Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities:    
Net loss $ (2,589,923) $ (2,064,211)
Adjustments to reconcile net loss to net cash used in operations    
Imputed interest 1,133 5,581
Amortization of prepaid license fee 174,582
Amortization of intangible asset 25,000 25,000
Amortization of convertible notes payable discount, net 602,515
Amortization of transaction fees 2,718
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 262,500 130,656
Preferred stock-based price protection expense 679,778
Change in fair value of derivative liabilities (426,093) 63,454
Depreciation expense 266,803 94,412
Stock-based compensation 190,000 1,072,500
Changes in operating assets and liabilities:    
Accounts receivable 19,960 853
Inventory (83,749) (27,577)
Prepaid expenses 47,981 (56,534)
Unbilled revenue 11,419 (40,150)
Other current assets 13,504 (6,358)
Accounts payable and accrued expenses (50,827) 16,359
Deferred revenue (14,037) (12,230)
Net Cash Used In Operating Activities (1,044,036) (620,944)
Cash Flows From Investing Activities:    
Cash acquired from acquisition 30,934
Purchase of property and equipment (26,448) (90,847)
Purchase of Appliques (125,000)
Cash paid per Share Exchange Agreement (375,000)
Net Cash Used In Investing Activities (26,448) (559,913)
Cash Flows From Financing Activities:    
Proceeds from issuance of common and preferred stock 350,000 1,647,501
Repayments of convertible debt (100,834)
Repayments (to) from related party, net (6,598) (107,793)
Net proceeds from convertible notes payable 550,000
Net Cash Provided by Financing Activities 242,568 2,089,708
Effect of exchange rate on cash (20,678) (11,414)
Net decrease in Cash (848,596) (897,437)
Cash at Beginning of Year 963,329 65,892
Cash at End of Year 114,733 963,329
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes 3,898
Non Cash Financing and Investing Activity    
Notes payable issued per Share Exchange Agreement 122,536
Issuance of common stock for intellectual property 50,000
Issuance of common stock for prepaid services 100,000 456,000
Issuance of common stock for settlement of debt 175,000
Issuance of common stock for accounts payable 22,500
Issuance of preferred stock for conversion of debt $ 650,670