Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 25,909,500 $ 8,215,791
Accounts receivable, net of allowance for doubtful accounts of approximately $192,000 and $94,000, respectively 4,782,989 2,872,308
Inventory 3,933,960 3,213,620
Prepaid expenses and other 424,925 109,369
Total current assets 35,051,374 14,411,088
Property and equipment, net 970,870 619,028
Intangible assets 678,082 577,174
Deferred financing costs 845,727 793,499
Total Assets 37,546,053 16,400,789
Current liabilities:    
Accounts payable and accrued expenses 3,695,127 2,431,194
Current deferred revenue 14,118 14,118
Total current liabilities 3,709,245 2,445,312
Note Payable - Revenue Interest Purchase Agreement 25,547,420 25,085,777
Long Term Deferred Revenue 93,797 115,380
Total liabilities $ 29,350,462 $ 27,646,469
Commitments and contingencies
Shareholders' equity (deficit):    
Common stock, $.01 par value; 50,000,000 shares authorized; 29,984,591 and 19,488,814 shares issued and outstanding $ 299,846 $ 194,888
Additional paid-in capital 111,368,424 78,675,686
Accumulated deficit (103,472,679) (90,116,254)
Total shareholders' equity (deficit) 8,195,591 (11,245,680)
Total Liabilities and Shareholders' equity $ 37,546,053 $ 16,400,789