Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (6,549,809) $ (7,767,253)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 66,671 65,553
Amortization of deferred financing costs and debt issuance costs 51,489
Amortization of held to maturity investment premium 32,733
Stock-based compensation 402,349 341,756
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 72,543
Prepaid expenses and other current assets 68,591 434,725
Related party receivable (27,000)
Restricted cash 98,879
Accounts payable (202,244) (1,523,093)
Deferred revenue 1,409,212
Accrued expenses and other liabilities (767,418) (748,775)
Other long term liabilities (21,816) 247,017
Net Cash Used in Operating Activities (5,423,042) (8,892,848)
Cash Flows from Investing Activities    
Proceeds from maturities of short-term investments 6,656,910
Purchase of Pelican, net of cash acquired (468,801)
Purchase of property and equipment (15,289) (43,501)
Net Cash (Used in) Provided by Investing Activities (484,090) 6,613,409
Cash Flows from Financing Activities    
Proceeds from public offering, net of underwriting discounts 4,183,000 6,287,250
Proceeds from the issuance of common stock, net of commissions 2,461,880
Stock issuance costs (239,617) (190,768)
Payments on long term debt (1,613,125)
Net Cash Provided by Financing Activities 6,405,263 4,483,357
Effect of exchange rate changes on cash and cash equivalents 4,971 (28,481)
Net (Decrease) Increase in Cash and Cash Equivalents 503,102 2,175,437
Cash and Cash Equivalents - Beginning of Period 7,842,667 4,939,955
Cash and Cash Equivalents - End of Period 8,345,769 7,115,392
Supplemental Disclosure for Cash Flow Information    
Contingent consideration 2,385,000
Issuance of common stock for purchase of Pelican 1,052,000
Interest paid $ 208,465