Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Continuing operations:    
Net (loss) $ (5,665,547) $ (276,364)
(Loss) from discontinued operations (3,594,798)
(Loss) from continuing operations (2,070,749) (276,364)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities of continuing operations:    
Stock-based compensation for services 271,054 224,272
Depreciation and amortization 37,767 46,031
Amortization of license fees (48,349) (48,350)
Other non-cash (credits) charges 168,077
Gain on sale of property and equipment (1,920,273)
Change in:    
Prepaid expenses and other current assets 166,749 193,930
Accounts payable (14,414) (506,465)
Accrued compensation 5,206 (436,465)
Accrued expenses (34,455) 9,531
Net cash (used in) operating activities of continuing operations (1,687,191) (2,546,076)
Net cash (used in) operating activities of discontinued operations (888,787)
Net cash (used in) operating activities (2,575,978) (2,546,076)
Continuing operations:    
Purchases of short-term investments (10,149,937)
Proceeds from sales of short-term investments 7,506,761 13,612,516
Proceeds from sale of property and equipment 1,749,484
Purchases of patent and trademark application costs (12,965) (14,378)
Net cash provided by investing activities of continuing operations 7,493,796 5,197,685
Net cash provided by investing activities of discontinued operations 4,004
Net cash provided by investing activities 7,497,800 5,197,685
Continuing operations:    
Net proceeds from issuance of common stock, net of $336,476 in offering expenses 1,913,509
Redemption of equity rights (291,995)
Repayment of notes payable and other obligations (139,611) (174,083)
Net cash provided by (used in) financing activities of continuing operations 1,481,903 (174,083)
Net increase in cash and cash equivalents 6,403,725 2,477,526
Cash and cash equivalents at beginning of period 5,529,848 2,012,283
Cash and cash equivalents at end of period 11,933,573 4,489,809
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 1,571 31,362
Supplemental disclosure of investing information:    
Liability payoffs upon property sale $ 2,064,758