Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating Activities:    
Net Loss $ (7,104,897) $ (6,345,176)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 1,193,306 1,984,011
Amortization of deferred financing cost 491,218 191,345
Abandonment loss 37,780
Warrant revaluation (1,672,573)
Warrant modification expense 162,398
Implied interest expense on deferred lease abandonment liability 16,095 26,953
Changes in operating working capital items:    
Accounts receivable - fees and reimbursable project costs 378,034 (248,637)
Prepaid expenses and other assets 10,866 87,096
Accounts payable and accrued liabilities 159,953 101,960
Deferred lease abandonment liability (185,683) (263,437)
Net Cash Used In Operating Activities (5,003,328) (5,976,060)
Investing Activities:    
Patent costs (207,227) (209,871)
Net Cash Used In Investing Activities (207,227) (209,871)
Financing Activities:    
Net proceeds from the issuance of common stock 6,027,064 6,135,804
Net proceeds from the issuance of preferred stock 2,800,000
Proceeds from the issuance of note payable 135,000
Repayment of note payable (135,000)
Restricted cash 114,012 211,820
Net Cash Provided by Financing Activities 6,141,076 9,147,624
Net Increase In Cash and Cash Equivalents 930,521 2,961,693
Cash and Cash Equivalents, Beginning of Year 3,584,877 623,184
Cash and Cash Equivalents, End of Year 4,515,398 3,584,877
Cash paid during the year:    
Interest 2,433
Income taxes
Non-Cash Financing Activity:    
Deferred financing costs 1,664,999
Warrant liability - reclassification to equity 817,020
Deemed dividend on convertible preferred stock, due to beneficial conversion feature 581,300
Accumulated preferred stock dividend 276,578 80,578
Decrease in accrued liabilities - stock-based compensation $ 121,720