XML 18 R7.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
Cash flows from operating activities:    
Net loss $ (3,631,175) $ (5,902,001)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,590,903 925,107
Loss on disposal of equipment 0 38,668
Share-based compensation expense 224,999 536,439
Amortization of discount on related party debt 554,247 265,967
Long term incentive plan (46,870) (8,491)
Tax benefit (1,161) (89,945)
Deferred rent 9,895 (2,263)
Proceeds from restricted stock exchanged for taxes (57,343) 0
Changes in operating assets and liabilities:    
Accounts receivable, net 1,691,231 258,291
Inventories (1,096,308) 23,025
Other current assets 68,790 22,829
Accounts payable 104,130 (153,490)
Interest payable 178,359 76,211
Accrued compensation 1,059,496 2,306
Accrued liabilities, other 118,912 (301,580)
Accrued pension liability 42,862 174,014
Deferred revenue 250,679 72,080
Net cash provided by (used in) operating activities 1,061,646 (4,062,833)
Cash flows from investing activities:    
Cash acquired from merger with Vision-Sciences 0 2,019,610
Purchases of property, plant and equipment (166,976) (609,615)
Proceeds from sale of property, plant and equipment 0 999
Net cash (used in) provided by investing activities (166,976) 1,410,994
Net cash provided by financing activities 0 0
Effect of exchange rates on cash and cash equivalents (4,184) (55,705)
Net increase (decrease) in cash and cash equivalents 890,486 (2,707,544)
Cash and cash equivalents at beginning of period 1,976,594 8,703,790
Cash and cash equivalents at end of period 2,867,080 5,996,246
Supplemental disclosure of cash flow information:    
Cash paid during the period for income tax 19,378 17,578
Cash paid during the period for interest $ 34,061 $ 1,400