Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (750,704) $ (614,978)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 184,554 115,987
Deferred tax (benefit) expense (512,589) 104,812
Stock-based compensation expense 25,696   
Change in fair value of warrant liability (13,532) (311,303)
Gain on sale of property and equipment    (4,734)
Interest added to notes payable    16,881
Accretion of interest on notes payable    138,255
Changes in operating assets and liabilities:    
Accounts receivable 125,469 1,541,798
Accounts payable 83,620 (40,850)
Accrued expenses 71,777 31,386
Prepaid expenses and other current assets (232,788) (109,828)
Deferred income (97,405)   
Net cash (used in) provided by operating activities (1,115,902) 867,426
Cash flows from investing activities:    
Proceeds from maturities of short-term investments 3,100,000   
Purchases of short-term investments (14,976,078)   
Cash paid to purchase technology    (200,000)
Costs incurred to develop technology (97,918) (164,875)
Sale of property and equipment    6,203
Purchases of property and equipment (11,597) (32,564)
Net cash used in investing activities (11,985,593) (391,236)
Cash flows from financing activities:    
Distributions to members    (200,000)
Proceeds from IPO, net of offering costs    19,474,565
Deferred IPO costs    (479,356)
Repurchase of common stock (25,862)   
Net cash (used in) provided by financing activities (25,862) 18,795,209
Net (decrease) increase in cash and cash equivalents (13,127,357) 19,271,399
Cash and cash equivalents, beginning of year 18,736,495 868,294
Cash and cash equivalents, end of period 5,609,138 20,139,693
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes      
Cash paid for interest      
Non-cash disclosures:    
Accrued expenses related to license fee 450,000   
IPO costs in accounts payable    30,567
Deferred revenue in accounts receivable    65,836
Conversion of notes payable to equity    1,643,036
Reduction of additional paid-in capital for deferred IPO costs    $ 1,342,163