XML 28 R6.htm IDEA: XBRL DOCUMENT v3.5.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES        
Net loss $ (20,406,592) $ (18,888,633) $ (48,669,854) $ (13,732,473)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 1,192,074 441,071 1,824,600 878,477
Non-cash interest expense 6,090 6,105 12,264 12,264
Stock-based compensation (1,956,455) 7,175,780 11,177,858 3,958,480
Loss on disposal of fixed assets 13,647      
Changes in operating assets and liabilities:        
Accounts receivable (484,857) (1,072,910) (20,000)  
Prepaid expenses and other current assets 1,080,342 263,667 (1,021,852) (719,302)
Other assets 27,347 (100,000) (322,729) (84,330)
Accounts payable 1,878,794 3,344,446 6,580,722 (96,403)
Accrued expenses 156,677 732,247 2,240,800 598,266
Income taxes payable 100,000 151,113 190,218 1,084,921
Deferred revenue (989,788) 1,520,551 530,763 949,458
Other liabilities 312,227   1,010 130,173
Net cash used in operating activities (19,070,494) (6,426,563) (27,476,200) (7,020,469)
INVESTING ACTIVITIES        
Purchase of property and equipment (317,293) (2,020,557) (8,804,244) (2,366,772)
Net cash used in investing activities (317,293) (2,020,557) (8,804,244) (2,366,772)
FINANCING ACTIVITIES        
Proceeds from the sale of Series B redeemable preferred stock       252,000
Repurchase of Series A redeemable preferred stock   (226,001) (226,001) (4,128,000)
Proceeds from the sale of redeemable common stock       10,895,000
Proceeds from the sale of common stock 16,137,913   41,249,998 148,000
Proceeds from the sale of equity in noncontrolling interest     401,000  
Proceeds from subscriptions receivable 4,280,149      
Payments of capital leases obligations (443,326) (254,869) (686,676) (193,973)
Proceeds from debt       2,460,434
Repayment of debt (364,348) (375,754) (725,598) (753,531)
Payment of deferred offering costs (200,000)      
Proceeds from stockholder notes   8,380,252 10,880,252 6,000,000
Repayment of stockholder notes (6,560,795) (1,000,000) (7,888,658) (3,125,000)
Change in restricted cash (1,110)   (2,211) (3,383)
Proceeds from related party receivable 783,374      
Deconsolidation of Sonnet Biotherapeutics, Inc. (401,091)      
Payment of employee tax withholdings related to the vesting of restricted stock (71,760)     (23,153)
Payment of financing costs       (54,248)
Net cash provided by financing activities 13,159,006 6,523,628 43,002,106 11,474,146
Net increase in cash (6,228,781) (1,923,492) 6,721,662 2,086,905
Cash at beginning of year 9,070,975 2,349,313 2,349,313 262,408
Cash at end of year 2,842,194 425,821 9,070,975 2,349,313
Supplemental disclosure of cash flow information        
Cash paid for interest 794,663 855,446 1,402,209 817,965
Cash paid for taxes 2,500 2,250 2,250 1,750
Supplemental schedule of noncash investing activities:        
Purchases of property and equipment in accounts payable and accrued expenses 635,341 2,769,817 (2,770,730) (215,907)
Supplemental schedule of noncash financing activities:        
Accretion of redeemable preferred stock 1,969,953 2,105,693 4,306,488 3,588,996
Deemed dividend upon repurchase of Series A redeemable preferred stock in excess of carrying value   $ 1,215,000 (1,298,631) (3,336,855)
Issuance of common and series A preferred stock to redeemable preferred stockholders and noncontrolling interests upon reincorporation (11,894,638)    
Reclassification of equity classified stock-based compensation (15,118,584)     (364,187)
Issuance of notes upon repurchase of restricted stock and common stock       4,410,250
Issuance of subscription receivable upon sale of common stock     (4,280,149)  
Distribution of common stock in Sonnet Biotherapeutics Inc. to stockholders     (221,154)  
Issuance of capital lease obligations in connection with purchase of property and equipment 78,500 2,603,894 $ 215,908
Deferred offering costs and common stock issuance costs in accounts payable and accrued expenses $ (1,111,845) $ 2,310,961