Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (16,982,144) $ (21,962,787)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 299,139 235,356
Loss on disposal and abandonment of assets 14,749 28,681
Change in inventory reserve 92,751 0
Amortization of debt discount and issuance costs 358,924 436,824
Compounded interest on long term debt 429,074 0
Stock compensation expense 1,519,020 1,559,935
Equity in loss of R-NAV, LLC 268,432 0
Change in fair value of financial instruments 125,627 (300,151)
Loss on extinguishment of debt 2,440,714 2,610,196
Issued stock to 401(k) plan for employer matching contributions 117,099 100,044
Other 42,765 0
Changes in operating assets and liabilities:    
Accounts receivable (1,013,046) 663,477
Inventory (355,475) 326,673
Prepaid expenses and other assets 680,566 194,694
Accounts payable (119,838) (748,278)
Accrued and other liabilities (377,132) (737,089)
Deferred revenue 1,666,667 0
Net cash used in operating activities (10,792,108) (17,592,425)
Cash flows from investing activities:    
Purchases of equipment (27,618) (1,108,164)
Proceeds from sales of equipment 20,300 0
Patent and trademark costs (9,993) (14,361)
Net cash used in investing activities (17,311) (1,122,525)
Cash flows from financing activities:    
Proceeds from issuance of MT Preferred Stock and warrants 500,000 0
Payment of preferred stock issuance costs (12,587) 0
Proceeds from issuance of common stock and short swing profits 60,422 88,064
Payment of tax withholdings related to stock-based compensation (23,468) (75,759)
Proceeds from notes payable 54,500,000 30,000,000
Payment of debt-related costs (3,902,487) (1,763,526)
Principal payments on notes payable (30,000,000) (25,000,000)
Payments under capital leases (1,232) (1,075)
Net cash provided by financing activities 21,120,648 3,247,704
Net increase (decrease) in cash 10,311,229 (15,467,246)
Cash, beginning of period 5,479,006 32,939,026
Cash, end of period $ 15,790,235 $ 17,471,780