Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (7,013,304) $ (11,711,333)
Adjustments to reconcile net loss to net cash used in operating activities:    
Technology access fee paid in convertible note payable to shareholder   5,000,000
Depreciation and amortization 75,044 71,152
(Gain) loss on sale of fixed assets 3,126 (1,280)
Stock issued as compensation to non-employee directors 151,200 264,000
Stock-based compensation expense 487,218 770,704
Gain on sale of discontinued operations (1,453,744)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 229,338 68,573
Accounts payable and accrued expenses 446,037 348,694
Net cash used in operating activities (7,075,085) (5,189,490)
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 250,000  
Proceeds from sale of discontinued operations 1,450,000  
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 (158,100) (159,950)
Proceeds from payment of stock subscription receivable 1,969,437  
Net proceeds from issuance of common stock 2,640,147  
Net cash provided by or (used in) financing activities 4,451,484 (159,950)
Net decrease in cash and cash equivalents (948,582) (5,450,671)
Operating cash flows from discontinued operations (54,155) 85,105
Cash and cash equivalents at beginning of period 5,083,355 10,448,921
Cash and cash equivalents at end of period 4,080,618 5,083,355
Supplemental disclosure of cash flow information:    
Interest paid 4,116 5,241
Non-cash investing and financing activities:    
Conversion of convertible note payable and accrued interest to common shares   5,071,506
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)