Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (51,342,797) $ (3,556,387)
Adjustments to reconcile net loss to net cash used in operating activities:    
IPR&D expense 39,500,000 0
Depreciation and amortization 18,164 38,828
Amortization of hybrid debt instrument discount 204,003 0
Non-cash interest expense 142,929 0
Share-based payments 899,621 144,495
Warrant expense for services 1,118,642 92,703
Change in fair value of derivative liability (1,905,289) 0
Loss on issuance of hybrid debt instrument 1,584,218 0
Loss on conversion of debt 6,187,337 0
Foreign currency translation 0 344,676
Other non-cash transactions 0 (129,328)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 36,990 148,580
Accounts payable, accrued expenses and other liabilities 421,823 686,597
Net cash used in operating activities (3,134,359) (2,229,836)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (14,613) (1,663)
Disposition of property and equipment 0 6,245
Net cash (used in) provided by investing activities (14,613) 4,583
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of promissory note 3,500,000 100,000
Payments on loan from related party (242,471) 0
Net cash provided by financing activities 3,257,529 100,000
Effect of exchange rate change on cash 0 (80,668)
Net change in cash, excluding restricted cash 108,557 (2,205,921)
Cash at beginning of period 132,229 2,507,401
Cash at end of period 240,786 301,480
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Convertible debt paid in common stock 6,500,000 0
Interest paid in common stock 227,829 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