Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows (Unaudited)

v3.3.0.814
Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (1,896,407) $ (3,937,444)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 53,318 53,229
Stock-based compensation 267,223 681,697
Loss on extinguishment of debt and warrants 219,993 0
Non-cash interest expense 288,931 0
Provision for inventory obsolescence 71,062 0
Issuance of common stock warrants 0 35,836
Change in fair value of derivative liabilities (274,331) 0
Issuance of common stock for consulting services 91,180 117,415
Changes in operating assets and liabilities:    
Accounts receivable 0 6,066
Inventory (59,215) (67,007)
Prepaid expenses and other current assets (14,227) 27,423
Accounts payable 479,267 115,704
Deferred revenue 62,610 0
Accrued expenses 82,890 (94,987)
Net cash used in operating activities (627,706) (3,062,068)
Cash flows from investing activities:    
Purchase of property and equipment 0 (6,510)
Net cash used in investing activities 0 (6,510)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes payable (net of issuance discounts and fees) 1,282,000 0
Repayment of convertible notes payable (753,333) 0
Proceeds from issuance of common stock upon option exercises 0 500
Proceeds from issuance of common stock and common stock warrants (net of issuance costs) 0 250,000
Net cash provided by financing activities 528,667 250,500
Net decrease in cash and cash equivalents (99,039) (2,818,078)
Cash and cash equivalents, beginning of period 157,278 3,387,428
Cash and cash equivalents, end of period 58,239 569,350
Supplemental disclosure of cash flow information:    
Cash paid during the period for: Interest 21,797 0
Cash paid during the period for: Income taxes 5,000 3,753
Non-cash financing activities    
Issuance of common stock for stock subscription received in 2013 0 250,000
Issuance of common stock in exchange for settlement of outstanding payables 31,287 0
Warrant liability associated with Typenex Convertible Note 146,995 0
Derivative liabilities associated with convertible notes payable $ 274,331 $ 0