Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (4,338,507) $ (9,491,924)
Adjustments to reconcile net loss to net cash used in operating activities:    
Technology access fee paid in convertible note payable to shareholder 3,126 5,000,000
Depreciation and amortization 55,402 52,540
Loss on sale of fixed assets   (1,280)
Stock issued as compensation to non-employee directors 84,000 198,000
Stock-based compensation expense 384,992 461,029
Gain on sale of discontinued operations (1,453,744)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 198,557 106,421
Accounts payable and accrued expenses (44,850) 147,294
Net cash used in operating activities (5,111,024) (3,527,920)
Cash flows from investing activities:    
Proceeds from sale of fixed assets 2,198 1,280
Purchase of property and equipment (27,179) (102,511)
Proceeds from payment of note receivable 450,000  
Proceeds from sale of discontinued operations 1,250,000  
Net cash provided by or (used in) investing activities 1,675,019 (101,231)
Cash flows from financing activities:    
Payments on short-term notes payable (112,770) (113,792)
Proceeds from payment of stock subscription receivable 984,666  
Net proceeds from issuance of common stock 2,640,146  
Net cash provided by or (used in) financing activities 3,512,042 (113,792)
Net increase (decrease) in cash and cash equivalents 76,037 (3,742,943)
Cash flows from discontinued operations (42,761) 32,756
Cash and cash equivalents at beginning of period 5,083,355 10,448,921
Cash and cash equivalents at end of period 5,116,631 6,738,734
Supplemental disclosure of cash flow information:    
Interest paid 2,769 1,230
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 161,125 158,462
Short-term note receivable from stockholder in exchange for the issuance of common stock (2,000,000)  
Par value of restricted shares issued 230 200
Par value of common stock issued for cashless exercise of warrants   $ 99
Par value of restricted shares forfeited $ (20)