Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (27,563,535) $ (35,726,669) $ (42,699,458)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization of property and equipment 562,468 487,906 400,304
Amortization of patents and trademarks 8,951 12,277 3,877
Loss on disposal and abandonment of assets 33,184 31,794 1,160
Change in inventory reserve and other adjustments to inventory 143,493 539,027  
Amortization of debt discount and issuance costs 492,963 844,250 765,263
Compounded interest on notes payable 2,048,960    
Stock compensation expense 2,368,685 1,634,162 2,908,269
Equity in loss of R-NAV, LLC 305,253 523,809  
Change in fair value of financial instruments 614,782 1,342,389 112,073
Loss on extinguishment of debt 2,440,714 2,610,196 1,372,266
Issued stock to 401(k) plan for employer matching contributions 117,099 100,043 66,777
Extension of warrant expiration date 149,615    
Issued warrants in connection with advisory services agreement 256,450   166,000
Other 109,292 50,718 4,432
Change in operating assets and liabilities:      
Accounts and other receivables (2,808,696) 334,082 (1,042,280)
Inventory 135,986 761,024 (1,934,936)
Prepaid expenses and other assets 263,915 (476,860) 84,493
Accounts payable 290,024 (944,850) 1,003,515
Accrued liabilities and other liabilities (282,642) (1,250,047) 3,176,170
Deferred revenue 1,237,009    
Net cash used in operating activities (19,076,030) (29,126,749) (35,612,075)
Cash flows from investing activities:      
Purchases of equipment (39,001) (1,114,448) (1,239,666)
Proceeds from sales of equipment 38,265    
Patent and trademark costs (27,092) (77,184) (52,701)
Investment in R-NAV, LLC   (333,334)  
Net cash used in investing activities (27,828) (1,524,966) (1,292,367)
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 87,984 41,303,750
Payment of common stock issuance costs     (1,752,932)
Payment of tax withholdings related to stock-based compensation (23,906) (130,537) (659,018)
Proceeds from notes payable 54,500,000 30,000,000 29,000,000
Payment of debt-related costs (3,902,487) (1,763,526) (1,177,293)
Principal payments on notes payable (30,333,333) (25,000,000) (5,982,155)
Payments under capital leases (2,550) (2,226) (7,448)
Net cash provided by financing activities 20,791,112 3,191,695 60,724,904
Net increase (decrease) in cash 1,687,254 (27,460,020) 23,820,462
Cash, beginning of period 5,479,006 32,939,026 9,118,564
Cash, end of period $ 7,166,260 $ 5,479,006 $ 32,939,026