Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities:    
Net Loss $ (3,135,427) $ (1,076,613)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 943,424 1,017,449
Amortization of deferred financing cost 68,590
Warrant modification expense 129,369
Warrant revaluation income (1,643,941) (2,741,746)
Changes in operating working capital items:    
Accounts receivable - fees and reimbursable project costs 56,578 214,051
Prepaid expenses and other assets 32,807 92,615
Accounts payable and accrued liabilities (161,359) (45,323)
Deferred lease abandonment liability (198,891)
Net Cash Used In Operating Activities (3,908,850) (2,539,567)
Investing Activities:    
Patent costs (171,177) (59,627)
Net Cash Used In Investing Activities (171,177) (59,627)
Financing Activities:    
Net proceeds from the issuance of common stock 3,631,689 55,131
Net proceeds from the issuance of preferred stock 2,800,000
Proceeds from the issuance of note payable 135,000
Repayment of note payable (107,623)
Restricted cash 211,842 (489)
Net Cash Provided by Financing Activities 6,670,908 54,642
Net Increase (Decrease) In Cash and Cash Equivalents 2,590,881 (2,544,552)
Cash and Cash Equivalents, Beginning of Period 623,184 4,220,225
Cash and Cash Equivalents, End of Period 3,214,065 1,675,673
Cash paid during the year:    
Interest paid 2,269
Income taxes paid
Non-Cash Financing Activity:    
Deferred financing cost - paid with stock purchase warrants 1,665,000
Warrant liability - reclassification to equity 692,110
Shares issued for offering costs 275,700
Accumulated preferred stock dividend 32,667
Deemed dividend on convertible preferred stock, due to beneficial conversion feature $ 581,300