Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities:      
Net loss $ (24,321,724) $ (21,025,314) $ (24,687,509)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 4,297,778 7,061,622 6,280,629
Depreciation expense 77,523 53,465 37,908
(Gain) loss on change in fair value of derivative liabilities (2,530,764) (3,812,318) 2,206,099
Increase (decrease) in:      
Prepaid expenses and other current assets (1,032,988) 162,083 (193,894)
Increase (decrease) in:      
Accounts payable and accrued expenses 2,720,938 (793,949) 1,874,841
Accounts payable and accrued expenses - related party (189,357) 133,172
Net Cash Used In Operating Activities (20,789,237) (18,543,768) (14,348,754)
Cash Flows From Investing Activities:      
Payment of security deposit (49,859)
Restricted cash (34,733)
Purchase of property and equipment (59,960) (47,788) (151,688)
Net Cash Used In Investing Activities (109,819) (47,788) (186,421)
Cash Flows From Financing Activities:      
Payments on note payable (265,695) (283,552) (161,841)
Sales of stock, net of offering costs 16,022,667 37,637,959 15,435,305
Proceeds from the exercise of options 18,105 15,680 275,153
Proceeds from the exercise of warrants 157,940 159,994
Net Cash Provided By Financing Activities 15,775,077 37,528,027 15,708,611
Net change in cash (5,123,979) 18,936,471 1,173,436
Cash at beginning of year 25,643,273 6,706,802 5,533,366
Cash at end of year 20,519,294 25,643,273 6,706,802
Supplemental disclosures of cash flow information:      
Cash paid for interest 5,007 7,868 866
Cash paid for taxes
Supplemental disclosure of non-cash investing and financing activities:      
Stock issuance costs included in accounts payable and accrued expenses 30,000
Insurance prepaid through premium finance 265,695 287,568
Fair value of warrants issued with stock 4,738,161
Transfer from derivative liability classification to equity classification $ 17,455 $ 48,691 $ 2,203,443