Quarterly report pursuant to sections 13 or 15(d)

Statement of Cash Flows (Unaudited)

v2.4.0.8
Statement of Cash Flows (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net loss $ (1,566,423) $ (667,422)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,547 16,500
Stock-based compensation 503,772 192,165
Issuance of common stock for consulting services 74,160 5,250
Changes in operating assets and liabilities:    
Accounts receivable 57,186 (3,335)
Inventory 13,053 (8,570)
Prepaid expenses and other current assets 106,637 (36,193)
Accounts payable (99,202) 61,473
Accrued expenses (228,114) 24,942
Net cash used in operating activities (1,121,384) (415,190)
Cash flows from investing activities:    
Purchase of property and equipment (4,140) (2,451)
Net cash used in investing activities (4,140) (2,451)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon option exercises 500 0
Proceeds from issuance of common stock and common stock warrants 250,000 250,000
Net cash provided by financing activities 250,500 250,000
Net decrease in cash and cash equivalents (875,024) (167,641)
Cash and cash equivalents, beginning of period 3,387,428 552,315
Cash and cash equivalents, end of period 2,512,404 384,674
Supplemental disclosure of cash flow information:    
Cash paid during the period for:Interest 0 0
Cash paid during the period for:Income taxes 3,000 0
Non-cash financing activities    
Issuance of common stock for stock subscription received in 2013 250,000 0
Value of common stock issued to settle accrued liabilities $ 0 $ 14,000