Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flow (Unaudited)

v3.3.0.814
Condensed Consolidated Statement of Cash Flow (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net loss for the period $ (5,734,921) $ (2,214,915)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued interest and dividends on marketable securities 8,387 (11,935)
Depreciation and amortization 241,512 $ 261,523
Impairment of non-current assets 466,476
Allowance for doubtful accounts 864,000
Gain from other non-operating activities $ (6,010) $ (4,669)
Non-cash share based compensation 549,600
Non-cash share based payments for services 196,800
Changes in assets and liabilities    
(Increase)/decrease in trade receivables $ 45,063 (958,126)
Increase in trade receivables - related party $ (266,379)
Decrease in notes receivables - related party $ 176,156
Increase in other receivables (60,141) $ (56,179)
(Increase)/decrease in inventories (50,047) 240,204
(Increase)/decrease in other assets (60,529) 97,762
Increase/(decrease) in trade and other payables $ 415,163 (334,358)
Decrease in other payables - related party (6,586)
Decrease in deferred revenue - related party $ (305,556) (250,000)
Net cash used in operating activities (4,000,447) (2,757,258)
Cash flows from investing activities    
Purchases of property, plant and equipment (60,254) (24,987)
Purchases of marketable securities (52,319) $ (12,537,202)
Investment in Hainan Savy Akers Biosciences, Ltd. joint venture $ (64,091)
Proceeds from demutualization of insurance carrier $ 4,669
Proceeds from other non-operating activities $ 6,010
Proceeds from sale of marketable securities 4,108,632 $ 2,330,592
Net cash provided by/(used in) investing activities $ 3,937,978 (10,226,928)
Cash flows from financing activities    
Payment of short-term note payable - related party (307,500)
Proceeds from issuance of common shares 745,024
Net proceeds from issuance of common stock in initial public offering 13,101,336
Dividend distribution on Series A Convertible Preferred Stock (15,793)
Net cash provided by financing activities 13,523,067
Net increase/(decrease) in cash $ (62,469) 538,881
Cash at beginning of period 455,841 103,634
Cash at end of period 393,372 642,515
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Unrealized gains/(losses) on marketable securities 28,964 $ (11,553)
Issuance of restricted common share grants to directors and officers accrued in 2014 $ 697,300