v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,536,963) $ (4,612,469)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 118,062 118,393
Loss on disposal of fixed assets 4,155 0
Stock-based compensation 235,877 422,180
Amortization of debt discount 190,253 133,547
Amortization of license revenue (35,708) (35,709)
Changes in operating assets and liabilities    
Accounts receivable 178,089 (19,482)
Inventories (288,346) (603,466)
Prepaid expenses (432,932) (633,883)
Other assets (2,400) 0
Accounts payable 1,339,764 377,061
Accrued expenses (160,637) (306,462)
Deferred rent liability (7,640) (7,640)
Net cash used in operating activities (5,398,426) (5,167,930)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of short-term investments 5,145,184 3,673,199
Purchase of property and equipment (3,584) (17,437)
Net cash provided by investing activities 5,141,600 3,655,762
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on note payable (1,111,111) 0
Payments of leasehold improvement loan (4,002) (3,659)
Net cash used in financing activities (1,115,113) (3,659)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,371,939) (1,515,827)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 9,914,867 10,440,959
CASH AND CASH EQUIVALENTS - END OF PERIOD 8,542,928 8,925,132
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 424,470 328,223
Supplemental Disclosure of Noncash Financing Activities:    
Accrued equity issuance costs $ 0 $ 3,554

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