FINANCIALS: Statement of Cash Flows
Balance Sheets | Statements of Operations | Statements of Shareholder's Equity (Deficit) | Statements of Cash Flows
| |
Years ended December 31 |
| |
2006 |
2005 |
2004 |
| Cash Flows from Operating Activities |
| |
| Net loss |
$(9,145,718) |
$(3,700,544) |
$(925,837) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
| Depreciation |
709,593 |
119,783 |
306 |
| Stock-based compensation expense |
813,316 |
280,212 |
11,271 |
| Provision for other receivables |
19,301 |
- |
8,000 |
| Changes in assets and liabilities:
|
| Increase in trade and other receivables |
(140,490) |
(151,200) |
(8,000) |
| Increase in prepaid expenses and other assets |
(231,505) |
(315,550) |
(2,800) |
| Increase in inventory |
(1,300,321) |
(569,970) |
(30,705) |
| Increase in accounts payable and accrued expenses |
788,721 |
199,695 |
10,558 |
| Net cash used in operating activities |
(8,487,103) |
(4,137,574) |
(937,207) |
| |
| Cash Flows from Investing Activities |
|
|
|
| Proceeds from sale of equipment |
44,907 |
- |
- |
| Purchases of property and equipment |
(2,541,531) |
(1,312,848) |
(66,266) |
| Net cash used in investing activities |
(2,496,624) |
(1,312,848) |
(66,266) |
| |
| Cash Flows from Financing Activities |
| Proceeds from issuance of common stock, private placement of common stock and common stock options exercised |
(36,672) |
24,827,494 |
2,061,064 |
| Proceeds (repayments) on loans from stockholders |
- |
(326,043) |
245,091 |
| Net cash provided by financing activities |
(36,672) |
24,501,451 |
2,306,155 |
| |
| Net increase in cash and cash equivalents |
$(11,020,399) |
19,051,029 |
1,302,682 |
| |
| Cash and cash equivalents: |
| Beginning |
20,373,900 |
1,322,871 |
20,189 |
| Ending |
$9,353,501 |
$20,373,900 |
$1,322,871 |
| |
| Supplemental Discolsure of Cash Flow Information |
| Cash payments for interest |
$1,171 |
$ - |
$101 |
|
