Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 25,913,765 $ 30,014,405
Accounts receivable, net of allowance for doubtful accounts of approximately $307,000 and $272,000 respectively 8,383,925 8,052,203
Inventory 5,850,730 5,458,840
Prepaid expenses and other 749,437 511,804
Total current assets 40,897,857 44,037,252
Property and equipment, net 1,484,279 1,494,247
Intangible assets 890,688 828,979
Total Assets 43,272,824 46,360,478
Current liabilities:    
Borrowings under revolving loan agreement 3,976,320 4,025,023
Accounts payable and accrued expenses 6,660,267 7,002,165
Current maturities of long term obligations 22,913 20,899
Deferred revenue, current 35,250 33,282
Total current liabilities 10,694,750 11,081,369
Long Term Obligations, net of current maturities and deferred financing fees 20,276,634 20,265,745
Deferred lease 89,888  
Deferred revenue, noncurrent 86,818 92,215
Total liabilities 31,148,090 31,439,329
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,063,960 and 33,008,865 shares issued and outstanding 330,639 330,088
Additional paid-in capital 133,439,943 132,474,884
Accumulated deficit (121,645,848) (117,883,823)
Total shareholders' equity 12,124,734 14,921,149
Total Liabilities and Shareholders' equity $ 43,272,824 $ 46,360,478

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v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Condensed Consolidated Statements of Operations    
Revenues $ 12,241,073 $ 8,111,759
Cost of goods sold 1,915,648 1,405,591
Gross profit 10,325,425 6,706,168
Costs and expenses:    
Sales and marketing 8,610,482 6,205,875
Research and development 1,411,136 978,340
General and administrative 3,504,039 2,144,757
Total costs and expenses 13,525,657 9,328,972
Loss from operations (3,200,232) (2,622,804)
Other income (expense):    
Interest expense (507,549) (1,003,027)
Interest expense-deferred financing costs (44,491) (30,810)
Other income (expense) (9,753) (19,450)
Total other income (expense) (561,793) (1,053,287)
Net Loss $ (3,762,025) $ (3,676,091)
Weighted Average Common Shares outstanding - basic and diluted 33,026,433 29,994,066
Loss Per Common share - basic and diluted (in dollars per share) $ (0.11) $ (0.12)

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (3,762,025) $ (3,676,091)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 108,359 78,856
Amortization of intangible assets 23,189 16,016
Amortization of deferred financing costs 44,491 30,810
Provision for bad debt 34,747 80,651
Stock-based compensation 848,589 182,955
Interest added to note payable   71,950
Change in assets and liabilities:    
Accounts receivable (366,469) (588,243)
Inventory (391,890) (581,980)
Prepaid expenses and other (237,633) (274,114)
Accounts payable and accrued expenses (341,899) 55,479
Deferred revenue 86,459 (5,396)
Net cash used for operating activities (3,954,082) (4,609,107)
Cash flows from investing activities:    
Purchase of property and equipment (98,391) (402,927)
Acquisition of intangible assets (84,898) (85,416)
Net cash used for investing activities (183,289) (488,343)
Cash flows from financing activities:    
Borrowings on revolving loan 11,247,114  
Payments on revolving loan (11,295,817)  
Repayments of long-term debt (5,158)  
Debt issuance costs (26,429)  
Proceeds from exercise of stock options 117,021 136,702
Net cash provided by financing activities 36,731 136,702
Net increase (decrease) in cash and cash equivalents (4,100,640) (4,960,748)
Cash and cash equivalents, beginning of year 30,014,405 25,909,500
Cash and cash equivalents, end of period 25,913,765 20,948,752
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 505,020 $ 900,410

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