Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (1,280,208) $ (312,472)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 71,957 4,464
Depreciation 5,034  
(Gain) loss on foreign exchange (5,533) 856
Gain on settlement of notes payable, accrued interest and accounts payable (145,006)  
Changes in fair value of derivative warrant liability 28,448 21,910
Forgiveness of interest on notes payable (7,466)  
Non-cash interest expense 23,045 31,293
Changes in operating assets and liabilities:    
Increase in restricted cash (13,725)  
Decrease in prepaid expenses (17,553)  
Increase in accounts payable 308,733 40,097
Decrease in accrued expenses (7,703) (29,611)
Net cash used in operating activities (1,039,977) (243,463)
Cash flows from investing activities:    
Purchases of property and equipment (64,448)  
Net cash (used in) provided by investing activities (64,448)  
Cash flows from financing activities:    
Proceeds from issuance of notes payable   7,252
Principal payments on notes payable (116,371)  
Proceeds from issuance on common stock 10,260,000  
Issuance costs incurred common stock financings (1,805,870)  
Net cash provided by financing activities 8,337,759 32,252
Net increase (decrease) in cash and cash equivalents 7,233,334 (211,211)
Cash and cash equivalent at beginning of the period 303,020 542,483
Cash and cash equivalent at end of the period 7,536,354 331,272
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  
Fair value of warrants issued for services 28,448 21,910
Series A Convertible Preferred Stock [Member]
    
Cash flows from financing activities:    
Proceeds from issuance of Series A convertible preferred stock   25,000
Supplemental disclosure of cash flow information and non cash transactions:    
Conversion of Series A preferred stock into common stock $ 1,108,609