Post-effective amendment to a registration statement that is not immediately effective upon filing

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Operating activities:    
Net loss $ (14,058,641) $ (9,849,964)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 307,906 366,979
Non-cash interest expense   2,589,025
Stock-based compensation 1,164,633 571,382
Non-cash restricted shares 446,400  
Non-cash consulting shares 225,000  
Warrants issued in Private Placement   664,064
Changes in operating assets and liabilities:    
Restricted cash   70,026
Trade accounts receivable   465,385
Prepaid expenses and other assets (1,256,151) (921,587)
Trade accounts payable (90,924) 1,115,987
Accrued expenses and other liabilities 556,297 (136,997)
Net cash used in operating activities (12,705,480) (5,065,700)
Investing activities:    
Purchase of property and equipment (620,747) (267,406)
Net cash used in investing activities (620,747) (267,406)
Financing activities:    
Proceeds from exercise of options 10,000  
Issuance of Common Stock, net of issuance costs 25,763,960 11,963,188
Issuance of Preferred Stock-series C, net of issuance costs   7,342,076
Proceeds from convertible stockholder loan   1,210,100
Repayment of debt (1,157,940) (181,515)
Net cash provided by financing activities 24,616,020 20,333,849
Effect of exchange rate change on cash and cash equivalents (414,880) (215,914)
Net increase in cash and cash equivalents 10,874,913 14,784,829
Cash and cash equivalents at beginning of year 18,474,211 3,689,382
Cash and cash equivalents at end of year 29,349,124 18,474,211
Supplemental cash flow disclosures:    
Cash paid for interest 206,269 71,757
Cash paid for income taxes $ 203,866  
Noncash investing and Financing Activities:    
Conversion from debt to equity   $ 4,380,906