Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (4,323,555)
|
$ (5,454,256)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock based compensation |
570,385
|
675,966
|
| Accretion of notes payable discount |
|
84,101
|
| Loss on extinguishment of debt |
|
2,072,365
|
| Loss on disposition of assets |
|
1,281
|
| Gain of equity method investment |
(2,507)
|
|
| Depreciation and amortization |
37,634
|
33,228
|
| Changes in assets and liabilities: |
|
|
| Increase (decrease) in deferred income |
(29,088)
|
196,936
|
| Decrease in prepaid and other assets |
694,036
|
114,279
|
| Increase (decrease) in accounts payable and accrued expenses |
(66,306)
|
57,135
|
| Net cash used in operating activities |
(3,119,401)
|
(2,218,965)
|
| Cash flows from investing activities: |
|
|
| Purchase of property and equipment |
(2,500)
|
(90,958)
|
| Investment in joint venture |
(135,000)
|
|
| Net cash used by investing activities |
(137,500)
|
(90,958)
|
| Cash flows from financing activities: |
|
|
| Proceeds from the sale of equity |
30,000
|
7,071,192
|
| Proceeds from the issuance of debt |
2,000,000
|
|
| Payment of deferred debt acquisition costs |
(130,988)
|
|
| Principal payments on debt (related party) |
|
(41,500)
|
| Payment of deferred offering costs |
|
(1,093,268)
|
| Net cash provided by financing activities |
1,899,012
|
5,936,424
|
| Net increase (decrease) in cash |
(1,357,889)
|
3,626,501
|
| Cash and cash equivalents beginning of period |
3,534,454
|
998,737
|
| Cash and cash equivalents end of period |
2,176,565
|
4,625,238
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
26,000
|
73,523
|
| Schedule of non-cash investing and financing activities: |
|
|
| Warrants issued for services |
|
$ 256,198
|