Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 25,629,057 $ 36,506,624
Investments 100,740,344  
Accounts receivable, net of allowance for doubtful accounts of $737,000 and $461,000, respectively 13,990,477 11,064,720
Inventory 10,949,045 7,315,942
Prepaid expenses and other 1,477,419 853,381
Total current assets 152,786,342 55,740,667
Property and equipment, net 7,673,263 2,197,039
Intangible assets 1,198,131 936,992
Total assets 161,657,736 58,874,698
Current liabilities:    
Borrowings under revolving loan agreement   4,000,000
Accounts payable and accrued expenses 11,956,797 8,952,061
Current maturities of long term obligations 35,962 735,017
Contract liabilities, current 22,540 31,668
Total current liabilities 12,015,299 13,718,746
Long Term Obligations, net of current maturities and deferred financing fees 38,314 19,809,772
Other long-term liabilities 76,002 95,514
Contract liabilities 48,694 68,631
Total liabilities 12,178,309 33,692,663
Shareholders' equity:    
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 38,672,216 and 34,350,329 shares issued and outstanding 386,722 343,503
Additional paid-in capital 294,589,477 153,167,817
Accumulated deficit (145,496,772) (128,329,285)
Total shareholders' equity 149,479,427 25,182,035
Total liabilities and shareholders' equity $ 161,657,736 $ 58,874,698

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Consolidated Statements of Operations        
Revenues $ 22,660,139 $ 16,046,253 $ 60,504,496 $ 43,455,390
Cost of goods sold 3,464,010 2,504,278 9,282,605 6,697,127
Gross profit 19,196,129 13,541,975 51,221,891 36,758,263
Costs and expenses:        
Sales and marketing 14,653,307 9,466,496 41,148,567 27,515,266
Research and development 3,306,856 1,795,292 7,966,535 4,727,551
General and administrative 6,070,547 3,778,612 16,751,038 10,659,756
Total costs and expenses 24,030,710 15,040,400 65,866,140 42,902,573
Loss from operations (4,834,581) (1,498,425) (14,644,249) (6,144,310)
Other income (expense):        
Investment income 727,115   883,665  
Interest expense 5,964 (577,941) (1,123,861) (1,639,874)
Interest expense — deferred financing costs   (46,110) (81,329) (136,711)
Loss on extinguishment of debt     (2,186,114)  
Other expense (126) (1,603) (15,598) (25,388)
Total other expense 732,953 (625,654) (2,523,237) (1,801,973)
Net Loss $ (4,101,628) $ (2,124,079) $ (17,167,486) $ (7,946,283)
Weighted average common shares outstanding — basic and diluted 38,504,810 33,286,211 36,582,261 33,146,546
Loss per common share — basic and diluted $ (0.11) $ (0.06) $ (0.47) $ (0.24)

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (17,167,486) $ (7,946,283)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 574,684 346,839
Amortization of intangible assets 58,550 60,459
Amortization of deferred financing costs 81,329 136,711
Loss on disposal of equipment 1,361  
Loss on extinguishment of debt 2,186,114  
Provision for bad debt 297,563 83,733
Provision for inventory write down 876,656 999,698
Change in net unrealized gains and losses (375,101)  
Share-based compensation 5,981,229 2,491,992
Change in assets and liabilities:    
Accounts receivable (3,223,320) (2,232,090)
Inventory (4,509,760) (2,239,801)
Prepaid expenses and other (624,038) (60,108)
Accounts payable and accrued expenses 3,004,736 70,365
Contract and other liabilities (48,577) 99,367
Net cash used in operating activities (12,886,060) (8,189,118)
Cash flows from investing activities:    
Purchase of property and equipment (6,052,269) (616,432)
Purchase of short-term investments (103,865,243)  
Sale of short-term investments 3,500,000  
Acquisition of intangible assets (319,689) (182,953)
Net cash used for investing activities (106,737,201) (799,385)
Cash flows from financing activities:    
Proceeds from issuance of common stock 132,963,000  
Cash paid for equity offering (256,770)  
Borrowing on revolving loan 26,253,043 41,553,210
Payments on revolving loan and prepayment penalties (30,488,886) (41,578,233)
Repayments of long-term debt and prepayment penalties (22,502,114) (15,589)
Debt issuance costs   (29,472)
Proceeds from exercise of stock options 2,777,421 1,085,279
Net cash provided by financing activities 108,745,694 1,015,195
Net increase (decrease) in cash and cash equivalents (10,877,567) (7,973,308)
Cash and cash equivalents, beginning of year 36,506,624 30,014,405
Cash and cash equivalents, end of period 25,629,057 22,041,097
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,321,920 $ 1,631,795

Source