Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities    
Net loss for the year $ (3,303,538) $ (9,311,913)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued income on marketable securities 14,244 4,199
Depreciation and amortization 286,162 299,995
Reserve for obsolete inventory 32,333
Impairment of non-current assets 466,476
Allowance for doubtful accounts (1,153,413) 2,163,609
Gain from other non-operating activities (6,052)
Fair value of restricted common stock issued for services 30,153 344,656
Share based compensation to employees - options 27,977 23,636
Share based compensation to non-employees - options 23,676 28,720
Changes in assets and liabilities:    
(Increase)/decrease in trade receivables (138,272) 513,583
Increase in trade receivables - related party (380)
Decrease in notes receivables - related party 176,157
(Increase)/decrease in deposits and other receivables 71,795 (54,142)
Increase in inventories (187,200) (226,538)
(Increase)/decrease in prepaid expenses 17,689 (76,774)
Decrease in prepaid expenses - related party 76,927
Increase/(decrease) in trade and other payables (205,368) 827,601
Increase in trade and other payables - related party 234,067
Decrease in deferred revenue - related party (305,556)
Net cash used in operating activities (4,173,148) (5,132,343)
Cash flows from investing activities    
Purchases of property, plant and equipment (123,301) (112,951)
Purchases of marketable securities (35,944) (60,940)
Investment in Hainan Savy Akers Biosciences, Ltd. joint venture (64,091)
Proceeds from other non-operating activities 6,052
Proceeds from sale of marketable securities 4,003,034 5,310,491
Net cash provided by investing activities 3,843,789 5,078,561
Net decrease in cash (329,359) (53,782)
Cash at beginning of year 402,059 455,841
Cash at end of year 72,700 402,059
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 6,231 13,893
Settlement of note receivable in the form of inventory 750,000
Settlement of note receivable in the form of prepaid expense 549,609
Issuance of restricted common share grants to directors and officers accrued in 2014 $ 697,300