Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (8,213,793) $ (1,283,218)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 331 2,428  
Stock-based compensation expense 229,609 152,169  
Amortization of warrants and stock issued for services [1]   5,000  
Change in fair value of conversion rights of Series B preferred stock   (85,205)  
Change in fair value of conversion rights of convertible debt 185,000    
Change in fair value of warrant liabilities (1,162,493) (12,561)  
Fair value of warrant liability in excess of proceeds 7,174,634    
Loss on extinguishment of convertible debt 590,392    
Amortization of convertible debt discount 34,608    
Common stock issued for services   187,550  
Changes in assets and liabilities:      
Prepaid expenses [1] 85,111 43,994  
Accounts payable (2,164) (47,486)  
Accounts payable to related party 100,000    
Accrued payroll and related expenses (8,808) (48,368)  
Accrued license and patent reimbursement fees   16,250  
Accrued expenses and other liabilities (65,589) 253,042  
Net cash used in operating activities (1,053,162) (816,405)  
Cash flows from investing activities:      
Purchases of property and equipment (1,059)    
Net cash used in investing activities (1,059)    
Cash flows from financing activities:      
Proceeds from Series D preferred stock issuance, net of $183,343 issuance costs [2]   1,131,857  
Proceeds from Common stock issuance, net of $9,122 issuance costs 3,240,878    
Proceeds from Warrant exercises 98,700    
Proceeds from Convertible debt issuance 400,000    
Net cash provided by financing activities 3,739,578 1,131,857  
Net increase in cash, cash equivalents and restricted cash 2,685,357 315,452  
Cash, cash equivalents and restricted cash, beginning of period 264,383 102,320 $ 102,320
Cash, cash equivalents and restricted cash, end of period 2,949,740 417,772 $ 264,383
Supplemental disclosures of cash-flow information:      
Cash and cash equivalents 2,945,312 380,272  
Restricted cash 4,428 37,500  
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows 2,949,740 417,772  
Cash paid during the period for:      
Interest 0 0  
Income taxes   1,631  
Supplemental disclosures of non-cash financing activities:      
Conversion of outstanding preferred stock into common stock 1,947,227 880,000  
Conversion of outstanding preferred stock subject to redemption into common stock 828,916 $ 405,625  
Fair value of common stock issued in extinguishment of convertible debt 1,710,000    
Fair value of warrants issued in connection with Emerald financing 10,424,634    
Release of warrant liabilities due to exercise of warrants $ 1,223,991    
[1] During the three months ended March 31, 2017, warrants issued to service providers for consulting services were valued at $30,000 and were recorded as a Prepaid expense and amortized over the service period.
[2] During the three months ended March 31, 2017 preferred deemed dividends of $536,000 was recognized on Series D Preferred Stock and $175,000 on Series C Preferred Stock.