Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities    
Net loss $ (5,805,326) $ (3,303,538)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued income on marketable securities (1,412) 14,244
Depreciation and amortization 249,894 286,162
Reserve and write-off for obsolete inventory 32,333
Allowance for/(Reversal) of doubtful accounts 450,000 (1,153,413)
Expenses related to modification of warrants 764,932
Amortization of deferred compensation 21,103 30,153
Share based compensation to employees - options 17,274 27,977
Share based compensation to employees - restricted stock 95,770
Share based compensation to officers - restricted stock 163,924
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 (1,339,714) (138,272)
Increase in trade receivables - related party (93,109) (380)
Decrease in deposits and other receivables 7,192 71,795
(Increase)/decrease in inventories 165,118 (187,200)
Decrease in prepaid expenses 22,789 17,689
Decrease in prepaid expenses - related party 101,066 76,927
Increase in other assets (9,280)
Increase/(decrease) in trade and other payables 269,853 (205,368)
Increase/(decrease) in trade and other payables - related party (194,246) 234,067
Net cash used in operating activities (5,080,412) (4,173,148)
Cash flows from investing activities    
Purchases of property, plant and equipment (54,507) (123,301)
Purchases of marketable securities (7,709,341) (35,944)
Proceeds from sale of marketable securities 2,749,147 4,003,034
Net cash provided/(consumed) by investing activities (5,014,701) 3,843,789
Cash flows from financing activities    
Net proceeds from issuance of common stock 5,803,897
Proceeds from issuance of preferred stock 3,675,000
Net proceeds from exercise of warrants for common stock 981,948
Net cash provided by financing activities 10,460,845
Net increase/(decrease) in cash 365,732 (329,359)
Cash at beginning of year 72,700 402,059
Cash at end of year 438,432 72,700
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Issuance of restricted common stock grants to officers 54,725
Net unrealized gains on marketable securities 6,231
Settlement of note receivable in the form of inventory 750,000
Settlement of note receivable in the form of prepaid expense $ 549,609