Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net loss $ (5,697,975) $ (1,199,568)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,026 1,292
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 244,111 113,400
Fair value adjustment on common stock warrants (223,172) (876,753)
Stock-based compensation 1,144,856 25,452
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 (57,481) 6,635
Refundable tax credit receivable 1,062 8,810
Other assets 189 (718)
Accounts payable (407,819) 261,965
Deferred revenue 1,000,000 0
Accrued expenses (579,179) 944,245
Net cash used in operating activities (2,910,509) (514,482)
Investing activities:    
Restricted cash (20,000) 0
Net cash used in investing activities (20,000) 0
Financing activities    
Proceeds from convertible notes payable 0 1,471,374
Exercise of common stock options 18,543 6,500
Proceeds from public offerings 14,101,260 0
Offering costs (1,479,202) (1,189,084)
Payments grants payable (32,628) 0
Net cash provided by financing activities 12,607,973 288,790
Effect of exchange rate changes on cash 74,938 35,618
Net increase (decrease) in cash 9,752,402 (190,074)
Cash, beginning of period 167,001 501,172
Cash, end of period 9,919,403 311,098
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   $ 1,364,753