Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.1.9
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2014
Dec. 31, 2013
Current assets:    
Cash and cash equivalents $ 8,215,791us-gaap_CashAndCashEquivalentsAtCarryingValue $ 20,069,750us-gaap_CashAndCashEquivalentsAtCarryingValue
Accounts receivable, net of allowance for doubtful accounts of approximately $94,000 and $58,000, respectively 2,872,308us-gaap_AccountsReceivableNetCurrent 1,893,699us-gaap_AccountsReceivableNetCurrent
Inventory 3,213,620us-gaap_InventoryNet 3,398,438us-gaap_InventoryNet
Prepaid expenses and other 109,369us-gaap_PrepaidExpenseAndOtherAssetsCurrent 296,719us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 14,411,088us-gaap_AssetsCurrent 25,658,606us-gaap_AssetsCurrent
Property and equipment, net 619,028us-gaap_PropertyPlantAndEquipmentNet 381,689us-gaap_PropertyPlantAndEquipmentNet
Intangible assets 577,174us-gaap_FiniteLivedIntangibleAssetsNet 570,396us-gaap_FiniteLivedIntangibleAssetsNet
Deferred financing costs 793,499us-gaap_DeferredFinanceCostsNoncurrentNet 1,073,579us-gaap_DeferredFinanceCostsNoncurrentNet
Total Assets 16,400,789us-gaap_Assets 27,684,270us-gaap_Assets
Current liabilities:    
Accounts payable and accrued expenses 2,431,194us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 2,083,942us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Current deferred Revenue 14,118us-gaap_DeferredRevenueCurrent 14,118us-gaap_DeferredRevenueCurrent
Total current liabilities 2,445,312us-gaap_LiabilitiesCurrent 2,098,060us-gaap_LiabilitiesCurrent
Note Payable 25,085,777us-gaap_LongTermNotesPayable 25,363,695us-gaap_LongTermNotesPayable
Long Term Deferred Revenue 115,380us-gaap_DeferredRevenueNoncurrent 85,882us-gaap_DeferredRevenueNoncurrent
Total liabilities 27,646,469us-gaap_Liabilities 27,547,637us-gaap_Liabilities
Shareholders' equity (deficit):    
Common stock, $.01 par value; 50,000,000 shares authorized; 19,488,814 and 17,339,561 shares issued and outstanding 194,888us-gaap_CommonStockValue 173,395us-gaap_CommonStockValue
Additional paid-in capital 78,675,686us-gaap_AdditionalPaidInCapitalCommonStock 72,369,016us-gaap_AdditionalPaidInCapitalCommonStock
Accumulated deficit (90,116,254)us-gaap_RetainedEarningsAccumulatedDeficit (72,405,778)us-gaap_RetainedEarningsAccumulatedDeficit
Total shareholders' equity (deficit) (11,245,680)us-gaap_StockholdersEquity 136,633us-gaap_StockholdersEquity
Total Liabilities and Shareholders' equity $ 16,400,789us-gaap_LiabilitiesAndStockholdersEquity $ 27,684,270us-gaap_LiabilitiesAndStockholdersEquity