XML 71 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:    
Net loss $ (8,020,515) $ (7,757,079)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 632,975 470,055
Bad debt expense 3,165,918 1,351,592
Share-based compensation 474,101 818,037
Changes in operating assets and liabilities:    
Accounts receivable (3,761,817) (2,655,275)
Prepaid expenses and other current assets (371,945) 392,014
Accounts payable 503,190 (301,404)
Accrued expenses 322,762 (805,828)
Accrued royalties 580,941 (26,056)
Accrued payroll and related liabilities 468,658 19,576
Deferred revenue (483,052) 483,052
Net cash used in operating activities (6,488,784) (8,011,316)
Cash flows from investing activities:    
Purchase of property and equipment (428,487) (425,465)
Purchase and capitalization of software (179,387) (531,095)
Cash paid for purchase of assets (200,000) 0
Net cash used in investing activities (807,874) (956,560)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering costs 6,571,324 16,452,538
Proceeds from exercise of stock options 23,993 0
Capital lease payments (188,072) (147,602)
Net cash provided by financing activities 6,407,245 16,304,936
Effect of foreign exchange rates on cash and cash equivalents (3,466) 4,123
Net increase (decrease) in cash and cash equivalents (892,879) 7,341,183
Cash and cash equivalents:    
Beginning of the year 9,041,478 1,700,295
End of the year 8,148,599 9,041,478
Cash paid during the period for:    
Income taxes 0 0
Interest 91,844 85,838
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
Reclassification of mezzanine equity to Stockholders’ Equity (Deficit) $ 6,275,723 $ 12,531,495