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, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net loss $ (3,543,078) $ (3,127,640)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 593,732 596,917
Amortization of debt discount 643,868 0
Depreciation and amortization 9,803 10,368
Changes in operating assets and liabilities:    
Accounts receivable 0 (60,000)
Prepaid expenses and other current assets 15,064 7,604
Other assets (650) 0
Accounts payable and accrued expenses (4,403) (141,857)
Accounts payable - license agreements 137,813 140,644
Accounts payable and accrued expenses - related parties (52,610) (334,654)
Net cash used in operating activities (2,200,461) (2,908,618)
Cash flows from investing activities    
Purchase of equipment (12,914) 0
Net cash used in investing activities (12,914) 0
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 475,500 0
Net proceeds from exercise of warrants and options 50,000 1,413,284
Net cash provided by financing activities 525,500 1,413,284
Net decrease in cash (1,687,875) (1,495,334)
Cash, beginning of period 2,247,557 4,137,068
Cash, end of period 559,682 2,641,734
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    
Common stock issued on conversion of convertible debentures 602,800 0
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 470,945 $ 0