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, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,212,420) $ (7,436,623)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 7,811 7,948
Amortization of debt discount 0 585,324
Change in derivative liabilities 807,087 (3,050,318)
Equity based compensation 5,453,240 6,907,423
Changes in operating assets and liabilities:    
Prepaid expenses (103,222) (8,141)
Accounts payable 202,534 (213,754)
Stock based payable 0 (226,305)
Deferred rent payable 417 2,713
Net cash used in operating activities (3,844,553) (3,431,733)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (12,095) (8,971)
Payment of long term deposit 0 (2,612)
Net cash used in investing activity (12,095) (11,583)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 3,053,868 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 3,053,868 3,538,094
Net (decrease) increase in cash and cash equivalents (802,780) 94,778
Cash and cash equivalents, beginning of the period 953,234 239,781
Cash and cash equivalents, end of the period 150,454 334,559
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 $ 1,654,811