Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (955,185) $ 37,271
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Change in fair value of derivative liabilities (342)
Depreciation expense 17,532 $ 27,965
Amortization of intangible asset 18,750
Amortization of license fee 166,667
Stock based compensation 149,999
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 53,901
Imputed interest 3,396
Changes in operating assets and liabilities:    
Accounts receivable (20,361) $ (19,657)
Inventory (29,821) (102,298)
Unbilled revenue (34,910) (3,653)
Other current assets (16,710) (22,144)
Accounts payable and accrued expenses 161,670 136,919
Deferred revenue (28,891) (18,838)
Net Cash (used in) provided by operating activities (477,929) $ 35,564
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash acquired from acquisition 30,934
Purchase of property and equipment (64,338) $ (33,401)
Cash paid per Share Exchange Agreement (375,000)
Net cash (used in) investing activities (408,404) $ (33,401)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from common stock and preferred stock sales $ 1,097,500
Repayment of Funding Circle loan $ (4,298)
Repayments of note payable, related party, net $ (67,406) (49,278)
Net cash provided by (used in) financing activities 1,030,094 (53,576)
Effect of exchange rate on cash 8,172 (2,964)
Net increase (decrease) in Cash 151,934 (54,377)
Cash beginning of period 65,892 78,412
Cash end of period $ 217,826 $ 24,036
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid during the period for interest
Cash paid during the period for taxes
NON CASH FINANCE AND INVESTING ACTIVITY    
Notes payable issued per Share Exchange Agreement $ 122,536
Common stock issued for intellectual property 50,000
Common stock issued for prepaid services 153,312
Common stock issued for settlement of debt $ 175,000