Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (12,216,446) $ (10,458,292)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 180,586 177,498
Share-based compensation expense 1,174,388 2,287,953
Amortization of deferred financing fees and debt discount 59,781 203,825
Change in fair value of derivative instruments 3,082,925 (757,275)
Warrant inducement expense 563,744
Expenses related to issuance of derivative instrument 466,541
Loss on disposal of fixed assets 8,128
Changes in operating assets and liabilities:    
Trade and other receivables 5,146 32,231
Related party receivable 74,356
Prepaid expenses 459,398 391,077
Other assets 1,971 13,680
Accounts payable and accrued expenses (160,741) 955,159
Accrued bonuses (852,963) (161,362)
Other current liabilities (173,440) (58,640)
Other long term liabilities (14,073) (152,319)
Net cash used in operating activities (7,807,240) (7,059,924)
Cash flows from investing activities:    
Maturity of short-term investments 5,000,000 7,517,453
Purchase of short-term investments (5,000,000)
Patent costs (83,774) (30,183)
Purchase of property and equipment (9,674) (98,088)
Net cash (used in) provided by investing activities (93,448) 7,389,182
Cash flows from financing activities:    
Proceeds from exercise of common stock purchase warrants, net 3,006,410
Proceeds from sale of common stock and warrants, net 97,050 8,308,931
Payments of long-term debt (3,765,568) (2,225,987)
Payments of short-term notes payable (189,306)
Net cash (used in ) provided by financing activities (851,414) 6,082,944
Effects of exchange rates on cash (363) 28
Net (decrease) increase in cash and cash equivalents (8,752,465) 6,412,230
Cash and cash equivalents, beginning of period 15,194,949 4,716,533
Cash and cash equivalents, end of period 6,442,484 11,128,763
Supplemental disclosure of cash flows information:    
Cash paid for interest 139,080 718,989
Supplemental schedule of non cash investing and financing activities:    
Issuance of common stock for cashless exercise of options, warrants and RSUs $ 8,936