Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,495,030) $ (8,052,102)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 362,502 367,197
Stock-based compensation 447,300 850,350
Non-cash interest expense related to convertible debt 0 426,458
Loss on disposal of fixed assets 1,441 2,269
Gain on revaluation of derivative warrants (3,667,826) (2,285,157)
Loss on issuance of derivative warrants 404,150 0
Changes in:    
Prepaid expenses and other current assets (8,603) 74,076
Accounts payable and accrued liabilities (258,064) (228,110)
Deferred rent 1,150 4,540
Cash used in operating activities (8,212,980) (8,840,479)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (58,470) (29,569)
Cash used in investing activities (58,470) (29,569)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible notes 0 4,000,000
Proceeds from issuance of notes payable 0 617,500
Payment of notes payable 0 (617,500)
Payments on capital lease obligations (2,882) (1,694)
Reverse stock split fractional shares 0 (1,158)
Proceeds from issuance of common stock and warrants 3,300,000 12,395,965
Cash paid for issuance costs (432,157) (518,822)
Payments on long-term obligations (119,778) 0
Deferred financing costs (38,569) 0
Cash provided by financing activities 2,706,614 15,874,291
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (5,564,836) 7,004,243
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,422,627 2,418,384
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,857,791 9,422,627
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Exchange of debentures and accrued interest for common stock 0 4,172,435
Fair value of warrants issued 3,272,000 4,102,709
Relative fair value of warrants issued with debentures 0 254,024
Asset acquired by the issuance of a capital lease 0 13,306
Cash paid for interest expense $ 45,542 $ 3,156