Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,197,035) $ (1,387,926)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 22,189 22,055
Stock based compensation 142,500 204,083
Changes in assets and liabilities:    
Accounts receivable (276,303)
Inventories (43,963) (25,275)
Deposits and other assets (74,850) (1,767)
Prepaid expenses (229) (19,084)
Accrued payroll and payroll related expenses (25,720) 270,763
Accounts payable and accrued expenses 55,979 78,770
Net cash used in operating activities (1,397,432) (858,381)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase in patents (16,137) (24,131)
Net cash used in investing activities (16,137) (24,131)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of common stock 4,013,456 800,000
Proceeds from the exercise of warrants 40,000
Net cash provided by financing activities 4,053,456 800,000
NET INCREASE (DECREASE) IN CASH 2,639,887 (82,512)
CASH AT THE BEGINNING OF THE PERIOD 158,433 323,410
CASH AT THE END OF THE PERIOD 2,798,320 240,898
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 2,790 2,249
Cash paid for income taxes