Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities:    
Net loss $ (7,993,735) $ (4,161,054)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 100,348 94,521
Stock-based compensation 752,193 368,383
Changes in operating assets and liabilities:    
Accounts receivable 19,328 (68,870)
Prepaid expenses and other assets (81,149) (1,185,384)
Deferred Revenue 33,516,454 5,838,737
Accounts payable 263,025 597,189
Accrued expenses and other current liabilities (805,903) 543,037
Net cash provided by operating activities 25,770,561 2,026,559
Investing activities:    
Purchase of property and equipment (179,066) (67,919)
Net cash used in investing activities (179,066) (67,919)
Financing activities:    
Net cash used in financing activities 0 0
Effect of exchange rate change on cash and cash equivalents 294,934 (119,236)
Net increase in cash and cash equivalents 25,886,429 1,839,403
Cash and cash equivalents at beginning of year 29,355,528 29,349,124
Cash and cash equivalents at end of year 55,241,957 $ 31,188,527
Supplemental cash flow disclosures:    
Property and equipment included in accounts payable $ 613,406