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 ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net Loss $ (2,344,492) $ (2,717,281)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 266,916 427,172
Issuance of common stock issued for services 33,000 0
Amortization of debt discount 922,327 617,882
Accrued interest expense 0 0
Loss on disposition of assets 3,343 0
Depreciation and amortization 3,680 6,543
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,949 18,788
Accounts payable and accrued expenses 49,441 21,948
Accounts payable - license agreements 93,750 90,938
Accounts payable and accrued expenses - related parties (31,579) (38,693)
Deposits and other current liabiilities 79,500 0
Net cash used in operating activities (921,165) (1,572,703)
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 904,769 475,500
Net proceeds from exercise of warrants and options 0 50,000
Net cash provided by financing activities 904,769 525,500
Net decrease in cash (21,681) (1,060,117)
Cash, beginning of period 349,186 2,247,557
Cash, end of period 327,505 1,187,440
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 905,044 602,800
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 904,769 $ 470,945