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 ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (6,129,553) $ (3,845,235)
Compensation cost for stock options granted 560,369 650,053
Loss on disposal of intangible asset 17,695 163,333
Depreciation and amortization 102,074 227,387
Change in fair value of common stock warrants 280,747  
Warrant financing expense 192,817  
Changes in operating assets and liabilities:    
Change in restricted cash   220,000
Prepaid expenses 14,195 72,542
Other assets 25,831 131,176
Accounts payable 126,079 (617,094)
Payroll liabilities (142,312) (524,288)
Accrued expenses 33,578 (451,196)
Other current liabilities 7,212 (45,242)
Net cash used in operating activities (4,911,268) (4,018,564)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment (5,023)
Net cash used in investing activities (5,023)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of Class A and Class B Units, net of issuance costs 3,871,636  
Proceeds from exercise of warrants 745,333  
Proceeds from issuance of common stock, net of issuance costs   4,695,869
Net cash provided by financing activities 4,616,969 4,695,869
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (294,299) 672,282
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING BALANCE 2,733,663 4,388,177
SUPPLEMENTAL DISCLOSURES:    
Interest paid   1,304
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Reclassification of warrant liability upon exercise of common stock warrants 1,893,160  
Amount receivable for warrant exercise 3,900  
Allocation of Class A and Class B Unit proceeds to warrant liability 1,612,413  
Common stock issued as commitment fee under stock purchase agreement   198,523
Amortization of commitment shares $ 59,558 $ 26,470