Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (2,466,114) $ (2,057,625)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,801 11,505
Loss on disposal of fixed assets 138  
Stock-based compensation expense 456,507 544,823
Amortization of warrants and stock issued for services [1] 20,000 51,539
Change in fair value of conversion rights of Series B preferred stock (88,532) 82,872
Change in fair value of warrant liabilities (320,495) (1,584,969)
Common stock issued for services 187,550  
Changes in assets and liabilities:    
Restricted cash 33,072  
Prepaid expenses [1] (73,326) (119,361)
Other current assets 831 7,500
Accounts payable 715,473 262,016
Accrued payroll and related expenses 278,161 25,534
Accrued license and patent reimbursement fees 80,893 (17,500)
Accrued expenses and other liabilities 14,342 (96,497)
Net cash used in operating activities (1,154,699) (2,890,163)
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 Series D preferred stock issuance, net of $183,343 issuance costs 1,131,857  
Net cash provided by financing activities 1,131,857  
Net (decrease) in cash and cash equivalents (22,842) (2,901,279)
Cash and cash equivalents, beginning of period 64,820 3,221,209
Cash and cash equivalents, end of period 41,978 319,930
Cash paid during the period for:    
Interest
Income taxes $ 1,631  
[1] During the nine months ended September 30, 2016, warrants issued to service providers for consulting services were valued at $22,245 and were recorded as Prepaid expenses and are being amortized over the service period. During the nine months ended September 30, 2017, warrants issued to service providers for consulting services were valued at $30,000 and were recorded as Prepaid expenses and are being amortized over the service period.