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 ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (5,822,204) $ (6,478,787)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 217,876 167,590
Amortization of intangible assets 41,706 32,033
Amortization of deferred financing costs 90,601 63,506
Provision for bad debt 99,834 48,600
Stock-based compensation 1,572,966 752,789
Interest added to note payable   187,002
Change in assets and liabilities:    
Accounts receivable (1,470,098) (1,337,732)
Inventory (845,257) (852,362)
Prepaid expenses and other (73,286) (190,586)
Accounts payable and accrued expenses 55,666 198,707
Deferred liabiliies 104,657 3,684
Net cash used for operating activities (6,027,539) (7,405,556)
Cash flows from investing activities:    
Purchase of property and equipment (366,886) (456,910)
Acquisition of intangible assets (153,321) (97,341)
Net cash used for investing activities (520,207) (554,251)
Cash flows from financing activities:    
Borrowings on revolving loan 26,119,539  
Payments on revolving loan (26,314,797)  
Repayments of long-term debt (8,572)  
Debt issuance costs (29,472)  
Proceeds from exercise of stock options 636,843 323,510
Net cash provided by financing activities 403,541 323,510
Net decrease in cash and cash equivalents (6,144,205) (7,636,297)
Cash and cash equivalents, beginning of year 30,014,405 25,909,500
Cash and cash equivalents, end of period 23,870,200 18,273,203
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,058,599 $ 1,964,256