Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (2,892,241) $ (1,535,718)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 311,238 301,958
Depreciation 17,285 5,371
Changes in operating assets and liabilities:    
Increase in restricted cash   (2)
(Increase) decrease in prepaid expenses (98,045) 59,805
Decrease in accounts payable (196,648) (155,862)
Increase in accrued expenses 732,136 44,498
Decrease in deferred revenue (396,598)  
Increase in other long-term liabilities 7,905  
Net cash used in operating activities (2,514,968) (1,279,950)
Cash flows from investing activities:    
Purchases of property and equipment (65,322) (1,727)
Net cash used in investing activities (65,322) (1,727)
Cash flows from financing activities:    
Principal payments on notes payable (69,061) (71,902)
Proceeds from issuance of common stock   62,600
Principal payments on capital lease obligation (1,119)  
Net cash used in financing activities (70,180) (9,302)
Net decrease in cash and cash equivalents (2,650,470) (1,290,979)
Cash and cash equivalent at beginning of the period 12,338,275 6,262,445
Cash and cash equivalent at end of the period 9,687,805 4,971,466
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 6,430 $ 979
Asset acquired under capital lease obligation 11,638  
Property and equipment unpaid or accrued $ 112,720