Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:    
Net loss $ (9,417,958) $ (9,219,220)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 187,749 273,528
Amortization of intangible assets 127,080 67,147
Loss on impairment 299,654  
Loss on abandonment of license 147,826  
Amortization of deferred financing costs 986,844 1,223,126
Amortization of debt discount 161,529 23,643
Stock-based compensation 495,077 250,044
Directors Stock Compensation   15,000
Stock grant for service 21,375  
Cancellation of shares (14,999)  
Change in fair value of warrant liability   (62,305)
Interest added to note payable 780,252 55,562
Change in assets and liabilities:    
Accounts receivable (252,435) (368,954)
Inventory (1,390,570) 142,249
Prepaid expenses and other (53,757) 20,070
Accounts payable and accrued expenses (105,348) 500,820
Net cash used for operating activities (8,661,858) (7,079,290)
Cash flows from investing activities:    
Purchase of property and equipment (48,459) (20,610)
Acquisition of intangible assets (78,825) (68,856)
Cash acquired with Merger   7,201,638
Net cash (used for) provided by investing activities (127,284) 7,112,172
Cash flows from financing activities:    
Proceeds from issuance of long-term debt   10,500,000
Proceeds from issuance of note payable 15,961,294  
Proceeds from issuance of common stock   1,000,000
Repayments of long-term debt (161,292) (4,732,857)
Debt issuance costs (1,309,834) (434,772)
Proceeds from exercise of stock options 15,652 26,480
Merger (58)  
Net cash provided by financing activities 14,505,762 6,358,851
Net increase in cash and cash equivalents 5,716,620 6,391,733
Cash and cash equivalents, beginning of year 8,190,781 1,799,048
Cash and cash equivalents, end of period 13,907,401 8,190,781
Supplemental disclosures of cash flow activity:    
Cash paid for interest 649,108 1,029,753
Supplemental disclosure of non-cash investing and financing activities:    
Payments of long term debt with proceeds from note payable 4,838,706  
Conversion of preferred stock, convertible debt and accrued interest into common stock    21,497,955
Preferred stock dividend payable forfeited with the Merger    7,076,729
Warrant Liability forfeited with the Merger    2,607,510
Debt discount related to warrants issued with debt    173,736
Net assets acquired on Merger    11,847,916
Note and accrued interest retired with the Merger    4,555,562
Directors stock compensation included in prepaid expenses    60,000
Series B preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock    292,330
Series C preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock    515,577
Series D preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock    $ 220,444