Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities:    
Net loss $ (4,161,054) $ (3,704,734)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 94,521 78,117
Stock-based compensation 368,383 217,335
Non-cash restricted shares   311,066
Changes in operating assets and liabilities:    
Trade accounts receivable (68,870)  
Prepaid expenses and other assets (1,185,384) (727,475)
Deferred Revenue 5,838,737  
Trade accounts payable 597,189 440,649
Accrued expenses and other current liabilities 543,037 (208,047)
Net cash provided by (used in) operating activities 2,026,559 (3,593,089)
Investing activities:    
Purchase of property and equipment (67,919) (40,648)
Net cash used in investing activities (67,919) (40,648)
Financing activities:    
Repayment of debt   (1,127,805)
Net cash used in financing activities   (1,127,805)
Effect of exchange rate change on cash and cash equivalents (119,236) (545,633)
Net increase (decrease) in cash and cash equivalents 1,839,403 (5,307,175)
Cash and cash equivalents at beginning of year 29,349,124 18,474,211
Cash and cash equivalents at end of year $ 31,188,527 13,167,036
Supplemental cash flow disclosures:    
Cash paid for interest   $ 4,224