Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (13,356,425) $ (17,710,476)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 203,140 153,670
Amortization of intangible assets 45,828 45,224
Amortization of deferred financing costs 127,913 199,328
Write off of deferred financing costs   901,192
Provision for bad debt 125,371 35,478
Stock-based compensation 1,316,509 956,449
Stock grant for service   60,125
Interest added to note payable 461,643 5,022,082
Change in assets and liabilities:    
Accounts receivable (2,036,052) (1,014,087)
Inventory (720,340) 184,818
Prepaid expenses and other (315,556) 187,350
Accounts payable and accrued expenses 1,117,733 498,290
Deferred revenue (21,583) 29,498
Net cash used for operating activities (13,051,819) (10,451,059)
Cash flows from investing activities:    
Purchase of property and equipment (408,782) (542,045)
Acquisition of intangible assets (146,736) (52,002)
Net cash used for investing activities (555,518) (594,047)
Cash flows from financing activities:    
Proceeds from issuance of common stock 30,968,386 1,625,748
Repayments of long-term debt   (1,750,000)
Debt issuance costs (180,139) (820,441)
Proceeds from exercise of stock options 512,799 135,840
Net cash provided by (used in) financing activities 31,301,046 (808,853)
Net increase / (decrease) in cash and cash equivalents 17,693,709 (11,853,959)
Cash and cash equivalents, beginning of year 8,215,791 20,069,750
Cash and cash equivalents, end of period 25,909,500 8,215,791
Supplemental disclosures of cash flow activity:    
Cash paid for interest 3,525,978 3,912,463
Supplemental disclosure of non-cash investing and financing activities:    
Payments of fixed assets in accounts payable $ 168,775 22,575
Payments of long term debt with proceeds from note payable of $25,000,000 and issuance of shares of $3,550,000   $ 28,550,000