Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities:    
Net loss $ (8,061,583) $ (4,403,298)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,030,609 984,837
Depreciation expense 20,920 18,120
Loss (gain) on change in fair value of derivative liabilities 255,995 (1,601,399)
(Increase) decrease in:    
Prepaid expenses and other current assets 805,193 (133,606)
Increase (decrease) in:    
Accounts payable and accrued expenses 573,934 378,877
Net Cash Used In Operating Activities (5,374,932) (4,756,469)
Cash Flows From Investing Activities:    
Purchase of property and equipment (8,313) (27,590)
Payment for security deposit (49,859)
Decrease of restricted cash 34,733
Net Cash Provided By (Used In) Investing Activities 26,420 (77,449)
Cash Flows From Financing Activities:    
Payments on note payable (87,576)
Sales of common stock, net of offering costs 1,917,048 1,485,177
Net Cash Provided By Financing Activities 1,917,048 1,397,601
Net change in cash (3,431,464) (3,436,317)
Cash and cash equivalents at beginning of period 20,519,294 25,643,273
Cash and cash equivalents at end of period 17,087,830 22,206,956
Supplemental disclosures of cash flow information:    
Cash paid for interest 2,658
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Transfer warrant derivatives from liability to equity classification $ 17,455