Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 133,562,319 $ 36,506,624
Accounts receivable, net of allowance for doubtful accounts of $404,000 and $461,000, respectively 12,358,984 11,064,720
Inventory 9,682,119 7,315,942
Prepaid expenses and other 1,307,028 853,381
Total current assets 156,910,450 55,740,667
Property and equipment, net 2,475,763 2,197,039
Intangible assets 1,157,521 936,992
Total assets 160,543,734 58,874,698
Current liabilities:    
Borrowings under revolving loan agreement   4,000,000
Accounts payable and accrued expenses 9,790,987 8,952,061
Current maturities of long term obligations 39,028 735,017
Contract liabilities, current 27,338 31,668
Total current liabilities 9,857,353 13,718,746
Long Term Obligations, net of current maturities and deferred financing fees 45,240 19,809,772
Other long-term liabilities 82,506 95,514
Contract liabilities 55,340 68,631
Total liabilities 10,040,439 33,692,663
Shareholders' equity:    
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 38,310,884 and 34,350,329 shares issued and outstanding 383,109 343,503
Additional paid-in capital 291,515,330 153,167,817
Accumulated deficit (141,395,144) (128,329,285)
Total shareholders' equity 150,503,295 25,182,035
Total liabilities and shareholders' equity $ 160,543,734 $ 58,874,698

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v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Consolidated Statements of Operations        
Revenues $ 20,584,498 $ 15,168,064 $ 37,844,357 $ 27,409,137
Cost of goods sold 3,106,215 2,277,201 5,818,595 4,192,849
Gross profit 17,478,283 12,890,863 32,025,762 23,216,288
Costs and expenses:        
Sales and marketing 14,025,909 9,438,288 26,495,260 18,048,770
Research and development 2,601,237 1,521,123 4,659,679 2,932,259
General and administrative 5,668,764 3,377,105 10,680,491 6,881,144
Total costs and expenses 22,295,910 14,336,516 41,835,430 27,862,173
Loss from operations (4,817,627) (1,445,653) (9,809,668) (4,645,885)
Other income (expense):        
Interest income 156,411   156,550  
Interest expense (544,207) (554,384) (1,129,825) (1,061,933)
Interest expense — deferred financing costs (20,666) (46,110) (81,329) (90,601)
Loss on extinguishment of debt (2,186,114)   (2,186,114)  
Other expense (15,237) (14,032) (15,472) (23,785)
Total other expense (2,609,813) (614,526) (3,256,190) (1,176,319)
Net Loss $ (7,427,440) $ (2,060,179) $ (13,065,858) $ (5,822,204)
Weighted average common shares outstanding — basic and diluted 36,677,074 33,124,139 35,605,054 33,075,555
Loss per common share — basic and diluted $ (0.20) $ (0.06) $ (0.37) $ (0.18)

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v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (13,065,858) $ (5,822,204)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 374,954 217,876
Amortization of intangible assets 39,715 41,706
Amortization of deferred financing costs 81,329 90,601
Loss on extinguishment of debt 2,186,114  
Provision for bad debt 130,013 99,834
Provision for inventory write down 582,034 680,851
Share-based compensation 3,769,756 1,572,966
Change in assets and liabilities:    
Accounts receivable (1,424,277) (1,470,098)
Inventory (2,948,211) (1,526,108)
Prepaid expenses and other (453,647) (73,286)
Accounts payable and accrued expenses 838,926 55,666
Contract and other liabilities (30,629) 104,657
Net cash used in operating activities (9,919,781) (6,027,539)
Cash flows from investing activities:    
Purchase of property and equipment (653,678) (366,886)
Acquisition of intangible assets (260,244) (153,321)
Net cash used for investing activities (913,922) (520,207)
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 26,119,539
Payments on revolving loan and prepayment penalties (30,488,886) (26,314,797)
Repayments of long-term debt and prepayment penalties (22,492,122) (8,572)
Debt issuance costs   (29,472)
Proceeds from exercise of stock options and warrants 1,911,133 636,843
Net cash provided by financing activities 107,889,398 403,541
Net increase (decrease) in cash and cash equivalents 97,055,695 (6,144,205)
Cash and cash equivalents, beginning of year 36,506,624 30,014,405
Cash and cash equivalents, end of period 133,562,319 23,870,200
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,327,884 $ 1,058,599

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