Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flow

v3.7.0.1
Consolidated Statements of Cash Flow - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (7,598,737) $ (9,135,400)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 52,644 43,502
Deferred rent 2,260 9,225
Share based compensation expense 1,518,897 1,592,367
Changes in operating assets and liabilities, net of amounts acquired:    
Grant receivable 0 45,643
Prepaid expenses 189,694 (111,588)
Other assets (480,759) 100,621
Accounts payable (22,240) (73,726)
Accrued expenses - other liabilities 219,518 (285,047)
Net cash used in operating activities (6,118,723) (7,814,403)
Cash flows from investing activities:    
Equipment purchases 0 (76,179)
Acquisition of Aquarius, net of cash acquired 0 70,754
Net cash used in investing activities 0 (5,425)
Cash flows from financing activities:    
Proceeds from issuance of preferred shares and warrants 8,000,000 0
Preferred stock issuance cost (1,157,603) 0
Proceeds from common stock issued for cash 0 10,000,000
Common stock issuance cost 0 (1,485,496)
Proceeds from exercise of warrants 315,001 0
Payment capital lease liability (15,943) (48,392)
Payment of note payable (144,278) (10,000)
Net cash provided by financing activities 6,997,177 8,456,112
Net increase in cash and cash equivalents 878,454 636,284
Cash and cash equivalents at beginning of year 3,226,997 2,590,713
Cash and cash equivalents at end of year 4,105,451 3,226,997
Supplemental non-cash financing and investing activities:    
Stock consideration for Aquarius merger 0 2,119,689
Deemed dividend for convertible preferred stock beneficial conversion feature 4,393,809 0
Note Payable for insurance premiums 262,324 0
Equipment acquired under capital lease 31,064 0
Contingent equity consideration for Aquarius merger $ 0 $ 753,346