Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 23,870,200 $ 30,014,405
Accounts receivable, net of allowance for doubtful accounts of approximately $351,000 and $272,000, respectively 9,422,467 8,052,203
Inventory 6,304,097 5,458,840
Prepaid expenses and other 585,090 511,804
Total current assets 40,181,854 44,037,252
Property and equipment, net 1,643,257 1,494,247
Intangible assets 940,594 828,979
Total Assets 42,765,705 46,360,478
Current liabilities:    
Borrowings under revolving loan agreement 3,829,765 4,025,023
Accounts payable and accrued expenses 7,057,831 7,002,165
Current maturities of long term obligations 24,947 20,899
Deferred revenue, current 39,399 33,282
Total current liabilities 10,951,942 11,081,369
Long Term Obligations, net of current maturities and deferred financing fees 20,314,254 20,265,745
Deferred lease 109,332  
Deferred revenue, noncurrent 81,423 92,215
Total liabilities 31,456,951 31,439,329
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,184,710 and 33,008,865 shares issued and outstanding 331,847 330,088
Additional paid-in capital 134,682,934 132,474,884
Accumulated deficit (123,706,027) (117,883,823)
Total shareholders' equity 11,308,754 14,921,149
Total Liabilities and Shareholders' equity $ 42,765,705 $ 46,360,478