• Filing Date: 2016-03-30
  • Form Type: 10-K
  • Description: Annual report
v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (12,857,339) $ (6,216,592)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 110,865 41,896
Stock-based compensation 1,573,224 496,939
Change in assets - (increase) decrease:    
Restricted cash 2,977,024 (1,575,165)
Receivables 148,295 (360,233)
Prepaid expenses and other current assets 24,920 (12,573)
Other assets (14,826) (29,592)
Change in liabilities - increase (decrease):    
Accounts payable and accrued expenses 831,246 70,329
Accounts payable and accrued expenses, related party (81,378) 9,715
Accrued interest 246,724 200,505
Deferred revenue (3,776,041) 8,333,333
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (10,817,286) 958,562
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of marketable securities (17,989,625) 0
Proceeds from sales and maturities of marketable securities 10,000,000 327,474
Purchases of property and equipment (129,697) (162,687)
Payments for leasehold improvements (21,530) (23,744)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (8,140,852) 141,043
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from sale of common stock 16,446,218 0
Proceeds from loan payable, net 0 5,200,791
Proceeds from stock awards, warrants and options 45,461 4,832
NET CASH PROVIDED BY FINANCING ACTIVITIES 16,491,679 5,205,623
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,466,459) 6,305,228
Cash and cash equivalents balance at beginning of period 8,034,765 1,729,537
Cash and cash equivalents balance at end of period 5,568,306 8,034,765
SUPPLEMENTAL DISCLOSURES:    
Interest paid in cash 2,685 0
Income taxes paid in cash $ 0 $ 0