proceeds from exercise of warrants 2,700,000 0
Net cash provided by financing activities 3,212,485 9,219,992
Net increase (decrease) in cash and cash equivalents (1,764,761) 4,300,493
Cash and cash equivalents, beginning of the year 5,486,526 1,186,033
Cash and cash equivalents, end of the year 3,721,765 5,486,526
Supplemental disclosures of cash flows information:    
Cash paid for interest 126,250 121,742
Stock Issued $ 330,852 $ 0