Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

v2.4.0.8
CONDENSED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net (loss) income $ (886,478) $ 2,013,070
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization expense 182,399 84,822
Deferred tax benefit (80,570)   
Change in fair value of warrant liability (315,759)   
Loss on sale of investments, net 7,640 5,530
Amortization of discount/premium on investments    (370)
Provision for bad debts    49,462
Gain on sale of property and equipment (4,158)   
Interest added to notes payable 16,881 77,551
Accretion of interest on notes payable 138,255 52,388
Changes in operating assets and liabilities:    
Accounts receivable 1,532,222 (120,906)
Accounts payable (93,006) 45,211
Accrued expenses 83,205   
Prepaid expenses (72,803) (31,823)
Deferred income    (150,000)
Net cash provided by operating activities 507,828 2,024,935
Cash flows from investing activities:    
Proceeds from sale of marketable securities 242,206 150,796
Cash paid to purchase technology (200,000)   
Cash paid for acquisition, net of cash acquired (135,945)   
Costs incurred to develop technology (243,325) (132,592)
Sale of property and equipment 6,203   
Purchases of property and equipment (32,564)   
Net cash (used in) provided by investing activities (363,425) 18,204
Cash flows from financing activities:    
Distributions to members (200,000) (1,650,000)
Proceeds from IPO, net of offering costs 19,474,565   
Repayments of notes payable    (144,000)
Deferred IPO costs (479,356) (605,130)
Net cash provided by (used in) financing activities 18,795,209 (2,399,130)
Net increase (decrease) in cash and cash equivalents 18,939,612 (355,991)
Cash and cash equivalents, beginning of year 868,294 2,254,431
Cash and cash equivalents, end of period 19,807,906 1,898,440
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes      
Cash paid for interest      
Non-cash disclosures:    
IPO costs in accounts payable 30,567   
Deferred revenue in accounts receivable 152,137   
Conversion of notes payable to equity 1,643,036   
Reduction of additional paid-in capital for deferred IPO costs 1,342,163   
Fair value of warrant liabilities $ 415,368