Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net loss $ (4,239,564) $ (3,437,508)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 33,944 23,140
Amortization of intangible assets 10,955 14,687
Amortization of deferred financing costs 51,216 44,216
Share-based compensation 257,542 259,912
Stock grants 60,125  
Interest added to note 891,845 858,151
Change in assets and liabilities:    
Accounts receivable (71,458) (129,049)
Inventory (67,661) (269,144)
Prepaid expenses and other 101,230 45,223
Accounts payable and accrued expenses (175,196) (60,814)
Deferred revenue (3,571)  
Net cash used for operating activities (3,150,593) (2,651,186)
Cash flows from investing activities:    
Purchase of property and equipment (195,482) (26,007)
Acquisition of intangible assets (8,346) (31,415)
Net cash used for investing activities (203,828) (57,422)
Cash flows from financing activities:    
Proceeds from exercise of stock options 92,424 1,654
Net cash provided by financing activities 92,424 1,654
Net decrease in cash and cash equivalents (3,261,997) (2,706,954)
Cash and cash equivalents, beginning of year 20,069,750 13,907,401
Cash and cash equivalents, end of period 16,807,753 11,200,447
Supplemental disclosures of cash flow activity:    
Cash paid for interest $ 303,919 $ 172,527