Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities    
Net income (loss) $ 2,204,088 $ (3,097,732)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 82,216 123,131
Accretion of interest expense 75,872
Amortization of discount on convertible debt 528,929 614,901
Change in fair value of warrant liabilities (3,024,598) 464,289
Provision for bad debt 38,275 19,848
Loss on settlement reserve 127,941 175,000
Loss on settlement of liabilities for equity 2,192,045
Gain on settlement of liabilities to JMJ for equity (5,800,175)
Interest expense - related party share transfer (see Note 8) 785,200
Gain on settlement of accounts payable, net (920,352) (23,928)
Non-compliance penalty for SEC registration requirement 36,016
Common stock 2,703,245 60,000
Options 107,248
Warrants 114,069
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (17,439) (61,719)
Inventory 37,899 82,311
Prepaid expenses and other current assets (722,651) (10,262)
Other assets 22,797 30,440
Accounts payable and accrued expenses (3,122,531) 905,806
Deferred revenue (43,929) (109,356)
Total Adjustments (7,019,059) 2,314,597
Net Cash Used in Operating Activities (4,814,971) (783,135)
Cash Flows From Investing Activities    
Purchases of fixed assets (21,499) (206)
Net Cash Used In Investing Activities (21,499) (206)
Cash Flows From Financing Activities    
Proceeds from sale of common stock in public offering [1] 16,243,055
Payment of public offering costs (1,190,082)
Payments of deferred offering costs (24,720)
Payments of debt issuance costs (39,000)
Bank overdrafts, net (4,912)
Proceeds from issuance of convertible note payable 805,100
Proceeds from issuance of notes payable to non-related party 55,000
Proceeds from advance from a related party 250,000 47,567
Repayment of notes and convertible notes payable (760,000) (3,604)
Net Cash Provided by Financing Activities 14,597,973 780,431
Net Increase (Decrease) In Cash 9,761,503 (2,910)
Cash - Beginning of Period 185,151 5,898
Cash - End of Period 9,946,654 2,988
Supplemental Disclosures of Cash Flow Information:    
Interest expense 5,072 44
Non-cash investing and financing activities:    
Reduction of additional paid-in capital for public offering issuance costs that were previously paid (172,158)
Common stock issued upon conversion of Series A convertible preferred stock 11,000
Common stock issued in satisfaction of Series B convertible preferred stock 825,000
Common stock issued upon conversion of Series C convertible preferred stock 255
Common stock issued in partial satisfaction of debt and other liabilities 4,283,988
Warrants reclassified from derivative liabilities 36,445
Accrual of contractual dividends on Series C Convertible Preferred Stock 607,800 754,900
Issuance of Series C Convertible Preferred Stock in satisfaction of contractual dividends 2,500,600
Transfer of inventory to fixed assets (21,163) (1,875)
Accrual of deferred public offering costs 257,242
Warrants issued as debt discount in connection with issuances of notes payable 4,479
Series D convertible preferred stock issued in satisfaction of liabilities $ 12,005,000
[1] Includes gross proceeds of $18,504,320, less issuance costs of $2,261,265 deducted directly from the offering proceeds.