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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities:    
Net loss $ (16,240,511) $ (11,156,985)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 175,387 234,066
Stock-based compensation 1,426,341 823,164
Non-cash restricted shares   446,400
Non-cash consulting shares   75,000
Changes in operating assets and liabilities:    
Trade accounts receivable   (17,328)
Prepaid expenses and other assets (2,161,864) (768,982)
Deferred Revenue 4,698,803  
Trade accounts payable 3,304,055 (49,427)
Accrued expenses and other current liabilities 1,139,045 190,549
Income taxes   10,109
Net cash provided by (used in) operating activities (7,658,745) (10,213,434)
Investing activities:    
Purchase of property and equipment (322,706) (269,265)
Net cash used in investing activities (322,706) (269,265)
Financing activities:    
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 24,606,020
Effect of exchange rate change on cash and cash equivalents (30,993) (342,653)
Net increase in cash and cash equivalents 7,208,577 13,780,668
Cash and cash equivalents at beginning of year 29,349,124 18,474,211
Cash and cash equivalents at end of year 36,557,701 32,254,879
Supplemental cash flow disclosures:    
Cash paid for interest   4,181
Cash paid for tax   $ 40,441
Property and equipment, included in accounts payable $ 83,435