Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (7,234,733) $ (3,661,542)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 154,555 189,463
Non-cash interest expense   181,951
Stock-based compensation expense 485,374  
Non-cash Restricted shares 390,734  
Changes in operating assets and liabilities:    
Restricted cash   13,091
Trade accounts receivable   68,553
Prepaid expenses (628,723) (72,570)
Other assets (768,905) (240,743)
Trade accounts payable 897,130 487,595
Accrued and other liabilities 30,481 (422,410)
Income taxes (2,365) 49,668
Net cash used in operations (6,676,452) (3,406,942)
Cash flows from investing activities:    
Purchase of property and equipment (74,286) (4,961)
Net cash used in investing activities (72,286) (4,961)
Cash flows from financing activities:    
Proceeds of loans   1,361,460
Repayment of debt (1,171,170) (136,900)
Net cash (used in)/provided by financing activities (1,171,170) 1,224,560
Effect of exchange rate change on cash and cash equivalents (524,998) (17,033)
Net decrease in cash and cash equivalents (8,446,906) (2,204,376)
Cash and cash equivalents at beginning of period 18,474,211 3,689,382
Cash and cash equivalents at end of period 10,027,305 1,485,006
Supplemental cash flow disclosures:    
Cash paid for interest 4,224 41,132
Cash received for income taxes $ (1,206) $ (18)