Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (19,555,868) $ (9,426,853)
Adjustments to reconcile net loss from operations to cash used by operations:    
Depreciation 381,823 371,226
Stock based compensation 799,552 402,518
Write down of inventory 78,917 313,833
Effects of changes in operating assets and liabilities:    
Accounts receivable (1,047,594)
Inventory (2,464,835)
Prepaid expenses and deposits 622,489 (803,029)
Accounts payable 2,449,556 907,308
Accounts payable, related parties (298,203) 14,765
Net cash used by operations (19,034,163) (8,220,232)
Cash flows from investing activities:    
Capital expenditures (528,095) (65,226)
Net cash used by investing activities (528,095) (65,226)
Cash flows from financing activities:    
Proceeds from notes payable 12,242,104
Payments on long-term debt (2,724,550) (5,045)
Shareholder advances, net of repayments 118,072 111,700
Issuance of common and preferred stock 3,171,604
Exercise of warrants and options 14,961,143
Net cash provided by financing activities 12,354,665 15,520,363
Change in cash and cash equivalents (7,207,593) 7,234,905
Cash at the beginning of the period 7,677,163 442,257
Cash at the end of the period $ 469,570 $ 7,677,163