Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Operating Activities:    
Net Loss $ (4,318,150) $ (3,654,314)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 1,881,326 282,276
Abandonment loss 433,467 0
Loss on marketable securities 0 1,297
Warrant revaluation (2,306,117) (1,162,730)
Changes in operating working capital items:    
Accounts receivable - fees and reimburseable project costs 329,289 (43,170)
Prepaid expenses and other assets 37,156 83,754
Accounts payable and accrued liabilities 292,173 177,040
Net Cash Used In Operating Activities (3,650,856) (4,315,847)
Investing Activities:    
Proceeds from the sale of marketable securities 0 14,434
Patent costs (117,034) (134,392)
Net Cash Used In Investing Activities (117,034) (119,958)
Financing Activities:    
Net proceeds from the issuance of common stock 171,500 4,753,326
Restricted cash (651) 229,827
Net Cash Provided by Financing Activities 170,849 4,983,153
Net Increase (Decrease) In Cash and Cash Equivalents (3,597,041) 547,348
Cash and Cash Equivalents, Beginning of Year 4,220,225 3,672,877
Cash and Cash Equivalents, End of Year 623,184 4,220,225
Cash paid during the year:    
Interest 0 0
Income taxes 0 0
Non-Cash Financing Activity:    
Warrant liability - fair value of warrants exercised $ 0 $ 331,144