Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 389,176 $ (1,401,501)
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation 724 119
Stock-based compensation 434,820 265,662
Noncash interest expense on notes payable 0 5,529
Issuance of restricted stock for services 0 108,000
Decrease to fair value of derivative (1,971,549) 0
(Increase) decrease in:    
Prepaid expenses 13,939 (2,286)
Increase (decrease) in:    
Accounts payable 24,400 (102,644)
Accrued expenses and other liabilities 12,586 (178,451)
Accrued interest 0 (69,430)
Net cash used in operating activities (1,095,904) (1,375,002)
Cash flows from investing activities:    
Purchases of property and equipment (3,463) (4,293)
Net cash used in investing activities (3,463) (4,293)
Cash flows from financing activities:    
Proceeds from exercise of warrants 63,388 359,150
Payments on note payable 0 (228,594)
Net cash provided by financing activities 63,388 130,556
Net decrease in cash (1,035,979) (1,248,739)
Cash, beginning of year 5,994,052 5,036,476
Cash, end of period 4,958,073 3,787,737
Non-cash financing activities    
Exercise of stock options - cashless $ 117 $ 0