Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net (loss) income $ (42,699,458) $ (29,157,204) $ 5,612,992
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Depreciation and amortization of property and equipment 400,304 198,822 175,296
Amortization of intangible assets 3,877 1,400 1,248
Loss on disposal and abandonment of assets 1,160 2,534 18,645
Amortization of debt discount and debt offering costs 765,263 544,517 3,805
Stock compensation expense 2,908,269 2,304,118 3,592,090
Change in fair value of financial instruments 112,073 (32,110) 952,375
Loss on extinguishment of debt 1,372,266 0 0
Gain on sale of GDS Business, before income tax 0 0 (26,173,805)
Issuance of common stock for payment of milestone and sublicense fees 166,000 1,146,000 0
Other 71,209 61,928 61,971
Change in operating assets and liabilities:      
Accounts receivable (1,042,280) 6,499 (219,021)
Inventory (1,934,936) 524,049 (53,289)
Prepaid expenses and other assets 84,493 (385,125) (40,204)
Accounts payable 1,003,515 736,109 (538,666)
Accrued liabilities and other liabilities 3,176,170 125,144 487,055
Deferred revenue 0 0 109,503
Net cash used in operating activities (35,612,075) (23,923,319) (16,010,005)
Cash flows from investing activities:      
Purchases of equipment (1,239,666) (663,348) (183,830)
Proceeds from sales of equipment 0 0 1,000
Proceeds from sale of GDS Business, net 0 0 30,159,527
Payments of costs to sell GDS Business 0 0 (2,765,932)
Patent and trademark costs (52,701) (8,460) (52,504)
Net cash (used in) provided by investing activities (1,292,367) (671,808) 27,158,261
Cash flows from financing activities:      
Proceeds from issuance of common stock, net 41,303,750 2,724,189 7,198,373
Payment of common stock issuance costs (1,752,932) 0 0
Payment for common stock repurchased from executives 0 (100,875) 0
Payment of tax withholdings related to stock-based compensation (659,018) (8,765) (2,762,710)
Payment of preferred stock dividends 0 (100,000) (100,000)
Proceeds from notes payable 29,000,000 4,000,000 7,000,000
Payment of debt issuance costs (1,177,293) (153,949) (189,390)
Principal payments on notes payable (5,982,155) (1,285,046) (62,411)
Payments under capital leases (7,448) (5,867) (8,620)
Net cash provided by financing activities 60,724,904 5,069,687 11,075,242
Net increase (decrease) increase in cash 23,820,462 (19,525,440) 22,223,498
Cash, beginning of period 9,118,564 28,644,004 6,420,506
Cash, end of period $ 32,939,026 $ 9,118,564 $ 28,644,004