Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (25,053,248) $ (28,861,683)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 431,368 360,702
Loss on disposal and abandonment of assets 33,184 31,794
Change in reserve for uncollectible accounts 16,000  
Change in inventory reserve and other adjustments to inventory 138,914 539,027
Amortization of debt discount and issuance costs 423,522 637,565
Compounded interest on long term debt 1,231,125  
Stock compensation expense 1,916,179 1,032,244
Equity in loss of R-NAV, LLC 295,217 262,198
Change in fair value of financial instruments 1,702,902 109,499
Loss on extinguishment of debt 2,440,714 2,610,196
Issued stock to 401(k) plan for employer matching contributions 117,099 100,044
Extension of warrant expiration date 149,615  
Issued warrants in connection with advisory services agreement 256,450  
Other 77,620  
Changes in operating assets and liabilities:    
Accounts receivable (1,108,828) (314,800)
Inventory (83,712) 573,191
Prepaid expenses and other assets 588,996 (109,116)
Accounts payable (178,620) (45,410)
Accrued and other liabilities 305,170 (1,226,288)
Deferred revenue 1,419,198  
Net cash used in operating activities (14,881,135) (24,300,837)
Cash flows from investing activities:    
Purchases of equipment (30,406) (1,111,418)
Proceeds from sales of equipment 38,265  
Patent and trademark costs (27,092) (51,876)
Investment in R-NAV, LLC   (333,334)
Net cash used in investing activities (19,233) (1,496,628)
Cash flows from financing activities:    
Proceeds from issuance of MT Preferred Stock and warrants 500,000  
Payment of issuance costs related to MT Preferred Stock and warrants (12,587)  
Proceeds from issuance of common stock and short swing profits 65,975 87,982
Payment of tax withholdings related to stock-based compensation (23,906) (75,759)
Proceeds from notes payable 54,500,000 30,000,000
Payment of debt-related costs (3,902,487) (1,763,526)
Principal payments on notes payable (30,333,333) (25,000,000)
Payments under capital leases (1,880) (1,640)
Net cash provided by financing activities 20,791,782 3,247,057
Net increase (decrease) in cash 5,891,414 (22,550,408)
Cash, beginning of period 5,479,006 32,939,026
Cash, end of period $ 11,370,420 $ 10,388,618