Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 25,913,765 $ 30,014,405
Accounts receivable, net of allowance for doubtful accounts of approximately $307,000 and $272,000 respectively 8,383,925 8,052,203
Inventory 5,850,730 5,458,840
Prepaid expenses and other 749,437 511,804
Total current assets 40,897,857 44,037,252
Property and equipment, net 1,484,279 1,494,247
Intangible assets 890,688 828,979
Total Assets 43,272,824 46,360,478
Current liabilities:    
Borrowings under revolving loan agreement 3,976,320 4,025,023
Accounts payable and accrued expenses 6,660,267 7,002,165
Current maturities of long term obligations 22,913 20,899
Deferred revenue, current 35,250 33,282
Total current liabilities 10,694,750 11,081,369
Long Term Obligations, net of current maturities and deferred financing fees 20,276,634 20,265,745
Deferred lease 89,888  
Deferred revenue, noncurrent 86,818 92,215
Total liabilities 31,148,090 31,439,329
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,063,960 and 33,008,865 shares issued and outstanding 330,639 330,088
Additional paid-in capital 133,439,943 132,474,884
Accumulated deficit (121,645,848) (117,883,823)
Total shareholders' equity 12,124,734 14,921,149
Total Liabilities and Shareholders' equity $ 43,272,824 $ 46,360,478