Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (17,167,486) $ (7,946,283)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 574,684 346,839
Amortization of intangible assets 58,550 60,459
Amortization of deferred financing costs 81,329 136,711
Loss on disposal of equipment 1,361  
Loss on extinguishment of debt 2,186,114  
Provision for bad debt 297,563 83,733
Provision for inventory write down 876,656 999,698
Change in net unrealized gains and losses (375,101)  
Share-based compensation 5,981,229 2,491,992
Change in assets and liabilities:    
Accounts receivable (3,223,320) (2,232,090)
Inventory (4,509,760) (2,239,801)
Prepaid expenses and other (624,038) (60,108)
Accounts payable and accrued expenses 3,004,736 70,365
Contract and other liabilities (48,577) 99,367
Net cash used in operating activities (12,886,060) (8,189,118)
Cash flows from investing activities:    
Purchase of property and equipment (6,052,269) (616,432)
Purchase of short-term investments (103,865,243)  
Sale of short-term investments 3,500,000  
Acquisition of intangible assets (319,689) (182,953)
Net cash used for investing activities (106,737,201) (799,385)
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 41,553,210
Payments on revolving loan and prepayment penalties (30,488,886) (41,578,233)
Repayments of long-term debt and prepayment penalties (22,502,114) (15,589)
Debt issuance costs   (29,472)
Proceeds from exercise of stock options 2,777,421 1,085,279
Net cash provided by financing activities 108,745,694 1,015,195
Net increase (decrease) in cash and cash equivalents (10,877,567) (7,973,308)
Cash and cash equivalents, beginning of year 36,506,624 30,014,405
Cash and cash equivalents, end of period 25,629,057 22,041,097
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,321,920 $ 1,631,795