Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities    
Net loss $ (4,342,439) $ (1,549,826)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 684 943
Non-cash interest expense charge on beneficial conversion feature on notes 1,663,873 0
Non-cash interest expense on accounting of the debt discount 244,111 14,400
Fair value adjustment on common stock warrants (223,172) 5,000
Stock-based compensation 775,295 24,089
Loss on cancellation of shareholders’ note receivable and related accrued interest receivable 0 200,758
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (107,206) (371)
Refundable tax credit receivable 798 (33,315)
Other assets 327 (582)
Accounts payable (228,337) 215,932
Accrued expenses (524,986) 638,693
Net cash used in operating activities (2,741,052) (484,279)
Investing activities:    
Restricted cash (20,000) 0
Net cash used in investing activities (20,000) 0
Financing activities    
Proceeds from convertible notes payable 0 932,829
Exercise of common stock options 14,948 0
Proceeds from initial public offering 4,099,500 0
Offering costs (293,381) (540,834)
Payments grants payable (32,628) 0
Net cash provided by financing activities 3,788,439 391,995
Effect of exchange rate changes on cash 79,577 (7,067)
Net increase (decrease) in cash 1,106,964 (99,351)
Cash, beginning of period 167,001 501,172
Cash, end of period 1,273,965 401,821
Supplemental disclosure of noncash investing and financing activities    
Conversion of non-controlling interests to common stock 6,818,732 0
Conversion of preferred stock into common stock 36,408,666 0
Exercise of common warrants 97 0
Conversion of promissory notes and accrued interest into common stock 3,532,694 0
Deemed dividend on conversion of preferred stock 8,222,008  
Application of deferred offering costs on IPO 1,148,994  
Warrant liability reclassed to stockholders’ equity $ 79,930  
Warrants issued to related parties in conjunction with issuance of amended convertible notes   $ 1,147,000