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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (12,428,400) $ (6,352,144)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 1,522,345 843,527
Depreciation 57,695 26,242
Changes in operating assets and liabilities:    
Increase in restricted cash (150,000) (2)
Decrease in prepaid expenses 60,717 172,180
Increase in accounts payable 1,448,004 383,846
Increase in accrued expenses 1,772,585 965,910
(Decrease) increase in deferred revenue (535,753) 216,633
Increase in other long-term liabilities 10,205
Net cash used in operating activities (8,242,602) (3,743,808)
Cash flows from investing activities:    
Purchases of property and equipment (257,014) (21,036)
Net cash used in investing activities (257,014) (21,036)
Cash flows from financing activities:    
Principal payments on notes payable (162,019) (144,389)
Proceeds from issuance of common stock 15,235,283 10,819,714
Principal payments on capital lease obligation (2,575)
Net cash provided by financing activities 15,070,689 10,675,325
Net increase in cash and cash equivalents 6,571,073 6,910,481
Cash and cash equivalent at beginning of the period 12,338,275 6,262,445
Cash and cash equivalent at end of the period 18,909,348 13,172,926
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 3,815
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 or accrued expenses $ 13,999