XML 33 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (27,455,062) $ (22,492,666)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 840,533 992,612
Stock-based compensation 4,086,710 1,543,577
Amortization of debt discount and issuance costs 98,988 192,117
(Gain) loss on disposal of fixed assets (168,898) 8,845
Change in fair value of warrant liability (1,068,626) (95,266)
Changes in operating assets and liabilities:    
Trade receivables 152,877 37,121
Accrued interest and other receivables 113,746 277,173
Prepaid and other current assets 213,761 (483,178)
Accounts payable and accrued expenses (511,188) (911,327)
Deferred revenue (12,619) (52,291)
Deferred rent (40,477) 5,500
Other assets non-current   17,207
Net cash used in operating activities (23,750,255) (20,960,576)
Cash flows from investing activities:    
Purchases of property, plant and equipment (1,005,273) (598,432)
Proceeds from sale of property, plant and equipment 168,713  
Net cash used in investing activities (836,560) (598,432)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 24,942,963 18,952,721
Proceeds from exercise of warrants, net of issuance costs   1,974,931
Proceeds from loan payable, net of issuance costs   5,775,543
Repayment of loan payable (3,730,168) (2,996,204)
Repayment of capital lease obligations (17,764) (15,842)
Payments related to net share issuance of stock based awards (392,587) (499,333)
Net cash provided by financing activities 20,802,444 23,191,816
Increase (decrease) in cash and cash equivalents (3,784,371) 1,632,808
Effects of foreign exchange rate changes on cash (17,969) (5,643)
Cash and cash equivalents, beginning of period 24,987,603 30,585,424
Cash and cash equivalents, end of period 21,185,263 32,212,589
Supplemental disclosure of cash flow information:    
Interest paid 191,895 $ 384,545
Supplemental schedule of non-cash investing and financing activities:    
Equipment acquired under a capital lease [1] $ 28,882  
[1] Represents the present value of future minimum capital lease payments for equipment leased.