UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Operating activities | ||
Net income (loss) | $ 1,463,395us-gaap_NetIncomeLoss | $ (2,258,440)us-gaap_NetIncomeLoss |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 199,627us-gaap_ShareBasedCompensation | 528,878us-gaap_ShareBasedCompensation |
Change in fair value of derivative instruments | (338,245)us-gaap_UnrealizedGainLossOnDerivatives | (242,641)us-gaap_UnrealizedGainLossOnDerivatives |
Depreciation expense | 37,106us-gaap_Depreciation | 39,939us-gaap_Depreciation |
Deferred income taxes | 19,805us-gaap_DeferredIncomeTaxExpenseBenefit | 29,705us-gaap_DeferredIncomeTaxExpenseBenefit |
Non-cash interest expense | 10,933us-gaap_PaidInKindInterest | 26,591us-gaap_PaidInKindInterest |
Gain on the disposal of property and equipment | (7,600)us-gaap_GainLossOnSaleOfPropertyPlantEquipment | (5,393)us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
Changes in operating assets and liabilities: | ||
Billed accounts receivable | (5,863,332)us-gaap_IncreaseDecreaseInAccountsReceivable | 1,427,113us-gaap_IncreaseDecreaseInAccountsReceivable |
Unbilled accounts receivable | (296,828)us-gaap_IncreaseDecreaseInUnbilledReceivables | 549,629us-gaap_IncreaseDecreaseInUnbilledReceivables |
Prepaid expenses and other current assets | (253,779)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | (178,704)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
Accounts payable | 146,740us-gaap_IncreaseDecreaseInAccountsPayable | (656,373)us-gaap_IncreaseDecreaseInAccountsPayable |
Accrued restructuring expenses | 1,938,631us-gaap_RestructuringReservePeriodIncreaseDecrease | |
Accrued expenses and other liabilities | 230,186us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities | (1,274,906)us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities |
Deferred revenue | (279,462)us-gaap_IncreaseDecreaseInDeferredRevenue | |
Net cash used in operating activities | (2,713,361)us-gaap_NetCashProvidedByUsedInOperatingActivities | (2,294,064)us-gaap_NetCashProvidedByUsedInOperatingActivities |
Investing activities | ||
Purchases of property and equipment | (35,352)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (37,050)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Proceeds from the sale of property and equipment | 7,600us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment | 8,000us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Net cash used in investing activities | (27,752)us-gaap_NetCashProvidedByUsedInInvestingActivities | (29,050)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Financing activities | ||
Repayment of debt | (249,999)us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt | (249,999)us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt |
Net repayment of revolving credit agreement | (1,091,740)us-gaap_ProceedsFromRepaymentsOfLinesOfCredit | |
Proceeds from issuance of common stock, net of offering costs | 84,332us-gaap_ProceedsFromIssuanceOfCommonStock | 2,719,184us-gaap_ProceedsFromIssuanceOfCommonStock |
Net cash (used in) provided by financing activities | (165,667)us-gaap_NetCashProvidedByUsedInFinancingActivities | 1,377,445us-gaap_NetCashProvidedByUsedInFinancingActivities |
Effects of exchange rates on cash | (11,615)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents | (590)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents |
Decrease in cash and cash equivalents | (2,918,395)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (946,259)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents, at beginning of period | 18,643,351us-gaap_CashAndCashEquivalentsAtCarryingValue | 10,480,979us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents, at end of period | 15,724,956us-gaap_CashAndCashEquivalentsAtCarryingValue | 9,534,720us-gaap_CashAndCashEquivalentsAtCarryingValue |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | $ 14,849us-gaap_InterestPaid | $ 43,287us-gaap_InterestPaid |
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the aggregate amount of accrued expenses and other operating obligations not separately disclosed in the statement of cash flows. No definition available.
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period of the amount of revenue for work performed for which billing has not occurred, net of uncollectible accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from other long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net total Increase or Decrease in the accrual for restructuring costs during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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