XML 25 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net loss $ (4,270,088) $ (696,880)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation expense 1,702 132
Stock-based compensation 272,680  
Loss on the issuance of Preferred Stock Units 3,124,285  
Change in fair value of Series A Warrants (786,397)  
Change in fair value of derivative liability (224,065)  
Changes in operating assets and liabilities:    
Prepaid fee to related party (25,000) (25,000)
Prepaid expenses and other current assets 13,647 (57,089)
Accounts payable (15,205) 190,389
Accrued expenses and other current liabilities 83,334 69,760
Net cash flows used in operating activities (1,825,107) (518,688)
Cash flows from investing activities    
Purchase of equipment (5,301) (12,528)
Net cash flows used in investing activities (5,301) (12,528)
Cash flows from financing activities    
Proceeds from issuance of Preferred Stock Units 2,537,012  
Payment of offering costs (388,628)  
Proceeds from common stock issued upon exercise of warrants 2,000  
Net cash flows provided by financing activities 2,150,384  
Net increase (decrease) in cash 319,976 (531,216)
Cash, beginning of period 585,680 767,268
Cash, end of period 905,656 $ 236,052
Supplemental non-cash financing activities    
Fair value of Series A Warrants on issuance dates (aggregate) 4,050,706  
Fair value of derivative liability on issuance dates (aggregate) $ 1,221,963