Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net loss $ (14,309,031) $ (27,563,535) $ (35,726,669)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 496,178 562,468 487,906
Amortization of patents and trademarks 5,191 8,951 12,277
Loss on disposal and abandonment of assets 136,719 33,184 31,794
Gain on forgiveness of accounts payable (85,355) 0 0
Change in inventory reserve 43,354 143,493 539,027
Amortization of debt discount and issuance costs 77,964 492,963 844,250
Debt discount and issuance costs written off 1,955,541 0 0
Prepayment premium and debt collection fees related to long term debt 2,923,271 0 0
Compounded interest on long term debt 1,561,568 2,048,960 0
Stock compensation expense 277,539 2,368,685 1,634,162
Equity in loss of R-NAV, LLC 15,159 305,253 523,809
Loss on disposal of investment in R-NAV, LLC 39,732 0 0
Change in fair value of financial instruments (2,858,524) 614,782 1,342,389
Loss on extinguishment of debt 0 2,440,714 2,610,196
Issued stock to 401(k) plan for employer matching contributions 120,800 117,099 100,043
Extension of warrant expiration date 0 149,615 0
Issued warrants in connection with advisory services agreement 0 256,450 0
Value of restricted stock issued to directors 66,539 172,969 89,375
Other (15,159) (63,677) (38,657)
Change in operating assets and liabilities:      
Accounts and other receivables 1,882,855 (2,808,696) 334,082
Inventory (861,274) 135,986 761,024
Prepaid expenses and other assets 187,379 263,915 (476,860)
Accounts payable 5,441,155 290,024 (944,850)
Accrued liabilities and other liabilities 5,351,090 (282,642) (1,250,047)
Deferred revenue 1,104,089 1,237,009 0
Net cash provided by (used in) operating activities 3,556,780 (19,076,030) (29,126,749)
Cash flows from investing activities:      
Purchases of equipment (1,847) (39,001) (1,114,448)
Proceeds from sales of equipment 45,000 38,265 0
Patent and trademark costs 0 (27,092) (77,184)
Investment in R-NAV, LLC 0 0 (333,334)
Payments on disposal of investment in R-NAV, LLC (110,000) 0 0
Proceeds from disposal of investment in R-NAV, LLC 27,623 0 0
Net cash used in investing activities (39,224) (27,828) (1,524,966)
Cash flows from financing activities:      
Proceeds from issuance of MT Preferred Stock and warrants 0 500,000 0
Payment of preferred stock issuance costs 0 (12,587) 0
Proceeds from issuance of common stock, net 13,640 65,975 87,984
Payment of tax withholdings related to stock-based compensation 0 (23,906) (130,537)
Proceeds from notes payable 0 54,500,000 30,000,000
Payment of debt-related costs (3,923,271) (3,902,487) (1,763,526)
Principal payments on notes payable (231,453) (30,333,333) (25,000,000)
Restricted cash held for payment against debt (5,001,253) 0 0
Payments under capital leases (2,154) (2,550) (2,226)
Net cash (used in) provided by financing activities (9,144,491) 20,791,112 3,191,695
Net (decrease) increase in cash (5,626,935) 1,687,254 (27,460,020)
Cash, beginning of period 7,166,260 5,479,006 32,939,026
Cash, end of period $ 1,539,325 $ 7,166,260 $ 5,479,006