Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (793,195) $ (1,975,385)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 12,792 27,625
Amortization of patents 13,252 237,366
Stock compensation 56,988 86,809
Loss (Income) on China joint venture 9,564 (36,783)
Change in fair value of derivative liability (40,260)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 465,710 701,677
Decrease in accounts receivable, related party 50,000
Decrease in other receivables 9,523
Decrease in operating lease-right of use asset 39,555
Decrease in inventories 59,760 114,151
Decrease (increase) in advances on contracts 118,669 (287,216)
Decrease (increase) in prepaid expenses and other current assets (181,410) (58,307)
Increase (decrease) in accounts payable (6,772) 579,070
Increase (decrease) in accounts payable, related party (263,043) 89,400
Decrease in deferred cost, related party 25,398
Increase (decrease) in accrued expenses 182,638 (19,757)
Increase in accrued expenses, related party 110,215
Decrease in operating lease right to used liability (39,555)
(Decrease) in deferred revenue, related party (50,000)
Net cash used in operating activities (220,171) (541,350)
Cash flows from investing activities:    
Purchase of property and equipment (8,104) (1,368)
Net cash used in investing activities (8,104) (1,368)
Cash flows from financing activities:    
Net proceeds from Public Placement Offering 1,974,546
Net proceeds from Private Placement Offering 250,000
Net cash provided by financing activities 2,224,546
Net increase (decrease) in cash and cash equivalents 1,996,271 (542,718)
Cash and cash equivalents at beginning of period 743,429 2,636,956
Cash and cash equivalents at end of period 2,739,700 2,094,238
Supplemental disclosure of cash flow information:    
Shares issued to board of directors 61,500 339,500
Shares issue to board of directors for services rendered 7,500
Shares issued to employees for compensation 7,000
Shares issued to consultants in lieu of cash payments 40,000
Operating lease-right of use asset 166,292
Operating lease right to used liability (166,292)
Derivative liability $ (406,045)