|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash Flows From Operating Activities: |
|
|
| Net loss |
$ (23,388,120) |
$ (20,286,414) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation of property, plant and equipment |
1,459,159 |
1,600,143 |
| Amortization of intangible assets |
1,726,854 |
1,754,568 |
| Stock-based compensation |
1,500,352 |
1,602,097 |
| Loss on disposal of property, plant and equipment |
57,680 |
308,902 |
| Gain on sale of leased assets |
|
(673,358) |
| Realized loss on available for sale securities |
|
22,421 |
| Change in fair value of common stock warrant liability |
(3,726,667) |
(4,204,787) |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
5,728,228 |
(1,028,099) |
| Inventory |
(2,650,413) |
5,303,221 |
| Prepaid expenses and other current assets |
341,585 |
(180,390) |
| Issuance of note receivable |
(585,611) |
|
| Accounts payable, accrued expenses, product warranty reserve and other liabilities |
1,787,625 |
(2,914,462) |
| Deferred revenue |
2,201,139 |
(456,295) |
| Net cash used in operating activities |
(15,548,189) |
(19,152,453) |
| Cash Flows From Investing Activities: |
|
|
| Purchase of property, plant, and equipment |
(292,389) |
(1,156,163) |
| Restricted cash |
|
525,000 |
| Proceeds from sale of leased assets |
|
673,358 |
| 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 (used in) provided by investing activities |
(234,489) |
10,486,591 |
| Cash Flows From Financing Activities: |
|
|
| Purchase of treasury stock |
|
(158,492) |
| Proceeds from issuance of common stock |
17,192,500 |
22,583,877 |
| Stock issuance costs |
(1,402,230) |
(1,891,378) |
| Repayments under line of credit, net |
(4,405,110) |
|
| Principal payments on long-term debt |
|
(9,956) |
| Net cash provided by financing activities |
11,385,160 |
20,524,051 |
| Effect of exchange rate changes on cash |
2,029 |
(11,407) |
| (Decrease) increase in cash and cash equivalents |
(4,395,489) |
11,846,782 |
| Cash and cash equivalents, beginning of period |
13,856,893 |
10,955,403 |
| Cash and cash equivalents, end of period |
$ 9,461,404 |
$ 22,802,185 |