Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.6.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities    
Net (loss) income $ (2,671,410) $ 2,202,480
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation expense 43,744 5,908
Common stock issued for services 180,870
Stock-based compensation 304,024 571,214
Change in fair value of derivative liabilities (368,998) (12,555,319)
Deferred rent liability (3,836) 54,830
Changes in operating assets and liabilities:    
Prepaid expenses, other current assets and other assets 216,309 957,806
Accounts payable (952,476) 810,803
Accrued expenses (162,373) 1,080,409
Net cash used in operating activities (3,595,016) (6,690,999)
Cash flows from investing activities    
Purchase of fixed assets (27,261) (476,105)
Net cash used in investing activities (27,261) (476,105)
Cash flows from financing activities    
Principal payments of note payable (163,637) (175,219)
Net cash used in financing activities (163,637) (175,219)
Net decrease in cash and cash equivalents (3,785,914) (7,342,323)
Cash and cash equivalents at beginning of the period 8,500,207 22,469,960
Cash and cash equivalents at end of the period 4,714,293 15,127,637
Cash paid during the period for:    
Income taxes
Interest 2,227 2,814
Non-cash investing and financing transactions:    
Payable incurred for purchases of fixed assets 41,632
Conversion of Class A convertible preferred stock to common stock 72
Issuances of common stock resulting from cashless exercise of warrants $ 1,094