Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (272,325) $ (9,964,555)
Reconciliation of net loss to net cash used in operating activities    
Depreciation 0 53,921
Amortization of intellectual property 17,650 $ 80,608
Fair value of common stock issued as reimbursement for expenses paid by founders $ 39,837
Stock based compensation expense   $ 174,705
Change in fair value of derivative liabilities 5,776,255
Amortization of debt discount 909,411
Non cash interest expense   214,089
Changes in operating assets and liabilities    
Inventory (342,019)
Prepaid expenses and other current assets $ (25,823) (353,880)
Accounts payable 37,877 647,528
Accrued expenses $ 2,877 56,978
Deferred liabilities 74,895
Net cash used in operating activities $ (199,907) (2,672,064)
Cash flows from investing activities:    
Purchases of property and equipment $ (40,924) (1,793,196)
Deposits (3,052,635)
Other assets (593,347)
Application fees for intellectual property (6,826)
Net cash used in investing activities $ (40,924) (5,446,004)
Cash flows from financing activities:    
Issuance of common stock, net of offering costs $ 32,862,172
Increase in convertible note payable $ 500,000
Net cash provided by financing activities 500,000 $ 32,862,172
Net increase in cash and cash equivalents 259,169 24,744,103
Cash and cash equivalents at beginning of period   4,536,601
Cash and cash equivalents at end of period $ 259,169 29,280,704
Suplemental disclosure of cash flow information:    
Cash paid for interest 2,590
Cash paid for taxes $ 2,400
Non-cash financing activities    
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
Fair value of common stock issued upon extinguishment of beneficial conversion feature derivative liability.   6,279,677
Total non-cash financing activities $ 39,837 $ 12,559,355