|
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (22,677,000) |
$ (19,574,000) |
$ (16,837,000) |
| Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
|
| Depreciation |
254,000 |
350,000 |
365,000 |
| Amortization of deferred loan costs |
223,000 |
108,000 |
72,000 |
| Amortization of debt discount |
1,352,000 |
3,123,000 |
2,372,000 |
| Interest expense added to loan principal |
6,069,000 |
3,589,000 |
3,261,000 |
| Loss on early extinguishment of debt and debt refinancing |
835,000 |
|
|
| Unrealized gain on derivative liability |
|
|
(108,000) |
| Compensation charge for stock awards and share options |
516,000 |
383,000 |
2,376,000 |
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
(31,000) |
(121,000) |
138,000 |
| Decrease (increase) in prepaid expenses and other |
54,000 |
200,000 |
(305,000) |
| (Increase) decrease in other assets |
(2,744,000) |
(109,000) |
63,000 |
| Increase in accounts payable |
43,000 |
128,000 |
304,000 |
| Increase in accrued liabilities |
339,000 |
273,000 |
285,000 |
| Increase in deferred revenue |
|
250,000 |
500,000 |
| Net cash used for operating activities |
(15,767,000) |
(11,400,000) |
(7,514,000) |
| Cash flows from investing activities: |
|
|
|
| Additions to property, plant and equipment |
(167,000) |
(3,226,000) |
(4,140,000) |
| Increase in other Assets (restricted cash) |
|
(63,000) |
|
| Net cash used for investing activities |
(167,000) |
(3,289,000) |
(4,140,000) |
| Cash flows from financing activities: |
|
|
|
| Net proceeds from issuance of common stock |
|
|
15,129,000 |
| Net proceeds from issuance of long-term debt |
27,390,000 |
5,014,000 |
2,000,000 |
| Debt issuance costs |
(1,243,000) |
|
|
| Principal payments on long-term debt |
(11,000) |
(10,000) |
(16,000) |
| Net cash provided by financing activities |
26,136,000 |
5,004,000 |
17,113,000 |
| Net increase (decrease) in cash and cash equivalents |
10,202,000 |
(9,685,000) |
5,459,000 |
| Cash and cash equivalents, beginning of period |
1,685,000 |
11,370,000 |
5,911,000 |
| Cash and cash equivalents, end of period |
$ 11,887,000 |
$ 1,685,000 |
$ 11,370,000 |