Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Cash Flow Statements

v2.4.0.8
Condensed Consolidated Cash Flow Statements (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities    
Net income/(loss) for the period $ (595,600) $ 60,368
Adjustments to reconcile net income/(loss) to net cash used by operating activities:    
Provisions for bad debts 0 0
Depreciation and amortization 86,825 88,144
Gain from demutualization of insurer (4,669) (91,286)
Changes in assets and liabilities    
(Increase)/decrease in trade receivables (20,197) 4,427
Increase in trade receivables - related party (266,379) (908,176)
Increase in other receivables (30,697) (21,916)
Decrease in license fees receivable - related party 0 450,000
Decrease in inventories 359,996 74,464
Decrease in other assets 118,698 15,588
Increase/(decrease) in trade and other payables (390,428) 72,876
Decrease in other payables - related party (6,586) (32,293)
Decrease in legal settlement liabilities 0 (48,943)
Decrease in deferred revenue - related party (83,333) (83,333)
Net cash used in operating activities (832,370) (420,080)
Cash flows from investing activities    
Purchases of property, plant and equipment 0 (7,726)
Purchases of makertable securities (12,508,984) 0
Proceeds from demutualization of insurance carrier 4,669 91,286
Net cash provided by/(used in) investing activities (12,504,315) 83,560
Cash flows from financing activities    
Proceeds from note receivable - related party for Series A Convertible Preferred Stock 0 225,000
Payment of short-term note payable - related party (307,500) 0
Proceeds from other receivable for London Private Placement 745,024 0
Net proceeds from issuance of common stock in initial public offering 13,101,336 0
Net cash provided by financing activities 13,538,860 225,000
Net increase/(decrease) in cash and cash equivalents 202,175 (111,520)
Cash and cash equivalents at beginning of period 103,634 633,022
Cash and cash equivalents at end of period 305,809 521,502
Supplemental Sechedule of Non-Cash Financing and Investing Activities    
Unrealized losses on marketable securities $ (10,874) $ 0