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 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss $ (4,142,577) $ (2,241,489) $ (6,016,959) $ (3,945,043)  
Compensation cost for stock options granted     394,189 336,115  
Loss on disposal of intangible asset       17,695  
Change in stock-based compensation liability 179,050 181,408 1,557,163    
Depreciation and amortization     17,838 73,193  
Change in fair value of common stock warrants   152,447   152,447  
Warrant financing expense   192,817   192,817  
Changes in operating assets and liabilities:          
Prepaid expenses     (189,445) (56,769)  
Research and development tax rebate receivable     (267,734)    
Other assets     56,644 25,831  
Accounts payable     (143,684) 241,491  
Payroll liabilities     167,790 (287,479)  
Accrued expenses     196,608 27,053  
Other current liabilities     7,797 13,074  
Net cash used in operating activities     (4,219,793) (3,209,575)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of furniture and equipment     (51,491)  
Net cash used in investing activities     (51,491)  
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 Series B convertible preferred stock, net of issuance costs     12,290,551    
Net cash provided by financing activities     12,290,551 3,871,636  
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH     8,019,267 662,061  
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING BALANCE     7,272,469 3,082,962 $ 3,082,962
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, ENDING BALANCE $ 15,291,736 $ 3,745,023 15,291,736 $ 3,745,023 $ 7,272,469
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  
Amortization of commitment shares     $ 39,703 $ 39,705