XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (27,220,171) $ (47,782,363)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation expense 2,275,616 8,568,605
Depreciation and amortization 2,093,153 1,893,028
Change in acquisition-related contingent consideration 0 (4,380,000)
Impairment of intangible assets 0 9,400,000
Loss on disposal of assets 591,307 0
Bad debt recovery 0 (3,774)
Deferred income taxes 147,286 (3,610,097)
Accretion on marketable securities 0 77,577
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 708,935 908,011
Accounts receivable (1,708,699) 815,231
Deferred costs (1,404,234) (781,629)
Unearned revenues 4,854,312 1,163,954
Other assets 249,493 53,743
Accounts payable, accrued liabilities and other liabilities (879,228) 3,147,091
Net cash used in operating activities (20,292,230) (30,530,623)
Cash flows from investing activities:    
Purchase of marketable securities 0 (6,081,900)
Sale of marketable securities 0 7,734,528
Acquisition of property, plant and equipment (2,315,753) (2,573,784)
Net cash used in investing activities (2,315,753) (921,156)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 11,650,712 36,136,839
Repayment of long-term debt (9,348,646) 0
Proceeds from notes payable 368,615 1,087,361
Repayment of notes payable (1,174,366) (903,783)
Sale of ownership interest in subsidiary 19,400,000 0
Net cash provided by financing activities 20,896,315 36,320,417
Net (decrease) increase in cash and cash equivalents (1,711,668) 4,868,638
Cash and cash equivalents at beginning of period 20,318,411 19,174,061
Cash and cash equivalents at end of period 18,606,743 24,042,699
Cash paid during the period for:    
Interest $ 1,679,880 $ 1,122,479