XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities:    
Net loss $ (1,789,211) $ (2,710,184)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 131,551 72,904
Amortization of debt discounts and deferred financing costs 6,130 66,055
Stock-based compensation expense 770,442 788,943
Loss on disposal of property and equipment 17,238 131,465
Provision for bad debt 0 2,503
Changes in operating assets and liabilities:    
Accounts receivable (272,370) (406,717)
Inventories 18,539 (55,197)
Prepaid expenses and other current assets (34,500) 40,236
Accounts payable and other accrued expenses 329,514 (37,317)
Accrued compensation and related expenses (5,413) 131,641
Accrued interest (1,843) 6,027
Net cash used in operating activities (829,923) (1,969,641)
Cash Flows From Investing Activities:    
Purchases of property and equipment (631,082) (405,258)
Trademark costs (10,199) 0
Net cash used in investing activities (641,281) (405,258)
Cash Flows From Financing Activities:    
Proceeds from the common stock offering, net of offering costs 11,571,914 0
Repayment of related-party notes payable (92,379) (80,000)
Net cash provided by (used in) financing activities 11,479,535 (80,000)
Net change in cash and cash equivalents 10,008,331 (2,454,899)
Cash and cash equivalents - beginning of period 4,524,529 5,247,425
Cash and cash equivalents - end of period 14,532,860 2,792,526
Supplemental Disclosure of Non-Cash Financing Activities:    
Cumulative undeclared preferred dividends recorded upon conversion of Class A convertible preferred stock and Class B convertible preferred stock into common 0 1,068,055
Issuance of common stock for accrued board of director compensation 0 26,901
Offering costs included in additional paid-in capital and accounts payable and other accrued expenses $ 165,990 $ 0