Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net loss $ (3,139,044) $ (3,969,064)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 101,869 147,162
Amortization of intangible assets 63,671 22,707
Amortization of deferred financing costs 94,934 1,031,406
Amortization of debt discount 24,506 11,435
Stock-based compensation 329,062 60,000
Change in fair value of warrant liability   (62,305)
Change in assets and liabilities:    
Accounts receivable (64,574) (208,478)
Inventory (707,247) (54,511)
Prepaid expenses and other (236,880) (96,236)
Accounts payable and accrued expenses 118,933 655,348
Net cash used for operating activities (3,464,277) (2,462,536)
Cash flows from investing activities:    
Purchase of property and equipment (31,040)  
Acquisition of intangible assets (49,126) (25,550)
Net cash used for investing activities (80,166) (25,550)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt   3,000,000
Debt issuance costs (16,701) (82,346)
Proceeds from exercise of stock options 9,215 1,149
Payment of fractional shares from Merger (59)  
Net cash (used by) provided by financing activities (7,545) 2,918,803
Net increase (decrease) in cash and cash equivalents (3,551,988) 430,717
Cash and cash equivalents, beginning of year 8,190,781 1,799,048
Cash and cash equivalents, end of period 4,638,793 2,229,765
Supplemental disclosures of cash flow activity:    
Cash paid for interest 276,718 397,623
Series B preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   200,602
Series C preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   349,807
Series D preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   $ 148,109