Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 16,003,245 $ 25,909,500
Accounts receivable, net of allowance for doubtful accounts of approximately $249,000 and $192,000 respectively 7,004,756 4,782,989
Inventory 4,970,819 3,933,960
Prepaid expenses and other 685,711 424,925
Total current assets 28,664,531 35,051,374
Property and equipment, net 1,320,711 970,870
Intangible assets 787,523 678,082
Total Assets 30,772,765 36,700,326
Current liabilities:    
Accounts payable and accrued expenses 4,559,394 3,695,127
Current deferred revenue 36,032 14,118
Total current liabilities 4,595,426 3,709,245
Note Payable - Revenue Interest Purchase Agreement 24,996,070 24,701,693
Long Term Deferred Revenue 77,610 93,797
Total liabilities 29,669,106 28,504,735
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 30,209,036 and 29,984,591 shares issued and outstanding 302,090 299,846
Additional paid-in capital 113,058,408 111,368,424
Accumulated deficit (112,256,839) (103,472,679)
Total shareholders' equity (deficit) 1,103,659 8,195,591
Total Liabilities and Shareholders' equity $ 30,772,765 $ 36,700,326

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Condensed Consolidated Statements of Operations        
Revenues $ 11,205,224 $ 8,153,675 $ 29,698,866 $ 19,522,244
Cost of goods sold 1,697,443 1,410,416 4,637,446 3,433,138
Gross profit 9,507,781 6,743,259 25,061,420 16,089,106
Costs and expenses:        
Sales and marketing 7,090,059 5,512,613 20,076,297 14,257,397
Research and development 1,118,358 936,015 3,033,521 2,343,450
General and administrative 2,481,051 2,212,457 7,362,063 6,103,058
Total costs and expenses 10,689,468 8,661,085 30,471,881 22,703,905
Loss from operations (1,181,687) (1,917,826) (5,410,461) (6,614,799)
Other income (expense):        
Interest expense (1,089,134) (1,042,258) (3,255,574) (3,060,779)
Interest expense-deferred financing costs (31,748) (31,419) (95,254) (96,375)
Other income (expense) (2,804) 12,645 (22,871) 27,021
Total other income (expense) (1,123,686) (1,061,032) (3,373,699) (3,130,133)
Net Loss $ (2,305,373) $ (2,978,858) $ (8,784,160) $ (9,744,932)
Weighted Average Common Shares outstanding - basic and diluted 30,152,279 26,841,060 30,075,715 24,778,123
Loss Per Common share - basic and diluted (in dollars per share) $ (0.08) $ (0.11) $ (0.29) $ (0.39)

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (8,784,160) $ (9,744,932)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 263,133 142,038
Amortization of intangible assets 48,050 34,009
Amortization of deferred financing costs 95,253 96,375
Provision for bad debt 80,934  
Stock-based compensation 1,046,364 1,031,218
Interest added to note payable 199,124 451,590
Change in assets and liabilities:    
Accounts receivable (2,302,701) (1,770,494)
Inventory (1,036,859) (488,135)
Prepaid expenses and other (260,786) (180,862)
Accounts payable and accrued expenses 864,267 1,655,114
Deferred revenue 5,727 (16,187)
Net cash used for operating activities (9,781,654) (8,790,266)
Cash flows from investing activities:    
Purchase of property and equipment (612,974) (353,093)
Acquisition of intangible assets (157,491) (92,184)
Net cash used for investing activities (770,465) (445,277)
Cash flows from financing activities:    
Proceeds from issuance of common stock   30,970,735
Debt issuance costs   (180,142)
Proceeds from exercise of stock options 645,864 164,626
Net cash provided by (used in) financing activities 645,864 30,955,219
Net increase / (decrease) in cash and cash equivalents (9,906,255) 21,719,676
Cash and cash equivalents, beginning of year 25,909,500 8,215,791
Cash and cash equivalents, end of period 16,003,245 29,935,467
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 3,031,528 $ 1,949,381

Source