Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows From Operating Activities:    
Net loss $ (4,403,298) $ (3,074,863)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 984,837 2,908,167
Depreciation expense 18,120 10,395
Gain on change in fair value of derivative liabilities (1,601,399) (4,796,378)
(Increase) decrease in:    
Prepaid expenses and other current assets (133,606) 65,806
Increase (decrease) in:    
Accounts payable and accrued expenses $ 378,877 (1,019,732)
Accounts payable and accrued expenses - related parties 93,555
Net Cash Used In Operating Activities $ (4,756,469) $ (5,813,050)
Cash Flows From Investing Activities:    
Purchase of property and equipment (27,590)
Security deposit (49,859)
Net Cash Used In Investing Activities (77,449)
Cash Flows From Financing Activities:    
Payments on note payable (87,576) $ (93,794)
Sales of common stock, net of offering costs 1,485,177 18,484,998
Net Cash Provided By Financing Activities 1,397,601 18,391,204
Net change in cash (3,436,317) 12,578,154
Cash and cash equivalents at beginning of period 25,643,273 6,706,802
Cash and cash equivalents at end of period 22,206,956 19,284,956
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 2,658 $ 5,727
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