Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net loss for the period $ (2,517,861) $ (3,408,028)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued income on marketable securities 8,927 223
Depreciation and amortization 113,906 160,931
Allowance for doubtful accounts 146,196 864,000
Gain from other non-operating activities (6,010)
Non-cash share based compensation – restricted stock 18,243
Non-cash share based payments for services - options 8,241
Changes in assets and liabilities:    
Increase in trade receivables (79,906) (747,629)
Decrease in notes receivables - related party 131,566
Decrease in deposits and other receivables 31,196 7,578
Decrease/(increase) in inventories (85,588) 83,128
Decrease/(increase) in prepaid expenses 43,933 (67,836)
Increase/(decrease) in trade and other payables (103,029) 323,849
Decrease in deferred revenue - related party (305,556)
Net cash used in operating activities (2,415,742) (2,963,784)
Cash flows from investing activities    
Purchases of property, plant and equipment (81,462) (44,509)
Purchases of marketable securities (27,643) (34,555)
Investment in Hainan Savy Akers Biosciences, Ltd. joint venture (64,091)
Proceeds from other non-operating activities 6,010
Proceeds from sale of marketable securities 2,502,319 2,906,322
Net cash provided by investing activities 2,393,214 2,769,177
Net decrease in cash (22,528) (194,607)
Cash at beginning of period 402,059 455,841
Cash at end of period 379,531 261,234
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 6,528 23,155
Issuance of restricted common share grants to directors and officers accrued in 2014 $ 697,300