Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (833,879) $ (905,488)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 14,801 15,436
Stock based compensation 84,250 87,500
Changes in assets and liabilities:    
Accounts receivable (7,554)
Inventory 1,044
Deposits and other assets 31,632 (19,137)
Prepaid expenses 1,026 (20,854)
Accrued payroll and payroll related expenses 14,604 245,214
Accounts payable and accrued expenses 39,777 137,361
Net cash used in operating activities (654,299) (459,968)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase in patents (7,618) (19,972)
Net cash used in investing activities (7,618) (19,972)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of common stock 582,000 563,000
Net cash provided by financing activities 582,000 563,000
NET INCREASE (DECREASE) IN CASH (79,917) 83,060
CASH AT THE BEGINNING OF THE PERIOD 158,433 323,410
CASH AT THE END OF THE PERIOD 78,516 406,470
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of accrued payroll and payroll related expenses into stock options 227,784
Conversion of accounts payable into stock options 66,445
Conversion of accounts payable into restricted stock 44,700  
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 1,717 538
Cash paid for income taxes