Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,308,340) $ (4,587,706)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 181,461 180,736
Stock-based compensation expense 222,887 263,545
Loss on disposal of fixed assets 0 858
Gain on revaluation of derivative warrants (3,023,092) (292,375)
Changes in:    
Accounts payable and accrued liabilities 140,838 (221,767)
Prepaid expenses and other current assets 66,999 102,022
Other assets and liabilities (651) 1,079
Cash used in operating activities (3,719,898) (4,553,608)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (4,207) (33,665)
Cash used in investing activities (4,207) (33,665)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Long-term debt payments (121,330) (325)
Proceeds from issuance of common stock, net of underwriting issuance costs 7,371,121 0
Cash paid for issuance costs (150,633) 0
Proceeds from exercise of warrants 652,516 0
Reverse stock split fractional shares (594) 0
Change in deferred issuance costs 38,569 0
Payments on capital lease obligations (1,191) (1,752)
Cash provided by (used in) financing activities 7,788,458 (2,077)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,064,353 (4,589,350)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,857,791 9,422,627
CASH AND CASH EQUIVALENTS AT END OF PERIOD 7,922,144 4,833,277
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 2,753 22,594
Reclassification to equity for warrants that are no longer derivative instruments $ 1,392,000 $ 0