Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (unaudited)

v3.5.0.2
Condensed Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (2,744,122) $ (1,648,795)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 25,512 7,875
Stock-based compensation 333,301 216,205
Amortization of debt discount 98 98
Changes in operating assets and liabilities:    
Restricted cash 4,055
Prepaid expenses and other current assets (49,278) (86,634)
Accounts payable 43,131 (65,386)
Accrued liabilities (29,002) (204,106)
Accrued payroll and other compensation 12,936 (22,706)
Net cash used in operating activities (2,407,424) (1,799,394)
Cash flows from investing activities:    
Purchases of property and equipment (35,913) (212,679)
Payment for security deposit (6,601) (16,612)
Purchases of investments (6,583,937) (6,243,714)
Proceeds from redemptions of investments 8,649,000 1,498,000
Net cash provided by (used in) investing activities 2,022,549 (4,975,005)
Cash flows from financing activities:    
Deferred offering costs (35,811)
Proceeds from exercise of warrants 712,246  
Proceeds from stock option exercises 2,600
Proceeds from exercise of compensation options 496,376 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 1,211,222 12,973,221
Net increase in cash and cash equivalents 826,347 6,198,822
Cash and cash equivalents at beginning of period 4,803,687 1,194,492
Cash and cash equivalents at end of period 5,630,034 7,393,314
Non-cash investing and financing activities:    
Reclassification of deferred offering costs to equity 785,197
Conversion of Series B Preferred Stock to Common Stock 5,400,000
Supplemental disclosure of cash flow information:    
Interest paid
Income taxes paid $ 1,300 $ 1,425