Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 44,787 $ (946,356)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 64,281 65,456
Recovery of inventory reserve (36,000) 14,000
Stock-based compensation 48,842 27,243
Non-cash interest expense 203 12,382
Loss on sale of assets 2,909 640
Provision for losses on accounts receivable 0 (6,154)
Changes in operating assets and liabilities    
Short term investments 0 (73)
Accounts receivable (471,660) (595,293)
Unbilled revenue (77,410) 213,121
Inventory, net (1,265,013) 367,511
Due from related party (75,705) 582,662
Prepaid expenses and other current assets (199,561) (1,786)
Other non-current assets (69,875) 0
Increase (decrease) in:    
Accounts payable 644,323 (934,598)
Accrued expenses (224,394) 13,109
Deferred revenue 61,364 37,021
Net cash used in operating activities (1,552,909) (1,151,115)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (73,330) (47,371)
Purchases of intangible assets (53,608) (27,959)
Net cash used in investing activities (126,938) (75,330)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of stock issuance costs 0 (6,150)
Proceeds from the exercise of stock options 106,835 0
Net cash provided by financing activities 106,835 (6,150)
Net increase (decrease) in cash and cash equivalents (1,573,012) (1,232,595)
Cash and cash equivalents, beginning of the period 3,721,765 5,486,526
Cash and cash equivalents, end of the period 2,148,753 4,253,931
Non-cash investing and financing activities:    
Cash paid for interest $ 31,150 $ 29,999