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 $ (2,174,334) $ (4,898,650)
Reconciliation of net loss to net cash used in operating activities    
Depreciation 77,762 3,846
Amortization of intellectual property 30,850 $ 26,817
Fair value of warrants issued for consulting services 15,476
Stock option compensation $ 208,184
Increase in fair value of derivative liabilities $ 3,896,079
Amortization of debt discount   $ 227,353
Amortization of deferred financing costs $ 8,997
Changes in operating assets and liabilities    
Inventory $ (149,250)
Prepaid expenses and other current assets $ (18,396) (20,078)
Accounts payable 88,763 49,717
Accrued expenses 84,778 $ 116,956
Deferred rent 77,941
Net cash used in operating activities (1,599,979) $ (747,210)
Cash flows from investing activities:    
Decrease in restricted cash 1,130,541
Purchases of property and equipment (3,274,036) $ (103,587)
Deposits (1,121,302)
Intellectual property related expenditures (27,776)
Net cash used in investing activities (3,292,573) $ (103,587)
Cash flows from financing activities:    
Payments on capital leases (4,008)
Net cash used in financing activities (4,008)
Net decrease in cash and cash equivalents (4,896,560) $ (850,797)
Cash and cash equivalents at beginning of period 20,140,667 4,536,601
Cash and cash equivalents at end of period 15,244,107 $ 3,685,804
Non-cash investing activities    
Tenant improvement allowances 947,446
Non-cash financing activities    
Capital lease 100,562
Supplemental disclosure of non-cash transactions    
Increase in property and equipment resulting from increase in accounts payable 1,790,234
Increase in property and equipment resulting from increase in accrued expenses 1,046,490
Increase in deposits resulting from increase in accounts payable 1,275,776
Decrease in restricted cash resulting from a decrease in accounts payable $ 2,644,069