Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 22,041,097 $ 30,014,405
Accounts receivable, net of allowance for doubtful accounts of approximately $335,000 and $272,000, respectively 10,200,560 8,052,203
Inventory 6,698,943 5,458,840
Prepaid expenses and other 571,912 511,804
Total current assets 39,512,512 44,037,252
Property and equipment, net 1,763,840 1,494,247
Intangible assets 951,473 828,979
Total Assets 42,227,825 46,360,478
Current liabilities:    
Borrowings under revolving loan agreement 4,000,000 4,025,023
Accounts payable and accrued expenses 7,072,530 7,002,165
Current maturities of long term obligations 21,596 20,899
Deferred revenue, current 43,576 33,282
Total current liabilities 11,137,702 11,081,369
Long Term Obligations, net of current maturities and deferred financing fees 20,356,698 20,265,745
Deferred lease 105,261  
Deferred revenue, noncurrent 76,027 92,215
Total liabilities 31,675,688 31,439,329
Shareholders' equity:    
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,393,804 and 33,008,865 shares issued and outstanding 333,938 330,088
Additional paid-in capital 136,048,305 132,474,884
Accumulated deficit (125,830,106) (117,883,823)
Total shareholders' equity 10,552,137 14,921,149
Total Liabilities and Shareholders' equity $ 42,227,825 $ 46,360,478

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Condensed Consolidated Statements of Operations        
Revenues $ 16,046,253 $ 11,205,224 $ 43,455,390 $ 29,698,866
Cost of goods sold 2,504,278 1,697,443 6,697,127 4,637,446
Gross profit 13,541,975 9,507,781 36,758,263 25,061,420
Costs and expenses:        
Sales and marketing 9,466,496 7,090,059 27,515,266 20,076,297
Research and development 1,795,292 1,118,358 4,727,551 3,033,521
General and administrative 3,778,612 2,481,051 10,659,756 7,362,063
Total costs and expenses 15,040,400 10,689,468 42,902,573 30,471,881
Loss from operations (1,498,425) (1,181,687) (6,144,310) (5,410,461)
Other income (expense):        
Interest expense (577,941) (1,089,134) (1,639,874) (3,255,574)
Interest expense-deferred financing costs (46,110) (31,748) (136,711) (95,254)
Other (expense) (1,603) (2,804) (25,388) (22,871)
Total other income (expense) (625,654) (1,123,686) (1,801,973) (3,373,699)
Net Loss $ (2,124,079) $ (2,305,373) $ (7,946,283) $ (8,784,160)
Weighted Average Common Shares outstanding - basic and diluted 33,286,211 30,152,279 33,146,546 30,075,715
Loss Per Common share - basic and diluted (in dollars per share) $ (0.06) $ (0.08) $ (0.24) $ (0.29)

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (7,946,283) $ (8,784,160)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 346,839 263,133
Amortization of intangible assets 60,459 48,050
Amortization of deferred financing costs 136,711 95,253
Provision for bad debt 83,733 80,934
Stock-based compensation 2,491,992 1,046,364
Interest added to note payable   199,124
Change in assets and liabilities:    
Accounts receivable (2,232,090) (2,302,701)
Inventory (1,240,103) (1,036,859)
Prepaid expenses and other (60,108) (260,786)
Accounts payable and accrued expenses 70,365 864,267
Deferred liabiliies 99,367 5,727
Net cash used for operating activities (8,189,118) (9,781,654)
Cash flows from investing activities:    
Purchase of property and equipment (616,432) (612,974)
Acquisition of intangible assets (182,953) (157,491)
Net cash used for investing activities (799,385) (770,465)
Cash flows from financing activities:    
Borrowings on revolving loan 41,553,210  
Payments on revolving loan (41,578,233)  
Repayments of long-term debt (15,589)  
Debt issuance costs (29,472)  
Proceeds from exercise of stock options 1,085,279 645,864
Net cash provided by financing activities 1,015,195 645,864
Net decrease in cash and cash equivalents (7,973,308) (9,906,255)
Cash and cash equivalents, beginning of year 30,014,405 25,909,500
Cash and cash equivalents, end of period 22,041,097 16,003,245
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,631,795 $ 3,031,528

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