Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (13,065,858) $ (5,822,204)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 374,954 217,876
Amortization of intangible assets 39,715 41,706
Amortization of deferred financing costs 81,329 90,601
Loss on extinguishment of debt 2,186,114  
Provision for bad debt 130,013 99,834
Provision for inventory write down 582,034 680,851
Share-based compensation 3,769,756 1,572,966
Change in assets and liabilities:    
Accounts receivable (1,424,277) (1,470,098)
Inventory (2,948,211) (1,526,108)
Prepaid expenses and other (453,647) (73,286)
Accounts payable and accrued expenses 838,926 55,666
Contract and other liabilities (30,629) 104,657
Net cash used in operating activities (9,919,781) (6,027,539)
Cash flows from investing activities:    
Purchase of property and equipment (653,678) (366,886)
Acquisition of intangible assets (260,244) (153,321)
Net cash used for investing activities (913,922) (520,207)
Cash flows from financing activities:    
Proceeds from issuance of common stock 132,963,000  
Cash paid for equity offering (256,770)  
Borrowing on revolving loan 26,253,043 26,119,539
Payments on revolving loan and prepayment penalties (30,488,886) (26,314,797)
Repayments of long-term debt and prepayment penalties (22,492,122) (8,572)
Debt issuance costs   (29,472)
Proceeds from exercise of stock options and warrants 1,911,133 636,843
Net cash provided by financing activities 107,889,398 403,541
Net increase (decrease) in cash and cash equivalents 97,055,695 (6,144,205)
Cash and cash equivalents, beginning of year 36,506,624 30,014,405
Cash and cash equivalents, end of period 133,562,319 23,870,200
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,327,884 $ 1,058,599