Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (9,833,152) $ (6,074,999)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 57,526 57,978
Stock-based compensation 1,633,485 735,429
Amortization of debt discount 59 196
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (53,452) (22,599)
Accounts payable 388,721 (106,436)
Accrued liabilities 116,378 (22,933)
Accrued payroll and other compensation 55,492 230,391
Net cash used in operating activities (7,634,943) (5,202,973)
Cash flows from investing activities:    
Purchases of property and equipment (3,253) (88,915)
Capitalized patent costs (23,343)
Payment for security deposit (10,094) (16,318)
Purchases of investments (21,414,722) (14,093,162)
Proceeds from redemptions of investments 21,214,675 14,152,000
Net cash used in investing activities (236,737) (46,395)
Cash flows from financing activities:    
Proceeds from exercise of warrants 2,487,496 2,969,454
Repayment of note payable (205,260)
Proceeds from exercise of compensation options 731,085
Proceeds from stock option exercises 129,255 2,600
Proceeds from private offering, net 5,026,181
Net cash provided by financing activities 7,437,672 3,703,139
Net decrease in cash (434,008) (1,546,229)
Cash at beginning of year 3,257,458 4,803,687
Cash at end of year 2,823,450 3,257,458
Non-cash investing and financing activities:    
Subscription receivable from excercise of warrants 522,326
Cash paid:    
Income taxes paid 2,057 1,300
Interest paid $ 29,007