|
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ (10,590,106) |
$ 3,886,905 |
| Adjustments to reconcile net income (loss) to cash used in operating activities: |
|
|
| Depreciation and amortization |
21,767 |
42,566 |
| Forgiveness of related party receivable |
3,815 |
0 |
| Stock-based compensation expense |
979,151 |
127,488 |
| Settlement for termination of certain rights in stock purchase agreement |
913,446 |
0 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
0 |
313,753 |
| Prepaid and other current assets |
(679,096) |
4,732 |
| Related party receivable |
0 |
4,676 |
| Accounts payable |
668,811 |
(60,131) |
| Accrued expenses |
148,804 |
24,371 |
| Income taxes payable |
(55,048) |
684 |
| Deferred revenues |
0 |
(7,523,437) |
| Cash used in operating activities |
(8,588,456) |
(3,178,393) |
| Cash flows from investing activities: |
|
|
| Purchases of property and equipment |
(1,206) |
(12,316) |
| Cash used in investing activities |
(1,206) |
(12,316) |
| Cash flows from financing activities: |
|
|
| Proceeds from stock option exercises |
10,575 |
0 |
| Net proceeds from PIPE common stock offering |
35,709,645 |
0 |
| Net proceeds from common stock offering |
12,809,126 |
0 |
| Purchase of restricted stock from employees |
(53,100) |
0 |
| Cash provided by financing activities |
48,476,246 |
0 |
| Net increase (decrease) in cash and cash equivalents |
39,886,584 |
(3,190,709) |
| Cash and cash equivalents at beginning of period |
5,377,114 |
8,567,823 |
| Cash and cash equivalents at end of period |
45,263,698 |
5,377,114 |
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Accrued common stock offering costs |
$ 271,183 |
$ 0 |