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v2.4.0.8

Consolidated Statements of Cash Flows (USD $) | 12 Months Ended
--- | ---
Dec. 31, 2013 | Dec. 31, 2012
Cash flows from operating activities: |  |
Net income (loss) | $ (10,590,106) | $ 3,886,905
Adjustments to reconcile net income (loss) to cash used in operating activities: |  |
Depreciation and amortization | 21,767 | 42,566
Forgiveness of related party receivable | 3,815 | 0
Stock-based compensation expense | 979,151 | 127,488
Settlement for termination of certain rights in stock purchase agreement | 913,446 | 0
Changes in operating assets and liabilities: |  |
Accounts receivable | 0 | 313,753
Prepaid and other current assets | (679,096) | 4,732
Related party receivable | 0 | 4,676
Accounts payable | 668,811 | (60,131)
Accrued expenses | 148,804 | 24,371
Income taxes payable | (55,048) | 684
Deferred revenues | 0 | (7,523,437)
Cash used in operating activities | (8,588,456) | (3,178,393)
Cash flows from investing activities: |  |
Purchases of property and equipment | (1,206) | (12,316)
Cash used in investing activities | (1,206) | (12,316)
Cash flows from financing activities: |  |
Proceeds from stock option exercises | 10,575 | 0
Net proceeds from PIPE common stock offering | 35,709,645 | 0
Net proceeds from common stock offering | 12,809,126 | 0
Purchase of restricted stock from employees | (53,100) | 0
Cash provided by financing activities | 48,476,246 | 0
Net increase (decrease) in cash and cash equivalents | 39,886,584 | (3,190,709)
Cash and cash equivalents at beginning of period | 5,377,114 | 8,567,823
Cash and cash equivalents at end of period | 45,263,698 | 5,377,114
Supplemental disclosure of non-cash investing and financing activities: |  |
Accrued common stock offering costs | $ 271,183 | $ 0

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