Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (65,743,445) $ (43,758,975)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,446,398 2,692,301
Loss on disposal of fixed assets 122,190 10,144
Stock-based compensation 2,223,288 1,561,659
Asset impairment charge 0 845,389
Amortization of debt discount 1,104,161 781,567
Loss on extinguishment of debt 0 1,021,216
Amortization of license revenue (142,834) (142,834)
Changes in operating assets and liabilities:    
Accounts receivable 2,487,713 (2,862,126)
Inventories (5,987,988) 589,318
Prepaid expenses and other current assets (540,509) (941,272)
Deposits and other assets (208,594) (482,894)
Accounts payable (20,480) 2,812,066
Accrued expenses 406,984 614,483
Other current and non-current liabilities 174,434 (11,816)
Net cash used in operating activities (62,678,682) (37,271,774)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of short-term investments 0 5,390,184
Purchase of property and equipment (2,095,600) (2,676,328)
Cash acquired in acquisition transaction 0 12,500,000
Net cash (used in) provided by investing activities (2,095,600) 15,213,856
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on note payable 0 (20,000,000)
Payment of end of term fee 0 (1,790,000)
Proceeds from issuance of common stock, net of offering expenses 42,944,831 39,199,850
Proceeds from the exercise of stock options 13,007 7,504
Proceeds from issuance of related party note payable 0 15,000,000
Proceeds from issuance of note payable 0 30,000,000
Payment of debt issuance costs 0 (1,650,170)
Payments on capital lease obligations (16,581) 0
Payments of leasehold improvement loan (19,697) (16,559)
Net cash provided by financing activities 42,921,560 60,750,625
Net (decrease) increase in cash and cash equivalents (21,852,722) 38,692,707
Cash and cash equivalents, including restricted cash - beginning of year 48,607,574 9,914,867
Cash and cash equivalents, including restricted cash - end of year $ 26,754,852 $ 48,607,574