|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
9 Months Ended |
12 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
| Cash flows from operating activities: |
|
|
|
|
| Net income (loss) |
$ (3,727,553) |
$ (50,328) |
$ (1,593,173) |
$ (1,167,070) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
| Depreciation and amortization |
112,509 |
22,977 |
51,180 |
18,674 |
| Amortization of investment premium |
6,205 |
4,795 |
8,734 |
|
| Stock-based compensation expense |
836,108 |
115,268 |
438,395 |
156,297 |
| Mark-to-market adjustment on warrant liability |
609,050 |
(2,014,575) |
(2,038,000) |
|
| Deferred rent |
(16,702) |
40,475 |
|
|
| Loss on disposal of fixed assets |
16,885 |
453 |
453 |
720 |
| Changes in operating assets and liabilities: |
|
|
|
|
| Restricted cash |
(105,000) |
|
|
|
| Credit card holdback receivable |
26,269 |
(205,953) |
(202,388) |
(224,456) |
| Accounts receivable |
69,344 |
(281,221) |
(356,177) |
136,766 |
| Accrued interest paid |
|
(5,907) |
(5,907) |
|
| Prepaid expense and other current assets |
(87,837) |
(19,732) |
(22,554) |
149,111 |
| Security deposit |
19,520 |
(1,335) |
(1,335) |
15,250 |
| Accounts payable and accrued expenses and other current liabilities |
(191,600) |
573,474 |
1,062,381 |
400,844 |
| Deferred revenue |
179,384 |
887,929 |
1,200,491 |
1,656,866 |
| Accrued interest payable - related party |
|
2,019 |
2,358 |
2,692 |
| Net cash used in operating activities |
(2,253,418) |
(931,661) |
(1,455,542) |
1,145,694 |
| Cash flows from investing activities: |
|
|
|
|
| Purchase of fixed assets |
(124,479) |
(366,591) |
(540,591) |
(22,267) |
| Notes receivable issued to employees |
|
|
(138,803) |
|
| Redemption (purchase) of short-term investments |
6,475,000 |
(6,989,938) |
500,000 |
|
| Repayment (issuance) of note receivable issued to employees |
8,340 |
(41,843) |
|
|
| Purchase of investments |
|
|
(6,989,937) |
|
| Net cash provided by (used in) investing activities |
6,358,861 |
(7,398,372) |
(7,169,331) |
(22,267) |
| Cash flows from financing activities: |
|
|
|
|
| Proceeds from issuance of common stock and warrants |
|
7,915,700 |
7,915,700 |
|
| Proceeds from exercise of common stock warrants |
|
88,125 |
88,125 |
|
| Proceeds from exercise of stock options |
25,000 |
|
|
|
| Net cash provided by financing activities |
25,000 |
8,003,825 |
8,003,825 |
|
| Net increase (decrease) in cash and cash equivalents |
4,130,443 |
(326,208) |
(621,048) |
1,123,427 |
| Cash and cash equivalents at beginning of year |
2,397,828 |
3,018,876 |
3,018,876 |
1,895,449 |
| Cash and cash equivalents at end of period |
6,528,271 |
2,692,668 |
2,397,828 |
3,018,876 |
| Supplemental disclosure of cash flow information: |
|
|
|
|
| Cash paid for interest |
|
|
|
860 |
| Cash paid for taxes |
25,794 |
4,500 |
4,500 |
17,275 |
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
| Conversion of notes and accrued interest to common stock |
|
|
$ 71,959 |
|