Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (3,203,562) $ (2,375,500)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 35,707 36,465
Stock issued as compensation to non-employee directors 93,828 84,000
Stock-based compensation expense 200,938 159,566
Gain on sale of discontinued operations   (1,453,744)
Decrease in fair value of derivative liability (231,644)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (344,656) 146,863
Accounts payable and accrued expenses (216,119) (137,487)
Net cash used in operating activities (3,665,508) (3,539,837)
Cash flows from investing activities:    
Proceeds from sale of discontinued operations   1,250,000
Net cash provided by investing activities   1,250,000
Cash flows from financing activities:    
Payments on short-term notes payable (75,801) (77,969)
Net proceeds from issuance of convertible preferred stock and warrants 1,238,084  
Net proceeds from issuance of common stock   2,640,146
Proceeds from issuance of note payable to shareholder 2,400,000  
Proceeds from payment of stock subscription receivable 30,563  
Restricted cash (receipts) released, net (1,919,030)  
Net cash provided by financing activities 1,673,816 2,562,177
Net increase (decrease) in cash and cash equivalents (1,991,692) 272,340
Operating cash flows from discontinued operations   101,749
Cash and cash equivalents at beginning of period 4,080,618 5,083,355
Cash and cash equivalents at end of period 2,088,926 5,457,444
Supplemental disclosure of cash flow information:    
Interest paid 1,605 885
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 31,985 49,395
Short-term note receivable from stockholder in exchange for the issuance of common stock   (2,000,000)
Par value of restricted shares issued $ 160 230
Par value of restricted shares forfeited   (20)
Short-term note receivable from sale of discontinued operations   $ 450,000