XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (3,524,861) $ (8,270,641)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,364,673 1,776,856
Loss on disposal of equipment 5,640 43,311
Share-based compensation expense 440,000 951,290
Amortization of discount on related party debt 836,288 535,073
Long term incentive plan (64,404) (85,085)
Tax benefit (284) (93,913)
Deferred rent 6,836 616,781
Proceeds from restricted stock exchanged for taxes (57,343) (20,132)
Changes in operating assets and liabilities:    
Accounts receivable, net 1,399,070 (504,545)
Inventories (1,637,619) (67,759)
Other current assets 265,395 (30,369)
Accounts payable 394,573 (710,725)
Interest payable 261,505 152,422
Accrued compensation 1,796,568 (59,175)
Accrued liabilities, other 213,387 (733,486)
Accrued pension liability (45,463) 143,459
Deferred revenue 220,789 47,707
Net cash provided by (used in) operating activities 2,874,750 (6,308,931)
Cash flows from investing activities:    
Cash acquired from merger with Vision-Sciences 0 2,019,610
Purchases of property, plant and equipment (232,331) (1,430,311)
Net cash (used in) provided by investing activities (232,331) 589,299
Cash flows from financing activities:    
Financing costs (375,839) 0
Net cash used in financing activities (375,839) 0
Effect of exchange rates on cash and cash equivalents (4,949) (55,463)
Net increase (decrease) in cash and cash equivalents 2,261,631 (5,775,095)
Cash and cash equivalents at beginning of period 1,976,594 8,703,790
Cash and cash equivalents at end of period 4,238,225 2,928,695
Supplemental disclosure of cash flow information:    
Cash paid during the period for income tax 35,424 72,816
Cash paid during the period for interest 47,754 7,975
Non-cash financing activities:    
Deferred financing costs in AP/Accruals $ 975,061 $ 0