Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current Assets    
Cash and Cash Equivalents $ 8,925,132 $ 10,440,959
Short-Term Investments 2,694,978 6,368,177
Accounts Receivable 943,950 924,468
Inventories 4,049,239 3,445,773
Prepaid Expenses 744,910 111,027
Total Current Assets 17,358,209 21,290,404
Property and Equipment at cost, Net 2,295,994 2,396,950
Other Assets    
Deferred Financing Costs 3,554 0
Deposits 27,163 27,163
Total Other Assets 30,717 27,163
TOTAL ASSETS 19,684,920 23,714,517
Current Liabilities    
Accounts Payable 2,468,470 2,087,855
Accrued Expenses 1,661,922 1,968,384
Current Portion of Deferred Revenue 145,154 145,154
Current Portion of Leasehold Improvement Loan 15,482 15,139
Total Current Liabilities 4,291,028 4,216,532
Notes Payable, Net of Debt Discount 14,380,759 14,247,212
End of Term Liability, Note Payable 1,432,000 1,432,000
Deferred Revenue 2,797,158 2,832,867
Deferred Rent Liability 121,036 128,676
Leasehold Improvement Loan 32,254 36,256
TOTAL LIABILITIES $ 23,054,235 $ 22,893,543
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' (DEFICIENCY) EQUITY    
Common Stock $0.0001 par value 75,000,000 shares authorized, and 10,713,087 shares issued and outstanding $ 1,072 $ 1,072
Additional Paid-In Capital 88,661,749 88,239,569
Accumulated Deficit (92,032,136) (87,419,667)
TOTAL STOCKHOLDERS' (DEFICIENCY) EQUITY (3,369,315) 820,974
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY $ 19,684,920 $ 23,714,517