|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ (17,177,333) |
$ (14,059,539) |
$ 29,099,579 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities |
|
|
|
| Depreciation and other amortization |
463,137 |
419,358 |
568,288 |
| Increase (decrease) in fair value of warrants |
(73,756) |
804,516 |
24,436,309 |
| Stock-based compensation |
2,263,506 |
1,779,515 |
12,463,772 |
| Other noncash income (expense) |
48,774 |
0 |
0 |
| Changes in assets and liabilities: |
|
|
|
| Accounts receivable |
3,759,484 |
(2,104,404) |
365,041 |
| Inventory |
(2,873,427) |
(17,641,922) |
0 |
| Deferred costs |
(19,741,668) |
(2,591,462) |
(250,072) |
| Prepaid expenses and other current assets |
188,101 |
(444,251) |
12,119 |
| Other assets |
147,621 |
(548,419) |
(4,697) |
| Deferred income taxes, net |
(9,599,927) |
(7,847,802) |
(36,051,978) |
| Accounts payable, accrued expenses and other current liabilities |
(4,566,993) |
7,550,989 |
2,659,597 |
| Deferred revenue |
105,170,169 |
16,050,910 |
41,001,110 |
| Other liabilities |
281,302 |
18,717 |
147,586 |
| Net cash provided by (used in) operating activities |
58,436,502 |
(20,222,826) |
25,574,036 |
| Cash flows from investing activities: |
|
|
|
| Capital expenditures |
(857,341) |
(588,235) |
(237,023) |
| Collateral for surety bond |
0 |
(1,347,956) |
0 |
| Proceeds from maturity of short term investments |
0 |
0 |
40,000,000 |
| Purchases of short term investments |
0 |
0 |
(25,004,717) |
| Net cash (used in) provided by investing activities |
(857,341) |
(1,936,191) |
14,758,260 |
| Cash flows from financing activities: |
|
|
|
| Net proceeds from exercise of warrants and options |
2,868,387 |
9,577 |
3,946,237 |
| Payment of common stock tendered for employee tax obligations |
(178,952) |
0 |
(1,353,656) |
| Proceeds from issuance of long-term debt |
7,000,000 |
4,910,000 |
0 |
| Repayments of long-term debt |
(8,000,000) |
0 |
0 |
| Excess tax benefit from share-based compensation |
23,668 |
0 |
0 |
| Net cash provided by financing activities |
1,713,103 |
4,919,577 |
2,592,581 |
| Net increase (decrease) in cash and cash equivalents |
59,292,264 |
(17,239,440) |
42,924,877 |
| Cash and cash equivalents at beginning of period |
32,017,490 |
49,256,930 |
|
| Cash and cash equivalents at end of period |
91,309,754 |
32,017,490 |
49,256,930 |
| Supplemental disclosure of non-cash financing activities: |
|
|
|
| Reclass of common stock warrant liability to additional paid-in capital upon warrant exercise |
$ 751,370 |
$ 0 |
$ 9,531,911 |