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v3.5.0.2

Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Jun. 30, 2016 | Jun. 30, 2015
Cash flows from operating activities |  |
Net loss | $ (2,974,691) | $ (20,803,596)
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Depreciation expense | 54,819 | 9,256
Common stock issued for services | 204,534 | 1,180,410
Stock-based compensation | 1,002,576 | 796,952
Change in fair value of derivative liabilities | (13,108,866) | 3,710,277
Changes in operating assets and liabilities: |  |
Prepaid expenses and other current assets | 959,957 | (1,209,458)
Accounts payable | 424,426 | 89,187
Accrued expenses | 152,586 | 244
Long-term liabilities | 140,914 |
Net cash used in operating activities | (13,143,745) | (16,226,728)
Cash flows from investing activities |  |
Purchase of fixed assets | (562,256) | (23,326)
Net cash used in investing activities | (562,256) | (23,326)
Cash flows from financing activities |  |
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
Payments on notes payable | (263,752) | (293,625)
Net cash (used in) provided by financing activities | (263,752) | 13,155,663
Net decrease in cash and cash equivalents | (13,969,753) | (3,094,391)
Cash and cash equivalents at beginning of the year | 22,469,960 | 25,564,351
Cash and cash equivalents at end of the year | 8,500,207 | 22,469,960
Cash paid during the period for: |  |
Income taxes |  |
Interest | 3,086 | 4,922
Non-cash investing and financing transactions: |  |
Notes payable issued in connection with director and officer insurance policies | 273,670 | 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
Cashless exercise of warrants for Common Stock | 1,094 |
Conversion of Class A Preferred Stock to Common Stock | 72 | 595
Issuance of restricted stock for service | $ 28 |

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