XML 57 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income (loss) $ (4,111,853) $ (7,662,376) $ (10,193,986)
Adjustments to reconcile net income (loss) to net cash from operating activities:      
Depreciation 637,246 465,367 446,502
Loss on fixed asset disposal 36,800 0 0
Amortization of intangible assets 1,053,971 1,380,241 1,335,908
Impairment of intangible assets 368,102 1,798,495 0
Amortization of debt discount and deferred financing costs 1,328,439 1,714,101 315,152
Share-based compensation 6,009,176 2,538,721 1,659,083
Change in fair value of earn-out liability 0 1,567,050 5,803
Increase (decrease) in cash resulting from changes in:      
Accounts receivable (8,439,275) (5,761,642) (1,208,456)
Inventory (857,992) (2,310,182) (253,942)
Prepaid expenses (706,683) (466,060) (70,980)
Other assets 70,000 96,657 (80,375)
Accounts payable 1,208,747 (81,112) 732,938
Accrued compensation 2,835,574 2,354,888 194,934
Accrued expenses 352,881 605,856 328,379
Accrued interest (41,641) 387,896 107,886
Other liabilities (28,969) 40,840 16,383
Net cash flows from operating activities (285,477) (3,331,260) (6,664,771)
Cash flows from investing activities:      
Purchases of equipment (2,336,517) (636,502) (486,091)
Cash paid for acquisition, net of cash acquired of $33,583 0 0 (466,417)
Proceeds from grant 0 0 250,000
Patent application costs (688,897) 0 0
Net cash flows from investing activities (3,025,414) (636,502) (702,508)
Cash flows from financing activities:      
Proceeds from exercise of stock options 1,981,418 1,052,668 295,753
Proceeds from exercise of warrants 2,107,883 6,001,063 0
Proceeds from Senior Secured Promissory Notes 0 0 5,000,000
Proceeds from Line of Credit with related party 0 0 1,300,000
Proceeds from sale of common stock and warrants and common stock with registration rights, net 0 0 3,730,587
Proceeds from public offering, net of expenses 36,602,306 0 0
Repayment of Line of Credit 0 0 (99,000)
Repayment of Note Payable 0 0 (88,657)
Repayment of convertible debt related to acquisition 0 (427,126) 0
Principal payments of equipment leases (57,450) (16,116) 0
Repurchase of warrants 0 (568) 0
Net cash flows from financing activities 40,634,157 6,609,921 10,138,683
Net change in cash 37,323,266 2,642,159 2,771,404
Cash and cash equivalents, beginning of period 6,754,485 4,112,326 1,340,922
Cash and cash equivalents, end of period $ 44,077,751 $ 6,754,485 $ 4,112,326