Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating Activities:    
Net Loss $ (6,345,176) $ (4,318,150)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 1,984,011 1,881,326
Amortization of deferred financing cost 191,345
Abandonment loss 433,467
Warrant revaluation (1,672,573) (2,306,117)
Warrant modification expense 162,398
Implied interest expense on deferred lease abandonment liability 26,953
Changes in operating working capital items:    
Accounts receivable - fees and reimbursable project costs (248,637) 329,289
Prepaid expenses and other assets 87,096 37,156
Deferred lease abandonment liability (263,437)
Accounts payable and accrued liabilities 101,960 292,173
Net Cash Used In Operating Activities (5,976,060) (3,650,856)
Investing Activities:    
Patent costs (209,871) (117,034)
Net Cash Used In Investing Activities (209,871) (117,034)
Financing Activities:    
Net proceeds from the issuance of common stock 6,135,804 171,500
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 211,820 (651)
Net Cash Provided by Financing Activities 9,147,624 170,849
Net Increase (Decrease) In Cash and Cash Equivalents 2,961,693 (3,597,041)
Cash and Cash Equivalents, Beginning of Year 623,184 4,220,225
Cash and Cash Equivalents, End of Year 3,584,877 623,184
Cash paid during the year:    
Interest paid 2,433
Income taxes paid
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 $ 80,578