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 ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,012,853) $ (1,308,340)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 188,325 181,461
Stock-based compensation expense 396,760 222,887
Gain on revaluation of derivative warrants (7,525) (3,023,092)
Changes in:    
Accounts payable and accrued liabilities 49,864 140,838
Prepaid expenses and other current assets (263,169) 66,999
Other assets and liabilities (2,432) (651)
Cash used in operating activities (5,651,030) (3,719,898)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (320,510) (4,207)
Cash used in investing activities (320,510) (4,207)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on notes payable (86,591) (121,330)
Proceeds from issuance of common stock, net of underwriting issuance costs 0 7,371,121
Cash paid for issuance costs 0 (150,633)
Proceeds from exercise of warrants 2,940,759 652,516
Cash paid for reverse stock split fractional shares 0 (594)
Change in deferred issuance costs (12,847) 38,569
Payments on capital lease obligations (1,327) (1,191)
Cash provided by financing activities 2,839,994 7,788,458
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,131,546) 4,064,353
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11,444,619 3,857,791
CASH AND CASH EQUIVALENTS AT END OF PERIOD 8,313,073 7,922,144
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 364 2,753
Reclassification to equity for warrants that are no longer derivative instruments $ 0 $ 1,392,000