Anika Therapeutics (ANIK) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Registrant Name	Anika Therapeutics, Inc.
Entity Central Index Key	898,437
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		14,632,113
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 103,920,222	$ 100,155,864
Investments	18,513,150	6,750,000
Accounts receivable, net of reserves of $133,820 and $146,618 at June 30, 2015 and December 31, 2014, respectively	19,166,116	17,152,028
Inventories	$ 11,718,243	12,406,776
Prepaid income taxes		412,301
Current portion deferred income taxes	$ 1,459,867	1,188,768
Prepaid expenses and other	947,939	959,305
Total current assets	155,725,537	139,025,042
Property and equipment, at cost	54,671,505	53,619,589
Less: accumulated depreciation	(23,148,636)	(21,950,706)
Property and equipment, net	31,522,869	31,668,883
Long-term deposits and other	69,016	69,042
Intangible assets, net	13,083,907	14,894,710
Goodwill	7,610,821	8,338,699
Total assets	208,012,150	193,996,376
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	1,657,683	1,201,226
Accrued expenses	4,441,785	4,747,526
Deferred revenue	35,938	$ 24,510
Income taxes payable	1,821,898
Total current liabilities	7,957,304	$ 5,973,262
Other long-term liabilities	779,666	893,935
Long-term deferred revenue	74,371	102,192
Deferred tax liability	$ 8,633,398	8,929,890
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 0	0
Common stock, $.01 par value; 30,000,000 shares authorized, 15,003,694 and 14,851,703 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	150,037	148,517
Additional paid-in-capital	80,505,021	77,539,699
Accumulated other comprehensive loss	(6,326,442)	(4,494,800)
Retained earnings	116,238,795	104,903,681
Total stockholders’ equity	190,567,411	178,097,097
Total Liabilities and Stockholders’ Equity	$ 208,012,150	$ 193,996,376

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, net of reserves	$ 133,820	$ 146,618
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,250,000	1,250,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	15,003,694	14,851,703
Common stock,shares outstanding (in shares)	15,003,694	14,851,703

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Product revenue	$ 22,898,032	$ 21,267,156	$ 38,412,714	$ 35,618,561
Licensing, milestone and contract revenue	5,529	5,007,504	11,171	24,666,386
Total revenue	22,903,561	26,274,660	38,423,885	60,284,947
Operating expenses:
Cost of product revenue	5,274,059	5,332,913	9,587,499	9,693,932
Research & development	1,812,320	1,873,158	3,910,082	4,160,873
Selling, general & administrative	3,388,494	3,865,876	6,993,155	7,356,861
Total operating expenses	10,474,873	11,071,947	20,490,736	21,211,666
Income from operations	12,428,688	15,202,713	17,933,149	39,073,281
Interest income, net	23,907	5,935	47,630	6,402
Income before income taxes	12,452,595	15,208,648	17,980,779	39,079,683
Provision for income taxes	4,633,038	5,906,298	6,645,665	14,747,080
Net income	$ 7,819,557	$ 9,302,350	$ 11,335,114	$ 24,332,603
Basic net income per share:
Net income (in dollars per share)	$ 0.52	$ 0.63	$ 0.76	$ 1.67
Basic weighted average common shares outstanding (in shares)	14,961,436	14,687,747	14,933,534	14,559,917
Diluted net income per share:
Net income (in dollars per share)	$ 0.51	$ 0.60	$ 0.74	$ 1.57
Diluted weighted average common shares outstanding (in shares)	15,335,687	15,492,732	15,332,391	15,487,432
Net income	$ 7,819,557	$ 9,302,350	$ 11,335,114	$ 24,332,603
Other comprehensive income (loss):
Unrealized loss on securities, net of tax	(3,198)		(3,198)
Foreign currency translation adjustment	420,684	$ (190,739)	(1,828,444)	$ (216,855)
Total other comprehensive income (loss)	417,486	(190,739)	(1,831,642)	(216,855)
Comprehensive income	$ 8,237,043	$ 9,111,611	$ 9,503,472	$ 24,115,748

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 11,335,114	$ 24,332,603
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,827,070	2,366,411
Stock-based compensation expense	1,063,949	805,782
Deferred income taxes	(428,312)	(357,081)
Provision for inventory	67,863	147,693
Tax benefit from exercise of equity awards	(933,863)	(9,308,113)
Changes in operating assets and liabilities:
Accounts receivable	(2,389,372)	(191,088)
Inventories	496,543	(3,030,077)
Prepaid expenses, other current and long-term assets	458,857	(10,624)
Accounts payable	559,363	(943,169)
Accrued expenses	(263,692)	(749,411)
Deferred revenue	(5,480)	(2,140,902)
Income taxes payable	3,193,594	7,014,770
Other long-term liabilities	(97,679)	(99,980)
Net cash provided by operating activities	14,883,955	$ 17,836,814
Cash flows from investing activities:
Proceeds from maturity of investments	10,250,000
Purchase of investments	(22,018,070)
Purchase of property and equipment	(1,133,972)	$ (677,358)
Net cash used in investing activities	(12,902,042)	(677,358)
Cash flows from financing activities:
Proceeds from exercise of equity awards	969,029	1,361,805
Tax benefit from exercise of stock options	$ 933,863	9,308,113
Minimum tax withholdings on share-based awards		(6,348,900)
Net cash provided by financing activities	$ 1,902,892	4,321,018
Exchange rate impact on cash	(120,447)	65,928
Increase in cash and cash equivalents	3,764,358	21,546,402
Cash and cash equivalents at beginning of period	100,155,864	63,333,160
Cash and cash equivalents at end of period	$ 103,920,222	$ 84,879,562

Note 1 - Nature of Business

Note 1 - Nature of Business	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business Anika Therapeutics, Inc. develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells. The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The year-end consolidated balance sheet is derived from the Company’s audited financial statements, but does not include all disclosures required by US GAAP. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial position of the Company as of June 30, 2015, the results of its operations for the three- and six- month periods ended June 30, 2015 and 2014, and cash flows for the six- month periods ended June 30, 2015 and 2014. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three- and six-month periods ended June 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income. A revision was made to the condensed consolidated statement of cash flows for the six months ended June 30, 2014 to correctly reflect the tax benefit from exercise of certain equity awards. This revision had an impact on the statement of cash flows as a reduction of cash provided by operating activities of approximately $2.5 million with a corresponding increase to cash provided by financing activities related to the tax benefit from exercise of stock options for the six months ended June 30, 2014 of the same amount. This revision had no impact on the statement of operations or cash position. The revision to the condensed consolidated statement of cash flows noted above represents amounts that are not deemed to be material, individually or in the aggregate, to the prior period condensed consolidated financial statements.

Note 3 - Recent Accounting Pron

Note 3 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	3. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes the revenue recognition requirements in "Topic 605, Revenue Recognition" and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Note 4 - Investments

Note 4 - Investments	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. Investments All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company’s investments at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 Amortized Unrealized Unrealized Fair Corporate debt securities $ 3,018,070 $ - $ (4,920 ) $ 3,013,150 Bank certificates of deposit 15,500,000 - - 15,500,000 $ 18,518,070 $ - $ (4,920 ) $ 18,513,150 December 31, 2014 Amortized Unrealized Unrealized Fair Bank certificates of deposit $ 6,750,000 $ - $ - $ 6,750,000

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair Value Measurements Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three-tier fair value hierarchy, which classifies the fair value measurements based on the inputs used in measuring fair value, was established as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets or liabilities; (Level 2) significant other observable inputs that are observable either directly or indirectly; and (Level 3) significant unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company records its investments at fair value. The Company’s investments are all classified within Level 2 of the fair value hierarchy. These investments classified within Level 2 of the fair value hierarchy are valued based on matrix pricing compiled by third party pricing vendors, using observable market inputs such as interest rates, yield curves, and credit risk. The fair value hierarchy of the Company’s cash equivalents and investments at fair value is as follows: Fair Value Measurements at Reporting June 30, 2015 Quoted Prices in Significant Other Significant Cash & cash equivalents: Money market funds $ 60,814,116 $ - $ 60,814,116 $ - Investments: Corporate debt securities $ 3,013,150 $ - $ 3,013,150 $ - Bank certificates of deposit 15,500,000 - 15,500,000 - Total investments $ 18,513,150 $ - $ 18,513,150 $ - Fair Value Measurements at Reporting December 31, 2014 Quoted Prices in Significant Other Significant Cash & cash equivalents: Money market funds $ 69,551,754 $ - $ 69,551,754 $ - Bank certificates of deposit 3,000,000 - 3,000,000 - Total cash & cash equivalents $ 72,551,754 $ - $ 72,551,754 $ - Investments: Bank certificates of deposit $ 6,750,000 $ - $ 6,750,000 $ -

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Equity Incentive Plan The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three- and six-month periods ended June 30, 2015 and 2014, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended 2015 2014 Risk free interest rate 1.15% - 1.46% 1.16% - 1.33% Expected volatility 53.15% - 54.65% 53.28% Expected life (years) 4.5 4 Expected dividend yield 0.00% 0.00% The Company recorded $509,352 and $377,960 of share-based compensation expense for the three-month periods ended June 30, 2015 and 2014, respectively, for equity compensation awards. The Company recorded $1,063,949 and $805,782 of share-based compensation expense for the six-month periods ended June 30, 2015 and 2014, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective recipients. There were 7,500 and 111,625 stock options granted under the Anika Therapeutics, Inc. Second Amended and Restated Stock Option and Incentive Plan, as amended, (the “Plan”) during the three- and six-month periods ended June 30, 2015, respectively. There were no Restricted Stock Awards (“RSAs”) or Restricted Stock Units (“RSUs”) granted under the plan during the three-month period ended June 30, 2015. A portion of the stock options granted during the six-month period ended June 30, 2015 contained certain performance features, as compared to established targets, in addition to time-based vesting conditions. The compensation cost associated with these grants was estimated using the Black Scholes valuation method multiplied by the expected number of shares to be issued, which is adjusted based on the estimated probabilities of achieving the performance goals. As of June 30, 2015, there was approximately $4.7 million of total unrecognized compensation cost related to non-vested stock options, SARs, RSAs, and RSUs granted under the Company’s incentive plans. This cost is expected to be recognized over a weighted-average period of 2.95 years. The total intrinsic value of stock options and SARs exercised during the six-month periods ended June 30, 2015 and 2014 was $2,990,912 and $25,396,552, respectively. Cash received from the exercise of stock options during the three- and six-month periods ended June 30, 2015 and 2014 was $5,448 and $294,106, and $969,029 and $1,361,805, respectively. During the second quarter of 2014, the Company acquired and subsequently retired 133,774 common shares related to an employee SARs exercise, to meet minimum statutory tax withholding requirements. There were 825,897 options and SARs outstanding under the Company’s incentive plans as of June 30, 2015 with a weighted-average exercise price of $17.86 per share, an aggregate intrinsic value of approximately $13.9 million, and a weighted-average remaining contractual term of 6.8 years. None of the options or SARs outstanding at June 30, 2015 or 2014, respectively, had cash-settlement features. The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards containing service conditions generally become exercisable ratably over one to four years, have a ten year contractual term, and sometimes contain performance conditions.

Note 7 - Earnings Per Share ("E

Note 7 - Earnings Per Share ("EPS")	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	7. Earnings Per Share (“EPS”) Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, restricted shares, and restricted stock units using the treasury stock method. The following table provides share information used in the calculation of the Company's basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares used in the calculation of basic earnings per share 14,961,436 14,687,747 14,933,534 14,559,917 Effect of dilutive securities: Stock options, SARs, and RSAs 374,251 804,985 398,857 927,515 Diluted shares used in the calculation of earnings per share 15,335,687 15,492,732 15,332,391 15,487,432 Equity awards of 238,472 and 207,839 shares were outstanding for the three- and six-month periods ended June 30, 2015, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. Equity awards of 67,820 and 113,301 shares were outstanding for the three- and six-month periods ended June 30, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.

Note 8 - Inventories

Note 8 - Inventories	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. Inventories Inventories consist of the following: June 30, December 31, Raw materials $ 5,422,506 $ 6,161,363 Work-in-process 3,157,888 3,041,227 Finished goods 3,137,849 3,204,186 Total $ 11,718,243 $ 12,406,776 Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead. Inventory costs associated with product candidates that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use and future economic benefit.

Note 9 - Intangible Assets and

Note 9 - Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9. Intangible Assets and Goodwill In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”), the Company acquired various intangible assets and goodwill. The Company evaluated the various intangible assets and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangible assets. The in-process research and development (“IPR&D”) intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition, including write-off(s) for abandoned projects. Until such determination is made, they are not amortized. In January 2015 the Company received CE Mark approval for HYALOSPINE which is an innovative adhesion prevention gel for use after spinal surgery, and was a component of the IPR&D intangible assets initially identified. As a result of this approval the Company has reclassified $400,000 from IPR&D to developed technology and began amortization on the HYALOSPINE asset. Intangible assets as of June 30, 2015 and December 31, 2014 consist of the following: June 30, 2015 December 31, 2014 Gross Value Current Period Completed Projects Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Net Book Value Useful Life Developed technology $ 16,700,000 $ 400,000 $ (3,070,219 ) $ (5,483,088 ) $ 8,546,693 $ 9,409,937 15 In-process research & development 5,502,686 (400,000 ) (1,259,920 ) - 3,842,766 4,652,874 Indefinite Distributor relationships 4,700,000 - (415,344 ) (4,284,656 ) - - 5 Patents 1,000,000 - (184,733 ) (308,843 ) 506,424 581,199 16 Elevess trade name 1,000,000 - - (811,976 ) 188,024 250,700 9 Total $ 28,902,686 $ - $ (4,930,216 ) $ (10,888,563 ) $ 13,083,907 $ 14,894,710 The aggregate amortization expense related to intangible assets was $265,508 and $536,226 for the three-month periods ended June 30, 2015 and 2014, respectively. The aggregate amortization expense related to intangible assets was $535,780 and $1,074,561 for the six-month periods ended June 30, 2015 and 2014, respectively. Changes in the carrying value of goodwill for the six-month periods ended June 30, 2015 and 2014 were as follows: Goodwill Six Twelve Balance, beginning $ 8,338,699 $ 9,443,894 Effect of foreign currency adjustments (727,878 ) (1,105,195 ) Balance, ending $ 7,610,821 $ 8,338,699

Note 10 - Accrued Expenses

Note 10 - Accrued Expenses	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	10. Accrued Expenses Accrued expenses consist of the following: June 30, December 31, Compensation and related expenses $ 2,260,469 $ 2,791,935 Professional fees 742,319 553,630 Clinical trial costs 421,502 508,042 Research grants 492,001 539,053 Other 525,494 354,866 Total $ 4,441,785 $ 4,747,526

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate, or breach any U.S. patent or intellectual property right, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company has no accrued warranties at June 30, 2015 or December 31, 2014, respectively, and has no history of claims paid. The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow.

Note 12 - Mitek Monovisc Agreem

Note 12 - Mitek Monovisc Agreement	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	12. Mitek Monovisc Agreement In December 2011, the Company entered into a fifteen-year licensing agreement (the “Mitek MONOVISC Agreement”) with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc., to exclusively market MONOVISC in the United States. The Company received an upfront payment of $2,500,000 in December 2011. This non-refundable upfront payment did not have standalone value without the Company’s completion of development obligations, which included obtaining regulatory approval of the product and resolving the related patent litigation. As a result, the Company recognized the upfront payment over the development obligation period. During the first quarter of 2014, the Company received FDA approval of MONOVISC and resolved the patent lawsuit with Genzyme Corporation. As a result of the full delivery of its development obligations under this agreement, the Company recognized approximately $2,200,000, which represented the remaining balance of deferred revenue relating to the initial $2,500,000 payment, in accordance with current generally accepted principles on revenue recognition. In the first quarter of 2014, the Company also received a milestone payment of $17,500,000 as a result of achieving FDA approval for MONOVISC and resolving the patent litigation with Genzyme. This milestone payment was fully recognized as revenue during the three months ended March 31, 2014. On April 15, 2014 the first U.S. commercial sale of MONOVISC was made by the Company’s commercial partner, Mitek. Under the terms of the Mitek MONOVISC Agreement, the Company earned and collected a milestone payment of $5,000,000, which was fully recognized as revenue in the second quarter of 2014. On November 10, 2014, the Center for Medicare & Medicaid Services ("CMS") assigned a unique Healthcare Common Procedure Coding System code, or J-Code, to MONOVISC. The issuance of this J-Code by CMS allowed for the fixing of national Medicare reimbursement rates for the product. The new J-Code became effective on January 1, 2015. As a result of CMS assigning the J-Code, the Company collected a milestone payment of $5,000,000, which was fully recognized as revenue in the fourth quarter of 2014. For the year ended December 31, 2014, the Company recognized a total of $29,652,778 in milestone revenue related to MONOVISC.

Note 13 - Income Taxes

Note 13 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	13. Income Taxes Provisions for income taxes were $4,633,038 and $6,645,665 for the three- and six-month periods ended June 30, 2015, respectively, based on effective tax rates of 37% for both periods. Provisions for income taxes were $5,906,298 and $14,747,080 for the three- and six-month periods ended June 30, 2014, respectively, based on effective tax rates of 39% and 38%. for each of the three- and six-month periods ended June 30, 2015, as compared to the same periods in 2014, The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The Company’s filings from 2011 through the present tax year remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The Company’s filings from 2010 through the present tax year remain subject to examination by the appropriate governmental authorities in Italy. In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carryforward. The Company concluded that the positive evidence outweighs the negative evidence and, thus, those deferred tax assets are realizable on a “more likely than not” basis. As such, the Company did not record a valuation allowance at June 30, 2015 or December 31, 2014.

Note 14 - Segment and Geographi

Note 14 - Segment and Geographic Information	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. Segment and Geographic Information The Company has one reportable operating segment, for the purposes of assessing performance and deciding how to allocate resources. Product revenue by product group is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Orthobiologics $ 19,282,919 $ 18,278,254 $ 31,255,419 $ 29,850,404 Dermal 303,117 348,961 719,300 537,612 Surgical 1,647,005 1,376,530 3,036,600 3,128,549 Ophthalmic 414,991 363,411 919,463 571,996 Veterinary 1,250,000 900,000 2,481,932 1,530,000 $ 22,898,032 $ 21,267,156 $ 38,412,714 $ 35,618,561 Total revenue by geographic location and as a percentage of overall total revenue, for the three- and six-month periods ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 19,217,696 84 % $ 22,946,738 87 % Europe 2,330,890 10 % 1,793,841 7 % Other 1,354,975 6 % 1,534,081 6 % Total $ 22,903,561 100 % $ 26,274,660 100 % Six Months Ended June 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 31,808,885 83 % $ 54,480,556 90 % Europe 4,317,214 11 % 3,489,656 6 % Other 2,297,786 6 % 2,314,735 4 % Total $ 38,423,885 100 % $ 60,284,947 100 %

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Marketable Securities [Table Text Block]	December 31, 2014 Amortized Unrealized Unrealized Fair Bank certificates of deposit $ 6,750,000 $ - $ - $ 6,750,000 June 30, 2015 Amortized Unrealized Unrealized Fair Corporate debt securities $ 3,018,070 $ - $ (4,920 ) $ 3,013,150 Bank certificates of deposit 15,500,000 - - 15,500,000 $ 18,518,070 $ - $ (4,920 ) $ 18,513,150

Note 5 - Fair Value Measureme21

Note 5 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at Reporting June 30, 2015 Quoted Prices in Significant Other Significant Cash & cash equivalents: Money market funds $ 60,814,116 $ - $ 60,814,116 $ - Investments: Corporate debt securities $ 3,013,150 $ - $ 3,013,150 $ - Bank certificates of deposit 15,500,000 - 15,500,000 - Total investments $ 18,513,150 $ - $ 18,513,150 $ - Fair Value Measurements at Reporting December 31, 2014 Quoted Prices in Significant Other Significant Cash & cash equivalents: Money market funds $ 69,551,754 $ - $ 69,551,754 $ - Bank certificates of deposit 3,000,000 - 3,000,000 - Total cash & cash equivalents $ 72,551,754 $ - $ 72,551,754 $ - Investments: Bank certificates of deposit $ 6,750,000 $ - $ 6,750,000 $ -

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended 2015 2014 Risk free interest rate 1.15% - 1.46% 1.16% - 1.33% Expected volatility 53.15% - 54.65% 53.28% Expected life (years) 4.5 4 Expected dividend yield 0.00% 0.00%

Note 7 - Earnings Per Share (23

Note 7 - Earnings Per Share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares used in the calculation of basic earnings per share 14,961,436 14,687,747 14,933,534 14,559,917 Effect of dilutive securities: Stock options, SARs, and RSAs 374,251 804,985 398,857 927,515 Diluted shares used in the calculation of earnings per share 15,335,687 15,492,732 15,332,391 15,487,432

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, Raw materials $ 5,422,506 $ 6,161,363 Work-in-process 3,157,888 3,041,227 Finished goods 3,137,849 3,204,186 Total $ 11,718,243 $ 12,406,776

Note 9 - Intangible Assets an25

Note 9 - Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	June 30, 2015 December 31, 2014 Gross Value Current Period Completed Projects Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Net Book Value Useful Life Developed technology $ 16,700,000 $ 400,000 $ (3,070,219 ) $ (5,483,088 ) $ 8,546,693 $ 9,409,937 15 In-process research & development 5,502,686 (400,000 ) (1,259,920 ) - 3,842,766 4,652,874 Indefinite Distributor relationships 4,700,000 - (415,344 ) (4,284,656 ) - - 5 Patents 1,000,000 - (184,733 ) (308,843 ) 506,424 581,199 16 Elevess trade name 1,000,000 - - (811,976 ) 188,024 250,700 9 Total $ 28,902,686 $ - $ (4,930,216 ) $ (10,888,563 ) $ 13,083,907 $ 14,894,710
Schedule of Goodwill [Table Text Block]	Goodwill Six Twelve Balance, beginning $ 8,338,699 $ 9,443,894 Effect of foreign currency adjustments (727,878 ) (1,105,195 ) Balance, ending $ 7,610,821 $ 8,338,699

Note 10 - Accrued Expenses (Tab

Note 10 - Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, Compensation and related expenses $ 2,260,469 $ 2,791,935 Professional fees 742,319 553,630 Clinical trial costs 421,502 508,042 Research grants 492,001 539,053 Other 525,494 354,866 Total $ 4,441,785 $ 4,747,526

Note 14 - Segment and Geograp27

Note 14 - Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Orthobiologics $ 19,282,919 $ 18,278,254 $ 31,255,419 $ 29,850,404 Dermal 303,117 348,961 719,300 537,612 Surgical 1,647,005 1,376,530 3,036,600 3,128,549 Ophthalmic 414,991 363,411 919,463 571,996 Veterinary 1,250,000 900,000 2,481,932 1,530,000 $ 22,898,032 $ 21,267,156 $ 38,412,714 $ 35,618,561
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended June 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 19,217,696 84 % $ 22,946,738 87 % Europe 2,330,890 10 % 1,793,841 7 % Other 1,354,975 6 % 1,534,081 6 % Total $ 22,903,561 100 % $ 26,274,660 100 % Six Months Ended June 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 31,808,885 83 % $ 54,480,556 90 % Europe 4,317,214 11 % 3,489,656 6 % Other 2,297,786 6 % 2,314,735 4 % Total $ 38,423,885 100 % $ 60,284,947 100 %

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2014USD ($)
Increase to Cash Provided by Financing Activities [Member]
Prior Period Reclassification Adjustment	$ 2.5
Derease to Cash Provided by Operating Activities [Member]
Prior Period Reclassification Adjustment	$ (2.5)

Note 4 - Investments - Marketab

Note 4 - Investments - Marketable Securities (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Corporate Bond Securities [Member]
Amortized Cost	$ 3,018,070
Unrealized Gains
Unrealized Losses	$ (4,920)
Fair Value	3,013,150
Certificates of Deposit [Member]
Amortized Cost	$ 15,500,000	$ 6,750,000
Unrealized Gains
Unrealized Losses
Fair Value	$ 15,500,000	$ 6,750,000
Amortized Cost	$ 18,518,070
Unrealized Gains
Unrealized Losses	$ (4,920)
Fair Value	$ 18,513,150

Note 5 - Fair Value Measureme30

Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Cash & cash equivalents:
Cash & cash equivalents	$ 60,814,116	$ 69,551,754
Money Market Funds [Member]
Cash & cash equivalents:
Cash & cash equivalents	60,814,116	69,551,754
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Cash & cash equivalents:
Cash & cash equivalents		3,000,000
Investments:
Investments	15,500,000	6,750,000
Certificates of Deposit [Member]
Cash & cash equivalents:
Cash & cash equivalents		3,000,000
Investments:
Investments	15,500,000	6,750,000
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments:
Investments	3,013,150
Corporate Debt Securities [Member]
Investments:
Investments	3,013,150
Fair Value, Inputs, Level 2 [Member]
Cash & cash equivalents:
Cash & cash equivalents		72,551,754
Investments:
Investments	18,513,150
Cash & cash equivalents		72,551,754
Investments	$ 18,513,150	$ 6,750,000

Note 6 - Equity Incentive Pla31

Note 6 - Equity Incentive Plan (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)
Restricted Stock Units (RSUs) [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares			9,678
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	0		23,375
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Allocated Share-based Compensation Expense	$ 509,352	$ 377,960	$ 1,063,949	$ 805,782
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	7,500		111,625
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 4,700,000		$ 4,700,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 346 days
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercises in Period, Total Intrinsic Value			$ 2,990,912	25,396,552
Proceeds from Stock Options Exercised	$ 5,448	$ 294,106	$ 969,029	$ 1,361,805
Stock Repurchased and Retired During Period, Shares | shares		133,774
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding Number	825,897		825,897
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Weighted Average Exercise Price | $ / shares	$ 17.86		$ 17.86
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Intrinsic Value	$ 13,900,000		$ 13,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Weighted Average Remaining ContractualTerm			6 years 292 days
Share-based Compensation Arrangement by Share-based Payment Award, Contractual Term, Range			10 years

Note 6 - Equity Incentive Pla32

Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards (Details)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Minimum [Member]
Risk free interest rate	1.15%	1.16%
Expected volatility	53.15%
Maximum [Member]
Risk free interest rate	1.46%	1.33%
Expected volatility	54.65%
Expected volatility		53.28%
Expected life (years)	4 years 182 days	4 years
Expected dividend yield	0.00%	0.00%

Note 7 - Earnings Per Share (33

Note 7 - Earnings Per Share ("EPS") (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	238,472	67,820	207,839	113,301

Note 7 - Earnings Per Share (34

Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Shares used in the calculation of basic earnings per share (in shares)	14,961,436	14,687,747	14,933,534	14,559,917
Effect of dilutive securities:
Stock options, SARs, and RSAs (in shares)	374,251	804,985	398,857	927,515
Diluted shares used in the calculation of earnings per share (in shares)	15,335,687	15,492,732	15,332,391	15,487,432

Note 8 - Inventories - Inventor

Note 8 - Inventories - Inventories (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Raw materials	$ 5,422,506	$ 6,161,363
Work-in-process	3,157,888	3,041,227
Finished goods	3,137,849	3,204,186
Total	$ 11,718,243	$ 12,406,776

Note 9 - Intangible Assets an36

Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 31, 2015
Developed Technology Rights [Member] | Reclassified from in Process Research and Development [Member]
Finite-Lived Intangible Assets, Gross					$ 400,000
Amortization of Intangible Assets	$ 265,508	$ 536,226	$ 535,780	$ 1,074,561

Note 9 - Intangible Assets an37

Note 9 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Developed Technology Rights [Member]
Gross Value		$ 16,700,000
Current Period Completed Projects		400,000
Accumulated Currency Translation Adjustment		(3,070,219)
Accumulated Amortization		(5,483,088)
Net Book Value	$ 9,409,937	8,546,693
Useful Life	15 years
In Process Research and Development [Member]
Gross Value		5,502,686
Current Period Completed Projects		(400,000)
Accumulated Currency Translation Adjustment		$ (1,259,920)
Accumulated Amortization
Net Book Value	$ 4,652,874	$ 3,842,766
Useful Life
Distribution Rights [Member]
Gross Value		$ 4,700,000
Current Period Completed Projects
Accumulated Currency Translation Adjustment		$ (415,344)
Accumulated Amortization		$ (4,284,656)
Net Book Value
Useful Life	5 years
Patents [Member]
Gross Value		$ 1,000,000
Current Period Completed Projects
Accumulated Currency Translation Adjustment		$ (184,733)
Accumulated Amortization		(308,843)
Net Book Value	$ 581,199	506,424
Useful Life	16 years
Elevess Trade Name [Member]
Gross Value		$ 1,000,000
Current Period Completed Projects
Accumulated Currency Translation Adjustment
Accumulated Amortization		$ (811,976)
Net Book Value	$ 250,700	188,024
Useful Life	9 years
Gross Value		$ 28,902,686
Current Period Completed Projects
Accumulated Currency Translation Adjustment		$ (4,930,216)
Accumulated Amortization		(10,888,563)
Net Book Value	$ 14,894,710	$ 13,083,907

Note 9 - Intangible Assets an38

Note 9 - Intangible Assets and Goodwill - Changes in Carrying Value of Goodwill (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Balance, beginning	$ 8,338,699	$ 9,443,894
Effect of foreign currency adjustments	(727,878)	(1,105,195)
Balance, ending	$ 7,610,821	$ 8,338,699

Note 10 - Accrued Expenses - Ac

Note 10 - Accrued Expenses - Accrued Expenses (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Compensation and related expenses	$ 2,260,469	$ 2,791,935
Professional fees	742,319	553,630
Clinical trial costs	421,502	508,042
Research grants	492,001	539,053
Other	525,494	354,866
Total	$ 4,441,785	$ 4,747,526

Note 11 - Commitments and Con40

Note 11 - Commitments and Contingencies (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Product Warranty Accrual	$ 0	$ 0

Note 12 - Mitek Monovisc Agre41

Note 12 - Mitek Monovisc Agreement (Details Textual) - Miltek MONOVISC Agreement [Member] - USD ($)	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2011	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Contract Term Years	15 years
Deferred Revenue	$ 2,500,000
Deferred Revenue, Revenue Recognized				$ 2,200,000
Revenue Recognition, Milestone Method, Revenue Recognized		$ 5,000,000	$ 5,000,000	$ 17,500,000	$ 29,652,778

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Miltek MONOVISC Agreement [Member]
Contracts Revenue			$ 24,700,000
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Open Tax Year			2,011
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | Earliest Tax Year [Member]
Open Tax Year			2,010
Effective Income Tax Rate Reconciliation, Percent	37.00%	39.00%	37.00%	38.00%
Deferred Tax Assets, Valuation Allowance	$ 0		$ 0		$ 0
Income Tax Expense (Benefit)	$ 4,633,038	$ 5,906,298	$ 6,645,665	$ 14,747,080

Note 14 - Segment and Geograp43

Note 14 - Segment and Geographic Information (Details Textual)	6 Months Ended
	Jun. 30, 2015
Number of Reportable Segments	1

Note 14 - Segment and Geograp44

Note 14 - Segment and Geographic Information - Product Revenue by Product Group (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Orthobiologics [Member]
Product revenue	$ 19,282,919	$ 18,278,254	$ 31,255,419	$ 29,850,404
Dermal [Member]
Product revenue	303,117	348,961	719,300	537,612
Surgical [Member]
Product revenue	1,647,005	1,376,530	3,036,600	3,128,549
Ophthalmic [Member]
Product revenue	414,991	363,411	919,463	571,996
Veterinary [Member]
Product revenue	1,250,000	900,000	2,481,932	1,530,000
Product revenue	$ 22,898,032	$ 21,267,156	$ 38,412,714	$ 35,618,561

Note 14 - Segment and Geograp45

Note 14 - Segment and Geographic Information - Product Revenue by Geographic Location (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
UNITED STATES
Total Revenue	$ 19,217,696	$ 22,946,738	$ 31,808,885	$ 54,480,556
Percentage of Revenue	84.00%	87.00%	83.00%	90.00%
Europe [Member]
Total Revenue	$ 2,330,890	$ 1,793,841	$ 4,317,214	$ 3,489,656
Percentage of Revenue	10.00%	7.00%	11.00%	6.00%
Other Location [Member]
Total Revenue	$ 1,354,975	$ 1,534,081	$ 2,297,786	$ 2,314,735
Percentage of Revenue	6.00%	6.00%	6.00%	4.00%
Total Revenue	$ 22,903,561	$ 26,274,660	$ 38,423,885	$ 60,284,947
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%