Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (905,488) $ (1,700,420)
Adjustments to reconcile net loss to net cash used inoperating activities:    
Depreciation and amortization 15,436 15,000
Stock based compensation 87,500 514,399
Gain on sale of assets (95,000)
Changes in assets and liabilities:    
Deposits and other assets (19,137) 5,695
Prepaid expenses (20,854) 2,108
Accrued payroll and payroll related expenses 245,214 697,412
Accounts payable and accrued expenses 137,361 (8,651)
Accrued interest 222
Net cash used in operating activities (459,968) (569,235)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 10,000
Increase in patents (19,972) (15,785)
Net cash used in investing activities (19,972) (5,785)
Cash flows from financing activities:    
Proceeds from the issuance of common stock 563,000 1,095,000
Proceeds from the issuances of notes payable 30,000
Net cash provided by financing activities 563,000 1,125,000
NET INCREASE IN CASH 83,060 549,980
Cash at the beginning of the period 323,410 35,696
Cash at the end of the period 406,470 585,676
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of notes payable and accrued interest into common stock 30,222
Conversion of accrued payroll into stock options 227,784 530,545
Conversion of accounts payable into stock options 66,445 232,565
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 538
Cash paid for income taxes