Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (unaudited)

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Condensed Statements of Cash Flows (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (1,216,300) $ (781,265)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,273 550
Stock-based compensation 123,646 145,514
Amortization of debt discount $ 49 49
Changes in operating assets and liabilities:    
Restricted cash 4,055
Prepaid expenses and other current assets $ (35,490) (63,512)
Accounts payable 90,975 (125,589)
Accrued liabilities (73,016) (97,120)
Accrued payroll and other compensation (94,072) (28,140)
Net cash used in operating activities (1,191,935) (945,458)
Cash flows from investing activities:    
Purchases of property and equipment (8,422) (12,278)
Payment for security deposit (2,152) (15,207)
Purchases of investments (4,008,518) $ (3,247,509)
Proceeds from redemptions of investments 4,742,000
Net cash provided by (used in) investing activities $ 722,908 $ (3,274,994)
Cash flows from financing activities:    
Deferred offering costs $ (30,321)
Proceeds from stock option exercises $ 2,600
Proceeds from exercise of compensation options $ 6,650 $ 55,548
Proceeds from initial public offering, net 10,253,484
Proceeds from conversion of private placement puts 2,700,000
Net cash provided by financing activities $ 9,250 12,978,711
Net (decrease) increase in cash and cash equivalents (459,777) 8,758,259
Cash and cash equivalents at beginning of period 4,803,687 1,194,492
Cash and cash equivalents at end of period $ 4,343,910 9,952,751
Non-cash investing and financing activities:    
Reclassification of deferred offering costs to equity 785,197
Conversion of Series B Preferred Stock to Common Stock $ 5,400
Supplemental disclosure of cash flow information:    
Interest paid
Income taxes paid $ 1,300 $ 1,425