Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net (loss) income $ (1,156,655) $ 379,145
Adjustments to reconcile net (loss) income to cash used in operating activities:    
Stock-based compensation 148,037 278,212
Noncash interest expense on notes payable 143,747 27,764
Issuance of restricted stock for services 52,500 8,625
Gain on exercise of warrants and conversion of debt (129,461) (224,000)
Loss on warrant derivative modification 0 1,300,170
Decrease to fair value of derivative (137,146) (2,753,170)
(Increase) decrease in:    
Prepaid expenses and other current assets (10,041) 1,704
Increase (decrease) in:    
Accounts payable 36,102 118,350
Accrued expenses and other liabilities (91,734) 12,355
Net cash used in operating activities (1,144,651) (850,845)
Cash flows from financing activities:    
Proceeds from exercise of warrants 0 800,000
Net cash provided by financing activities 0 800,000
Net decrease in cash (1,144,651) (50,845)
Cash, beginning of period 3,960,100 833,520
Cash, end of period 2,815,449 782,675
Non-cash financing activities    
Conversion of 8% convertible notes and accrued interest to common stock $ 325,896 $ 0