Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities      
Net Loss $ (19,633,502) $ (19,250,082) $ (13,427,478)
Non-Cash Adjustments:      
Depreciation and Amortization 998,528 770,668 380,841
Amortization of Software Development Costs in Cost of Sales - Products 214,838 286,450 286,450
Impairment of Patents and Trademarks 0 20,506 13,222
Common Stock Awards Compensation Expense 267,750 146,050 1,669,700
Loss on Disposal of Fixed Assets 585 25,890 0
Stock-Based Option Compensation Expense 1,355,522 756,928 568,848
Amortization of Term Debt Discount 155,760 486,856 751,968
Amortization of Debt Issuance Costs 19,500 46,574 46,447
Common Stock and Warrants Issued for Services 228,750 174,026 1,057,074
(Gain) Loss on Derivative Revaluation (20,204) (34,744) 1,098,465
Loss on Inventory Revaluation 1,151,482 1,124,401 0
(Increase) Decrease in Operating Assets:      
Accounts Receivable (870,858) 222,380 57,839
Accrued Project Revenue (497,784) 0 0
Inventories (2,352,581) (426,521) (2,437,149)
Vendor Prepayments (10,549) 225,243 (213,320)
Prepaid Expenses and Other Assets (9,288) (78,389) (306,078)
Increase (Decrease) in Operating Liabilities:      
Accounts Payable 2,640,584 178,037 (1,276,132)
Accrued Expense 554,832 31,909 143,830
Customer Deposits 7,300 38,315 (92,703)
Unearned Revenue (401,748) 440,091 16,078
Income and Other Taxes Payable (8,790) 5,217 (28,085)
Accrued Compensation (321,250) 290,000 (70,067)
Accrued Interest & Long-Term Accrued Interest Converted 65,417 123,231 92,171
Net Cash Flows Used in Operating Activities (16,465,706) (14,396,964) (11,668,079)
Cash Flows from Investing Activities:      
Purchases of Fixed Assets (1,681,258) (2,039,299) (1,892,831)
Investments in Licenses, Patents and Trademarks (599,444) (147,004) (191,908)
Investments in Software Development (408,723) 0 0
Net Cash Used in Investing Activities (2,689,425) (2,186,303) (2,084,739)
Cash Flows from Financing Activities:      
Proceeds from Exercise of Warrants 0 60,750 1,272,627
Repayment of Capital Leases 0 0 (16,882)
Repayment of Long-Term Debt and Notes Payable 0 (76,875) (197,167)
Proceeds from Preferred Stock Offering 0 0 24,813,000
Issuance Costs on Preferred Stock Offering 0 0 (214,169)
Proceeds from Common Stock Offerings 21,128,502 21,112,500 0
Issuance Costs on Common Stock Offerings (1,617,679) (1,874,485) 0
Net Change in Lines of Credit 0 0 (112,500)
Proceeds from Exercise of Stock Options 0 18,263 0
Net Cash Flows Provided by Financing Activities 19,510,823 19,240,153 25,544,909
Net Increase in Cash and Cash Equivalents 355,692 2,656,886 11,792,091
Cash and Cash Equivalents - Beginning of Period 14,533,944 11,877,058 84,967
Cash and Cash Equivalents - End of Period 14,889,636 14,533,944 11,877,058
Supplemental Disclosures      
Interest Paid in Cash 22,814 7,696 41,194
Common Stock and Warrants Issued for Services 228,750 174,026 936,937
Conversion of Term Debt and Accrued Interest into Common Stock 1,861,283 342,036 472,500
Reclassification of Derivative Liability to Paid-In Capital upon Waiver of Certain Anti-Dilutive Provisions of Warrants and Convertible Debt 0 0 11,543,354
Reclassification of Derivative Liability Upon Warrant Exercises 0 32,911 2,855,463
Receivable from Stock Option Exercise $ 0 $ 14,820 $ 0