Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net loss $ (11,740,553) $ (7,341,019)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 111,270 76,061
Loss on disposal and abandonment of assets 10,866 0
Amortization of debt discount and issuance costs 241,827 122,557
Stock compensation expense 693,203 742,860
Change in fair value of financial instruments (392,483) 0
Loss on extinguishment of debt 2,610,196 0
Issued stock to 401(k) plan 0 66,777
Changes in operating assets and liabilities:    
Accounts receivable 563,888 2,222
Inventory 118,521 (569,767)
Prepaid expenses and other assets 78,533 (121,385)
Accounts payable 3,901 447,311
Accrued liabilities and other liabilities (1,471,562) (821,345)
Net cash used in operating activities (9,172,393) (7,395,728)
Cash flows from investing activities:    
Purchases of equipment (985,578) (355,321)
Patent and trademark costs (7,055) (1,552)
Net cash used in investing activities (992,633) (356,873)
Cash flows from financing activities:    
Proceeds from issuance of common stock and short swing profits 54,674 6,200,767
Payment of common stock issuance costs 0 (324,384)
Payment of tax withholdings related to stock-based compensation (70,914) (659,018)
Proceeds from notes payable 30,000,000 4,000,000
Payment of debt-related costs (1,750,770) 0
Principal payments on notes payable (25,000,000) (735,410)
Payments under capital leases (527) (2,145)
Net cash provided by financing activities 3,232,463 8,479,810
Net (decrease) increase in cash (6,932,563) 727,209
Cash, beginning of period 32,939,026 9,118,564
Cash, end of period $ 26,006,463 $ 9,845,773