Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows From Operating Activities:    
Net loss $ (11,027,384) $ (10,538,598)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,062,285 5,174,221
Depreciation expense 37,592 26,589
Gain on change in fair value of derivative liabilities (1,896,861) (4,738,710)
(Increase) decrease in:    
Prepaid expenses and other current assets (119,262) 442,338
Increase (decrease) in:    
Accounts payable and accrued expenses (94,775) (1,256,728)
Accounts payable and accrued expenses - related parties 60,154 (189,357)
Net Cash Used In Operating Activities (10,978,251) (11,080,245)
Cash Flows From Investing Activities:    
Purchase of property and equipment (41,474) (959)
Security deposits (49,859)
Net Cash Used In Investing Activities (91,333) (959)
Cash Flows From Financing Activities:    
Payments on note payable (176,126) (191,285)
Sales of common stock, net of offering costs 6,057,685 30,475,013
Proceeds from the exercise of options 15,680
Proceeds from the exercise of warrants 27,050
Net Cash Provided By Financing Activities 5,881,559 30,326,458
Net change in cash and cash equivalents (5,188,025) 19,245,254
Cash and cash equivalents at beginning of period 25,643,273 6,706,802
Cash and cash equivalents at end of period 20,455,248 25,952,056
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,341 7,280
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of warrants issued with stock 4,738,161
Transfer warrant derivatives from liability to equity classification $ 17,455 $ 48,691