Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (6,352,144) $ (1,280,208)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 843,527 71,957
Depreciation 26,242 5,034
Loss on foreign exchange 0 (5,533)
Gain on settlement of notes payable, accrued interest and accounts payable 0 (145,006)
Changes in fair value of derivative warrant liability 0 28,448
Forgiveness of interest on notes payable 0 (7,466)
Non-cash interest expense 0 23,045
Changes in operating assets and liabilities:    
Increase in restricted cash (2) (13,725)
Decrease (increase) in prepaid expenses 172,180 (17,553)
Increase in accounts payable 383,846 308,733
Increase in deferred revenue 965,910 0
Increase in accrued expenses 216,633 (7,703)
Net cash used in operating activities (3,743,808) (1,039,977)
Cash flows from investing activities:    
Purchases of property and equipment (21,036) (64,448)
Net cash (used in) provided by investing activities (21,036) (64,448)
Cash flows from financing activities:    
Principal payments on notes payable (144,389) (116,371)
Proceeds from issuance of common stock 10,819,714 8,454,130
Net cash provided by financing activities 10,675,325 8,337,759
Net increase in cash and cash equivalents 6,910,481 7,233,334
Cash and cash equivalent at beginning of the period 6,262,445 303,020
Cash and cash equivalent at end of the period 13,172,926 7,536,354
Supplemental disclosure of cash flow information and non cash transactions:    
Conversion of Series A preferred stock into common stock 0 1,108,609
Conversion of notes payable, accrued interest and accounts payable into common stock and a warrant 0 396,000
Reclassification of derivative warrant liability to equity 0 48,380
Fair value of warrants issued for services $ 0 $ 28,448