Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities    
Net Loss $ (1,207,392) $ (1,174,337)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 127,255 228,352
Issuance of common stock for services 16,000 0
Amortization of debt discount 488,435 47,608
Accrued interest expense 5,277 0
Loss on disposition of assets 3,343 0
Depreciation and amortization 1,923 3,213
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,001) 23,101
Accounts payable and accrued expenses 19,498 5,879
Accounts payable - license agreements 46,875 11,719
Accounts payable and accrued expenses - related parties (16,147) (15,815)
Net cash used in operating activities (518,934) (870,280)
Cash flows from investing activities    
Purchase of equipment 0 (12,914)
Net cash used in investing activities 0 (12,914)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 762,468 0
Net proceeds from exercise of warrants and options 0 50,000
Net cash provided by financing activities 762,468 50,000
Net increase (decrease) in cash 243,534 (833,194)
Cash, beginning of period 349,186 2,247,557
Cash, end of period 592,720 1,414,363
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 478,905 52,800
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 762,468 $ 0