XML 23 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net loss $ (11,657,176) $ (13,878,027)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 587,466 728,828
Accretion of discount on NuvoGen obligation 99,377 104,467
Provision for excess inventory 244,026 149,763
Amortization of Growth Term Loan discount and issuance costs 231,319 267,047
Stock-based compensation expense 814,583 322,136
Employee stock purchase plan expense 29,223  
Accretion of incentive from landlord (71,000) (59,165)
Accrued interest on available-for-sale securities investments 5,991 125,138
Changes in operating assets and liabilities:    
Accounts receivable (173,427) (1,195,148)
Inventory (19,673) (161,570)
Prepaid expenses and other (35,103) (228,723)
Deferred offering costs 49,630  
Accounts payable 480,025 799,786
Accrued liabilities (456,675) (42,404)
Deferred revenue 278,310 136,231
Net cash used in operating activities (9,593,104) (12,931,641)
Investing activities    
Purchase of property and equipment (152,339) (1,620,946)
Sales, redemptions and maturities of available-for-sale securities 4,300,000 18,700,000
Purchase of available-for-sale securities   (3,381,271)
Net cash provided by investing activities 4,147,661 13,697,783
Financing activities    
Payment of offering costs (201,475)  
Proceeds from Growth Term Loan   5,000,000
Payments on Growth Term Loan (3,126,629) (1,450,576)
Proceeds from ATM offering 14,907,245  
Payments on capital leases (24,796) (66,706)
Proceeds from exercise of stock options 109,786 2,142
Proceeds from shares purchased under the stock purchase plan 71,689 146,758
Payments on NuvoGen obligation (400,000) (181,250)
Net cash provided by financing activities 11,335,820 3,450,368
Increase in cash and cash equivalents 5,890,377 4,216,510
Cash and cash equivalents at beginning of period 7,507,659 3,293,983
Cash and cash equivalents at end of period 13,398,036 7,510,493
Noncash investing and financing activities    
Fixed asset purchases payable and accrued at period end 72,224 214,033
Offering costs payable at period end 30,000  
Carrying value of demonstration units transferred from property and equipment to inventory 26,807  
Stock issued for settlement of accrued bonus   (364,910)
Purchase of property and equipment under capital lease   209,588
Incentive from landlord   710,000
Retirement of treasury stock 75,000  
Supplemental cash flow information    
Cash paid for interest $ 417,782 $ 559,832