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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net loss | $ (89,875,459) | $ (85,077,024) | $ (54,217,210)
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Depreciation | 77,906 | 29,959 | 28,987
Amortization of intangible assets | 54,545 | 32,441 | 23,480
Provision for (recovery of) doubtful accounts | 2,524,909 | 22,157 | (5,436)
Share-based compensation | 17,411,021 | 7,189,699 | 4,970,312
Amortization of deferred financing costs |  |  | 260,027
Changes in operating assets and liabilities: |  |  |
Accounts receivable | (3,975,893) | (917,656) | (458,028)
Inventory | (386,168) | 491,960 | (138,495)
Other current assets | 709,907 | (773,532) | 680,281
Other assets |  | (17,442) | (37,309)
Accounts payable | 4,232,340 | (3,200,955) | 4,212,912
Deferred revenue |  | (522,613) | (1,079,967)
Other current liabilities | 84,559 | 3,698,887 | 239,450
Net cash used in operating activities | (69,142,333) | (79,044,119) | (45,520,996)
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Patent costs | (845,266) | (419,104) | (586,480)
Purchase of fixed assets | (396,154) | (165,257) | (30,962)
(Payment) refund of security deposit | (14,036) |  | 10,686
Net cash used in investing activities | (1,255,456) | (584,361) | (606,756)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from sale of common stock, net of costs | 134,863,475 | 91,374,649 | 42,771,353
Proceeds from exercise of options | 989,060 | 1,232,579 | 345,746
Proceeds from exercise of warrants | 1,373,000 | 366,000 | 181,000
Net cash provided by financing activities | 137,225,535 | 92,973,228 | 43,298,099
Increase (decrease) in cash | 66,827,746 | 13,344,748 | (2,829,653)
Cash, beginning of period | 64,706,355 | 51,361,607 | 54,191,260
Cash, end of period | $ 131,534,101 | $ 64,706,355 | $ 51,361,607

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