|
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (5,845,087) |
$ (3,063,601) |
$ (4,134,068) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
45,212 |
34,963 |
39,857 |
| Stock-based compensation |
2,719,380 |
878,578 |
702,837 |
| Bad debts |
81,198 |
|
|
| Recovery of uncollectible receivables |
|
|
(70,000) |
| Changes in assets and liabilities: |
|
|
|
| Royalty receivables |
(260,042) |
(354,268) |
116,127 |
| Prepaid expenses and other current assets |
94,544 |
(107,218) |
(5,037) |
| Accounts payable and accrued expenses |
(80,064) |
(67,547) |
(2,300) |
| Net cash used in operating activities |
(3,244,859) |
(2,679,093) |
(3,352,584) |
| Cash flows from investing activities: |
|
|
|
| Purchases of fixed assets |
(50,536) |
(11,576) |
(12,517) |
| Purchase of investments |
(24,009) |
(3,797,865) |
(2,255,056) |
| Proceeds from sale of investment |
|
|
1,000,000 |
| Note and interest receivable on SPD Control Systems |
|
224,903 |
|
| Net cash used in investing activities |
(74,545) |
(3,584,538) |
(1,267,573) |
| Cash flows from financing activities: |
|
|
|
| Net proceeds from issuances of common stock and exercise of options and warrants |
795,294 |
12,250,500 |
65,977 |
| Net cash provided by financing activities |
795,294 |
12,250,500 |
65,977 |
| Net (decrease) increase in cash and cash equivalents |
(2,524,110) |
5,986,869 |
(4,554,180) |
| Cash and cash equivalents at beginning of year |
8,390,233 |
2,403,364 |
6,957,544 |
| Cash and cash equivalents at end of year |
5,866,123 |
8,390,233 |
2,403,364 |
| Non Cash Financing and Investing Activities: |
|
|
|
| Cashless Exercise of Stock Options |
$ 27,675 |
|
$ 276,750 |