Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (4,257,875) $ (16,994,625)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 23,758 38,972
Stock based compensation $ 708,059 11,667,361
Amortization of debt discount 4,592
Gain on sale of assets $ (95,000) $ (2,426)
Inventory impairment 958,575
Changes in assets and liabilities:    
Deposits and other assets 5,114 $ 1,391
Prepaid expenses $ 17,329 (5,482)
Inventory 28,099
Accrued payroll and payroll related expenses $ 1,122,773 (218,619)
Accounts payable and accrued expenses 10,808 (50,328)
Accrued interest $ 222 (101,553)
Fees payable to directors (50,000)
Other current liabilities (12,613)
Net cash used in operating activities $ (1,506,237) (5,695,231)
Cash flows from investing activities:    
Purchases of property and equipment (1,633)
Proceeds from sale of property and equipment $ 10,000 87,430
Increase in patents (22,049) (26,670)
Net cash (used in) provided by investing activities (12,049) 59,127
Cash flows from financing activities:    
Proceeds from the issuance of common stock 1,776,000 3,923,798
Proceeds from the issuances of notes payable $ 30,000 2,076,000
Repayment of principal on notes payable (550,408)
Net cash provided by financing activities $ 1,806,000 5,449,390
NET INCREASE (DECREASE) IN CASH 287,714 (186,714)
Cash at the beginning of the year 35,696 222,410
Cash at the end of the year 323,410 35,696
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of notes payable and accrued interest into common stock 30,222 $ 11,125,167
Conversion of accrued payroll and payroll related expenses into stock options 1,210,124
Effect of merger with Cardax Pharmaceuticals, Inc. 1,402
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest $ 2,112 $ 188,382
Cash paid for income taxes