Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net Loss $ (3,379,688) $ (3,543,078)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 405,605 593,732
Amortization of debt discount 1,433,763 643,868
Accrued interest on convertible notes 15,831  
Loss on disposition of assets 3,343 0
Depreciation and amortization 5,249 9,803
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 14,507 14,414
Accounts payable and accrued expenses 27,554 (4,403)
Accounts payable - license agreements 140,625 137,813
Accounts payable and accrued expenses - related parties (47,599) (52,610)
Deposits and other current liabiilities (20,500) 0
Net cash used in operating activities (1,401,310) (2,200,461)
Cash flows from investing activities    
Purchase of equipment (5,285) (12,914)
Net cash used in investing activities (5,285) (12,914)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 1,442,769 475,500
Net proceeds from exercise of warrants and options 0 50,000
Net cash provided by financing activities 1,442,769 525,500
Net increase (decrease) in cash 36,174 (1,687,875)
Cash, beginning of period 349,186 2,247,557
Cash, end of period 385,360 559,682
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0 0
Cash paid during the year for: Income taxes 0 0
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock 1,367,044 602,800
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,442,769 $ 470,945