Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net loss for the year $ (1,349,270) $ (1,508,929)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued income on marketable securities (326) 9,213
Depreciation and amortization 60,718 56,479
Reserve for obsolete inventory (32,333)
Allowance for doubtful accounts 40,859
Fair value of restricted common stock issued for services 5,203
Share based compensation to employees - options 5,036
Share based compensation to non-employees - options 8,241
Changes in assets and liabilities:    
(Increase)/decrease in trade receivables 43,351 (172,513)
Decrease in trade receivables - related party 7,458
Decrease in deposits and other receivables 10,692 46,055
(Increase)/decrease in inventories (100,878) (80,504)
Decrease in prepaid expenses 69,930 47,661
Decrease in prepaid expenses - related party 16,140
Decrease in trade and other payables (200,059) (125,558)
Decrease in trade and other payables - related party (138,184)
Net cash used in operating activities (1,561,663) (1,719,855)
Cash flows from investing activities    
Purchases of property, plant and equipment (16,774) (83,772)
Purchases of marketable securities (1,202,210) (19,498)
Proceeds from sale of marketable securities 1,095,218 1,601,456
Net cash (used in)/provided by investing activities (123,766) 1,498,186
Cash flows from financing activities    
Net proceeds from issuance of common stock 3,452,861
Net proceeds from exercise of warrants for common stock 244,950
Net cash provided by financing activities 3,697,811
Net increase/(decrease) in cash 2,012,382 (221,669)
Cash at beginning of year 72,700 402,059
Cash at end of year 2,085,082 180,390
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Net unrealized gains on marketable securities $ 156 $ 8,534