Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities:    
Net loss $ (11,156,985) $ (5,683,694)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 234,066 278,852
Non-cash interest expense   365,251
Stock-based compensation 823,164  
Non-cash restricted shares 446,400  
Non-cash consulting shares 75,000  
Changes in operating assets and liabilities:    
Restricted cash   12,973
Trade accounts receivable (17,328) 474,418
Prepaid expenses and other current assets (768,982) (128,146)
Trade accounts payable (49,427) (3,324)
Accrued expenses and other current liabilities 190,549 (450,672)
Income taxes receivable 10,109 49,064
Net cash used in operating activities (10,213,434) (5,085,278)
Investing activities:    
Purchase of property and equipment (269,265) (14,311)
Net cash used in investing activities (269,265) (14,311)
Financing activities:    
Issuance of common stock, net of issuance costs 25,763,960  
Proceeds from convertible stockholder loan   1,309,093
Repayment of debt (1,157,940) (189,420)
Proceeds from preferred share subscription   1,355,480
Net cash provided by financing activities 24,606,020 2,475,153
Effect of exchange rate change on cash and cash equivalents (342,653) (128,763)
Net increase (decrease) in cash and cash equivalents 13,780,668 (2,753,199)
Cash and cash equivalents at beginning of period 18,474,211 3,689,382
Cash and cash equivalents at end of period 32,254,879 936,183
Supplemental cash flow disclosures:    
Cash paid for interest 4,181 $ 40,664
Cash paid for tax $ 40,441