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 ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,945,043) $ (4,049,923)
Compensation cost for stock options granted 336,115 392,664
Loss on disposal of intangible asset 17,695 163,333
Depreciation and amortization 73,193 152,574
Change in fair value of common stock warrants 152,447  
Warrant financing expense 192,817  
Changes in operating assets and liabilities:    
Change in restricted cash   220,000
Prepaid expenses (56,769) (15,836)
Other assets 25,831 110,527
Accounts payable 241,491 (531,657)
Payroll liabilities (287,479) (666,368)
Accrued expenses 27,053 (387,903)
Other current liabilities 13,074 (41,473)
Net cash used in operating activities (3,209,575) (4,654,062)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment   (4,941)
Net cash used in investing activities   (4,941)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of Class A and Class B Units, net of issuance costs 3,871,636  
Proceeds from issuance of common stock, net of issuance costs   2,133,974
Net cash provided by financing activities 3,871,636 2,133,974
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 662,061 (2,525,029)
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING BALANCE 3,690,023 1,190,866
SUPPLEMENTAL DISCLOSURES:    
Interest paid   383
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued for cashless exercise of common stock warrants 900,488  
Amount receivable for warrant exercise 2,600  
Allocation of Class A and Class B Unit proceeds to warrant liability 1,612,416  
Common stock issued as commitment fee under stock purchase agreement   198,523
Amortization of commitment shares $ 39,705 $ 6,617