Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (8,122,581) $ (6,368,885)
Adjustments to reconcile net loss to net cash used in operating activities:    
Compensation cost for stock options granted 786,550 876,189
Loss on disposal of assets 17,695 163,333
Impairment of intangible assets 461,715 718,970
Change in fair value of common stock warrants 280,747  
Warrant financing expense 192,817  
Depreciation and amortization 128,994 303,482
Changes in operating assets and liabilities:    
Restricted cash   220,000
Other assets (80,408) 144,951
Prepaid expenses (79,343) 21,692
Research and development tax rebate receivable (358,277)  
Accounts payable 80,581 (560,128)
Payroll liabilities 14,968 (389,436)
Accrued expenses 73,141 (446,712)
Other current liabilities 9,451 (58,045)
Net cash used in operating activities (6,593,950) (5,374,589)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of furniture and equipment   (9,213)
Net cash used in investing activities   (9,213)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of Class A and Class B Units 3,871,636  
Proceeds from warrant exercises 749,233  
Net proceeds from issuance of common stock and warrants 6,162,588 4,695,869
Net cash provided by financing activities 10,783,457 4,695,869
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,189,507 (687,933)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING OF YEAR 7,217,469 3,027,962
SUPPLEMENTAL DISCLOSURES:    
Interest paid 330  
NONCASH INVESTING AND FINANCING ACTIVITIES    
Amortization of commitment shares $ 79,410 $ 42,864