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, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net loss $ (28,947,577) $ (21,922,494)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 320,139 139,424
Loss on disposal and abandonment of assets 1,160 0
Stock compensation expense 2,193,715 1,722,127
Loss on extinguishment of debt 1,372,266 0
Amortization of debt discount and issuance costs 501,600 406,982
Change in fair value of financial instruments 377,474 (6,842)
Issued stock to 401(k) plan 66,777 50,272
Issuance of common stock for payment of sublicense fee 0 1,146,000
Changes in operating assets and liabilities:    
Accounts receivable (49,263) 2,189
Inventory (1,745,284) 180,549
Prepaid expenses and other assets 302,600 231,618
Accounts payable 287,312 1,289,615
Accrued liabilities and other liabilities 862,470 155,864
Net cash used in operating activities (24,456,611) (16,604,696)
Cash flows from investing activities:    
Purchases of equipment (762,869) (617,699)
Patent and trademark costs (28,317) (5,969)
Net cash used in investing activities (791,186) (623,668)
Cash flows from financing activities:    
Proceeds from issuance of common stock 41,303,738 758,695
Payment of common stock issuance costs (1,717,064) 0
Payment of tax withholdings related to stock-based compensation (659,018) (8,765)
Payment for common stock repurchased from executives 0 (100,875)
Payment of preferred stock dividends 0 (75,000)
Proceeds from notes payable 29,000,000 0
Payment of debt issuance costs (1,177,293) (153,949)
Principal payments on notes payable (5,982,156) (620,480)
Payments under capital leases (6,370) (4,096)
Net cash provided by (used in) financing activities 60,761,837 (204,470)
Net increase (decrease) in cash 35,514,040 (17,432,834)
Cash, beginning of period 9,118,564 28,644,004
Cash, end of period $ 44,632,604 $ 11,211,170