XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net loss $ (4,839,585) $ (7,269,739)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 449,183 348,284
Share-based compensation 295,305 683,879
Bad debt expense 1,506,654 897,182
Changes in operating assets and liabilities:    
Accounts receivable (3,052,701) (1,211,800)
Prepaid expenses and other current assets 34,956 520,632
Accounts payable (107,824) (144,285)
Accrued expenses 174,908 (737,351)
Accrued royalties 457,086 (46,201)
Accrued payroll and related liabilities 102,216 (333,672)
Deferred revenue (483,052) 803,481
Net cash used in operating activities (5,462,854) (6,489,572)
Cash flows from investing activities:    
Purchases of property and equipment (241,910) (312,477)
Purchases of software (137,499) (414,277)
Cash paid for purchase of assets (200,000) 0
Net cash used in investing activities (579,409) (726,754)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 1,702,271 16,464,965
Capital lease payments (133,410) (109,339)
Proceeds from exercise of stock options 23,993 0
Net cash provided by financing activities 1,592,854 16,353,626
Effect of foreign exchange rates on cash and cash equivalents (2,568) (394)
Net increase (decrease) in cash and cash equivalents (4,451,977) 9,138,906
Cash and cash equivalents:    
Beginning of period 9,041,478 1,700,295
End of period 4,589,501 10,839,201
Cash paid during the period for:    
Interest 65,949 66,556
Supplemental disclosure of non-cash financing activities    
Equipment and software acquired under capital leases 239,150 0
Assets acquired by issuance of common stock $ 980,000 $ 0