Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

v3.6.0.2
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net loss $ (45,817,394) $ (27,561,702) $ (45,603,110)
Adjustments to reconcile net loss to Net cash used in operating activities:      
Depreciation and amortization 957,836 817,729 371,189
Stock based compensation 9,508,175 5,951,414 2,547,978
Amortization of debt discount 0 0 964,851
Gain on conversion of notes payable and accrued interest 0 0 (2,084,368)
Change in fair market value of derivative liabilities 0 0 26,265,177
Loss on retirement of fixed assets 0 0 22,818
Amortization of prepaid rent from stock issuance to landlord 80,784 80,784 20,196
Changes in operating assets and liabilities:      
Accounts receivable (149,500) 0 0
Prepaid expenses and other current assets (652,336) (157,769) (289,383)
Other assets 2,823 (28,682) (15,689)
Accounts payable 2,382,790 608,962 1,354,973
Accrued expenses 492,616 283,530 838,945
Deferred revenue 131,959 0 0
Net cash used in operating activities (33,062,247) (20,005,734) (15,606,423)
Cash flows used in investing activities:      
Purchases of property and equipment (1,137,446) (1,032,795) (1,619,694)
Net cash used in investing activities (1,137,446) (1,032,795) (1,619,694)
Cash flows from financing activities:      
Proceeds from IPO, net of underwriter's discount and offering expenses 0 0 24,872,170
Proceeds from the sale of stock to a strategic investor, net 0 0 900,000
Sale of Warrant to IPO underwriter 0 0 1,000
Proceeds from secondary offering, net of underwriter's discount and offering expenses 0 0 20,993,759
Proceeds from shares issued under shelf registration, net of underwriter's discount and offering expenses 0 19,048,456 0
Net proceeds from issuance of shares to private investors 34,788,311 0 0
Proceeds from the exercise of stock options 382,351 65,647 0
Proceeds from contributions to employee stock purchase plan 727,784 289,787 0
Proceeds from the disgorgement of short-swing profit 0 12,611 0
Net cash provided by financing activities 35,585,766 19,416,501 46,766,929
Net increase (decrease) in cash and cash equivalents 1,386,073 (1,622,028) 29,540,812
Cash and cash equivalents - beginning 29,872,564 31,494,592 1,953,780
Cash and cash equivalents - ending 31,258,637 29,872,564 31,494,592
Supplemental disclosure of non-cash financing activities:      
Decrease in deferred offering costs charge to the IPO 0 0 88,319
Common stock issued upon conversion of notes payable and accrued interest payable 0 0 26,790,177
Increase in additional paid in capital upon extinguishment of derivative liability for warrants 0 0 5,752,000
Common stock issued to landlord for tenant improvement of $100,000 and prepaid rent of $400,000 0 0 500,000
Common stock issued for services 0 147,900 900,000
Cashless exercise of warrants 5 1 0
Increase in accrued expenses for the purchase of property and equipment 299,500 1 0
Restricted Stock Units (RSUs) [Member]      
Cash flows from financing activities:      
Shares repurchased for tax withholdings on vesting of RSUs (266,217) 0 0
Supplemental disclosure of non-cash financing activities:      
Common stock issued for RSUs 6 3 0
Performance Shares [Member]      
Cash flows from financing activities:      
Shares repurchased for tax withholdings on vesting of RSUs (46,463) 0 0
Supplemental disclosure of non-cash financing activities:      
Common stock issued for RSUs $ 2 $ 0 $ 0