XML 45 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net loss $ (7,953,757) $ (2,657,055)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 207,227 320,372
Noncash interest expense 1,525,849 0
Share-based compensation 910,691 55,480
Inventory obsolescence expense (recovery) 18,223 (12,451)
Change in fair value of derivative financial instruments 647,342 0
Changes in operating assets and liabilities:    
Accounts receivable 289,940 (235,395)
Inventory 4,056 (208,392)
All other assets (308,042) 82,734
Accounts payable 238,426 (55,930)
Accrued compensation and other liabilities (56,912) (21,220)
Deferred revenue (104,663) 128,435
Net cash used in operating activities (4,581,620) (2,603,422)
Cash flows from investing activities    
Purchases of property and equipment (25,673) (34,699)
Net cash used in investing activities (25,673) (34,699)
Cash flows from financing activities    
Proceeds from issuance of preferred stock, net of issuance costs 0 1,937,902
Proceeds from issuance of convertible notes and warrants, net of issuance costs 1,388,815 0
Proceeds from issuance of short-term notes, net of issuance costs 750,000 0
Proceeds from exercise of stock options and warrants 102 0
Proceeds from initial public offering, net of issuance costs paid in 2015 12,142,526 0
Payments on debt (152,500) (2,500)
Payments on capital lease obligations (55,358) (55,494)
Net cash provided by financing activities 14,073,585 1,879,908
Net (decrease) increase in cash and cash equivalents 9,466,292 (758,213)
Cash and cash equivalents at beginning of period 749,517 1,400,345
Cash and cash equivalents at end of period 10,215,809 642,132
Supplemental disclosure of cash flow information    
Cash paid during the period for interest 203,163 20,257
Supplemental disclosure of noncash investing and financing activities:    
Acquisition of equipment purchased through capital leases 76,745 0
Debt Conversion, Converted Instrument, Amount 300,000 0
Conversion of Series A preferred stock into common shares 8,183,661 0
IPO [Member]    
Supplemental disclosure of noncash investing and financing activities:    
Debt Conversion, Converted Instrument, Amount 2,100,000 0
Series A Preferred Stock [Member]    
Supplemental disclosure of noncash investing and financing activities:    
Debt Conversion, Converted Instrument, Amount $ 3,000,000 $ 0