Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities:      
Net loss $ (23,653,963) $ (26,601,235) $ (24,321,724)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 1,798,655 3,493,731 4,297,778
Depreciation expense 50,721 55,938 77,523
Gain on change in fair value of derivative liabilities (304,123) (2,530,764)
(Increase) decrease in:      
Prepaid expenses and other current assets 100,032 1,397,129 (1,032,988)
Increase in:      
Accounts payable and accrued expenses 1,133,499 405,214 2,720,938
Net Cash Used In Operating Activities (20,571,056) (21,553,346) (20,789,237)
Cash Flows from Investing Activities:      
Payment of security deposit (49,859)
Purchase of property and equipment (96,092) (24,739) (59,960)
Net Cash Used In Investing Activities (96,092) (24,739) (109,819)
Cash Flows from Financing Activities:      
Payments on note payable (265,695)
Proceeds from sales of shares of common stock and warrants, net of offering costs 16,976,237 18,814,634 16,022,667
Proceeds from the exercise of stock options 18,105
Proceeds from the exercise of warrants 4,849
Net Cash Provided By Financing Activities 16,981,086 18,814,634 15,775,077
Net change in cash, cash equivalents and restricted cash (3,686,062) (2,763,451) (5,123,979)
Cash, cash equivalents and restricted cash at beginning of year 17,790,576 20,554,027 25,678,006
Cash, cash equivalents and restricted cash at end of year 14,104,514 17,790,576 20,554,027
Supplemental disclosures of cash flow information:      
Cash paid for interest 5,007
Cash paid for taxes
Supplemental disclosure of non-cash investing and financing activities:      
Stock issuance costs included in accounts payable and accrued expenses 25,000
Prepaid expenses financed by accounts payable and notes payable 276,932
Capital lease of office equipment 16,078
Transfer from derivative liability classification to equity classification $ 17,455