• Filing Date: 2013-09-27
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (20,862,174) $ (17,253,178) $ (12,815,929)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 111,844 949,542 1,138,183
Accrued interest and amortization on premium/discount (1,365)      
Gain on sale of available-for-sale investments       (119,346)
Gain on sale of supplies and equipment (4,620) (442,248) 5,666
Stock-based compensation 625,031 892,301 756,597
Increase in fair value of warrants 7,069,165    2,266
Changes in operating assets and liabilities:      
Accounts receivable 27,631 103,518 (128,270)
Prepaid expenses, restricted cash and other assets 816,605 (340,268) 263,280
Accounts payable 43,832 (202,014) 341,113
Accrued expenses, compensation and deferred rent (1,475,319) 851,550 (519,899)
Unearned revenues    (46,105) 46,105
Net cash used in operating activities (13,649,370) (15,486,902) (11,030,234)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sale/maturity of investments 750,000    3,442,885
Proceeds from sale of supplies and equipment 4,620 494,384 5,300
Purchases of property and equipment (59,607) (15,000)   
Purchases of investments 5,998,289      
Net cash (used in) provided by investing activities (5,303,276) 479,384 3,448,185
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments on capital lease obligations (22,277) (34,923) (22,960)
Payment of withholding taxes related to restricted stock units (87,411)    (26,196)
Proceeds from the sale of common stock units 34,402,768    21,095,414
Net cash provided by (used in) financing activities 34,293,080 (34,923) 21,046,258
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 15,340,434 (15,042,441) 13,464,209
CASH AND CASH EQUIVALENTS, beginning of period 3,827,198 18,869,639 5,405,430
CASH AND CASH EQUIVALENTS, end of period 19,167,632 3,827,198 18,869,639
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for interest 8,411 9,984 10,606
Equipment acquired under financing arrangements       66,115
Unrealized loss on available-for-sale investments       $ (19,304)