Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.4.0.3
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (3,686,249) $ (7,291,225)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 149,590 149,822
Loss on disposal and abandonment of assets   5,726
Change in inventory reserve   120,302
Amortization of debt discount and issuance costs 72,875 212,813
Compounded interest on long term debt 824,952  
Stock compensation expense 340,502 1,106,824
Equity in loss of R-NAV, LLC 12,239 262,227
Change in fair value of financial instruments (1,125,359) (1,727,103)
Issued stock to 401(k) plan for employer matching contributions 0 117,099
Other 8,401 48,971
Changes in operating assets and liabilities:    
Accounts receivable 903,147 (394,471)
Inventory (246,030) 240,478
Prepaid expenses and other assets 193,795 20,241
Accounts payable 1,133,840 428,458
Accrued and other liabilities 4,418 673,969
Deferred revenue (265,758) 1,916,667
Net cash used in operating activities (1,679,637) (4,109,202)
Cash flows from investing activities:    
Purchases of equipment (1,847)  
Proceeds from sales of equipment   20,300
Patent and trademark costs   (5,643)
Net cash (used in) provided by investing activities (1,847) 14,657
Cash flows from financing activities:    
Proceeds from issuance of MT Preferred Stock and warrants   500,000
Proceeds from issuance of common stock   332
Proceeds from notes payable   3,000,000
Payments under capital leases (693) (604)
Net cash (used in) provided by financing activities (693) 3,499,728
Net decrease in cash (1,682,177) (594,817)
Cash, beginning of period 7,166,260 5,479,006
Cash, end of period $ 5,484,083 $ 4,884,189