Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net loss for the year $ (2,167,279) $ (2,517,861)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued income on marketable securities (1,001) 8,927
Depreciation and amortization 121,381 113,906
Reserve and write-off for obsolete inventory 21,542
Allowance for doubtful accounts 46,239 146,196
Fair value of restricted common stock issued for services 15,864 18,243
Share based compensation to employees - options 10,184
Share based compensation to non-employees - options 2,183 8,241
Changes in assets and liabilities:    
Increase in trade receivables (372,502) (79,906)
Decrease in trade receivables - related party 31,892
Decrease in deposits and other receivables 10,692 31,196
Increase in inventories (213,860) (85,588)
Decrease in prepaid expenses 20,752 43,933
Decrease in prepaid expenses - related party 46,890
Increase in other assets (4,330)
Increase/(decrease) in trade and other payables 38,278 (103,029)
Decrease in trade and other payables - related party (200,156)
Net cash used in operating activities (2,593,231) (2,415,742)
Cash flows from investing activities    
Purchases of property, plant and equipment (37,191) (81,462)
Purchases of marketable securities (2,705,168) (27,643)
Proceeds from sale of marketable securities 1,745,554 2,502,319
Net cash (used in)/provided by investing activities (996,805) 2,393,214
Cash flows from financing activities    
Net proceeds from issuance of common stock 3,413,311
Net proceeds from exercise of warrants for common stock 301,200
Net cash provided by financing activities 3,714,511
Net increase/(decrease) in cash 124,475 (22,528)
Cash at beginning of period 72,700 402,059
Cash at end of period 197,175 379,531
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Issuance of a restricted common stock grant for services 5,455
Issuance of a restricted common stock grant to an officer 54,725
Net unrealized gains on marketable securities $ 1,009 $ 6,528