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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,595,200) $ (6,445,943)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 269,317 271,508
Stock-based compensation expense 397,132 428,561
Loss on disposal of fixed assets 0 858
Gain on revaluation of derivative warrants (3,201,004) (526,024)
Changes in:    
Accounts payable and accrued liabilities 411,516 (354,067)
Prepaid expenses and other current assets (208,387) (95,014)
Other assets and liabilities (6,824) 1,475
Cash used in operating activities (5,933,450) (6,718,646)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (5,258) (39,787)
Cash used in investing activities (5,258) (39,787)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Long-term debt payments (182,283) (59,701)
Proceeds from issuance of common stock, net of underwriting issuance costs 7,371,121 0
Cash paid for common stock issuance costs (150,633) 0
Change in deferred issuance costs 38,569 (129,656)
Proceeds from exercise of warrants 652,516 0
Reverse stock split fractional shares redeemed (594) 0
Payments on capital lease obligations (1,811) (2,310)
Cash provided by (used in) financing activities 7,726,885 (191,667)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 1,788,177 (6,950,100)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 3,857,791 9,422,627
CASH AND EQUIVALENTS AT END OF PERIOD 5,645,968 2,472,527
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 3,702 43,597
Reclassification to equity for warrants that are no longer derivative instruments $ 1,392,000 $ 0