Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net loss $ (981,686) $ (1,640,581)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 548 20,163
Stock-based compensation 68,870 172,064
Amortization of deferred financing costs 2,819
Change in fair value of derivative liabilities 5,702 80,043
Changes in operating assets and liabilities:    
Other receivable 81,980 (2,350)
Lease payment receivable 14,368
Prepaid expenses and other current assets 103,112 50,311
Accounts payable (232,510) (587,992)
Accrued expenses (42,251) (229,967)
Other long-term liabilities (6,178)
Net cash used in operating activities (979,048) (2,144,487)
Cash flows from investing activities    
Purchase of fixed assets (2,591) (24,827)
Net cash used in investing activities (2,591) (24,827)
Cash flows from financing activities    
Proceeds from promissory notes and warrants, net of fees 4,038,200
Principal payments of note payable (82,506) (109,234)
Net cash provided by (used in) financing activities 3,955,694 (109,234)
Net increase (decrease) in cash and cash equivalents 2,974,055 (2,278,548)
Cash and cash equivalents at beginning of the period 1,710,512 8,500,207
Cash and cash equivalents at end of the period 4,684,567 6,221,659
Cash paid during the period for:    
Income taxes
Interest 1,969 2,644
Non-cash investing and financing transactions:    
Issuances of common stock resulting from cashless exercise of warrants 17
Warrants issued to placement agent 75,577
Warrants issued to promissory note holders 841,617
Derivative associated with issuance of promissory notes 2,336,456
Debt issuance cost from accrued financing fees $ 108,494