Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 36,506,624 $ 30,014,405
Accounts receivable, net of allowance for doubtful accounts of approximately $461,000 and $272,000, respectively 11,064,720 8,052,203
Inventory 7,315,942 5,458,840
Prepaid expenses and other 853,381 511,804
Total current assets 55,740,667 44,037,252
Property and equipment, net 2,197,039 1,494,247
Intangible assets 936,992 828,979
Total Assets 58,874,698 46,360,478
Current liabilities:    
Borrowings under revolving loan agreement 4,000,000 4,025,023
Accounts payable and accrued expenses 8,952,061 7,002,165
Current maturities of long term obligations 735,017 20,899
Deferred revenue, current 31,668 33,282
Total current liabilities 13,718,746 11,081,369
Long Term Obligations, net of current maturities and deferred financing fees 19,905,286 20,265,745
Deferred revenue, noncurrent 68,631 92,215
Total liabilities 33,692,663 31,439,329
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 34,350,329 and 33,008,865 shares issued and outstanding 343,503 330,088
Additional paid-in capital 153,167,817 132,474,884
Accumulated deficit (128,329,285) (117,883,823)
Total shareholders' equity 25,182,035 14,921,149
Total Liabilities and Shareholders' equity $ 58,874,698 $ 46,360,478