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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (8,784,160) $ (9,744,932)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 263,133 142,038
Amortization of intangible assets 48,050 34,009
Amortization of deferred financing costs 95,253 96,375
Provision for bad debt 80,934  
Stock-based compensation 1,046,364 1,031,218
Interest added to note payable 199,124 451,590
Change in assets and liabilities:    
Accounts receivable (2,302,701) (1,770,494)
Inventory (1,036,859) (488,135)
Prepaid expenses and other (260,786) (180,862)
Accounts payable and accrued expenses 864,267 1,655,114
Deferred revenue 5,727 (16,187)
Net cash used for operating activities (9,781,654) (8,790,266)
Cash flows from investing activities:    
Purchase of property and equipment (612,974) (353,093)
Acquisition of intangible assets (157,491) (92,184)
Net cash used for investing activities (770,465) (445,277)
Cash flows from financing activities:    
Proceeds from issuance of common stock   30,970,735
Debt issuance costs   (180,142)
Proceeds from exercise of stock options 645,864 164,626
Net cash provided by (used in) financing activities 645,864 30,955,219
Net increase / (decrease) in cash and cash equivalents (9,906,255) 21,719,676
Cash and cash equivalents, beginning of year 25,909,500 8,215,791
Cash and cash equivalents, end of period 16,003,245 29,935,467
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 3,031,528 $ 1,949,381