Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (6,766,073) $ (7,981,036)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 87,610 67,887
Amortization of intangible assets 22,710 22,099
Amortization of deferred financing costs 64,957 103,432
Share-based compensation 696,625 474,144
Stock grants   60,125
Interest added to note 340,870 1,878,894
Change in assets and liabilities:    
Accounts receivable (965,715) (633,254)
Inventory (326,337) (12,004)
Prepaid expenses and other (131,739) 151,744
Accounts payable and accrued expenses 976,928 155,113
Deferred revenue (10,791) (7,143)
Net cash used for operating activities (6,010,955) (5,719,999)
Cash flows from investing activities:    
Purchase of property and equipment (132,492) (283,476)
Acquisition of intangible assets (54,075) (30,305)
Net cash used for investing activities (186,567) (313,781)
Cash flows from financing activities:    
Proceeds from exercise of stock options 14,071 134,362
Proceeds from issuance of common stock 13,770,734  
Debt issuance costs (180,142)  
Net cash provided by financing activities 13,604,663 134,362
Net increase/(decrease) in cash and cash equivalents 7,407,141 (5,899,418)
Cash and cash equivalents, beginning of year 8,215,791 20,069,750
Cash and cash equivalents, end of period 15,622,932 14,170,332
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,649,881 $ 664,546