Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 30,014,405 $ 25,909,500
Accounts receivable, net of allowance for doubtful accounts of approximately $272,000 and $192,000 respectively 8,052,203 4,782,989
Inventory 5,458,840 3,933,960
Prepaid expenses and other 511,804 424,925
Total current assets 44,037,252 35,051,374
Property and equipment, net 1,494,247 970,870
Intangible assets 828,979 678,082
Total Assets 46,360,478 36,700,326
Current liabilities:    
Borrowings under revolving loan agreement 4,025,023  
Accounts payable and accrued expenses 7,002,165 3,695,127
Current maturities of long term obligations 20,899  
Deferred revenue, current 33,282 14,118
Total current liabilities 11,081,369 3,709,245
Long Term Debt, net of current maturities, net 20,265,745 24,701,693
Long Term Deferred Revenue 92,215 93,797
Total liabilities 31,439,329 28,504,735
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,008,865 and 29,984,591 shares issued and outstanding 330,088 299,846
Additional paid-in capital 132,474,884 111,368,424
Accumulated deficit (117,883,823) (103,472,679)
Total shareholders' equity 14,921,149 8,195,591
Total Liabilities and Shareholders' equity $ 46,360,478 $ 36,700,326