Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (2,119,397) $ (1,982,696)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,709 18,035
Stock issued as compensation to non-employee directors   53,516
Stock-based compensation expense 118,324 118,502
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 333,317 66,764
Accounts payable and accrued expenses 293,397 (174,616)
Net cash used in operating activities (1,366,650) (1,900,495)
Cash flows from financing activities:    
Payments on short-term notes payable (41,630) (35,514)
Proceeds from payment of stock subscription receivable   30,563
Net cash used in financing activities (41,630) (4,951)
Net decrease in cash and cash equivalents (1,408,280) (1,905,446)
Cash and cash equivalents at beginning of period 6,166,143 4,080,618
Cash and cash equivalents at end of period 4,757,863 2,175,172
Supplemental disclosure of cash flow information:    
Interest paid 4,495 801
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 28,915 31,985
Stock dividend on Series C preferred stock 58,670 $ 160
Par value of common stock issued in connection with Series A Preferred Stock Conversion 259  
Value of Series A preferred stock converted into common stock $ 268,096