Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (7,081,632) $ (4,098,259)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 694,249 602,863
Depreciation 37,230 11,541
Changes in operating assets and liabilities:    
Increase in restricted cash (2)
Decrease in prepaid expenses 101,596 21,413
Increase in accounts payable 642,156 925,053
Increase in accrued expenses 1,349,105 140,547
(Decrease) increase in deferred revenue (793,196) 1,136,364
Increase in other long-term liabilities 8,913
Net cash used in operating activities (5,041,579) (1,260,480)
Cash flows from investing activities:    
Purchases of property and equipment (187,151) (16,222)
Net cash used in investing activities (187,151) (16,222)
Cash flows from financing activities:    
Principal payments on notes payable (138,685) (144,389)
Proceeds from issuance of common stock 15,055,841 4,401,799
Principal payments on capital lease obligation (1,694)
Net cash provided by financing activities 14,915,462 4,257,410
Net increase in cash and cash equivalents 9,686,732 2,980,708
Cash and cash equivalent at beginning of the period 12,338,275 6,262,445
Cash and cash equivalent at end of the period 22,025,007 9,243,153
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 3,489 1,108
Cash paid during the period for income taxes 1,877
Asset acquired under capital lease obligation 11,638
Purchases of property and equipment included in accounts payable $ 5,477