Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (11,219,210) $ (10,448,090)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 111,390 60,869
Amortization of intangible assets 33,468 44,176
Amortization of deferred financing costs 158,648 146,648
Share-based compensation 701,697 534,673
Stock grants 60,125  
Interest added to note 2,810,182 2,752,273
Change in assets and liabilities:    
Accounts receivable (849,342) (690,127)
Inventory 52,323 (308,955)
Prepaid expenses and other 195,796 9,821
Accounts payable and accrued expenses (63,848) (162,631)
Deferred revenue (10,714)  
Net cash used for operating activities (8,019,485) (8,061,343)
Cash flows from investing activities:    
Purchase of property and equipment (342,875) (66,564)
Acquisition of intangible assets (39,454) (50,262)
Net cash used for investing activities (382,329) (116,826)
Cash flows from financing activities:    
Proceeds from issuance of common stock   16,784,203
Proceeds from exercise of stock options 134,672 73,015
Net cash provided by financing activities 134,672 16,857,218
Net increase (decrease) in cash and cash equivalents (8,267,142) 8,679,049
Cash and cash equivalents, beginning of year 20,069,750 13,907,401
Cash and cash equivalents, end of period 11,802,608 22,586,450
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,154,738 $ 749,857