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 ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (450,836) $ (677,746)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,401 7,748
Stock based compensation 39,250 87,500
Changes in assets and liabilities:    
Accounts receivable (17,378)
Inventory (30,907)
Deposits and other assets 32,219 (587)
Prepaid expenses 2,318 (21,584)
Accrued payroll and payroll related expenses 18,410 242,033
Accounts payable and accrued expenses 56,234 113,599
Net cash used in operating activities (343,289) (249,037)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase in patents 6,463 11,711
Net cash used in investing activities (6,463) (11,711)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of common stock 289,000
Net cash provided by financing activities 289,000
NET DECREASE IN CASH (60,752) (260,748)
CASH AT THE BEGINNING OF THE PERIOD 158,433 323,410
CASH AT THE END OF THE PERIOD 97,681 62,662
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
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 707 538
Cash paid for income taxes