Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities:      
Net loss $ (26,601,235) $ (24,321,724) $ (21,025,314)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 3,493,731 4,297,778 7,061,622
Depreciation expense 55,938 77,523 53,465
Gain on change in fair value of derivative liabilities (304,123) (2,530,764) (3,812,318)
(Increase) decrease in:      
Prepaid expenses and other current assets 1,397,129 (1,032,988) 162,083
Increase (decrease) in:      
Accounts payable and accrued expenses 405,214 2,720,938 (793,949)
Accounts payable and accrued expenses - related party (189,357)
Net Cash Used In Operating Activities (21,553,346) (20,789,237) (18,543,768)
Cash Flows From Investing Activities:      
Payment of security deposit (49,859)
Restricted cash (356,207)
Purchase of property and equipment (24,739) (59,960) (47,788)
Net Cash Used In Investing Activities (380,946) (109,819) (47,788)
Cash Flows From Financing Activities:      
Payments on note payable (265,695) (283,552)
Sales of shares of common stock, net of offering costs 18,814,634 16,022,667 37,637,959
Proceeds from the exercise of stock options   18,105 15,680
Proceeds from the exercise of warrants 157,940
Net Cash Provided By Financing Activities 18,814,634 15,775,077 37,528,027
Net change in cash (3,119,658) (5,123,979) 18,936,471
Cash at beginning of year 20,519,294 25,643,273 6,706,802
Cash at end of year 17,399,636 20,519,294 25,643,273
Supplemental disclosures of cash flow information:      
Cash paid for interest 5,007 7,868
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
Insurance prepaid through premium finance 265,695
Fair value of warrants issued with stock 4,738,161
Transfer from derivative liability classification to equity classification $ 17,455 $ 48,691