Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (21,962,787) $ (17,641,370)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 235,356 234,607
Loss on disposal and abandonment of assets 28,681 0
Amortization of debt discount and issuance costs 436,824 243,139
Stock compensation expense 1,559,935 1,422,125
Change in fair value of financial instruments (300,151) 0
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 663,477 (66,714)
Inventory 326,673 (1,032,252)
Prepaid expenses and other assets 194,694 (491,496)
Accounts payable (748,278) 1,469,723
Accrued and other liabilities (737,089) (328,021)
Net cash used in operating activities (17,592,425) (14,751,216)
Cash flows from investing activities:    
Purchases of equipment (1,108,164) (672,046)
Patent and trademark costs (14,361) (16,948)
Net cash used in investing activities (1,122,525) (688,994)
Cash flows from financing activities:    
Proceeds from issuance of common stock and short swing profits 88,064 11,303,767
Payment of common stock issuance costs 0 (668,064)
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) (1,111,181)
Principal payments on notes payable (25,000,000) (5,901,335)
Payments under capital leases (1,075) (4,218)
Net cash provided by financing activities 3,247,704 31,959,951
Net (decrease) increase in cash (15,467,246) 16,519,741
Cash, beginning of period 32,939,026 9,118,564
Cash, end of period $ 17,471,780 $ 25,638,305