Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (1,458,570) $ (1,670,141)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense included in - General and administrative costs 164,767 437,185
Stock-based compensation expense included in - Research and development costs 3,870 122,109
Fair value of warrant - Extensions 34,016 302,691
Fair value of warrant - Discounts 171,757 134,420
(Increase) decrease in -    
Advances on research and development contract services (1,078) (1,106)
Prepaid expenses and other current assets 7,850 16,179
Increase (decrease) in -    
Accounts payable and accrued expenses (44,506) 3,345
Research and development contract liabilities 61,971 2,046
Net cash used in operating activities (1,059,923) (653,272)
Cash flows from investing activities:    
Increase in money market funds (910,365) (1,187,528)
Net cash used in investing activities (910,365) $ (1,187,528)
Cash flows from financing activities:    
Proceeds from sale of Series A Convertible Preferred Stock 1,750,000  
Cash payments made for costs incurred in connection with sale of Series A Convertible Preferred Stock (12,608)  
Proceeds from exercise of warrants 315,000 $ 1,412,500
Net cash provided by financing activities 2,052,392 1,412,500
Cash:    
Net increase (decrease) 82,104 (428,300)
Balance at beginning of period 44,411 475,019
Balance at end of period $ 126,515 $ 46,719
Supplemental disclosures of cash flow information:    
Interest    
Income taxes    
Non-cash financing activities:    
Conversion of advances due to Chairman and major stockholder to common stock $ 92,717