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 ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (2,891,324) $ 824,563
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 86,911 90,773
Stock-based compensation expense 165,674 102,918
(Gain) loss on revaluation of derivative warrants 82,475 (2,824,722)
Changes in:    
Accounts payable and accrued liabilities (230,341) (67,256)
Prepaid expenses and other current assets (199,616) 55,793
Other assets and liabilities (1,216) (325)
Cash used in operating activities (2,987,437) (1,818,256)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (66,301) 0
Cash used in investing activities (66,301) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 2,934,759 0
Payments on notes payable (86,591) (60,528)
Payments on capital lease obligations (655) (588)
Cash paid for issuance costs 0 (69,450)
Reverse stock split fractional shares 0 (594)
Cash provided by (used in) financing activities 2,847,513 (131,160)
NET DECREASE IN CASH AND EQUIVALENTS (206,225) (1,949,416)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11,444,619 3,857,791
CASH AND CASH EQUIVALENTS AT END OF PERIOD 11,238,394 1,908,375
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense $ 364 $ 1,467