Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:    
Net loss $ (10,044,307) $ (7,234,733)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 82,757 154,555
Stock-based compensation 980,228 485,374
Non-cash restricted shares   390,734
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,144,900) (1,397,628)
Deferred Revenue 5,111,418  
Trade accounts payable 350,542 897,130
Accrued expenses and other current liabilities 580,908 30,481
Income taxes   (2,365)
Net cash used in operating activities (4,083,354) (6,676,452)
Investing activities:    
Purchase of property and equipment (124,608) (74,286)
Net cash used in investing activities (124,608) (74,286)
Financing activities:    
Issuance of Common and Series A Convertible Preferred Stock, net of issuance costs 15,280,672  
Repayment of debt   (1,171,170)
Net cash provided by (used in) financing activities 15,280,672 (1,171,170)
Effect of exchange rate change on cash and cash equivalents (47,401) (524,998)
Net increase/(decrease) in cash and cash equivalents 11,025,309 (8,446,906)
Cash and cash equivalents at beginning of quarter 29,349,124 18,474,211
Cash and cash equivalents at end of year 40,374,433 10,027,305
Supplemental cash flow disclosures:    
Cash paid for interest   4,224
Property and equipment, included in accounts payable $ 207,068 $ 0