Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 824,563 $ (2,301,156)
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 90,773 90,044
Stock-based compensation expense 102,918 191,790
Loss on disposal of fixed assets 0 858
Gain on revaluation of derivative warrants (2,824,722) (288,251)
Changes in:    
Accounts payable and accrued liabilities (67,256) (109,748)
Prepaid expenses and other current assets 55,793 49,586
Other assets and liabilities (325) 539
Cash used in operating activities (1,818,256) (2,366,338)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets 0 (25,466)
Cash used in investing activities 0 (25,466)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash paid for issuance costs (69,450) 0
Reverse stock split fractional shares (594) 0
Payments on long-term obligations (60,528) 0
Payments on capital lease obligations (588) (1,211)
Cash used in financing activities (131,160) (1,211)
NET DECREASE IN CASH AND EQUIVALENTS (1,949,416) (2,393,015)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 3,857,791 9,422,627
CASH AND EQUIVALENTS AT END OF PERIOD 1,908,375 7,029,612
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense $ 1,467 $ 0