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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net loss $ (10,262,518) $ (7,174,381)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net gain on disposal of fixed assets 0 (3,568)
Depreciation and amortization 156,821 68,519
Stock based compensation expense 2,811,108 711,741
Amortization of debt costs 93,062 124,713
Accretion of discount on debt 27,631 28,486
Change in fair value of derivative instruments - warrants (533,750) 1,946,728
Changes in operating assets and liabilities:    
Decrease in other assets 2,761 0
Decrease (increase) in accounts receivable 36,801 (2,697)
Increase in prepaid expenses (51,272) (48,781)
Increase (decrease) in accounts payable and accrued expenses 1,072,343 (383,642)
Increase (Decrease) in Other Noncurrent Liabilities (268,694) 0
Net cash used in operating activities (6,915,707) (4,732,882)
Investing activities:    
Capital expenditures, net (352,023) (247,097)
Net cash used in investing activities (352,023) (247,097)
Financing activities:    
Proceeds from sales of common stock, net of expenses 0 21,445,785
Proceeds from exercise of options 133,613 236,038
Proceeds from Long-term Lines of Credit 550,297 0
Repayments of Long-term Debt (919,864) 0
Net cash (used in) provided by financing activities (235,954) 21,681,823
Effect of Exchange Rate on Cash and Cash Equivalents (34) 0
Net change in cash and equivalents (7,503,718) 16,701,844
Cash and cash equivalents—Beginning of period 67,493,047 27,293,798
Cash and cash equivalents—End of period 59,989,329 43,995,642
Supplementary disclosure of cash flow activity:    
Cash paid for taxes 0 800
Cash paid for interest 276,214 265,125
Supplemental disclosure of non-cash investing and financing activities:    
Preferred stock dividends accrued 6,060 6,060
Leasehold improvements paid for by lessor $ 1,860,000 $ 0