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
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,180,326) $ (5,495,030)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 356,665 362,502
Stock-based compensation 529,159 447,300
Loss on disposal of fixed assets 0 1,441
Gain on revaluation of derivative warrants (3,261,529) (3,667,826)
Loss on issuance of derivative warrants 0 404,150
Changes in:    
Prepaid expenses and other current assets (464,355) (8,603)
Accounts payable and accrued liabilities 740,509 (258,064)
Deferred rent (2,341) 1,150
Cash used in operating activities (8,282,218) (8,212,980)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (72,251) (58,470)
Cash used in investing activities (72,251) (58,470)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on capital lease obligations (2,448) (2,882)
Reverse stock split fractional shares (594) 0
Proceeds from issuance of common stock, net of underwriting issuance costs 12,321,313 3,300,000
Proceeds from issuance of preferred stock 3,502,287 0
Cash paid for issuance costs (326,736) (432,157)
Proceeds from issuance of warrants 652,537 0
Payments on long-term obligations (243,631) (119,778)
Deferred financing costs 38,569 (38,569)
Cash provided by financing activities 15,941,297 2,706,614
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,586,828 (5,564,836)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,857,791 9,422,627
CASH AND CASH EQUIVALENTS AT END OF PERIOD 11,444,619 3,857,791
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Fair value of derivative warrants issued 0 3,272,000
Cash paid for interest expense 4,349 45,542
Reclassification to equity for warrants that are no longer derivative instruments $ 1,392,429 $ 0