Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 20,948,752 $ 25,909,500
Accounts receivable, net of allowance for doubtful accounts of approximately $273,000 and $192,000, respectively 5,290,581 4,782,989
Inventory 4,515,940 3,933,960
Prepaid expenses and other 699,039 424,925
Total current assets 31,454,312 35,051,374
Property and equipment, net 1,294,941 970,870
Intangible assets 747,482 678,082
Total Assets 33,496,735 36,700,326
Current liabilities:    
Accounts payable and accrued expenses 3,750,606 3,695,127
Current deferred revenue 14,118 14,118
Total current liabilities 3,764,724 3,709,245
Note Payable - Revenue Interest Purchase Agreement 24,804,453 24,701,693
Long Term Deferred Revenue 88,401 93,797
Total liabilities 28,657,578 28,504,735
Shareholders' equity (deficit):    
Common stock, $.01 par value; 50,000,000 shares authorized; 30,035,576 and 29,984,591 shares issued and outstanding 300,356 299,846
Additional paid-in capital 111,687,571 111,368,424
Accumulated deficit (107,148,770) (103,472,679)
Total shareholders' equity (deficit) 4,839,157 8,195,591
Total Liabilities and Shareholders' equity $ 33,496,735 $ 36,700,326