Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (13,562,290) $ (6,180,326)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,546,048 356,665
Stock-based compensation 758,757 529,159
Gain on revaluation of derivative warrants (22,075) (3,261,529)
Changes in:    
Prepaid expenses and other current assets (184,427) (464,355)
Accounts payable and accrued liabilities 451,325 740,509
Deferred rent (7,639) (2,341)
Cash used in operating activities (11,020,301) (8,282,218)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (346,703) (72,251)
Cash used in investing activities (346,703) (72,251)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on capital lease obligations (2,727) (2,448)
Reverse stock split fractional shares 0 (594)
Proceeds from issuance of common stock, net of underwriting issuance costs 4,905,945 12,363,057
Proceeds from issuance of preferred stock 2,265,257 3,460,543
Cash paid for issuance costs (116,337) (326,736)
Proceeds from conversion of warrants 2,963,259 652,537
Payments on long-term obligations (86,591) (243,631)
Deferred financing costs 0 38,569
Cash provided by financing activities 9,928,806 15,941,297
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (1,438,198) 7,586,828
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,444,619 3,912,791
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 10,006,421 11,444,619
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 364 4,349
Reclassification to equity for warrants that are no longer derivative instruments 0 1,392,429
Beneficial conversion feature and related deemed dividend on preferred stock $ 1,448,945 $ 3,179,981