Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (1,982,696) $ (2,062,885)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,035 18,287
Stock issued as compensation to non-employee directors 53,516 42,000
Stock-based compensation expense 118,502 163,761
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 66,764 123,255
Accounts payable and accrued expenses (174,616) 95,791
Net cash used in operating activities (1,900,495) (1,619,791)
Cash flows from financing activities:    
Payments on short-term notes payable (35,514) (33,947)
Proceeds from payment of stock subscription receivable 30,563  
Net cash used in financing activities (4,951) (33,947)
Net decrease in cash and cash equivalents (1,905,446) (1,653,738)
Operating cash flows from discontinued operations   (61,970)
Cash and cash equivalents at beginning of period 4,080,618 5,083,355
Cash and cash equivalents at end of period 2,175,172 3,367,647
Supplemental disclosure of cash flow information:    
Interest paid 801 771
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 31,985 49,395
Par value of restricted shares issued $ 160 $ 200