XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES :    
Net loss $ (1,182,585) $ (1,467,652)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 398,162 235,622
Depreciation 66,330 104,527
Share-based compensation for stock and options issued to employees 15,913 24,933
Share-based compensation for options issued to non-employees 30,102 120,253
Equity in earnings (loss) of unconsolidated subsidiary 0 0
Amortization of debt discount on promissory note 26,012 11,035
Amortization of debt issuance costs 18,658 8,103
Common stock issued for services 36,000 0
Common stock issued for interest due on promissory note 2,239 0
Accommodation fee due on promissory note 25,000 0
Change in operating assets and liabilities:    
Accounts receivable 39,080 (450,038)
Inventory (50,618) (212,530)
Prepaid expenses and deferred charges 72,080 77,145
Deposits (2,895) 0
Accounts payable 31,190 449,744
Accrued liabilities (151,457) 53,800
Accrued interest 625 11,764
Deferred revenue (321,089) 7,402
Total 235,332 441,760
Net Cash Used in Operating Activities (947,253) (1,025,892)
INVESTING ACTIVITIES :    
Purchase of property and equipment 0 (787)
Net Cash Used in Investing Activities 0 (787)
FINANCING ACTIVITIES :    
Proceeds from sale of common stock and warrants, net 1,732,338 0
Proceeds from issuance of convertible note and warrant, net 0 485,008
Offering costs associated with acquisition of licensing rights in 2015 (21,950) 0
Offering cost adjustment - preferred stock sale in 2011 0 10,509
Repayment of principle due on promissory note (225,000) 0
Net Cash Provided by Financing Activities 1,485,388 495,517
Net Increase (Decrease) in Cash 538,135 (531,162)
Cash, beginning of period 180,000 550,458
Cash, end of period 718,135 19,296
SUPPLEMENTAL CASH FLOW DISCLOSURE:    
Cash paid for interest 14,239 1,601
Non-cash investing and financing activities:    
Issuance of common stock for principle due on promissory note $ 45,000 $ 0