Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,436,623) $ (5,864,755)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 7,948 12,462
Amortization of debt discount 585,324 593,770
Change in derivative liabilities (3,050,318) 0
Equity based compensation 6,907,423 3,962,001
Changes in operating assets and liabilities:    
Prepaid expenses (8,141) (15,700)
Accounts payable (213,754) (222,424)
Stock based payable (226,305) 0
Deferred rent payable 2,713 (1,212)
Net cash used in operating activities (3,431,733) (1,535,858)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (8,971) (3,963)
Payment of long term deposit (2,612) 0
Net cash used in investing activity (11,583) (3,963)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 3,042,213 1,537,292
Proceeds from sale of Series C Preferred Stock 450,000 0
Proceeds from exercise of options 20,900 0
Proceeds from exercise of warrants 24,981 0
Net repayments of related party advances 0 (30,781)
Net cash provided by financing activities 3,538,094 1,506,511
Net increase (decrease) in cash and cash equivalents 94,778 (33,310)
Cash and cash equivalents, beginning of the period 239,781 302,187
Cash and cash equivalents, end of the period 334,559 268,877
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 1,298 0
Cash paid during the period for income taxes 0 0
Stock Issued for Future Related Party Services [Member]    
Non-cash investing and financing activities:    
Stock Issued 0 85,000
Stock Issued for Settlement of Related Party Accounts Payable [Member]    
Non-cash investing and financing activities:    
Stock Issued 0 65,000
Series A Preferred Stock [Member]    
Non-cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 0 1,063,331
Series B Preferred Stock [Member]    
Non-cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 0 997,526
Series C Preferred Stock [Member]    
Non-cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends $ 1,654,811 $ 0