Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.6.0.2
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ 3,733,707 $ (270,342) $ 3,588,300
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 495,347 458,734 371,603
Amortization 373,350 14,013 0
Fair market value adjustment - warrants (460,289) (85,325) (2,747,570)
Exercise and expiration of warrants   (15,145) (38,993)
Stock-based compensation 298,535 341,554 657,730
Forgiveness of note to employee   266,282  
Gain on disposal of fixed assets     (25,441)
Deferred tax liability 6,166    
Changes in operating assets and liabilities:      
Trade accounts receivable (1,422,998) 210,140 (90,942)
Inventory (27,082) (119,733)  
Prepaid expenses and other assets (120,567) (36,265) 2,408
Accounts payable 1,075,534 298,918 173,896
Accrued bonus 413,051 516,409 (119,841)
Accrued liabilities 411,255 361,067 (337,354)
Deferred obligation under operating lease (106,732) (91,482) 214,578
Net cash provided by operating activities 4,669,277 1,848,825 1,648,374
Cash flows from investing activities:      
Cash paid for acquisition   (4,000,000)  
Purchases of property and equipment (275,649) (132,854) (984,697)
Proceeds from sale of equipment     34,786
Net cash used in investing activities (275,649) (4,132,854) (949,911)
Cash flows from financing activities:      
Proceeds from notes payable   4,000,000 500,000
Repayment of notes payable (1,624,999) (273,175) (129,930)
Issuance of note to employee     (266,282)
Proceeds from initial public offering and issuance of warrants to underwriters 13,600,800    
Costs related to initial public offering (2,657,604)    
Proceeds from secondary public offering 26,797,094    
Costs related to secondary public offering (820,832)    
Proceeds from exercise of warrants   225,000  
Proceeds from exercise of stock options 137,403 77,372 220
Net cash provided by financing activities 35,431,862 4,029,197 104,008
Net increase in cash and cash equivalents 39,825,490 1,745,168 802,471
Cash, beginning of period 5,335,913 3,590,745 2,788,274
Cash, end of period 45,161,403 5,335,913 3,590,745
Supplemental disclosure of cash flow information      
Interest paid 177,460 39,489 42,692
Income taxes paid   6,171 10,786
Supplemental disclosure of non-cash investing and financing activities:      
Accretion of Series E, F, and G preferred redeemable convertible stock to redemption amount 1,356,707 $ 2,157,549 2,144,434
Property and equipment acquired through lease incentives     $ 650,100
Conversion of warrants 249,215    
Conversion of preferred stock into common stock $ 50,432,162