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
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (1,685,447) $ (910,225)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,701 2,313
Stock-based compensation expense 181,608 136,348
Amortization of warrants and stock issued for services [1] 38,161 50,202
Change in fair value of conversion rights of Series B preferred stock 53,228  
Change in fair value of warrant liabilities 411,480  
Changes in assets and liabilities:    
Prepaid expenses [1] (13,886) (39,992)
Other current assets 7,500 4,470
Accounts payable 12,013 (21,392)
Accrued payroll and related expenses (19,619) 63,344
Accrued license and patent reimbursement fees (65,000) (119,428)
Stock subscription liability   50,000
Accrued expenses and other liabilities (72,210) 32,666
Net cash used in operating activities (1,148,471) (751,694)
Cash flows from investing activities:    
Purchases of property and equipment (11,116)  
Net cash used in investing activities (11,116)  
Cash flows from financing activities:    
Proceeds from common stock issuance, net of $3,920 issuance costs   721,069
Net cash provided by financing activities   721,069
Net decrease in cash and cash equivalents (1,159,587) (30,625)
Cash and cash equivalents, beginning of period 3,221,209 207,330
Cash and cash equivalents, end of period $ 2,061,622 $ 176,705
Cash paid during the period for:    
Interest
Income taxes   $ 800
[1] During the three months ended March 31, 2015, the Company issued warrants for our common stock for consulting services. The warrants were valued at $63,225 and were recorded as a Prepaid expense and are being amortized over the service period. The Company also issued shares of common stock for consulting services valued at $168,000. Such amounts were recorded as a Prepaid expense and are being amortized over the service period.During the three months ended March 31, 2016, warrants issued to service providers for consulting services were valued at $22,245 and were recorded as a Prepaid expense are being amortized over the service period.