Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net loss for the period $ (2,207,707) $ (5,734,921)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued income on marketable securities 13,380 8,387
Depreciation and amortization 221,946 241,512
Impairment of non-current assets 466,476
Allowance for doubtful accounts (1,153,413) 864,000
Gain from other non-operating activities (6,010)
Amortization of deferred compensation 24,834
Non-cash share based compensation - options 22,828
Non-cash share based payments for services - options 23,676
Changes in assets and liabilities:    
(Increase)/decrease in trade receivables (275,541) 45,063
Decrease in notes receivables - related party 176,156
(Increase)/decrease in deposits and other receivables 65,855 (60,141)
Increase in inventories (60,862) (50,047)
(Increase)/decrease in prepaid expenses 91,706 (60,529)
Decrease in prepaid expenses - related party 58,974
Increase/(decrease) in trade and other payables (418,998) 415,163
Increase in trade and other payables - related party 59,673
Decrease in deferred revenue - related party (305,556)
Net cash used in operating activities (3,533,649) (4,000,447)
Cash flows from investing activities    
Purchases of property, plant and equipment (88,023) (60,254)
Purchases of marketable securities (37,360) (52,319)
Investment in Hainan Savy Akers Biosciences, Ltd. joint venture (64,091)
Proceeds from other non-operating activities 6,010
Proceeds from sale of marketable securities 3,452,833 4,108,632
Net cash provided by investing activities 3,327,450 3,937,978
Net decrease in cash (206,199) (62,469)
Cash at beginning of period 402,059 455,841
Cash at end of period 195,860 393,372
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Issuance of restricted common stock grant to an officer 54,725
Net unrealized gains on marketable securities 3,691 28,964
Reclassification of note receivable to inventory 750,000
Reclassification of note receivable to prepaid expense 549,609
Issuance of restricted common share grants to directors and officers accrued in 2014 $ 697,300