v3.10.0.1
CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (11,554,686) $ (8,151,736)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 8,806 8,900
Equipment distribution as officer compensation 0 3,210
Change in derivative liabilities 0 320,131
Equity based compensation 4,342,906 1,139,481
Fair value of issued warrant to acquire research and development 0 543,927
Changes in operating assets and liabilities:    
Prepaid expenses (29,349) (16,219)
Security deposit (44,619) 8,139
Accounts payable and accrued expenses (10,783) 930,110
Deferred rent payable 1,404 (1,609)
Net cash used in operating activities (7,286,321) (5,215,666)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments of patent costs (227,846) 0
Payment of trademark costs (850) 0
Purchase of property and equipment (21,674) (6,788)
Net cash used in investing activity (250,370) (6,788)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 9,139,721 4,120,904
Proceeds from sale of Series E preferred stock 1,492,969 0
Proceeds from exercise of warrants 2,020,342 0
Proceeds from exercise of options 615,600 0
Proceeds from common stock subscription 0 279,940
Net cash provided by financing activities 13,268,632 4,400,844
Net increase (decrease) in cash and cash equivalents 5,731,941 (821,610)
Cash and cash equivalents, beginning of the period 1,547,579 1,055,895
Cash and cash equivalents, end of the period 7,279,520 234,285
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 0 0
Cash paid during the period for income taxes 0 0
Series C Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 744,459 116,868
Series D Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 540,271 0
Series E Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 196,875  
Embedded Derivative Financial Instruments [Member]    
Non cash investing and financing activities:    
Reclassify of derivative liability to equity 0 20,757
Upon Adoption of ASU 2017-11 [Member]    
Non cash investing and financing activities:    
Reclassify of derivative liability to equity $ 3,044,162 $ 0

Source