Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (1,375,795) $ (1,618,475)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense included in - General and administrative costs 5,681 105,334
Stock-based compensation expense included in - Research and development costs 32,020 188,792
(Increase) decrease in -    
Licensing fee receivable 200,000
Advances on research and development contract services 183,490 15,457
Prepaid expenses and other current assets (10,806) (10,648)
Increase (decrease) in -    
Accounts payable and accrued expenses 3,589 (46,969)
Research and development contract liabilities 33,973 (41,096)
Net cash used in operating activities (1,127,848) (1,207,605)
Cash flows from investing activities:    
Decrease in money market funds 104,095
Net cash provided in investing activities 104,095
Cash flows from financing activities:    
Proceeds from sale of Series A Convertible Preferred Stock 1,750,000
Exercise of common stock options 18,000
Payment of dividends payable on Series A Convertible Preferred Stock (2,000)
Proceeds from sale of common stock 2,500,000
Net cash provided by financing activities 2,518,000 1,748,000
Cash:    
Net increase 1,390,152 644,490
Balance at beginning of period 199,929 25,281
Balance at end of period 1,590,081 669,771
Supplemental disclosures of cash flow information:    
Interest
Income taxes