Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 30,559,882 $ 36,506,624
Accounts receivable, net of allowance for doubtful accounts of $513,000 and $461,000, respectively 11,766,829 11,064,720
Inventory 8,052,930 7,315,942
Prepaid expenses and other 1,355,262 853,381
Total current assets 51,734,903 55,740,667
Property and equipment, net 2,377,323 2,197,039
Intangible assets 1,058,346 936,992
Total assets 55,170,572 58,874,698
Current liabilities:    
Borrowings under revolving loan agreement 3,983,189 4,000,000
Accounts payable and accrued expenses 8,710,683 8,952,061
Current maturities of long term obligations 2,841,378 735,017
Contract liabilities, current 32,136 31,668
Total current liabilities 15,567,386 13,718,746
Long Term Obligations, net of current maturities and deferred financing fees 17,760,907 19,809,772
Other long-term liabilities 89,010 95,514
Contract liabilities 61,985 68,631
Total liabilities 33,479,288 33,692,663
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 34,669,276 and 34,350,329 shares issued and outstanding 346,693 343,503
Additional paid-in capital 155,312,433 153,167,817
Accumulated deficit (133,967,842) (128,329,285)
Total shareholders' equity 21,691,284 25,182,035
Total liabilities and shareholders' equity $ 55,170,572 $ 58,874,698

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Consolidated Statements of Operations    
Revenues $ 17,259,859 $ 12,241,073
Cost of goods sold 2,712,380 1,915,648
Gross profit 14,547,479 10,325,425
Costs and expenses:    
Sales and marketing 12,469,351 8,610,482
Research and development 2,058,442 1,411,136
General and administrative 5,011,727 3,504,039
Total costs and expenses 19,539,520 13,525,657
Loss from operations (4,992,041) (3,200,232)
Other income (expense):    
Interest expense (585,618) (507,549)
Interest expense - deferred financing costs (60,663) (44,491)
Other expense (235) (9,753)
Total other expense (646,516) (561,793)
Net Loss $ (5,638,557) $ (3,762,025)
Weighted Average Common Shares outstanding - basic and diluted 34,521,122 33,026,433
Loss Per Common share - basic and diluted (in dollars per share) $ (0.16) $ (0.11)

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (5,638,557) $ (3,762,025)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 179,938 108,359
Amortization of intangible assets 19,600 23,189
Amortization of deferred financing costs 60,663 44,491
Provision for bad debt 56,844 34,747
Stock-based compensation 1,729,115 848,589
Change in assets and liabilities:    
Accounts receivable (758,953) (366,469)
Inventory (736,988) (391,890)
Prepaid expenses and other (501,881) (237,633)
Accounts payable and accrued expenses (241,378) (341,899)
Contract and other liabilities (12,682) 86,459
Net cash used for operating activities (5,844,279) (3,954,082)
Cash flows from investing activities:    
Purchase of property and equipment (360,222) (98,391)
Acquisition of intangible assets (140,954) (84,898)
Net cash used for investing activities (501,176) (183,289)
Cash flows from financing activities:    
Borrowing on revolving loan 16,146,151 11,247,114
Payments on revolving loan (16,162,963) (11,295,817)
Repayments of long-term debt (3,167) (5,158)
Debt issuance costs   (26,429)
Proceeds from exercise of stock options and warrants 418,692 117,021
Net cash provided by financing activities 398,713 36,731
Net decrease in cash and cash equivalents (5,946,742) (4,100,640)
Cash and cash equivalents, beginning of year 36,506,624 30,014,405
Cash and cash equivalents, end of period 30,559,882 25,913,765
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 576,856 $ 505,020

Source