Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
| Cash flows from operating activities |
|
|
| Net loss |
$ (9,622,440)
|
$ (28,458,821)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
2,159,176
|
3,800,818
|
| Gain (loss) on change in warrant liability |
$ (1,056,535)
|
589,009
|
| Impairment of intangible assets and goodwill |
|
7,245,359
|
| Stock-based compensation |
$ 791,344
|
1,743,836
|
| Non-cash treasury stock |
|
(480,000)
|
| Non-cash loan origination fees |
$ 743,082
|
114,322
|
| Non-cash consulting expense |
240,000
|
264,750
|
| Non-cash directors' fees |
31,250
|
$ 116,464
|
| Allowance for doubtful accounts |
463,728
|
|
| Deferred tax (benefit) |
10,287
|
$ (328,860)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
6,027,342
|
6,525,241
|
| Inventory |
155,157
|
1,045,947
|
| Other current assets |
172,593
|
897,912
|
| Other assets, net |
(218,862)
|
6,606
|
| Accounts payable |
(2,261,749)
|
(3,404,430)
|
| Accrued liabilities |
(1,155,320)
|
6,026,537
|
| Deferred revenue |
(11,535)
|
$ 410,611
|
| Gain (Loss) on long-term contract |
(1,732,348)
|
|
| Deferred rent and other liabilities |
(350,593)
|
$ 304,573
|
| Net cash used in operating activities |
(5,615,423)
|
(3,580,126)
|
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(298,274)
|
(1,670,134)
|
| Net cash used in investing activities |
(298,274)
|
$ (1,670,134)
|
| Cash flows from financing activities |
|
|
| Proceeds from long-term debt |
1,000,000
|
|
| Conversion of preferred to common stock |
(40,689)
|
|
| Issuance of preferred shares, net of issuance costs |
9,627,301
|
|
| Net cash provided by financing activities |
10,586,612
|
|
| Effect of exchange rate changes on cash |
84,438
|
$ 101,788
|
| Net increase (decrease) in cash and cash equivalents |
4,757,353
|
(5,148,472)
|
| Cash and cash equivalents, beginning of period |
3,076,708
|
8,235,566
|
| Cash and cash equivalents, end of period |
7,834,061
|
3,087,094
|
| Supplemental disclosures of cash flow information: |
|
|
| Cash paid during the period for interest |
646,594
|
$ 294,570
|
| Cash paid during the period for income taxes |
$ 18,410
|
|