Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities:    
Net loss $ (14,484,792) $ (19,261,426)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,307,799 5,221,673
Depreciation expense 43,409 23,783
Loss (gain) on change in fair value of derivative liabilities (5,432,918) 3,653,473
(Increase) decrease in:    
Prepaid expenses and other current assets 542,247 (488,247)
Increase (decrease) in:    
Accounts payable and accrued expenses (1,379,432) 1,352,252
Accounts payable and accrued expenses - related parties (175,818) 197,106
Net Cash Used In Operating Activities (14,579,505) (9,301,386)
Cash Flows From Investing Activities:    
Purchase of property and equipment (26,945) (150,874)
Net Cash Used In Investing Activities (26,945) (150,874)
Cash Flows From Financing Activities:    
Payments on note payable (283,552) (157,825)
Sales of common stock, net of offering costs 32,825,465 15,435,305
Proceeds from exercise of options 15,680 275,153
Proceeds from exercise of warrants 104,100 116,936
Net Cash Provided By Financing Activities 32,661,693 15,669,569
Net change in cash 18,055,243 6,217,309
Cash and cash equivalents at beginning of period 6,706,802 5,533,366
Cash and cash equivalents at end of period 24,762,045 $ 11,750,675
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 7,868
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of warrants issued with stock $ 4,738,161
Transfer warrant derivatives from liability to equity classification $ 48,691 $ 2,143,793