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 ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,675,255) $ (7,814,290)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 5,241 5,341
Amortization of debt discount 0 585,324
Change in derivative liabilities 824,858 (198,563)
Equity based compensation 5,141,770 5,341,374
Changes in operating assets and liabilities:    
Prepaid expenses (110,235) (107,122)
Accounts payable 46,963 (287,496)
Stock based payable 0 (93,621)
Deferred rent payable 533 0
Net cash used in operating activities (2,766,125) (2,569,053)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (5,555) (8,971)
Payment of long term deposit 0 (2,612)
Net cash used in investing activity (5,555) (11,583)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 2,523,787 3,042,213
Proceeds from sale of Series C preferred stock 0 450,000
Proceeds from exercise of options 0 20,900
Proceeds from exercise of warrants 0 24,981
Net cash provided by financing activities 2,523,787 3,538,094
Net (decrease) increase in cash and cash equivalents (247,893) 957,458
Cash and cash equivalents, beginning of the period 953,234 239,781
Cash and cash equivalents, end of the period 705,341 1,197,239
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 0 1,298
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 of Series C Preferred Stock and accrued dividends $ 465,355 $ 1,400,810