Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities:    
Net loss $ (15,115,291) $ (11,027,384)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,172,279 2,062,285
Depreciation expense 35,255 37,592
Loss (gain) on change in fair value of derivative liabilities 106,403 (1,896,861)
(Increase) decrease in:    
Prepaid expenses and other current assets 826,824 (119,262)
Increase (decrease) in:    
Accounts payable and accrued expenses-related party 50,000 60,154
Accounts payable and accrued expenses (590,295) (94,775)
Net Cash Used In Operating Activities (12,514,825) (10,978,251)
Cash Flows From Investing Activities:    
Purchase of property and equipment (16,710) (41,474)
Payment for security deposit (49,859)
Increase of restricted cash (356,092)
Net Cash Used In Investing Activities (372,802) (91,333)
Cash Flows From Financing Activities:    
Payments on note payable (176,126)
Sales of common stock, net of offering costs 3,824,605 6,057,685
Net Cash Provided By Financing Activities 3,824,605 5,881,559
Net change in cash and cash equivalents (9,063,022) (5,188,025)
Cash and cash equivalents at beginning of period 20,519,294 25,643,273
Cash and cash equivalents at end of period 11,456,272 20,455,248
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,341
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Transfer warrant derivatives from liability to equity classification 17,455
Cashless exercise of warrants $ 4