Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (1,975,385) $ (577,985)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 27,625 16,860
Amortization of patents 237,366 17,682
Stock compensation 86,809 116,718
Equity income on China joint venture (36,783)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 701,677 (824,182)
Decrease in accounts receivable related party 1,400,801
Decrease in inventories 114,151 68,885
Increase to in advances on contracts (287,216) (161,114)
Increase in prepaid expenses and other current assets (58,307) (207,613)
Increase in other assets (9,523)
Decrease in deferred cost, related party 438,925
Increase (decrease) in accounts payable 579,070 (452,157)
Increase (decrease) in accounts payable related party 89,400 (152,748)
(Decrease) increase in accrued expenses and other payables (19,757) 96,841
(Decrease) in deferred revenue, related party (645,400)
Net cash used in operating activities (541,350) (874,010)
Cash flows from investing activities:    
Purchase of property and equipment (1,368)
Net cash used in investing activities (1,368)
Cash flows from financing activities:    
Net proceeds on Public offering 150,836
Proceeds from exercise of stock options 62,500
Net cash provided by financing activities 213,336
Net decrease in cash and cash equivalents (542,718) (660,674)
Cash and cash equivalents at beginning of period 2,636,956 3,602,229
Cash and cash equivalents at end of period 2,094,238 2,941,555
Supplemental disclosure of cash flow information:    
Shares issued to employees for bonuses 339,500 195,000
Shares issued to consultants in lieu of cash payments $ 43,750