XML 34 R6.htm IDEA: XBRL DOCUMENT 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