Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income (loss) $ 11,869,823 $ (16,471,603) $ (10,490,103)
Adjustments to reconcile net income (loss) provided by (used in) to net cash used in operating activities:      
Depreciation and amortization 425,476 26,856 23,508
Stock-based compensation expense 1,157,252 1,694,891 394,748
Deferred taxes (832,629) 0 0
Amortization of inventory fair value adjustment associated with acquisition of TRx 137,900 0 0
Change in inventory reserve 178,346 0 0
Non-cash interest expense 20,364 162,270 293,748
Change in fair value of warrant liability, unit purchase option liability and investor rights obligation 29,624 (72,625) (1,313,049)
Changes in assets and liabilities:      
Accounts receivable, net (247,195) (132,472) 0
Other receivables (427,241) 0 0
Inventory, net (202,622) 0 0
Prepaid expenses and other assets (177,691) 22,047 (41,243)
Escrowed cash receivable (3,752,390) 0 0
Restricted cash (59,373) (15,107) 116,666
Accounts payable 96,065 332,100 (268,709)
Income taxes payable 2,259,148 0 0
Accrued expenses and other liabilities 2,044,548 (119,495) 1,121,054
Net cash provided by (used in) operating activities 12,519,405 (14,573,138) (10,163,380)
Investing activities      
Acquisition of business, net of cash acquired (18,888,932) 0 0
Purchase of property and equipment (23,325) (34,883) (19,984)
Net cash used in investing activities (18,912,257) (34,883) (19,984)
Financing activities      
Proceeds from ESPP stock sales 46,861 0 0
Proceeds from Armistice Capital transaction 4,649,996 0 0
Proceeds from sale of shares under common stock purchase agreement 1,693,498 2,003,182  
Principal payments on term debt (2,374,031) (3,314,225) (1,811,744)
Payment of fractional shares upon conversion of preferred stock to common stock 4 0 (1,373)
Proceeds from initial public offering, including over-allotment, net of underwriting discounts, commissions and expenses 0 0 23,685,270
Payment of offering costs (279,247) (114,945) (2,269,171)
Net cash provided by (used in) financing activities 3,737,081 (1,425,988) 19,602,982
(Decrease) increase in cash and cash equivalents (2,655,771) (16,034,009) 9,419,618
Cash and cash equivalents at beginning of period 5,127,958 21,161,967 11,742,349
Cash and cash equivalents at end of period 2,472,187 5,127,958 21,161,967
Supplemental disclosures of cash flow information      
Cash paid for interest 72,526 348,888 568,299
Cash paid for taxes 540,000 0 0
Supplemental disclosures of non-cash financing activities      
Issuance of common stock in TRx acquisition 5,858,955 0 0
Contingently issuable shares in TRx acquisition $ 2,655,464 $ 0 $ 0