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 ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (3,676,091) $ (3,575,201)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 78,856 41,898
Amortization of intangible assets 16,016 11,772
Amortization of deferred financing costs 30,810 33,746
Provision for bad debt 80,651  
Stock-based compensation 182,955 368,249
Interest added to note payable 71,950 183,273
Change in assets and liabilities:    
Accounts receivable (588,243) (289,280)
Inventory (581,980) (124,278)
Prepaid expenses and other (274,114) (150,579)
Accounts payable and accrued expenses 55,479 992,078
Deferred revenue (5,396) (5,396)
Net cash used for operating activities (4,609,107) (2,513,718)
Cash flows from investing activities:    
Purchase of property and equipment (402,927) (6,288)
Acquisition of intangible assets (85,416) (32,051)
Net cash used for investing activities (488,343) (38,339)
Cash flows from financing activities:    
Proceeds from issuance of common stock   13,772,133
Debt issuance costs   (180,142)
Proceeds from exercise of stock options 136,702  
Net cash provided by (used in) financing activities 136,702 13,591,991
Net increase / (decrease) in cash and cash equivalents (4,960,748) 11,039,934
Cash and cash equivalents, beginning of year 25,909,500 8,215,791
Cash and cash equivalents, end of period 20,948,752 19,255,725
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 900,410 $ 803,607