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, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net loss $ (17,641,370) $ (12,823,894)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 234,607 87,091
Amortization of debt discount and debt offering costs 243,139 260,415
Stock compensation expense 1,422,125 1,133,866
Loss on extinguishment of debt 1,372,266  
Change in derivative liabilities   276,889
Issued stock to 401(k) plan 66,777 50,272
Changes in operating assets and liabilities:    
Accounts receivable (66,714) 16,463
Inventory (1,032,252) (96,951)
Prepaid expenses and other assets (491,496) (283,720)
Accounts payable 1,469,723 297,731
Accrued liabilities and other liabilities (328,021) (459,264)
Net cash used in operating activities (14,751,216) (11,541,102)
Cash flows from investing activities:    
Purchases of equipment (672,046) (375,100)
Patent and trademark costs (16,948) (3,020)
Net cash used in investing activities (688,994) (378,120)
Cash flows from financing activities:    
Proceeds from issuance of common stock 11,303,767 544,155
Payment of common stock issuance costs (668,064)  
Payment of tax withholdings related to stock-based compensation (659,018) (8,765)
Payment for common stock repurchased from executives   (100,875)
Payment of preferred stock dividends   (50,000)
Proceeds from notes payable 29,000,000  
Payment of debt issuance costs (1,111,181) (153,949)
Principal payments on notes payable (5,901,335)  
Payments under capital leases (4,218) (2,677)
Net cash provided by financing activities 31,959,951 227,889
Net increase (decrease) in cash 16,519,741 (11,691,333)
Cash, beginning of period 9,118,564 28,644,004
Cash, end of period $ 25,638,305 $ 16,952,671