Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (677,746) $ (1,116,155)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,748 10,624
Stock based compensation $ 87,500 376,026
Gain on sale of assets (95,000)
Changes in assets and liabilities:    
Deposits and other assets $ (587) 1,114
Prepaid expenses (21,584) (788)
Accrued payroll and payroll related expenses 242,033 391,472
Accounts payable and accrued expenses $ 113,599 101,725
Accrued interest 153
Fees payable to directors 55,384
Net cash used in operating activities $ (249,037) (275,445)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 10,000
Increase in patents $ (11,711) (7,253)
Net cash (used in) provided by investing activities $ (11,711) 2,747
Cash flows from financing activities:    
Proceeds from the issuance of common stock 365,000
Proceeds from the issuances of notes payable 30,000
Net cash provided by financing activities 395,000
NET INCREASE (DECREASE) IN CASH $ (260,748) 122,302
Cash at the beginning of the period 323,410 35,696
Cash at the end of the period 62,662 $ 157,998
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of accrued payroll into stock options 227,784
Conversion of accounts payable into stock options 66,445
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest $ 538
Cash paid for income taxes