Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (8,749,000) $ (4,438,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 57,000 42,000
Stock-based compensation 145,000 $ 144,000
Fair value of warrants issued to employees for bonuses 244,000
Fair value of warrants issued to service providers $ 152,000
Revaluation of fair value of warrant liability $ (51,000)
Non-cash interest expense $ 151,000 370,000
Changes in assets and liabilities:    
Accounts receivable (233,000) (4,000)
Inventory (534,000) 91,000
Prepaid expenses and other current assets (861,000) 120,000
Other noncurrent assets 10,000 14,000
Accounts payable 685,000 (401,000)
Accrued liabilities 604,000 61,000
Net cash used in operating activities (8,329,000) (4,052,000)
Cash flows from investing activities:    
Purchase of property and equipment (48,000) (106,000)
Net cash used in investing activities (48,000) (106,000)
Cash flows from financing activities:    
Net cash proceeds from issuance of common stock in connection with private placement offering 11,040,000 $ 4,204,000
Proceeds from note payable 2,500,000
Proceeds from exercise of warrant $ 3,000
Proceeds from related party convertible bridge notes $ 1,500,000
Net cash provided by financing activities $ 13,543,000 5,704,000
Net increase in cash and cash equivalents 5,166,000 1,546,000
Cash and cash equivalents - beginning of period 895,000 [1] 430,000
Cash and cash equivalents - end of period 6,061,000 1,976,000
Supplemental disclosure:    
Cash paid for interest 151,000 117,000
Cash paid for income taxes 1,000 $ 1,000
Supplemental disclosure of cash flow information as of end of period:    
Net transfer of equipment between inventory and property and equipment 20,000
Issuance of warrant in connection with note payable $ 10,000 $ 622,000
Conversion of certain bridge notes and related accrued interest in connection with private placement offering 1,546,000
Extinguishment of convertible notes debt and related related accrued interest pursuant to Merger Agreement 5,397,000
Extinguishment of warrants pursuant to Merger Agreement 573,000
Payable to non-accredited investors in connection with Merger Agreement $ 16,000
[1] The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited consolidated financial statements as of that date.