XML 42 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2014
Jun. 30, 2015
Dec. 31, 2013
Cash flows from operating activities      
Net Loss $ (21,335,988) $ (20,803,596) $ (19,871,908)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation expense 2,330 9,256 373
Common stock issued for services 8,714 1,180,410 3,766,918
Stock-based compensation 10,319,137 $ 796,952 382,343
Amortization of debt discount 327,776   118,639
Amortization of deferred financing costs 78,724   69,546
Loss on change in fair value of derivative liabilities 7,954,970 $ 3,710,277 12,877,675
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (89,983) (1,209,458) 160,283
Accounts payable 565,779 89,187 (57,102)
Accrued expenses 4,287 244 315,704
Net cash used in operating activities (2,164,254) (16,226,728) (2,237,529)
Cash flows from investing activities      
Purchase of fixed assets (3,673) (23,326) (8,871)
Net cash used in investing activities $ (3,673) $ (23,326) (8,871)
Cash flows from financing activities      
Proceeds from sale of Series A preferred stock and warrants     $ 3,494,428
Proceeds from sale of common stock and warrants, net of fees $ 22,229,321    
Proceeds from sale of common and Class A Series A preferred stock, pursuant to Share Exchange $ 2,000,000    
Proceeds from exercise of A warrants, net of fees   $ 13,423,838  
Proceeds from warrant exercises from consultants and Series A preferred stock warrant holder   25,450  
Payment of notes payable $ (19,493) $ (293,625)  
Proceeds from subordinated promissory notes payable, net of financing costs     $ 501,600
Net cash provided by financing activities $ 24,209,828 $ 13,155,663 3,996,028
Net (decrease) increase in cash 22,041,901 (3,094,391) 1,749,628
Cash at beginning of the period 3,522,450 25,564,351 1,772,822
Cash at end of the period $ 25,564,351 $ 22,469,960 $ 3,522,450
Cash paid during the period for:      
Income taxes      
Interest $ 1,103 $ 4,922  
Non-cash investing and financing transactions:      
Conversion of Series A preferred stock and subordinated notes to common stock 900,000    
Conversion of accrued interest to common stock 60,922    
Note payable issued in connection with director and officer insurance policies $ 77,850 $ 557,377  
Cancellation of note payable in connection with director and officer insurance policy   55,220  
Reclassification of derivative liabilities to additional paid-in capital for warrant exercises   $ 15,295,841  
Fair value of derivative reclassified to additional paid-in-capital in connection with Share Exchange $ 6,804,625    
Conversion of Class A preferred stock to common stock   $ 595  
Fair value of derivative warrants issued with units offering $ 4,333,163    
Beneficial conversion feature $ 186,727    
Fair value of derivatives issued in connection with issuance of preferred stock     $ 1,761,063
Fair value of derivative warrants issued to lenders in connection with issuance of subordinated promissory notes     83,363
Fair value of warrants issued in connection with deferred financing costs     41,681
Fair value of derivative warrants issued for offering costs in connection with the issuance of Series A preferred stock     $ 248,655