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 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (1,874,382) $ (1,703,554) $ (8,100,000)
Compensation cost for stock options granted 215,139 154,707  
Loss on disposal of asset   17,695  
Depreciation and amortization 7,864 40,087  
Changes in operating assets and liabilities:      
Prepaid expenses (244,723) (123,230)  
Research and development tax rebate receivable (37,595)    
Other assets 51,512 25,834  
Accounts payable (166,554) 132,557  
Payroll liabilities (428,440) (439,010)  
Accrued expenses 82,508 17,646  
Other current liabilities 7,789 16,317  
Net cash used in operating activities (2,386,882) (1,860,951) (6,600,000)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of furniture and equipment (51,068)  
Net cash used in investing activities (51,068)  
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,437,950) (1,860,951)  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE 7,272,469 3,082,962 3,082,962
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE 4,834,519 1,222,011 $ 7,272,469
NONCASH INVESTING AND FINANCING ACTIVITIES      
Amortization of commitment shares $ 19,852 $ 19,852