XML 17 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (15,908,546) $ (13,237,616)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 108,228 28,516
Stock-based compensation expense 942,369 345,435
Loss on disposition of property and equipment 0 7,727
Change in fair value of stock warrants 515,860 3,941,335
Non-cash interest expense relating to convertible promissory notes & amortization of discount on notes 0 4,128,863
Inducement charge for Series C warrants 3,049,375 0
Noncash expense of issuing shares to Aspire Capital 183,322 0
Non-cash interest expense relating to line of credit 0 1,529
Change in operating assets and liabilities:    
Accounts receivable (156,127) 149,605
Inventory (441,672) (109,336)
Other receivables 0 0
Prepaid expenses and other assets 84,630 (167,123)
Other long-term assets (76,340) 0
Accounts payable 211,945 353,897
Accrued compensation & other current liabilities 1,187,626 72,806
Net cash used in operating activities (10,299,330) (4,484,362)
Cash flows from investing activities:    
Acquisition of Neoforce assets (1,000,000) 0
Acquisition of BDDI asset (patent) (250,000) 0
Increase in restricted cash (15,000) 0
Purchase of property and equipment (55,777) (30,683)
Net cash used in investing activities (1,320,777) (30,683)
Cash flows from financing activities:    
Proceeds from exercise of common stock options 293,573 0
Proceeds from issuance of common stock to Aspire Capital 1,434,194 0
Proceeds from issuance of Series A Convertible Preferred 4,230,150 0
Repayment of credit line (101,529) 0
Proceeds from issuance of preferred stock warrants 0 1,946
Proceeds from issuance of convertible notes payable 0 2,490,781
Proceeds from line of credit 0 100,000
Proceeds from Initial Public Offering 0 10,727,475
Initial Public Offering costs paid (575,181) (2,117,217)
Net cash provided by financing activities 9,157,920 11,202,985
Net increase (decrease) in cash and cash equivalents (2,462,187) 6,687,940
Cash and cash equivalents, beginning of period 7,956,710 1,268,770
Cash and cash equivalents, end of period 5,494,523 7,956,710
Supplemental disclosures of noncash investing and financing information    
Series A preferred convertible stock transaction costs included in Accounts Payable 71,493 0
BDDI patent purchase consideration included in accrued liabilities 200,000 0
Shares issued as consideration for BDDI patent purchase 112,400 0
Cashless exercise of 2010 and 2012 warrants 13 0
Contribution of Series B warrants 3,332 0
Initial Public Offering costs accrued and included in Accounts Payable 0 575,181
Beneficial conversion feature related to the warrants to purchase shares of convertible preferred stock in connection with convertible promissory notes 0 1,723,984
Issuance of warrants for the purchase of convertible preferred stock in connection with notes payable 0 966,978
IPO [Member] | 2014 Convertible Promissory Notes [Member]    
Supplemental disclosures of noncash investing and financing information    
Notes payable converted into common stock in IPO 0 2,512,119
IPO [Member] | 2010 and 2012 Convertible Promissory Notes [Member]    
Supplemental disclosures of noncash investing and financing information    
Notes payable converted into common stock in IPO 0 15,410,110
Series A Warrants [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of stock warrants 400,000  
Cash flows from financing activities:    
Proceeds from exercise of warrants 156,000 0
Series A Warrants [Member] | Cash Exercise [Member]    
Supplemental disclosures of noncash investing and financing information    
De-recognition of warrant liability 42,000 0
Series B Warrants [Member]    
Cash flows from financing activities:    
Proceeds from exercise of warrants 3,720,713 0
Supplemental disclosures of noncash investing and financing information    
De-recognition of warrant liability 12,500,000  
Series B Warrants [Member] | Cash Exercise [Member]    
Supplemental disclosures of noncash investing and financing information    
De-recognition of warrant liability 6,747,765 0
Series B Warrants [Member] | Cash Less Exercise [Member]    
Supplemental disclosures of noncash investing and financing information    
De-recognition of warrant liability $ 12,527,991 $ 0