Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (24,082,156) $ (23,764,736)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,906,427 3,701,010
Depreciation and amortization 308,331 206,314
(Gain) loss on foreign exchange (591) 40,654
Operating lease right of use asset amortization 232,924
Deferred rent 363,355
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000 12,500,000
Decrease (increase) in prepaid expenses 255,897 (102,792)
Increase in other assets (79,402) (23,651)
Increase in accounts payable 1,097,910 628,212
Increase in accrued expenses 8,989,731 1,064,995
Decrease in deferred revenue (3,980,265) (1,769,313)
Increase in operating lease liabilities 279,063
Net cash used in operating activities (6,072,131) (7,155,952)
Cash flows from investing activities:    
Purchases of property and equipment (256,898) (1,944,865)
Net cash used in investing activities (256,898) (1,944,865)
Cash flows from financing activities:    
Principal payments on notes payable (294,972) (249,157)
Proceeds from issuance of common stock 40,596,961 12,003,266
Issuance costs paid for common stock financings (2,566,137) (671,168)
Principal payments on capital lease obligation (375) (2,072)
Net cash provided by financing activities 37,735,477 11,080,869
Net increase in cash and cash equivalents 31,406,448 1,980,052
Cash and cash equivalents at beginning of the period 41,748,468 62,696,486
Cash and cash equivalents at end of the period 73,154,916 64,676,538
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 6,300 2,763
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Stock issuance costs included in accounts payable or accrued expenses 5,415 7,500
Purchases of property and equipment included in accounts payable or accrued expenses 259,731 35,148
Right of use assets obtained in exchange for lease obligation upon adoption of ASU 2016-02 2,399,524
Right of use assets obtained in exchange for lease obligation upon entry into February 2019 Lease Agreement 3,529,090
Write off of fully amortized leasehold improvements $ 191,244