Financials

v3.8.0.1
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

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v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Consolidated Statements of Operations      
Revenues $ 60,426,395 $ 41,107,538 $ 27,331,092
Cost of goods sold 9,311,585 6,467,250 4,848,396
Gross profit 51,114,810 34,640,288 22,482,696
Costs and expenses:      
Sales and marketing 37,635,871 28,425,503 20,089,369
Research and development 6,699,120 4,212,023 3,237,171
General and administrative 14,731,105 10,132,624 8,422,866
Total costs and expenses 59,066,096 42,770,150 31,749,406
Loss from operations (7,951,286) (8,129,862) (9,266,710)
Other income (expense):      
Interest expense (2,216,845) (5,386,268) (3,988,619)
Interest expense - deferred financing costs (246,557) (875,389) (127,912)
Other (expense) (30,774) (19,625) 26,816
Total other income (expense) (2,494,176) (6,281,282) (4,089,715)
Net Loss $ (10,445,462) $ (14,411,144) $ (13,356,425)
Weighted Average Common Shares outstanding - basic and diluted 33,322,767 30,702,164 26,075,670
Loss Per Common share - basic and diluted (in dollars per share) $ (0.31) $ (0.47) $ (0.51)

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v3.8.0.1
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    

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