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 $ (4,272,837) $ (8,757,565)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation for services 545,549 1,143,078
Depreciation and amortization 239,330 253,818
Patent impairment charges 535,256 188,141
Amortization of deferred revenue (96,699) (96,698)
Gain on sale of property and equipment (1,942,980) (8,110)
Change in: (net of BDI business acquisition):    
Accounts receivable 16,366 (202)
Inventories (37,041)
Prepaid expenses and other current assets 258,608 388,331
Accounts payable (390,363) 263,545
Accrued expenses 98,818 (83,518)
Accrued compensation (473,751) (159,544)
Net cash used in operating activities (5,519,744) (6,868,724)
Cash flows from investing activities:    
Purchases of short-term investments (16,875,550) (27,178,337)
Sales of short-term investments 24,488,780 33,057,135
Purchases of property and equipment (35,402)
Purchases of patent and other assets (26,067) (92,033)
Proceeds from sale of property and equipment 1,808,787 8,110
Cash acquired in purchase of BDI 16,673
Acquisition of BDI remaining interest (28,800)
Net cash provided by (used in) investing activities 9,348,421 5,794,875
Cash flows from financing activities:    
Repayment of notes payable and other obligations (311,112) (453,779)
Net proceeds from issuance of common stock
Net cash used in financing activities (311,112) (453,779)
Net increase (decrease) in cash and cash equivalents 3,517,565 (1,527,628)
Cash and cash equivalents, at beginning of year 2,012,283 3,539,911
Cash and cash equivalents, at end of year 5,529,848 2,012,283
Cash paid during the year for:    
Interest 35,516 99,382
Schedule of non-cash investing and financing transactions:    
Liability payoffs upon property sale 2,064,758
Value of Common Shares issued for BDI purchase 2,577,011
Acquisitions of assets for installment obligations $ 276,640 $ 282,825