Condensed Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net loss |
$ (4,320,991)
|
$ (5,016,225)
|
$ (9,441,535)
|
$ (9,253,323)
|
| Adjustments to reconcile net loss to net cash used by operating activities |
|
|
|
|
| Stock based compensation |
414,687
|
245,015
|
722,934
|
1,203,663
|
| Depreciation expense |
3,451
|
3,049
|
6,270
|
1,325
|
| Change in assets and liabilities |
|
|
|
|
| Increase (decrease) in prepaid expenses |
1,391,974
|
22,018
|
(1,392,778)
|
(10,014)
|
| Increase (decrease) in subscription receivable |
2,761
|
0
|
(2,761)
|
0
|
| Increase decrease in due to related parties |
(37,714)
|
0
|
|
|
| Increase (decrease) in accounts payable |
249,636
|
73,683
|
(328,878)
|
659,146
|
| (Decrease) increase in accrued expenses |
36,935
|
35,529
|
(168,910)
|
273,406
|
| Total adjustments |
2,061,730
|
379,294
|
(875,065)
|
2,100,747
|
| Net Cash Used in Operating Activities |
(2,259,261)
|
(4,636,931)
|
(10,316,600)
|
(7,152,576)
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Purchase of property and equipment |
(2,947)
|
(11,827)
|
(11,827)
|
(54,943)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Issuance of preferred stock, net of transaction costs |
|
|
13,532,546
|
|
| Proceeds from note payable |
0
|
28,904
|
28,904
|
0
|
| Repayments on note payable |
(10,511)
|
(2,628)
|
(18,394)
|
0
|
| Proceeds from exercise of common stock warrants |
274
|
2,363
|
5,651
|
6,132
|
| Net Cash (Used in) Provided by Financing Activities |
(10,237)
|
28,639
|
13,548,707
|
6,132
|
| NET DECREASE IN CASH |
(2,272,445)
|
(4,620,119)
|
3,220,280
|
(7,201,387)
|
| CASH AT BEGINNING OF PERIOD |
11,230,637
|
8,010,357
|
8,010,357
|
15,211,744
|
| CASH AT END OF PERIOD |
$ 8,958,192
|
$ 3,390,238
|
$ 11,230,637
|
$ 8,010,357
|
| DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: |
|
|
|
|
| Conversion of convertible redeemable preferred stock to common stock |
193,650
|
3,787,537
|
18,524,163
|
1,419,410
|
| Accounts Payable [Member] |
|
|
|
|
| Change in assets and liabilities |
|
|
|
|
| Increase decrease in due to related parties |
|
|
$ (200,000)
|
$ 0
|
| Accrued Liabilities [Member] |
|
|
|
|
| Change in assets and liabilities |
|
|
|
|
| Increase decrease in due to related parties |
|
|
389,058
|
(51,779)
|
| Common Stock [Member] |
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net loss |
$ 0
|
|
0
|
0
|
| Adjustments to reconcile net loss to net cash used by operating activities |
|
|
|
|
| Consulting services paid by issuance |
|
|
0
|
25,000
|
| Series B Units [Member] |
|
|
|
|
| Adjustments to reconcile net loss to net cash used by operating activities |
|
|
|
|
| Consulting services paid by issuance |
|
|
$ 100,000
|
|