Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (55,672,139) $ (32,421,612)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,609,508 5,694,489
Depreciation and amortization 493,938 255,652
Loss(gain) on foreign exchange 70,448 (8,490)
Deferred rent 422,337 913,563
Changes in operating assets and liabilities:    
Decrease in customer receivable 12,500,000 1,000,000
Decrease (increase) in prepaid expenses and other current assets 281,625 (1,877,983)
Increase in other assets (3,047) (40,776)
Increase (decrease) in accounts payable 3,904,021 (885,797)
Increase in accrued expenses 5,113,551 1,514,521
Decrease in deferred revenue (4,787,497) (1,940,195)
Net cash used in operating activities (30,067,255) (27,796,628)
Cash flows from investing activities:    
Purchases of property and equipment (2,300,416) (707,429)
Net cash used in investing activities (2,300,416) (707,429)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 491,629 415,265
Principal payments on notes payable (430,184) (354,161)
Proceeds from issuance of common stock 12,052,645 78,891,699
Issuance costs paid for common stock financings (690,181) (2,940,685)
Principal payments under capital lease obligations (4,256) (3,832)
Net cash provided by financing activities 11,419,653 76,008,286
Net (decrease) increase in cash, cash equivalents, and restricted cash (20,948,018) 47,504,229
Cash, cash equivalents, and restricted cash at beginning of the year 62,696,486 15,192,257
Cash, cash equivalents, and restricted cash at end of the year 41,748,468 62,696,486
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 10,437 12,377
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Purchases of property and equipment included in accounts payable or accrued expenses 1,168 579,734
Write off of fully amortized leasehold improvements 191,244
Unpaid stock issuance costs $ 225,501