Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating activities:    
Net loss $ (22,799,164) $ (14,058,641)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 361,382 307,906
Stock-based compensation 1,905,256 1,164,633
Disposal of fixed assets 49,437  
Non-cash restricted shares   446,400
Non-cash consulting shares   225,000
Changes in operating assets and liabilities:    
Accounts receivable (58,651)  
Prepaid expenses and other assets (1,019,665) (1,256,151)
Deferred Revenue 3,752,400  
Accounts payable 1,360,274 (90,924)
Accrued expenses and other current liabilities 2,060,797 556,297
Net cash used in operating activities (14,387,934) (12,705,480)
Investing activities:    
Purchase of property and equipment (580,639) (620,747)
Proceeds from sale of property and equipment 20,968  
Net cash used in investing activities (559,671) (620,747)
Financing activities:    
Proceeds from exercise of options 0 10,000
Issuance of Common and Preferred Stock, net of issuance costs 15,221,021 25,763,960
Repayment of debt   (1,157,940)
Net cash used in financing activities 15,221,021 24,616,020
Effect of exchange rate change on cash and cash equivalents (267,012) (414,880)
Net increase in cash and cash equivalents 6,404 10,874,913
Cash and cash equivalents at beginning of year 29,349,124 18,474,211
Cash and cash equivalents at end of year 29,355,528 29,349,124
Supplemental cash flow disclosures:    
Cash paid for interest   206,269
Cash paid for income taxes 161,970 $ 203,866
Property and equipment included in accounts payable $ 21,706