XML 21 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Net loss $ (7,818,833) $ (7,173,912)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Restricted stock issued to employees 153,470 0
Amortization of discount on notes payable due to warrants and beneficial conversion feature 0 1,382,977
Depreciation 194,244 167,209
Amortization of debt financing costs 0 98,964
Option and warrant expense 591,622 714,871
Changes in:    
Other current assets (309,103) (369,383)
Accounts payable - third parties and related parties 132,591 635,368
Accrued expenses 394,281 637,636
Deferred revenue (656,523) 4,431,063
Other assets 15,621 (96,064)
Net cash provided by (used in) operating activities (7,302,630) 428,729
Cash flows from investing activities    
Purchase of property & equipment (127,222) (22,894)
Restricted cash 0 500,000
Net cash provided by (used in) investing activities (127,222) 477,106
Cash flows from financing activities    
Common stock and warrants sold for cash, net of offering costs 0 3,578,288
Proceeds from convertible debt 0 550,000
Proceeds from related party debt 0 100,000
Deferred financing and offering costs 0 (147,847)
Repayment on related party notes payable 0 (100,000)
Repayments on notes payable 0 (450,000)
Net cash provided by financing activities 0 3,530,441
Net change in cash and cash equivalents (7,429,852) 4,436,276
Cash and cash equivalents at beginning of period 23,644,542 592,004
Cash and cash equivalents at end of period 16,214,690 5,028,280
Cash paid for:    
Interest 0 19,128
NON-CASH TRANSACTIONS    
Conversion of notes payable to common stock 0 1,000,000
Discount on convertible notes relating to:    
Warrants 0 195,969
Beneficial conversion feature 0 141,829
Unpaid additions to property and equipment 6,825 108,607
Subscription receivable 49,847 0
Shares issued as deferred offering costs $ 0 $ 1,234