Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net loss $ (5,375,853) $ (7,082,234)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 145,891 214,919
Amortization of intangible assets 245,002 36,265
Amortization of deferred financing costs 154,947 1,200,413
Amortization of debt discount 36,806 11,436
Stock-based compensation 478,701 97,499
Change in fair value of warrant liability   (62,305)
Interest added to note payable   55,562
Change in assets and liabilities:    
Accounts receivable (127,890) (109,409)
Inventory (962,130) 240,446
Prepaid expenses and other (75,228) (66,276)
Accounts payable and accrued expenses 278,394 572,833
Net cash used for operating activities (5,288,166) (4,890,851)
Cash flows from investing activities:    
Purchase of property and equipment (37,429) (7,858)
Acquisition of intangible assets (82,294) (45,454)
Cash acquired with Merger   7,201,638
Net cash (used for) provided by investing activities (119,723) 7,148,326
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 1,750,000 10,500,000
Proceeds from issuance of common stock   1,000,000
Repayments of long-term debt   (4,732,857)
Debt issuance costs (118,476) (301,778)
Proceeds from exercise of stock options 30,741 3,649
Payment of fractional shares from Merger (58)  
Net cash provided by financing activities 1,662,207 6,469,014
Net increase (decrease) in cash and cash equivalents (3,745,682) 8,726,489
Cash and cash equivalents, beginning of year 8,190,781 1,799,048
Cash and cash equivalents, end of period 4,445,099 10,525,537
Supplemental disclosures of cash flow activity:    
Cash paid for interest 447,144 611,501
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of preferred stock convertible debt and accrued interest into common stock   21,497,955
Preferred stock dividend payable forfeited with the Merger   7,076,729
Warrant Liability forfeited with the Merger   2,607,510
Debt discount related to warrants issued with debt   173,736
Net assets acquired on Merger   11,847,916
Note and accrued interest retired with the Merger   4,555,562
Reclassification from common stock to additional paid in capital for change in par value   11,639
Series B preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   292,330
Series C preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   515,577
Series D preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   $ 220,444