Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (5,903,872) $ (3,241,647)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 48,299 43,613
Stock based compensation 234,200 218,544
Warrant liability (5,220) (36,728)
Amortization of debt discount 28,498 20,344
Amortization of deferred financing costs 29,555 20,640
Payment-in-kind interest 19,505   
Amortization of license revenue (18,889)   
Changes in operating assets and liabilities    
Accounts receivable (484,423) (287,215)
Inventories 684,566 258,326
Prepaid Expenses (298,868) (543,681)
Other assets 6,103 195,361
Accounts payable 54,383 320,340
Accrued expenses 526,381 (70,412)
Accrued interest 45,000 33,292
Deferred rent liability (5,548) (5,548)
Net cash used in operating activities (5,040,330) (3,074,771)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of short-term investments 732,143   
Purchase of property and equipment (111,948) (66,074)
Net cash used in investing activities 620,195 (66,074)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Hercules debt note payable 4,850,000 1,000,000
Payment of equity issuance costs    (71,514)
Debt issuance costs (58,326)   
Payments of leasehold improvement loan (3,057) (2,796)
Net cash provided by financing activities 4,788,617 925,690
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 368,482 (2,215,155)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 26,149,477 12,535,672
CASH AND CASH EQUIVALENTS - END OF PERIOD 26,517,959 10,320,517
Cash paid for interest 106,250 61,389
Supplemental Disclosure of Noncash Financing Activities:    
End of term liability for Hercules note payable    26,500
Warrants issued in connection with note payable $ 219,588