Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,571,635) $ (2,431,229)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 9,082 163,289
Amortization of hybrid debt instrument discount 139,846 0
Non-cash interest expense 104,760 0
Share-based payments 535,678 147,228
Warrant expense for services (249,218) 0
Change in fair value of derivative liability (136,014) 0
Loss on issuance of hybrid debt instrument 1,584,218 0
Prepaid expenses and other assets (43,931) (97,346)
Accounts payable, accrued expenses and other liabilities (147,719) 181,782
Net cash used in operating activities (1,774,933) (2,036,276)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (14,613) 0
Disposition of property and equipment 0 6,245
Net cash provided by (used in) investing activities (14,613) 6,245
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of debt 3,500,000 0
Payments on loan from related party (237,048) 0
Net cash provided by financing activities 3,262,952 0
Effect of exchange rate change on cash 0 459,218
Net change in cash, excluding restricted cash 1,473,406 (1,570,813)
Cash at beginning of period 132,229 2,507,401
Cash at end of period 1,605,635 936,588
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 1,126
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Interest paid in common stock 70,813 0
Non-cash issuance of warrants in connection with debt 1,701,214 0
Non-cash recording of derivative liability in connection with debt $ 3,346,423 $ 0