Financials

v3.6.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 30,014,405 $ 25,909,500
Accounts receivable, net of allowance for doubtful accounts of approximately $272,000 and $192,000 respectively 8,052,203 4,782,989
Inventory 5,458,840 3,933,960
Prepaid expenses and other 511,804 424,925
Total current assets 44,037,252 35,051,374
Property and equipment, net 1,494,247 970,870
Intangible assets 828,979 678,082
Total Assets 46,360,478 36,700,326
Current liabilities:    
Borrowings under revolving loan agreement 4,025,023  
Accounts payable and accrued expenses 7,002,165 3,695,127
Current maturities of long term obligations 20,899  
Deferred revenue, current 33,282 14,118
Total current liabilities 11,081,369 3,709,245
Long Term Debt, net of current maturities, net 20,265,745 24,701,693
Long Term Deferred Revenue 92,215 93,797
Total liabilities 31,439,329 28,504,735
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,008,865 and 29,984,591 shares issued and outstanding 330,088 299,846
Additional paid-in capital 132,474,884 111,368,424
Accumulated deficit (117,883,823) (103,472,679)
Total shareholders' equity 14,921,149 8,195,591
Total Liabilities and Shareholders' equity $ 46,360,478 $ 36,700,326

Source

v3.6.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Condensed Consolidated Statements of Operations    
Revenues $ 41,107,538 $ 27,331,092
Cost of goods sold 6,467,250 4,848,396
Gross profit 34,640,288 22,482,696
Costs and expenses:    
Sales and marketing 28,425,503 20,089,369
Research and development 4,212,023 3,237,171
General and administrative 10,132,624 8,422,866
Total costs and expenses 42,770,150 31,749,406
Loss from operations (8,129,862) (9,266,710)
Other income (expense):    
Interest expense (5,386,268) (3,988,619)
Interest expense-deferred financing costs (875,389) (127,912)
Other income (expense) (19,625) 26,816
Total other income (expense) (6,281,282) (4,089,715)
Net Loss $ (14,411,144) $ (13,356,425)
Weighted Average Common Shares outstanding - basic and diluted 30,702,164 26,075,670
Loss Per Common share - basic and diluted (in dollars per share) $ (0.47) $ (0.51)

Source

v3.6.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (14,411,144) $ (13,356,425)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 361,617 203,140
Amortization of intangible assets 74,871 45,828
Amortization of deferred financing costs 124,915 127,913
Write off of deferred financing costs 750,474  
Provision for bad debt 79,593 125,371
Stock-based compensation 1,390,277 1,316,509
Interest added to note payable 1,924,279 461,643
Change in assets and liabilities:    
Accounts receivable (3,348,807) (2,036,052)
Inventory (1,524,880) (720,340)
Prepaid expenses and other (86,879) (315,556)
Accounts payable and accrued expenses 3,443,660 1,117,733
Deferred revenue 17,582 (21,583)
Net cash used for operating activities (11,204,442) (13,051,819)
Cash flows from investing activities:    
Purchase of property and equipment (963,787) (408,782)
Acquisition of intangible assets (225,768) (146,736)
Net cash used for investing activities (1,189,555) (555,518)
Cash flows from financing activities:    
Proceeds from issuance of common stock 18,668,092 30,968,386
Borrowings on revolving loan 6,684,894  
Payments on revolving loan (6,684,894)  
Repayments of long-term debt (2,446,676)  
Debt issuance costs (800,847) (180,139)
Proceeds from exercise of stock options 1,078,333 512,799
Net cash provided by (used in) financing activities 16,498,902 31,301,046
Net increase / (decrease) in cash and cash equivalents 4,104,905 17,693,709
Cash and cash equivalents, beginning of year 25,909,500 8,215,791
Cash and cash equivalents, end of period 30,014,405 25,909,500
Supplemental disclosures of cash flow activity:    
Cash paid for interest 5,769,372 3,525,978
Supplemental disclosure of non-cash investing and financing activities:    
Payments of fixed assets in accounts payable 32,153 $ 168,775
Payments of long term debt with proceeds from term loan of $21,000,000 and revolver loan of $4,000,000 $ 25,000,000  

Source