Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (10,501,182) $ (12,670,339)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 167,376 177,220
Share based compensation expense 1,315,817 2,982,025
Amortization of deferred financing fees and debt discount 433,596 432,108
Warrant modification expense 0 3,109,850
Loss from change in fair value of derivative instruments 0 334,133
Changes in operating assets and liabilities:    
Trade and other receivables 206,706 (14,468)
Prepaid expenses (587,344) 58,444
Other assets 1,481 5,997
Accounts payable and accrued expenses (405,093) 614,534
Accrued bonuses (156,211) (148,955)
Other current liabilities 138,859 1,256
Other long term liabilities (138,214) (6,677)
Net cash used in operating activities (9,524,209) (5,124,872)
Cash flows from investing activities:    
Purchases of short-term investments (15,032,419) (15,000,000)
Maturity of short-term investments 15,007,478 0
Patent costs (70,240) (247,602)
Purchase of property and equipment (96,019) (145,091)
Net cash used in investing activities (191,200) (15,392,693)
Cash flows from financing activities:    
Proceeds from issuance of common stock from warrants exercised, net 3,073,537 1,651,216
Proceeds from issuance of common stock from options exercised 0 133,000
Proceeds from sale of common stock and warrants, net of issuance costs 2,931,924 19,053,534
Payment of fees for future financing (42,758) 0
Payment of taxes on stock option exercise 0 (426,212)
Payments of long-term debt 0 (1,425,123)
Payments of short-term notes payable (117,068) (81,543)
Net cash provided by financing activities 5,845,635 18,904,872
Effects of exchange rates on cash (79) (903)
Net decrease in cash and cash equivalents (3,869,853) (1,613,596)
Cash and cash equivalents, beginning of period 12,518,980 16,846,052
Cash and cash equivalents, end of period 8,649,127 15,232,456
Supplemental disclosure of cash flows information:    
Cash paid for interest 481,847 398,248
Supplemental schedule of non cash investing and financing activities:    
Issuance of common stock for cashless exercise of warrants and options $ 360,120 $ 1,204,412