CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (4,525,761)
|
$ (9,573,059)
|
| Net loss from discontinued operations |
(573,726)
|
(4,485,787)
|
| Net loss from continuing operations |
(3,952,035)
|
(5,087,272)
|
| Adjustments to reconcile net loss to net cash provided by operating activities of continuing operations: |
|
|
| Depreciation and amortization |
557,393
|
758,787
|
| Stock-based compensation |
959,134
|
1,545,144
|
| Provision for uncollectible accounts |
(73,300)
|
89,462
|
| Provision for sales returns |
(316,000)
|
(179,000)
|
| Provision for inventory reserves |
200,000
|
436,000
|
| Loss on abandonment of property and equipment |
117,930
|
0
|
| Gain on sale of long-term assets |
0
|
(125)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
1,447,325
|
1,747,140
|
| Inventory |
3,998,003
|
6,174,209
|
| Prepaid expenses and other assets, net |
162,157
|
(103,012)
|
| Accounts payable |
654,001
|
251,517
|
| Accrued cooperative advertising |
(8,000)
|
(162,000)
|
| Accrued income taxes |
13,480
|
12,821
|
| Accrued expenses and other liabilities |
(425,387)
|
338,702
|
| Net cash provided by operating activities of continuing operations |
3,334,701
|
5,822,373
|
| Net cash used in operating activities of discontinued operations |
(1,125,578)
|
(4,254,480)
|
| Net cash provided by operating activities |
2,209,123
|
1,567,893
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchases of property and equipment |
(421,761)
|
(407,452)
|
| Patent, license rights, and trademark costs |
(5,615)
|
(45,742)
|
| Proceeds from sale of long-term assets |
250
|
175
|
| Net cash used in investing activities of continuing operations |
(427,126)
|
(453,019)
|
| Net cash provided by (used in) investing activities of discontinued operations |
368,671
|
(20,676)
|
| Net cash used in investing activities |
(58,455)
|
(473,695)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Stock option exercises |
2,300
|
172,766
|
| Net cash provided by financing activities of continuing operations |
2,300
|
172,766
|
| NET INCREASE IN CASH AND CASH EQUIVALENTS |
2,152,968
|
1,266,964
|
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
5,274,305
|
4,007,341
|
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
7,427,273
|
5,274,305
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid during the year for interest |
$ 1,737
|
$ 10,359
|