Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net loss $ (10,389,113) $ (3,940,337)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation expense 5,307 2,315
Stock-based compensation 799,281 499,628
Loss on the issuance of Preferred Stock Units 3,124,285
Change in fair value of Series A Warrants 680,851
Change in fair value of derivative liability 76,150
Amortization of discount on Senior Secured Note 174,642
Accrued interest expense - Senior Secured Note 187,500
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 52,218 (169,057)
Accounts payable 42,280 538,063
Accrued expenses and other current liabilities 225,465 (182,499)
Net cash flows used in operating activities (5,021,134) (3,251,887)
Cash flows from investing activities    
Purchase of equipment (5,301) (21,793)
Net cash flows used in investing activities (5,301) (21,793)
Cash flows from financing activities    
Proceeds from issuance of Series A Preferred Stock Units 2,537,012
Payment of offering costs in connection with Series A Preferred Stock Units (388,628)
Proceeds from issuance of Series A-1 Preferred Stock Units 500,000
Proceeds from issuance of senior secured note payable 4,842,577
Proceeds from issuance of units in connection with initial public offering   5,300,000
Payment of offering costs in connection with initial public offering (1,004,938)
Proceeds from common stock issued upon exercise of warrants 61,250
Net cash flows provided by financing activities 7,552,211 4,295,062
Net increase in cash 2,525,776 1,021,382
Cash, beginning of period 585,680 767,268
Cash, end of period 3,111,456 1,788,650
Supplemental non-cash financing activities    
Fair value of Series A Warrants - issue dates (aggregate) 4,050,706 [1]
Fair value of derivative liability - issue dates (aggregate) 1,221,963 [1]
Fair value of Series A-1 Warrant - issue date 310,450
Fair value of Series A-1 Convertible Preferred Stock - issue date 7,050
Fair value of senior secured note - issue date 1,408,125
Fair value of Series-S Warrants - issue date 3,434,452
Deferred offering costs in connection with initial public offering $ 272,356
[1] See Note 3, Financial Instruments Fair Value Measurements, for information with respect to the fair value of the Series A Convertible Preferred Stock embedded derivative liability and the Series A Warrants liability.