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 ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (6,478,787) $ (6,766,073)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 167,590 87,610
Amortization of intangible assets 32,033 22,710
Amortization of deferred financing costs 63,506 64,957
Provision for bad debt 48,600  
Stock-based compensation 752,789 696,625
Interest added to note payable 187,002 340,870
Change in assets and liabilities:    
Accounts receivable (1,337,732) (965,715)
Inventory (852,362) (326,337)
Prepaid expenses and other (190,586) (131,739)
Accounts payable and accrued expenses 198,707 976,928
Deferred revenue 3,684 (10,791)
Net cash used for operating activities (7,405,556) (6,010,955)
Cash flows from investing activities:    
Purchase of property and equipment (456,910) (132,492)
Acquisition of intangible assets (97,341) (54,075)
Net cash used for investing activities (554,251) (186,567)
Cash flows from financing activities:    
Proceeds from issuance of common stock   13,770,734
Debt issuance costs   (180,142)
Proceeds from exercise of stock options 323,510 14,071
Net cash provided by (used in) financing activities 323,510 13,604,663
Net increase / (decrease) in cash and cash equivalents (7,636,297) 7,407,141
Cash and cash equivalents, beginning of year 25,909,500 8,215,791
Cash and cash equivalents, end of period 18,273,203 15,622,932
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 1,964,256 $ 1,649,881