Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (5,638,557) $ (3,762,025)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 179,938 108,359
Amortization of intangible assets 19,600 23,189
Amortization of deferred financing costs 60,663 44,491
Provision for bad debt 56,844 34,747
Stock-based compensation 1,729,115 848,589
Change in assets and liabilities:    
Accounts receivable (758,953) (366,469)
Inventory (736,988) (391,890)
Prepaid expenses and other (501,881) (237,633)
Accounts payable and accrued expenses (241,378) (341,899)
Contract and other liabilities (12,682) 86,459
Net cash used for operating activities (5,844,279) (3,954,082)
Cash flows from investing activities:    
Purchase of property and equipment (360,222) (98,391)
Acquisition of intangible assets (140,954) (84,898)
Net cash used for investing activities (501,176) (183,289)
Cash flows from financing activities:    
Borrowing on revolving loan 16,146,151 11,247,114
Payments on revolving loan (16,162,963) (11,295,817)
Repayments of long-term debt (3,167) (5,158)
Debt issuance costs   (26,429)
Proceeds from exercise of stock options and warrants 418,692 117,021
Net cash provided by financing activities 398,713 36,731
Net decrease in cash and cash equivalents (5,946,742) (4,100,640)
Cash and cash equivalents, beginning of year 36,506,624 30,014,405
Cash and cash equivalents, end of period 30,559,882 25,913,765
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 576,856 $ 505,020