Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,865,621) $ (3,571,635)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 7,712 9,082
Amortization of hybrid debt instrument discount 0 139,846
Non-cash interest expense 0 104,760
Share-based payments 650,275 477,888
Warrant expense for services (15,346) (249,218)
Vendor share-based payments 31,068 57,790
Change in fair value of derivative liability 0 (136,014)
Loss on issuance of hybrid debt instruments 0 1,584,218
Changes in operating assets and liabilities:    
Accounts receivable 3,000,000 0
Prepaid expenses and other assets (584,556) (43,931)
Accounts payable, accrued expenses and other liabilities 57,277 (147,719)
Net cash provided by (used in) operating activities 280,809 (1,774,933)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (5,429) (14,613)
Net cash used in investing activities (5,429) (14,613)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of debt 0 3,500,000
Payments on loan from related party 0 (237,048)
Net cash provided by financing activities 0 3,262,952
Net change in cash, excluding restricted cash 275,380 1,473,406
Cash at beginning of period 4,048,131 132,229
Cash at end of period 4,323,511 1,605,635
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 599 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Interest paid in common stock 0 70,813
Issuance of warrants in connection with debt 0 1,701,214
Recording of derivative liability in connection with debt 0 3,346,423
Reclassification of common shares issuable to accounts payable 65,977 0
Conversion of Series B preferred stock to common stock 120 0
Issuance of common stock for promissory note converted in 2016 $ 125 $ 0