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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net loss $ (10,445,462) $ (14,411,144) $ (13,356,425)
Adjustments to reconcile net loss to net cash used for operating activities:      
Depreciation 487,611 361,617 203,140
Amortization of intangible assets 78,993 74,871 45,828
Amortization of deferred financing costs 246,557 124,915 127,913
Write off of deferred financing costs   750,474  
Provision for bad debt 223,323 79,593 125,371
Stock-based compensation 3,608,918 1,390,277 1,316,509
Interest added to note payable   1,924,279 461,643
Change in assets and liabilities:      
Accounts receivable (3,235,840) (3,348,807) (2,036,052)
Inventory (1,857,102) (1,524,880) (720,340)
Prepaid expenses and other (341,577) (86,879) (315,556)
Accounts payable and accrued expenses 1,926,664 3,411,507 1,117,733
Deferred liabilities 70,316 17,582 (21,583)
Net cash used for operating activities (9,237,599) (11,236,595) (13,051,819)
Cash flows from investing activities:      
Purchase of property and equipment (1,105,212) (931,634) (408,782)
Acquisition of intangible assets (187,006) (225,768) (146,736)
Net cash used for investing activities (1,292,218) (1,157,402) (555,518)
Cash flows from financing activities:      
Proceeds from issuance of common stock 15,662,905 18,668,092 30,968,386
Borrowing on revolving loan 57,599,165 6,684,894  
Payments on revolving loan (57,624,188) (6,684,894)  
Repayments of long-term debt (20,899) (2,446,676)  
Debt issuance costs (29,472) (800,847) (180,139)
Proceeds from exercise of stock options 1,434,525 1,078,333 512,799
Net cash provided by financing activities 17,022,036 16,498,902 31,301,046
Net increase in cash and cash equivalents 6,492,219 4,104,905 17,693,709
Cash and cash equivalents, beginning of year 30,014,405 25,909,500 8,215,791
Cash and cash equivalents, end of period 36,506,624 30,014,405 25,909,500
Supplemental disclosures of cash flow activity:      
Cash paid for interest 2,198,286 5,769,372 3,525,978
Supplemental disclosure of non-cash investing and financing activities:      
Payments of fixed assets in accounts payable 55,385 32,153 $ 168,775
Payments of long term debt with proceeds from term loan of $21,000,000 and revolver loan of $4,000,000   $ 25,000,000  
Capital lease additions $ 61,959