Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Cash Flow Statements

v2.4.0.8
Condensed Consolidated Cash Flow Statements (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities    
Net loss for the period $ (2,214,915) $ (745,215)
Adjustments to reconcile net loss to net cash used by operating activities:    
Accrued interest and dividends on marketable securities (11,935) 0
Depreciation and amortization 261,523 265,799
Gain from demutualization of insurer (4,669) (91,286)
Gain on sale of equity investment 0 (99,710)
Non-cash share based compensation 549,600 0
Non-cash share based payment for services 196,800 0
Reversal of old trade payables 0 (91,905)
Changes in assets and liabilities    
(Increase)/decrease in trade receivables (958,126) 27,880
Increase in trade receivables - related party (266,379) (1,031,375)
Increase in other receivables (56,179) (21,916)
Decrease in license fees receivable - related party 0 450,000
(Increase)/Decrease in inventories 240,204 (97,179)
(Increase)/Decrease in other assets 97,762 (45,278)
Decrease in trade and other payables (334,358) (22,002)
Decrease in other payables - related party (6,586) (9,234)
Decrease in legal settlement liabilities 0 (106,924)
Decrease in deferred revenue - related party (250,000) (250,000)
Net cash used in operating activities (2,757,258) (1,868,345)
Cash flows from investing activities    
Purchases of property, plant and equipment (24,987) (99,726)
Purchases of marketable securities (12,537,202) 0
Proceeds from demutualization of insurance carrier 4,669 91,286
Proceeds from sale of equity investment 0 100,000
Proceeds from sale of marketable securities 2,330,592 0
Net cash (used in)/provided by investing activities (10,226,928) 91,560
Cash flows from financing activities    
Proceeds from note receivable - related party for Series A Convertible Preferred Stock 0 225,000
Payment of short-term note payable - related party (307,500) 0
Proceeds from other receivable for London Private Placement 745,024 0
Proceeds from issuance of common shares 0 1,600,000
Net proceeds from issuance of common stock in initial public offering 13,101,336 0
Dividend distribution on Series A Convertible Preferred Stock (15,793) 0
Net cash provided by financing activities 13,523,067 1,825,000
Net increase in cash 538,881 48,215
Cash at beginning of period 103,634 633,022
Cash at end of period 642,515 681,237
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Unrealized losses on marketable securities $ (11,553) $ 0