Financials

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

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v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Condensed Consolidated Statements of Operations        
Revenues $ 15,168,064 $ 10,381,883 $ 27,409,137 $ 18,493,642
Cost of goods sold 2,277,201 1,534,412 4,192,849 2,940,003
Gross profit 12,890,863 8,847,471 23,216,288 15,553,639
Costs and expenses:        
Sales and marketing 9,438,288 6,780,363 18,048,770 12,986,238
Research and development 1,521,123 936,823 2,932,259 1,915,163
General and administrative 3,377,105 2,736,255 6,881,144 4,881,012
Total costs and expenses 14,336,516 10,453,441 27,862,173 19,782,413
Loss from operations (1,445,653) (1,605,970) (4,645,885) (4,228,774)
Other income (expense):        
Interest expense (554,384) (1,163,413) (1,061,933) (2,166,440)
Interest expense-deferred financing costs (46,110) (32,696) (90,601) (63,506)
Other (expense) (14,032) (617) (23,785) (20,067)
Total other income (expense) (614,526) (1,196,726) (1,176,319) (2,250,013)
Net Loss $ (2,060,179) $ (2,802,696) $ (5,822,204) $ (6,478,787)
Weighted Average Common Shares outstanding - basic and diluted 33,124,139 30,079,960 33,075,555 30,037,013
Loss Per Common share - basic and diluted (in dollars per share) $ (0.06) $ (0.09) $ (0.18) $ (0.22)

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (5,822,204) $ (6,478,787)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 217,876 167,590
Amortization of intangible assets 41,706 32,033
Amortization of deferred financing costs 90,601 63,506
Provision for bad debt 99,834 48,600
Stock-based compensation 1,572,966 752,789
Interest added to note payable   187,002
Change in assets and liabilities:    
Accounts receivable (1,470,098) (1,337,732)
Inventory (845,257) (852,362)
Prepaid expenses and other (73,286) (190,586)
Accounts payable and accrued expenses 55,666 198,707
Deferred liabiliies 104,657 3,684
Net cash used for operating activities (6,027,539) (7,405,556)
Cash flows from investing activities:    
Purchase of property and equipment (366,886) (456,910)
Acquisition of intangible assets (153,321) (97,341)
Net cash used for investing activities (520,207) (554,251)
Cash flows from financing activities:    
Borrowings on revolving loan 26,119,539  
Payments on revolving loan (26,314,797)  
Repayments of long-term debt (8,572)  
Debt issuance costs (29,472)  
Proceeds from exercise of stock options 636,843 323,510
Net cash provided by financing activities 403,541 323,510
Net decrease in cash and cash equivalents (6,144,205) (7,636,297)
Cash and cash equivalents, beginning of year 30,014,405 25,909,500
Cash and cash equivalents, end of period 23,870,200 18,273,203
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,058,599 $ 1,964,256

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