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, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (7,946,283) $ (8,784,160)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 346,839 263,133
Amortization of intangible assets 60,459 48,050
Amortization of deferred financing costs 136,711 95,253
Provision for bad debt 83,733 80,934
Stock-based compensation 2,491,992 1,046,364
Interest added to note payable   199,124
Change in assets and liabilities:    
Accounts receivable (2,232,090) (2,302,701)
Inventory (1,240,103) (1,036,859)
Prepaid expenses and other (60,108) (260,786)
Accounts payable and accrued expenses 70,365 864,267
Deferred liabiliies 99,367 5,727
Net cash used for operating activities (8,189,118) (9,781,654)
Cash flows from investing activities:    
Purchase of property and equipment (616,432) (612,974)
Acquisition of intangible assets (182,953) (157,491)
Net cash used for investing activities (799,385) (770,465)
Cash flows from financing activities:    
Borrowings on revolving loan 41,553,210  
Payments on revolving loan (41,578,233)  
Repayments of long-term debt (15,589)  
Debt issuance costs (29,472)  
Proceeds from exercise of stock options 1,085,279 645,864
Net cash provided by financing activities 1,015,195 645,864
Net decrease in cash and cash equivalents (7,973,308) (9,906,255)
Cash and cash equivalents, beginning of year 30,014,405 25,909,500
Cash and cash equivalents, end of period 22,041,097 16,003,245
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,631,795 $ 3,031,528