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v3.5.0.2

Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2015 | Dec. 31, 2014
Cash flows from operating activities: |  |
Net Loss | $ (1,023,422) | $ (302,481)
Adjustments to reconcile net loss to net cash used in operating activities |  |
Depreciation expense | 143 | 380
Stock based compensation | 478,629 | 85,168
Interest added to bridge loan | 11,473 |
Changes in operating assets and liabilities |  |
Prepaid research and development expenses |  | 47,224
Other assets | (2,916) | (1,084)
Accounts payable and accrued expenses | 154,529 | 15,423
Income taxes payable | 223 | (600)
NET CASH USED IN OPERATING ACTIVITIES | (381,341) | (155,970)
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Purchase of equipment | (1,791) |
NET CASH USED IN INVESTING ACTIVITIES | (1,791) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Proceeds from bridge loan | 387,630 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 387,630 |
Effect of exchange rate on cash and cash quivalents | (23,888) | 22,720
NET DECREASE IN CASH AND CASH EQUIVALENTS | (19,390) | (133,250)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 22,733 | 155,983
CASH AND CASH EQUIVALENTS, END OF YEAR | 3,343 | 22,733
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |
Cash paid for interest expense |  |
Cash paid for income taxes |  |

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