Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current Assets    
Cash and cash equivalents $ 26,517,959 $ 26,149,477
Short-Term Investments 2,203,040 2,935,184
Accounts Receivable 484,423   
Inventories 984,493 1,669,058
Prepaid Expenses 597,598 298,730
Total Current Assets 30,787,513 31,052,449
Property and Equipment at cost, Net 828,948 765,299
Other Assets    
Deferred Financing Costs 307,700 149,618
Deposits 27,163 12,577
Total Other Assets 334,863 162,195
TOTAL ASSETS 31,951,324 31,979,943
Current Liabilities    
Accounts Payable 2,763,872 2,709,489
Accrued expenses 1,349,931 823,550
Accrued Interest 101,102 36,597
Current Portion of Deferred Revenue 75,556 75,556
Current Portion of Leasehold Improvement Loan 12,941 12,654
Total Current Liabilities 4,303,402 3,657,846
Notes Payable, Net of Debt Discount 9,674,139 4,865,228
Warrant Liability 214,368   
End of Term Liability, Note Payable 132,500 132,500
Deferred Revenue 1,561,481 1,580,370
Deferred Rent Liability 99,857 105,404
Leasehold Improvement Loan 61,890 65,236
TOTAL LIABILITIES 16,047,637 10,406,584
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' (DEFICIENCY) EQUITY    
Common Stock $.0001 par value 75,000,000 shares authorized, and 9,291,823 shares issued and outstanding at March 31, 2014 and December 31, 2013 929 929
Additional paid-in capital 74,443,204 74,209,004
Accumulated Deficit (58,540,446) (52,636,574)
TOTAL STOCKHOLDERS' EQUITY 15,903,687 21,573,359
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 31,951,324 $ 31,979,943