XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Net income (loss) $ 63,545,869 $ 23,945,624
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation 72,746 26,718
Amortization of right-of-use asset 781,085 181,301
Stock-based compensation 4,791,659 2,675,467
Change in accrued interest and accretion of discount on investments (11,675) (185,536)
Deferred taxes (31,347,442)  
(Increase) decrease in:    
Accounts receivable, net 4,665,104 (10,095,352)
Inventory (2,790,746) (543,789)
Prepaid expenses and other current assets and deposits (1,262,978) (1,689,618)
Increase (decrease) in:    
Accounts payable (2,112,107) 1,809,662
Accrued expenses and other liabilities (3,568,729) 6,400,279
Operating lease liability (833,489) (204,724)
Net cash provided by (used in) operating activities 31,929,297 22,320,032
Investing Activities:    
Purchases of property and equipment (11,398) (19,370)
Purchases of investments (10,000,000) (34,725,401)
Proceeds from maturities and sales of investments 5,000,000 40,310,595
Net cash provided by (used in) investing activities (5,011,398) 5,565,824
Financing Activities:    
Payment of employee withholding tax related to stock-based compensation (17,034)  
Proceeds from exercise of stock options 693,398 537,962
Net cash provided by (used in) financing activities 676,364 537,962
Net increase (decrease) in cash and cash equivalents 27,594,263 28,423,818
Cash and cash equivalents—beginning of period 89,511,710 16,559,400
Cash and cash equivalents—end of period 117,105,973 44,983,218
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 2,195,000  
Non-cash investing and financing activities:    
Unrealized gain (loss) on available-for-sale securities $ (15,976) $ 39,676