Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (2,373,751) $ (12,331,637)
Reconciliation of net loss to net cash used in operating activities    
Depreciation 1,298 89,064
Amortization of intellectual property 44,125 109,841
Fair value of warrants issued for consulting services $ 713,745 64,726
Fair value of common stock issued for consulting services $ 97,800
Fair value of common stock issued as reimbursement for expenses paid by founders $ 39,837
Stock option based compensation $ 300,771
Increase in fair value of derivative liabilities $ 1,172,627 5,776,254
Amortization of debt discount $ 151,568 909,411
Amortization of deferred financing costs 5,113
Non-cash convertible note interest expense 214,088
Changes in operating assets and liabilities    
Prepaid expenses and other current assets $ (13,406) (95,199)
Accounts payable 40,306 3,151,807
Accrued expenses 77,881 $ 68,227
Deferred Income tax benefit $ (421,842)
Deferred rent $ 163,485
Net cash used in operating activities $ (567,612) (1,476,249)
Cash flows from investing activities:    
Increase in restricted cash (11,667,315)
Purchases of property and equipment $ (246,940) (7,782,548)
Deposits (3,853,702)
Other assets (1,593,531)
Intellectual property $ (13,678) (146,400)
Net cash used in investing activities $ (260,618) (25,043,496)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering costs $ 32,862,172
Proceeds from issuance of warrants $ 1,500
Proceeds from notes payable, net of issuance costs $ 9,261,639
Proceeds from convertible note payable $ 5,363,331
Net cash provided by financing activities 5,364,831 $ 42,123,811
Net increase in cash and cash equivalents $ 4,536,601 15,604,066
Cash and cash equivalents at beginning of period 4,536,601
Cash and cash equivalents at end of period $ 4,536,601 20,140,667
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 262 103,078
Cash paid for income taxes 1,600
Non-cash investing activities    
Tenant improvement allowances 869,262
Non-cash financing activities    
Fair value of consulting warrants $ 715,245 64,726
Fair value of financing warrants $ 881,359
Fair value of common stock issued for intellectual property, net of tax $ 637,158
Fair value of common stock issued to founders as reimbursement for expenses paid prior to inception $ 39,837
Fair value of common stock issued upon conversion of convertible notes and accrued interest $ 6,279,678
Increase in additional paid in capital upon extinguishment of beneficial conversion feature derivative liability 6,279,677
Fair value of common stock issued to consultants 97,800
Total non-cash financing activities $ 1,392,240 $ 13,603,240