XML 88 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income (loss) $ (2,377,797) $ (1,837,721)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation 237,934 231,491
Amortization of intangible assets 530,234 667,954
Amortization of debt discount and deferred financing costs 1,328,439 783,226
Share-based compensation 2,487,239 1,086,200
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (4,108,313) (2,054,414)
Inventory (1,197,500) (249,337)
Prepaid expenses (721,223) (127,559)
Other assets 70,000 0
Accounts payable 586,027 (372,938)
Accrued compensation 221,472 119,241
Accrued expenses 85,219 (84,939)
Accrued interest (41,641) 232,107
Other liabilities 46,362 7,878
Net cash flows from operating activities (2,853,548) (1,598,811)
Cash flows from investing activities:    
Purchases of equipment (1,052,930) (238,498)
Patent application costs (342,695) 0
Net cash flows from investing activities (1,395,625) (238,498)
Cash flows from financing activities:    
Proceeds from exercise of warrants 1,167,624 323,638
Proceeds from exercise of stock options 542,841 315,295
Repayment of convertible debt related to acquisition 0 (250,000)
Principal payments of equipment leases (22,194) (9,256)
Net cash flows from financing activities 1,688,271 379,677
Net change in cash (2,560,902) (1,457,632)
Cash and cash equivalents, beginning of period 6,754,485 4,112,326
Cash and cash equivalents, end of period $ 4,193,583 $ 2,654,694