Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating Activities    
Net loss $ (2,492,628) $ (2,010,132)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 72,243 40,158
Stock based compensation 152,657 296,548
(Gain)/loss on warrant re-measurement $ (71,647) 261
Gain on derivative re-measurement (339,744)
Changes in operating assets and liabilities:    
Prepaid expenses $ (102,934) (91,227)
Other current assets (5,376) (20,206)
Accounts payable and accrued liabilities 286,250 (81,476)
Net Cash Used In Operating Activities $ (2,161,435) (2,205,818)
Investing Activities    
Purchase of patents (55,000)
Purchases of property and equipment (18,302)
Net Cash Used in Investing Activities (73,302)
Financing Activities    
Net proceeds from issuance of common shares $ 13,257,030 $ 11,203,421
Capital lease funding (20,370)
Net Cash Provided By Financing Activities 13,236,660 $ 11,203,421
Effect of foreign exchange on cash 16,231 (31,888)
Increase in Cash and cash equivalents 11,091,456 8,892,413
Cash and cash equivalents - Beginning of Period 5,916,006 2,138,964
Cash and cash equivalents - End of Period 17,007,462 $ 11,031,377
Supplemental Disclosures of Cash Flow Information    
Interest paid $ 2,364
Income tax paid
Non Cash Investing and Financing Activities:    
Reduction in derivative liability $ 1,237,896