Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (71,453,718) $ (55,672,139)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 11,981,655 7,609,508
Depreciation and amortization 739,378 493,938
Loss on foreign exchange 45,833 70,448
Operating lease right of use asset amortization 490,406
Deferred rent 422,337
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000 12,500,000
Decrease (increase) in prepaid expenses and other current assets (1,233,088) 281,625
Increase in contract asset (2,681,065)
Increase in other assets (41,145) (3,047)
Increase in accounts payable 4,366,439 3,904,021
Increase in accrued expenses 12,555,384 5,113,551
Decrease in deferred revenue (6,462,503) (4,787,497)
Increase in operating lease liabilities 971,696
Net cash used in operating activities (45,720,728) (30,067,255)
Cash flows from investing activities:    
Purchases of property and equipment (2,742,541) (2,300,416)
Net cash used in investing activities (2,742,541) (2,300,416)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 963,514 491,629
Principal payments on notes payable (605,160) (430,184)
Proceeds from issuance of common stock 40,677,060 12,052,645
Issuance costs paid for common stock financings (2,571,552) (690,181)
Principal payments under capital lease obligations (375) (4,256)
Net cash provided by financing activities 38,463,487 11,419,653
Net decrease in cash and cash equivalents (9,999,782) (20,948,018)
Cash and cash equivalents at beginning of the year 41,748,468 62,696,486
Cash and cash equivalents, at end of the year 31,748,686 41,748,468
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 29,448 10,437
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 376,664 1,168
Right of use assets obtained in exchange for lease obligation upon adoption of ASU 2016-02, net of deferred rent 2,399,524
Right of use assets obtained in exchange for lease obligation upon entry into lease agreements 3,909,865
Write off of fully amortized leasehold improvements $ 191,244