Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows From Operating Activities:      
Net loss $ (21,025,314) $ (24,687,509) $ (10,773,792)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Stock-based compensation expense 7,061,622 6,280,629 657,812
Depreciation expense $ 53,465 $ 37,908 1,560
Loss on disposition of equipment 4,122
Loss (gain) on change in fair value of derivative liabilities $ (3,812,318) $ 2,206,099 4,179,392
(Increase) decrease in:      
Prepaid expenses and other current assets 162,083 (193,894) 106,579
Increase (decrease) in:      
Accounts payable and accrued expenses (793,949) 1,874,841 (518,089)
Accounts payable and accrued expenses - related party (189,357) 133,172 50,000
Net Cash Used In Operating Activities $ (18,543,768) (14,348,754) $ (6,292,416)
Cash Flows From Investing Activities:      
Restricted cash (34,733)
Purchase of property and equipment $ (47,788) (151,688) $ (16,592)
Net Cash Used In Investing Activities (47,788) (186,421) (16,592)
Cash Flows From Financing Activities:      
Payments on note payable (283,552) (161,841) (140,000)
Sales of stock, net of offering costs 37,637,959 15,435,305 2,883,257
Proceeds from the exercise of options 15,680 275,153 13,053
Proceeds from the exercise of warrants 157,940 159,994 3,467,395
Net Cash Provided By Financing Activities 37,528,027 15,708,611 6,223,705
Net change in cash 18,936,471 1,173,436 (85,303)
Cash at beginning of year 6,706,802 5,533,366 5,618,669
Cash at end of year 25,643,273 6,706,802 5,533,366
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 7,868 $ 866 $ 561
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 $ 157,825
Fair value of warrants issued with stock 4,738,161
Transfer from derivative liability classification to equity classification $ 48,691 $ 2,203,443 $ 1,047,095