Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,703,554) $ (2,327,540)
Compensation cost for stock options granted 154,707 192,457
Loss on disposal of an asset 17,695 163,333
Depreciation and amortization 40,087 75,729
Changes in operating assets and liabilities:    
Prepaid expenses (123,230) (34,643)
Other assets 25,834 110,662
Accounts payable 132,557 (385,396)
Payroll liabilities (439,010) (434,401)
Accrued expenses 17,646 (294,675)
Other current liabilities 16,317 (60,281)
Net cash used in operating activities (1,860,951) (2,994,755)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment (5,020)
Net cash used in investing activities (5,020)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of common stock and warrants 2,166,537
Net cash provided by financing activities 2,166,537
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (1,860,951) (833,238)
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING BALANCE 1,167,011 2,882,657
NONCASH FINANCING ACTIVITIES:    
Amortization of deferred financing costs $ 19,852