Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (28,861,683) $ (28,947,577)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 360,702 320,139
Loss on disposal and abandonment of assets 31,794 1,160
Provision for inventory obsolescence 539,027 0
Amortization of debt discount and issuance costs 637,565 501,600
Stock compensation expense 1,032,244 2,193,715
Equity in loss of R-NAV, LLC 262,198 0
Change in fair value of financial instruments 109,499 377,474
Loss on extinguishment of debt 2,610,196 1,372,266
Issued stock to 401(k) plan 100,044 66,777
Changes in operating assets and liabilities:    
Accounts receivable (314,800) (49,263)
Inventory 573,191 (1,745,284)
Prepaid expenses and other assets (109,116) 302,600
Accounts payable (45,410) 287,312
Accrued and other liabilities (1,226,288) 862,470
Net cash used in operating activities (24,300,837) (24,456,611)
Cash flows from investing activities:    
Purchases of equipment (1,111,418) (762,869)
Patent and trademark costs (51,876) (28,317)
Investment in R-NAV, LLC (333,334) 0
Net cash used in investing activities (1,496,628) (791,186)
Cash flows from financing activities:    
Proceeds from issuance of common stock and short swing profits 87,982 41,303,738
Payment of common stock issuance costs 0 (1,717,064)
Payment of tax withholdings related to stock-based compensation (75,759) (659,018)
Proceeds from notes payable 30,000,000 29,000,000
Payment of debt-related costs (1,763,526) (1,177,293)
Principal payments on notes payable (25,000,000) (5,982,156)
Payments under capital leases (1,640) (6,370)
Net cash provided by financing activities 3,247,057 60,761,837
Net (decrease) increase in cash (22,550,408) 35,514,040
Cash, beginning of period 32,939,026 9,118,564
Cash, end of period $ 10,388,618 $ 44,632,604