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 ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (3,762,025) $ (3,676,091)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 108,359 78,856
Amortization of intangible assets 23,189 16,016
Amortization of deferred financing costs 44,491 30,810
Provision for bad debt 34,747 80,651
Stock-based compensation 848,589 182,955
Interest added to note payable   71,950
Change in assets and liabilities:    
Accounts receivable (366,469) (588,243)
Inventory (391,890) (581,980)
Prepaid expenses and other (237,633) (274,114)
Accounts payable and accrued expenses (341,899) 55,479
Deferred revenue 86,459 (5,396)
Net cash used for operating activities (3,954,082) (4,609,107)
Cash flows from investing activities:    
Purchase of property and equipment (98,391) (402,927)
Acquisition of intangible assets (84,898) (85,416)
Net cash used for investing activities (183,289) (488,343)
Cash flows from financing activities:    
Borrowings on revolving loan 11,247,114  
Payments on revolving loan (11,295,817)  
Repayments of long-term debt (5,158)  
Debt issuance costs (26,429)  
Proceeds from exercise of stock options 117,021 136,702
Net cash provided by financing activities 36,731 136,702
Net increase (decrease) in cash and cash equivalents (4,100,640) (4,960,748)
Cash and cash equivalents, beginning of year 30,014,405 25,909,500
Cash and cash equivalents, end of period 25,913,765 20,948,752
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 505,020 $ 900,410