Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,783,705) $ (4,257,875)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 29,101 23,758
Stock based compensation 230,833 708,059
Gain on sale of assets (95,000)
Changes in assets and liabilities:    
Inventory (10,827) 5,114
Deposits and other assets (35,161) 17,329
Prepaid expenses (17,386)
Accrued payroll and payroll related expenses 269,638 1,122,773
Accounts payable and accrued expenses 60,736 10,808
Accrued interest 222
Net cash used in operating activities (1,256,771) (1,506,237)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 10,000
Increase in patents (29,206) (22,049)
Net cash used in investing activities (29,206) (12,049)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of common stock 1,121,000 1,776,000
Proceeds from the issuances of notes payable 30,000
Net cash provided by financing activities 1,121,000 1,806,000
NET (DECREASE) INCREASE IN CASH (164,977) 287,714
CASH AT THE BEGINNING OF THE YEAR 323,410 35,696
CASH AT THE END OF THE YEAR 158,433 323,410
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of notes payable and accrued interest into common stock 30,222
Conversion of accrued payroll and payroll related expenses into stock options 227,784 830,545
Conversion of accounts payable into stock options 66,445 379,579
Effect of merger with Cardax Pharmaceuticals, Inc. 1,402
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 2,925 2,112
Cash paid for income taxes