Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net loss $ (3,344,932) $ (2,207,707)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued income on marketable securities (148) 13,380
Depreciation and amortization 182,866 221,946
Allowance for/(reversal of) doubtful accounts 46,239 (1,153,413)
Amortization of deferred compensation 15,784 24,834
Share based compensation to employees - options 14,502 22,828
Share based compensation to non-employees - options 2,183 23,676
Share based compensation to non-employees - restricted stock 5,455
Changes in assets and liabilities:    
Increase in trade receivables (570,065) (275,541)
Decrease in trade receivables - related parties 31,892
Decrease in deposits and other receivables 2,034 65,855
Increase in inventories (111,486) (60,862)
Decrease in prepaid expenses 68,797 91,706
Decrease in prepaid expenses - related parties 38,438 58,974
Increase in other assets (9,280)
Increase/(decrease) in trade and other payables 174,185 (418,998)
Increase/(decrease) in trade and other payables - related parties (213,822) 59,673
Increase in deferred revenue 12,500
Net cash used in operating activities (3,654,858) (3,533,649)
Cash flows from investing activities    
Purchases of property, plant and equipment (37,191) (88,023)
Purchases of marketable securities (2,709,148) (37,360)
Proceeds from sale of marketable securities 2,749,119 3,452,833
Net cash provided by investing activities 2,780 3,327,450
Cash flows from financing activities    
Net proceeds from issuance of common stock 3,413,311
Net proceeds from exercise of warrants for common stock 301,200
Net cash provided by financing activities 3,714,511
Net increase/(decrease) in cash 62,433 (206,199)
Cash at beginning of period 72,700 402,059
Cash at end of period 135,133 195,860
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Issuance of a restricted common stock grant to an officer 54,725
Net unrealized gains on marketable securities 3,691
Reclassification of note receivable to inventory 750,000
Reclassification of note receivable to prepaid expense $ 549,609