Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net Loss $ (8,850,739) $ (2,540,485)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 1,153,302 193,120
Depreciation 43,943 10,405
Gain on foreign exchange (1,977) (4,570)
Gain on settlement of notes payable, accrued interest and accounts payable   (145,006)
Changes in fair value of derivative warrant liability   28,448
Forgiveness of interest on notes payable   (7,466)
Non-cash interest expense   29,861
Changes in operating assets and liabilities:    
Increase in restricted cash (22,647) (13,728)
Increase in prepaid expenses (105,959) (268,056)
Increase in accounts payable 972,194 170,239
Increase in accrued expenses 312,788 186,002
Increase in deferred revenue 1,851,618  
Net cash used in operating activities (4,647,477) (2,361,236)
Cash flows from investing activities:    
Purchases of property and equipment (114,037) (64,448)
Net cash used in investing activities (114,037) (64,448)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 207,750 192,000
Principal payments on notes payable (190,120) (247,006)
Proceeds from issuance on common stock 11,328,929 10,305,161
Issuance costs incurred common stock financings (509,215) (1,865,046)
Net cash provided by financing activities 10,837,344 8,385,109
Net increase in cash and cash equivalents 6,075,830 5,959,425
Cash and cash equivalent at beginning of the period 6,262,445 303,020
Cash and cash equivalent at end of the period $ 12,338,275 6,262,445
Supplemental disclosure of cash flow information and non cash transactions:    
Conversion of notes payable, accrued interest and accounts payable into common stock and a warrant   396,000
Reclassification of derivative warrant liability to equity   48,380
Series A Convertible Preferred Stock [Member]    
Supplemental disclosure of cash flow information and non cash transactions:    
Conversion of Series A preferred stock into common stock   $ 1,108,609