Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (7,981,036) $ (6,895,309)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 67,887 42,813
Amortization of intangible assets 22,099 29,405
Amortization of deferred financing costs 103,432 85,432
Share-based compensation 474,144 392,473
Stock grants 60,125  
Interest added to note 1,878,894 1,803,439
Change in assets and liabilities:    
Accounts receivable (633,254) (365,435)
Inventory (12,004) (424,670)
Prepaid expenses and other 151,744 59,930
Accounts payable and accrued expenses 155,113 108,186
Deferred revenue (7,143)  
Net cash used for operating activities (5,719,999) (5,163,736)
Cash flows from investing activities:    
Purchase of property and equipment (283,476) (45,315)
Acquisition of intangible assets (30,305) (39,060)
Net cash used for investing activities (313,781) (84,375)
Cash flows from financing activities:    
Proceeds from exercise of stock options 134,362 33,393
Net cash provided by financing activities 134,362 33,393
Net decrease in cash and cash equivalents (5,899,418) (5,214,718)
Cash and cash equivalents, beginning of year 20,069,750 13,907,401
Cash and cash equivalents, end of period 14,170,332 8,692,683
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 664,546 $ 458,394