Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (9,744,932) $ (11,219,210)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 142,038 111,390
Amortization of intangible assets 34,009 33,468
Amortization of deferred financing costs 96,375 158,648
Share-based compensation 1,031,218 701,697
Stock grants   60,125
Interest added to note 451,590 2,810,182
Change in assets and liabilities:    
Accounts receivable (1,770,494) (849,342)
Inventory (488,135) 52,323
Prepaid expenses and other (180,862) 195,796
Accounts payable and accrued expenses 1,655,114 (63,848)
Deferred revenue (16,187) (10,714)
Net cash used for operating activities (8,790,266) (8,019,485)
Cash flows from investing activities:    
Purchase of property and equipment (353,093) (342,875)
Acquisition of intangible assets (92,184) (39,454)
Net cash used for investing activities (445,277) (382,329)
Cash flows from financing activities:    
Proceeds from exercise of stock options 164,626 134,672
Proceeds from issuance of common stock 30,970,735  
Debt issuance costs (180,142)  
Net cash provided by financing activities 30,955,219 134,672
Net increase/(decrease) in cash and cash equivalents 21,719,676 (8,267,142)
Cash and cash equivalents, beginning of year 8,215,791 20,069,750
Cash and cash equivalents, end of period 29,935,467 11,802,608
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,949,381 $ 1,154,738