Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (4,400,686) $ (3,203,562)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,016 35,707
Stock issued as compensation to non-employee directors 24,320 93,828
Stock-based compensation expense 200,310 200,938
Decrease in fair value of derivative liability   (231,644)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (201,496) (344,656)
Accounts payable and accrued expenses 719,077 (216,119)
Net cash used in operating activities (3,647,459) (3,665,508)
Cash flows from financing activities:    
Payments on short-term notes payable (88,481) (75,801)
Net proceeds from issuance of common stock and warrants 1,510,327  
Net proceeds from issuance of convertible preferred stock and warrants   1,238,084
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 1,421,846 1,673,816
Net decrease in cash and cash equivalents (2,225,613) (1,991,692)
Cash and cash equivalents at beginning of period 6,166,143 4,080,618
Cash and cash equivalents at end of period 3,940,530 2,088,926
Supplemental disclosure of cash flow information:    
Interest paid 1,501 1,605
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 28,915 31,985
Par value of restricted stock issued 16 $ 160
Stock dividend on Series C preferred stock 58,670  
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