Annual report pursuant to section 13 and 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2013
Dec. 31, 2012
Current Assets    
Cash and cash equivalents $ 26,149,477 $ 12,535,672
Short-Term Investments 2,935,184 0
Accounts Receivable 0 39,112
Inventories 1,669,058 1,265,593
Prepaid Expenses 298,730 107,761
Total Current Assets 31,052,449 13,948,138
Property and Equipment at cost, Net 765,299 779,297
Other Assets    
Deferred Financing Costs 149,618 363,403
Restricted Cash 0 452,004
Deposits 12,577 12,577
Total Other Assets 162,195 827,984
TOTAL ASSETS 31,979,943 15,555,419
Current Liabilities    
Accounts Payable 2,709,489 1,058,671
Accrued expenses 823,550 747,079
Accrued Interest 36,597 0
Current Portion of Deferred Revenue 75,556 0
Current Portion of Leasehold Improvement Loan 12,654 11,569
Total Current Liabilities 3,657,846 1,817,319
Notes Payable, Net of Debt Discount 4,865,228 3,773,524
Warrant Liability 0 229,345
End of Term Liability, Note Payable 132,500 106,000
Deferred Revenue 1,580,370 0
Deferred Rent Liability 105,404 127,595
Leasehold Improvement Loan 65,236 77,890
TOTAL LIABILITIES 10,406,584 6,131,673
STOCKHOLDERS' (DEFICIENCY) EQUITY    
Common Stock $.0001 par value 75,000,000 shares authorized, 9,291,823 and 5,871,002 shares issued and outstanding at December 31, 2013 and 2012, respectively 929 587
Additional paid-in capital 74,209,004 46,532,487
Accumulated Deficit (52,636,574) (37,109,328)
TOTAL STOCKHOLDERS' EQUITY 21,573,359 9,423,746
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 31,979,943 $ 15,555,419