Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (2,232,110) $ (1,216,300)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 15,989 12,273
Stock-based compensation 414,513 123,646
Amortization of debt discount 59 49
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (61,183) (35,490)
Accounts payable 281,231 90,975
Accrued liabilities 28,687 (73,016)
Accrued payroll and other compensation (265,417) (94,072)
Net cash used in operating activities (1,818,231) (1,191,935)
Cash flows from investing activities:    
Purchases of property and equipment (8,422)
Payment for security deposit (2,152)
Purchases of investments (5,327,361) (4,008,518)
Proceeds from redemptions of investments 4,433,000 4,742,000
Net cash (used in) provided by investing activities (894,361) 722,908
Cash flows from financing activities:    
Proceeds from exercise of warrants 2,404,993
Repayment of note payable (102,630)
Proceeds from exercise of compensation options 6,650
Proceeds from exercise of employee stock options 19,825 2,600
Net cash provided by financing activities 2,322,188 9,250
Net decrease in cash (390,404) (459,777)
Cash at beginning of period 3,257,458 4,803,687
Cash at end of period 2,867,054 4,343,910
Supplemental disclosure of cash flow information:    
Income taxes paid 1,300
Interest paid $ 12,418