XML 26 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flow - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating activities:    
Net loss $ (1,364,518) $ (18,036,619)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 67,981 25,342
Loss on sale or disposal of assets 6,761
Stock-based compensation expense 1,240,551 1,391,068
Common stock issued for advisory services 50,000 1,409,363
Warrant related expense, change in fair value, and other financing expenses (8,976,250)
Abandonment of in-process research and development intangible asset 951,000
Change in deferred income taxes (1,055,685) (364,796)
Settlement of litigation matter 2,500,000
Non-cash interest expense, net 33,517 38,446
Changes in operating assets and liabilities:    
Prepaid expenses, deposits and other assets (664,162) 319,545
Accounts payable, accrued expenses and other liabilities (1,663,789) 991,625
Net cash used in operating activities (12,332,355) (10,768,265)
Cash flows (used in) provided by investing activities:    
Purchases of property and equipment (447,823) (2,331)
Purchases of certificates of deposit (10,000,000)
Maturities of certificates of deposit 10,000,000
Cash received in reverse merger transaction 8,500,602
Net cash (used in) provided by investing activities (447,823) 8,498,271
Cash flows provided by financing activities:    
Proceeds from the sale of Series A convertible preferred stock and warrants, net 22,129,774
Proceeds from the issuance of convertible debt 1,880,000
Repayment of convertible debt (1,880,000)
Payment of offering costs (125,980) (54,346)
Net cash provided by financing activities 20,123,794 1,825,654
Net increase (decrease) in cash and cash equivalents 7,343,616 (444,340)
Cash and cash equivalents at beginning of year 1,552,852 1,997,192
Cash and cash equivalents at end of year 8,896,468 1,552,852
Supplemental disclosure of cash flow information:    
Cash paid for interest 112,800
Supplemental disclosure of non-cash investing and financing activities:    
Reclassification of the fair market value of the Series A warrants 13,153,524
Series A cumulative preferred dividends 1,252,394  
Conversion of accrued dividends related to convertible preferred stock 190,080  
Offering costs in accounts payable and accrued expenses 146,776 126,110
Conversion of convertible notes and related accrued interest into common stock 711,495
Consideration in connection with RestorGenex Corporation merger transaction 21,261,000
Series A Preferred Stock [Member]    
Supplemental disclosure of non-cash investing and financing activities:    
Series A cumulative preferred dividends 1,252,394
Conversion of accrued dividends related to convertible preferred stock 1,100,000  
Convertible Preferred Stock [Member]    
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of accrued dividends related to convertible preferred stock $ 190,080