Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets:    
Cash and Cash Equivalents $ 10,440,959 $ 17,199,030
Short-Term Investments 6,368,177 4,652,675
Accounts Receivable 924,468 383,961
Inventories 3,445,773 1,708,763
Prepaid Expenses 111,027 143,586
Total Current Assets 21,290,404 24,088,015
Property and Equipment at Cost, Net 2,396,950 2,840,698
Other Assets:    
Deferred Financing Costs 0 67,640
Deposits 27,163 27,163
Total Other Assets 27,163 94,803
TOTAL ASSETS 23,714,517 27,023,516
Current Liabilities:    
Accounts Payable 2,087,855 1,779,197
Accrued Expenses 1,968,384 2,223,639
Accrued Interest 0 105,664
Current Portion of Deferred Revenue 145,154 75,556
Current Portion of Leasehold Improvement Loan 15,139 13,841
Total Current Liabilities 4,216,532 4,197,897
Notes Payable, Net of Debt Discount 14,247,212 14,568,285
Warrant Liability 0 476,760
End of Term Liability, Notes Payable 1,432,000 132,500
Deferred Revenue 2,832,867 1,504,815
Deferred Rent Liability 128,676 83,214
Leasehold Improvement Loan 36,256 51,395
TOTAL LIABILITIES $ 22,893,543 $ 21,014,866
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Common Stock $0.0001 par value 75,000,000 shares authorized, and 10,713,087 and 9,291,823 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively $ 1,072 $ 929
Additional Paid-in Capital 88,239,569 75,457,458
Accumulated Deficit (87,419,667) (69,449,737)
TOTAL STOCKHOLDERS' EQUITY 820,974 6,008,650
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 23,714,517 $ 27,023,516