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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net loss $ (26,446,390) $ (35,451,987)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 104,030 139,691
Stock-based compensation expense 1,463,647 4,325,575
Change in fair value of derivative liabilities (96,642) (2,073,581)
Change in fair value of contingent consideration 3,326,000 3,252,000
Non-cash interest expense 2,530,254 2,129,286
Debt exchange expense   818,541
Unrealized foreign currency loss   89,660
Loss on sale of equipment 153,572  
Impairment charge 5,169,000  
Deferred income tax benefit (2,317,000)  
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,130,944 628,751
Accounts payable, accrued expenses and other liabilities 294,100 445,460
Net cash used in operating activities (14,688,485) (25,696,604)
Cash flows from investing activities    
Purchase of property and equipment   (76,666)
Proceeds from sale of equipment 152,756  
Purchase of short-term investments   (19,292,969)
Sales and maturities of short-term investments 5,107,598 46,299,020
Net cash provided by investing activities 5,260,354 26,929,385
Cash flows from financing activities    
Proceeds from exercise of stock options and warrants   31,201
Retirement of convertible notes payable   (825,001)
Proceeds from issuance of common stock, net   2,583,889
Net cash used in financing activities   1,790,089
Effect of exchange rate changes on cash and cash equivalents 11,223 (186,256)
Net increase (decrease) in cash and cash equivalents (9,416,908) 2,836,614
Cash and cash equivalents - beginning of period 15,302,382 13,073,137
Cash and cash equivalents - end of period 5,885,474 15,909,751
Noncash investing and financing activities    
Conversion of convertible notes to common stock   2,080,292
Cash paid for interest $ 1,750,000 $ 1,750,000