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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities      
Net income (loss) $ 193,854,173 $ (3,440,705) $ (9,955,395)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realization of cumulative translation adjustment 0 229,192 0
Share-based compensation expense 2,240,015 613,017 1,655,647
Change in fair value of derivative instruments 957,070 (299,477) (508,817)
Depreciation expense 143,437 141,604 149,958
Deferred income taxes 61,822 61,746 61,746
Amortization of premium and discount on short-term investments 35,572 0 0
Non-cash interest expense 15,918 (45,358) 83,021
Restructuring expense related to property and equipment 0 36,981 0
Gain on the disposal of property and equipment (687) (7,600) (5,394)
Changes in operating assets and liabilities:      
Accounts receivable 210,170 (401,338) 1,316,457
Unbilled accounts receivable 266,024 (665,914) 1,902,094
Prepaid expenses and other current assets (283,514) 5,202 (5,367)
Other long-term assets and deferred costs 53,384 0 0
Accounts payable 405,407 129,726 (736,776)
Accrued restructuring expenses (397,383) 481,761 0
Accrued expenses and other liabilities 789,267 (54,818) (2,089,493)
Accrued income taxes payable 3,157,563 0 0
Deferred revenue 0 0 (341,723)
Net cash provided by (used in) operating activities 201,508,238 (3,215,981) (8,474,042)
Investing activities      
Purchases of available-for-sale investments (66,847,586) 0 0
Purchases of property and equipment (30,687) (86,507) (92,269)
Proceeds from the sale of property and equipment 687 7,600 8,000
Net cash used in investing activities (66,877,586) (78,907) (84,269)
Financing activities      
Repayment of debt 0 (750,007) (999,996)
Net repayment of revolving credit agreement 0 0 (1,091,740)
Net proceeds from exercise of warrants 0 0 683,325
Proceeds from issuance of common stock, including exercise of stock options, net of offering costs 3,801,720 973,132 18,141,935
Other (889) 0 0
Net cash provided by financing activities 3,800,831 223,125 16,733,524
Effects of exchange rates on cash and cash equivalents (6,374) (1,775) (12,841)
Increase (decrease) in cash and cash equivalents 138,425,109 (3,073,538) 8,162,372
Cash and cash equivalents, at beginning of year 15,569,813 18,643,351 10,480,979
Cash and cash equivalents, at end of year 153,994,922 15,569,813 18,643,351
Supplemental disclosure of cash flow information      
Cash paid for interest $ 0 $ 108,391 $ 128,073