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 ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flows From Operating Activities:    
Net (loss) income $ (654,601) $ 25,661
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Change in fair value of derivative liabilities (163)  
Depreciation expense 29,515 $ 10,433
Amortization of intangible asset 12,500  
Amortization of license fee 111,111  
Stock based compensation 150,000  
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 21,304  
Imputed interest 2,321  
Changes in operating assets and liabilities:    
Accounts receivable (44,801) $ (54,195)
Inventory (73,018) (53,258)
Unbilled revenue (26,917) (18,190)
Other current assets (4,492) (31,430)
Accounts payable and accrued expenses 203,139 130,478
Deferred revenue (26,875) (5,809)
Net Cash (used in) provided by operating activities (300,977) $ 3,690
Cash Flows From Investing Activities:    
Cash acquired from acquisition 30,934  
Purchase of property and equipment (57,716) $ (24,008)
Cash paid per Share Exchange Agreement (375,000)  
Net Cash Used In Investing Activities (401,782) $ (24,008)
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 $ (60,074) (31,793)
Net cash provided by (used in) financing activities 1,037,426 (36,091)
Effect of exchange rate on cash 5,640 7,354
Net increase (decrease) in Cash 340,307 (49,055)
Cash at Beginning of Period 65,892 78,412
Cash at End of Period $ 406,199 $ 29,356
Supplemental disclosure of cash flow information:    
Cash paid for interest    
Cash paid 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 143,500  
Common stock issued for settlement of debt $ 175,000