XML 18 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES :    
Net loss $ (1,005,786) $ (1,182,585)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 202,334 398,162
Depreciation 65,558 66,330
Share-based compensation for stock and options issued to employees 8,697 15,913
Share-based compensation for options issued to non-employees 0 30,102
Amortization of debt discount on promissory note 87,006 26,012
Amortization of debt issuance costs 1,916 18,658
Change in operating assets and liabilities:    
Accounts receivable 59,177 39,080
Inventory 9,776 (50,618)
Prepaid expenses and deferred charges 97,958 72,080
Deposits 0 (2,895)
Accounts payable 147,467 31,190
Accrued liabilities (153,672) (115,457)
Accrued interest 36,591 2,864
Deferred revenue (14,328) (321,089)
Total 548,480 210,332
Net Cash Used in Operating Activities (457,306) (972,253)
INVESTING ACTIVITIES :    
Purchase of equipment (3,501) 0
Net Cash Used in Investing Activities (3,501) 0
FINANCING ACTIVITIES :    
Proceeds from issuance of convertible notes and warrant, net 983,092 0
Proceeds from sale of preferred stock, net 4,915,661 0
Proceeds from sale of common stock and warrants, net 0 1,732,338
Offering costs associated with acquisition of licensing rights in 2015 0 (21,950)
Additional principle due on promissory note due to accommodation fee 0 25,000
Proceeds from issuance of promissory notes 120,000 0
Repayment of principle due on promissory notes (140,000) (225,000)
Net Cash Provided by Financing Activities 5,878,753 1,510,388
Net Increase in Cash 5,417,946 538,135
Cash, beginning of period 36,615 180,000
Cash, end of period 5,454,561 718,135
SUPPLEMENTAL CASH FLOW DISCLOSURE:    
Cash paid for interest 2,672 14,239
Non-cash investing and financing activities:    
Issuance of common stock for acquisition of licensing rights 869,375 0
Issuance of common stock for principle due on promissory note 0 45,000
Issuance of common stock for interest due on promissory note 0 2,239
Issuance of common stock for services $ 0 $ 36,000