v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (2,429,061) $ (6,737,962)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 36,779 37,987
Compounded interest on long term debt 41,624
Stock compensation expense 61,978 137,964
Loss on extinguishment of debt 4,265,434
Value of stock issued to employees 165,021
Value of stock issued to 401(k) plan for employer matching contributions 35,980
Changes in operating assets and liabilities:    
Accounts and other receivables 11,283 (7,749)
Prepaid expenses and other assets (217,651) 50,805
Accounts payable 427,894 (154,811)
Accrued and other liabilities (68,500) (79,109)
Deferred revenue 11,940 (15,037)
Net cash used in operating activities (2,165,338) (2,259,853)
Cash flows from investing activities:    
Maturities of available-for-sale securities 200,000 400,000
Proceeds from return of equipment 26,875
Net cash provided by investing activities 226,875 400,000
Cash flows from financing activities:    
Proceeds from issuance of common stock 50,300 200
Principal payments on notes payable (117,276) (118,337)
Net cash used in financing activities (66,976) (118,137)
Net decrease in cash and cash equivalents (2,005,439) (1,977,990)
Cash and cash equivalents, beginning of period 3,475,881 2,795,006
Cash and cash equivalents, end of period $ 1,470,442 $ 817,016

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