|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash Flows From Operating Activities: |
|
|
| Net loss |
$ (13,062,656) |
$ (13,995,868) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation of property, plant and equipment |
975,480 |
1,053,465 |
| Amortization of intangible assets |
1,148,764 |
1,169,962 |
| Stock-based compensation |
1,022,618 |
1,002,824 |
| Loss on disposal of property, plant and equipment |
57,680 |
308,891 |
| Realized loss on available for sale securities |
|
22,421 |
| Change in fair value of common stock warrant liability |
(2,291,801) |
(1,790,520) |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
2,263,242 |
66,054 |
| Inventory |
843,388 |
4,164,884 |
| Prepaid expenses and other current assets |
712,279 |
227,216 |
| Issuance of note receivable |
(600,419) |
|
| Accounts payable, accrued expenses, product warranty reserve and other liabilities |
(1,032,845) |
(4,799,707) |
| Deferred revenue |
1,557,520 |
(601,496) |
| Net cash used in operating activities |
(8,406,750) |
(13,171,874) |
| Cash Flows From Investing Activities: |
|
|
| Purchase of property, plant and equipment |
(40,831) |
(1,065,335) |
| Proceeds from disposal of property, plant and equipment |
57,900 |
45,000 |
| Proceeds from maturities and sales of available-for-sale securities |
|
10,399,396 |
| Net cash provided by investing activities |
17,069 |
9,379,061 |
| Cash Flows From Financing Activities: |
|
|
| Purchase of treasury stock |
|
(158,492) |
| Proceeds from issuance of common stock |
17,192,500 |
22,027,166 |
| Stock issuance costs |
(1,402,230) |
(1,862,293) |
| Repayment of borrowings under line of credit |
(5,405,110) |
|
| Principal payments on long-term debt |
|
(9,956) |
| Net cash provided by financing activities |
10,385,160 |
19,996,425 |
| Effect of exchange rate changes on cash |
(955) |
(7,757) |
| Increase in cash and cash equivalents |
1,994,524 |
16,195,855 |
| Cash and cash equivalents, beginning of period |
13,856,893 |
10,955,403 |
| Cash and cash equivalents, end of period |
$ 15,851,417 |
$ 27,151,258 |