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 ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (4,604,297) $ (12,350,229)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 160,464 233,589
Share-based compensation expense 570,273 1,504,143
Amortization of deferred financing fees and debt discount 59,781
Change in fair value of liability classified warrants (1,805,319) 403,155
Warrant inducement expense 563,744
Expenses related to issuance of derivative instruments 242,676
Loss on disposal of fixed assets 8,128
Changes in operating assets and liabilities:    
Trade and other receivables 150,823 (26,967)
Related party receivable 71,638 63,856
Prepaid expenses (154,271) 150,589
Other assets (4,000) 1,971
Accounts payable and accrued expenses (25,487) (920,624)
Accrued bonuses (418,625) (852,963)
Other current liabilities 26,288 (196,132)
Other long term liabilities (1,876) (14,809)
Net cash used in operating activities (6,034,389) (11,130,092)
Cash flows from investing activities:    
Maturity of short-term investments 5,000,000 5,000,000
Purchase of short-term investments (5,000,000)
Patent costs (82,645)
Purchase of property and equipment (10,993)
Net cash provided by (used in) investing activities 5,000,000 (93,638)
Cash flows from financing activities:    
Proceeds from issuance of common stock from warrants exercised, net of issuance costs 3,225,176
Proceeds from sale of common stock and warrants, net 5,510,840
Payments of long-term debt (3,765,568)
Proceeds from short-term note payable 349,578 346,863
Payments of short-term notes payable (247,817) (223,425)
Net cash (used in ) provided by financing activities 101,761 5,093,886
Effects of exchange rates on cash (5,383) (1,395)
Net increase (decrease) in cash and cash equivalents (938,011) (6,131,239)
Cash and cash equivalents, beginning of period 6,674,940 15,194,949
Cash and cash equivalents, end of period 5,736,929 9,063,710
Supplemental disclosure of cash flows information:    
Cash paid for interest $ 4,190 $ 115,034