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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (23,082,189) $ (25,659,603)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 15,261 22,193
Non-cash interest expense 160,711 161,478
Stock-based compensation 853,241 800,748
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 481,877 229,186
Accounts payable 3,992,124 1,269,795
Accrued expenses (320,908) (445,111)
Other non-current liabilities 168,358 173,913
Net cash used in operating activities (17,731,525) (23,447,401)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of investments 0 (1,387,022)
Purchases of property and equipment 0 (17,695)
Net cash used in investing activities 0 (1,404,717)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on capital lease obligations (13,534) (12,748)
Payment of withholding taxes related to restricted stock units 0 (131,959)
Payments on notes payable obligations (2,000,000) 0
Proceeds from the sale of common stock and warrants, net of costs 23,856,972 19,834,278
Proceeds from the issuance of notes payable and warrants 0 10,000,000
Payment of debt issuance costs 0 (146,115)
Net cash provided by financing activities 21,843,438 29,543,456
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,111,913 4,691,338
CASH AND CASH EQUIVALENTS, beginning of period 8,002,668 27,299,268
CASH AND CASH EQUIVALENTS, end of period 12,114,581 31,990,606
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 891,717 922,111
Issuance of warrants in connection with debt financing 0 305,196
Unrealized loss on available-for-sale investments 62 9,389
Non-cash equity financing costs in accrued expenses $ 50,861 $ 0