XML 18 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net Income (loss) $ 10,183,299 $ (6,225,162)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 218,296 19,648
Stock-based compensation expense 2,454,295 1,950,627
Allowance for bad debt 69,322
Inventory allowance for excess and obsolete products 185,143
Gain on Investment repayment from China (Note Receivable) (12,052,809)  
Changes in operating assets and liabilities:    
Accounts receivable-gross (2,561,721) (248,876)
Inventories 449,654 (925,524)
Prepaid expenses and other current assets (1,486,418) (1,493,622)
Accounts payable and accrued expenses (1,851,333) 1,176,268
Accrued preferred dividends (46,877)
Unbilled royalty revenue (175,148)
Other current Assets/liabilities 80,077 20,983
Net cash used in operating activities (4,487,343) (5,772,535)
Cash flows from investing activities:    
Purchase of property and equipment (23,076) (78,063)
Net cash (used in) investing activities (23,076) (78,063)
Cash flows from financing activities:    
Proceeds from notes payable related party-net 1,500,000  
Proceeds from exercise of stock options 147,427 179,704
Net cash provided by financing activities 1,647,427 179,704
Effect of exchange rate changes on cash and cash equivalents (48,498) (19,819)
Net (decrease) increase in cash (2,911,490) (5,690,713)
Cash at beginning of the period 7,743,181 14,186,624
Cash at end of the period 4,831,691 8,495,911
Cash paid during period for:    
Interest 59,986 87,986
Non-cash investing and financing activities:    
Accrued preferred dividends   85,855
Non-Cash Items Related to China Settlement:    
Accounts Receivable 3,314,146
Inventory 258,688
Pre-paid expense and other current assets 175,185
Accounts payable and accrued expenses $ 3,748,019