Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 30,559,882 $ 36,506,624
Accounts receivable, net of allowance for doubtful accounts of $513,000 and $461,000, respectively 11,766,829 11,064,720
Inventory 8,052,930 7,315,942
Prepaid expenses and other 1,355,262 853,381
Total current assets 51,734,903 55,740,667
Property and equipment, net 2,377,323 2,197,039
Intangible assets 1,058,346 936,992
Total assets 55,170,572 58,874,698
Current liabilities:    
Borrowings under revolving loan agreement 3,983,189 4,000,000
Accounts payable and accrued expenses 8,710,683 8,952,061
Current maturities of long term obligations 2,841,378 735,017
Contract liabilities, current 32,136 31,668
Total current liabilities 15,567,386 13,718,746
Long Term Obligations, net of current maturities and deferred financing fees 17,760,907 19,809,772
Other long-term liabilities 89,010 95,514
Contract liabilities 61,985 68,631
Total liabilities 33,479,288 33,692,663
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 34,669,276 and 34,350,329 shares issued and outstanding 346,693 343,503
Additional paid-in capital 155,312,433 153,167,817
Accumulated deficit (133,967,842) (128,329,285)
Total shareholders' equity 21,691,284 25,182,035
Total liabilities and shareholders' equity $ 55,170,572 $ 58,874,698