Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net Loss $ (4,228,954) $ (4,006,335) $ (10,657,009)
Adjustments to reconcile net loss to net cash used in operating activities:      
Settlement of litigation and debt 0 0 (346)
Share based compensation expense 728,577 730,726 4,865,658
Issuance of common stock for services 0 0 49,000
Issuance of common stock as settlement 0 0 3,108,347
Interest added to convertible notes 21,188 0 0
Amortization of debt discounts 701,654 39,619 0
Change in fair value of derivative liabilities 0 0 220,614
Gain on extinguishment of derivative liabilities 0 0 (3,441,752)
Gain on disposition of assets 0 0 (41,923)
Depreciation and amortization 13,062 13,825 15,399
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 21,629 (15,295) 10,202
Other assets (650) 0 4,500
Accounts payable and accrued expenses 32,106 (107,577) (43,408)
Accounts payable - license agreements 184,688 219,863 (130,400)
Accounts payable and accrued expenses - related parties (68,757) (402,521) 128,750
Net cash used in operating activities (2,595,457) (3,527,695) (5,912,368)
Cash flows from investing activities      
Purchase of equipment (12,914) 0 (7,573)
Proceeds from sale of equipment 0 0 27,000
Net cash provided by (used) in investing activities (12,914) 0 19,427
Cash flows from financing activities      
Net proceeds from issuance of convertible notes and warrants 660,000 254,900 0
Net proceeds from exercise of warrants and options 50,000 1,383,284 8,428,218
Net cash provided by financing activities 710,000 1,638,184 8,428,218
Net decrease in cash (1,898,371) (1,889,511) 2,535,277
Cash, beginning of period 2,247,557 4,137,068 1,601,791
Cash, end of period 349,186 2,247,557 4,137,068
Supplemental disclosures of cash flow information      
Cash paid during the year for: Interest 0 0 260
Cash paid during the year for: Income taxes 0 0 0
Non-cash investing and financing activities      
Conversion of convertible debentures to common stock 668,800 35,750 0
Exercise of options and warrants applied to accounts payable 0 0 49,000
Fair value of warrants issued to settle payables $ 0 $ 30,000 $ 129,622
Receivable from sale of equipment 0 0 27,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 630,945 $ 119,671 $ 0