• Filing Date: 2016-03-30
  • Form Type: 10-K
  • Description: Annual report
v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:    
Net loss $ (10,459,724) $ (10,506,099)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation Expense 164,346 233,588
Amortization - Intangible Assets 28,609 28,599
Amortization - Debt discount 614,867 12,709
Gain on derivative instrument (1,221,597) 0
Stock-based compensation 1,452,248 3,117,807
Common stock issued for services 209,088 366,541
Loss on extinguishment of debt 0 322,000
Payments on accrued interest (146,776) (75,226)
Changes in operating assets and liabilities:    
Accounts receivable 122,579 (12,036)
Inventory 72,961 (81,781)
Prepaid expenses and other assets (489,985) 159,509
Accounts payable (71,325) 186,756
Accrued expenses and other current liabilities 355,078 293,666
Total adjustments 1,090,093 4,552,132
Net Cash Used in Operating Activities (9,369,631) (5,953,967)
Cash Flows from Investing Activities:    
Purchase of property and equipment (5,221) (30,657)
Net Cash Used in Investing Activities (5,221) (30,657)
Cash Flows from Financing Activities:    
Proceeds from the issuance of notes 5,042,035 2,300,000
Proceeds received from exercising warrants 0 150,000
Proceeds received from stock subscription receivable 0 175,000
Proceeds from issuance of common stock 2,720,000 3,276,310
Proceeds from issuance of preferred stock 2,000,000 0
Net Cash Provided by Financing Activities 9,762,035 5,901,310
Net Increase (Decrease) in Cash and Cash Equivalents 387,183 (83,314)
Cash and Cash Equivalents, beginning of period 1,654,171 1,740,989
Change in foreign currency 3,308 (3,504)
Cash and Cash Equivalents, end of period 2,044,662 1,654,171
Supplemental Disclosure Information:    
Cash paid for interest 119,776 77,586
Cash paid for taxes 0 0
Non-cash Disclosures:    
Stock issued for interest 120,720 27,000
Cancellation of treasury stock 0 31,501
Stock issued for non-cash stock subscriptions 889,725 0
Recognition of debt discount $ 1,798,154 $ 0