Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities:    
Net loss $ (18,078,601) $ (10,044,307)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 213,378 82,757
Stock-based compensation 1,312,070 980,228
Disposal of fixed assets 23,462  
Changes in operating assets and liabilities:    
Accounts receivable (46,485,468)  
Prepaid expenses and other assets (441,051) (1,144,900)
Deferred revenue 78,386,937 5,111,418
Accounts payable 1,986,896 350,542
Accrued expenses and other current liabilities 2,332,924 580,908
Net cash provided by (used in) operating activities 19,250,547 (4,083,354)
Investing activities:    
Purchase of property and equipment (853,110) (124,608)
Proceeds from sale of property and equipment 10,698  
Net cash used in investing activities (842,412) (124,608)
Financing activities:    
Proceeds from exercise of options 177,950  
Proceeds from exercise of warrants 1,286,986  
Issuance of common and preferred stock, net of issuance costs   15,280,672
Net cash used in financing activities 1,464,936 15,280,672
Effect of exchange rate change on cash and cash equivalents 1,096,594 (47,401)
Net increase in cash and cash equivalents 20,969,665 11,025,309
Cash and cash equivalents at beginning of year 29,355,528 29,349,124
Cash and cash equivalents at end of year 50,325,193 40,374,433
Supplemental cash flow disclosures:    
Property and equipment included in accounts payable $ 19,337 $ 207,068