v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net (loss) income $ (16,114,316) $ 74,945,856
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 120,721 232,339
Amortization of patents, trademarks and license agreements 29,664 22,248
Loss on disposal and abandonment of assets 807,241
Gain on forgiveness of accounts payable (212,656)
Compounded interest on long term debt 153,390 265,196
Stock compensation expense 306,698 394,209
Change in fair value of financial instruments (153,357)
Loss on extinguishment of debt 5,291,616 4,201,668
Issued warrants in connection with Asset Sale 3,337,187
Value of stock issued to directors 10,500
Value of stock issued to employees 616,902 369,342
Value of stock issued to 401(k) plan for employer matching contributions 35,980 53,707
Changes in operating assets and liabilities:    
Accounts and other receivables 12,926,097 (11,145,238)
Inventory 1,470,826
Prepaid expenses and other assets 805,597 (934,536)
Accounts payable (430,325) (6,017,775)
Accrued liabilities and other liabilities 548,453 (6,248,179)
Deferred revenue (15,037) (2,315,037)
Net cash provided by operating activities 4,275,440 59,083,541
Cash flows from investing activities:    
Purchases of available-for-sale securities (600,000) (2,200,000)
Proceeds from sales of available-for-sale securities 200,000
Maturities of available-for-sale securities 1,400,000 400,000
Purchases of equipment (46,192) (33,690)
Net cash provided by (used in) investing activities 953,808 (1,833,690)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net 3,000,200 72,419
Payment of debt-related costs (7,153,000) (1,314,102)
Principal payments on notes payable (395,573) (59,753,740)
Net cash used in financing activities (4,548,373) (60,995,423)
Net increase (decrease) in cash 680,875 (3,745,572)
Cash and cash equivalents, beginning of period 2,795,006 6,540,578
Cash and cash equivalents, end of period $ 3,475,881 $ 2,795,006

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