Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (1,985,981) $ (1,112,354)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,855 7,603
Stock-based compensation expense 304,338 363,216
Amortization of warrants and stock issued for services [1] 12,500 51,539
Change in fair value of conversion rights of Series B preferred stock (88,532) 21,814
Change in fair value of warrant liabilities (38,998) (1,612,634)
Common stock issued for services 187,550  
Changes in assets and liabilities:    
Prepaid expenses [1] (104,830) 7,289
Other current assets 831 7,500
Accounts payable 404,843 57,859
Accrued payroll and related expenses 114,829 (11,684)
Accrued license and patent reimbursement fees   (97,500)
Accrued expenses and other liabilities 100,777 (61,083)
Net cash used in operating activities (1,087,818) (2,378,435)
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 increase (decrease) in cash and cash equivalents 44,039 (2,389,551)
Cash and cash equivalents, beginning of period 64,820 3,221,209
Cash and cash equivalents, end of period 108,859 831,658
Cash paid during the period for:    
Interest
Income taxes $ 4,031  
[1] During the six months ended June 30, 2016, warrants issued to service providers for consulting services were valued at $22,245 and were recorded as a Prepaid expense and are being amortized over the service period. During the six months ended June 30, 2017, warrants issued to service providers for consulting services were valued at $30,000 and were recorded as a Prepaid expense and are being amortized over the service period.