Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.8.0.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (6,731,525) $ (7,013,304)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 65,803 75,044
Loss on sale of fixed assets   3,126
Stock issued as compensation to non-employee directors 123,200 151,200
Stock-based compensation expense 437,278 487,218
Warrant issued in exchange for services 118,237  
Gain on sale of discontinued operations   (1,453,744)
Decrease in fair value of derivative liability (188,727)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (713,896) 229,338
Accounts payable and accrued expenses 525,777 446,037
Net cash used in operating activities (6,363,853) (7,075,085)
Cash flows from investing activities:    
Proceeds from sale of fixed assets   2,198
Purchase of property and equipment   (27,179)
Proceeds from payment of note receivable   250,000
Proceeds from sale of discontinued operations   1,450,000
Net cash provided by investing activities   1,675,019
Cash flows from financing activities:    
Proceeds from issuance of note payable to shareholder 2,400,000  
Payments on short-term notes payable (157,946) (158,100)
Net proceeds from issuance of convertible preferred stock and warrants 6,176,761  
Proceeds from payment of stock subscription receivable 30,563 1,969,437
Net proceeds from issuance of common stock   2,640,147
Net cash provided by financing activities 8,449,378 4,451,484
Net increase (decrease) in cash and cash equivalents 2,085,525 (948,582)
Operating cash flows from discontinued operations   (54,155)
Cash and cash equivalents at beginning of period 4,080,618 5,083,355
Cash and cash equivalents at end of period 6,166,143 4,080,618
Supplemental disclosure of cash flow information:    
Interest paid 4,495 4,116
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 172,047 161,125
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
Fair market value of 48,387 warrants issued for financial advisory services 118,237  
Par value of restricted shares forfeited   $ (20)
Series C Preferred Stock [Member] | Convertible Notes Payable [Member]    
Non-cash investing and financing activities:    
Debt converted to Series C preferred stock 2,400,000  
Series C Preferred Stock [Member] | Accounts Payable and Accrued Expenses [Member]    
Non-cash investing and financing activities:    
Debt converted to Series C preferred stock $ 984,799