Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (13,071,861) $ (30,731,102)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 414,301 54,805
Stock based compensation 2,798,766 912,504
Amortization of debt discount 0 964,851
Gain on conversion of notes payable and accrued interest 0 (2,084,368)
Change in fair market value of derivative liabilities 0 26,265,177
Amortization of prepaid rent from stock issuance to landlord 40,392 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (100,540) (282,199)
Other assets (9,907) 0
Accounts payable (898,670) 275,634
Accrued expenses 252,320 198,144
Deferred revenue 75,000 0
Net cash used in operating activities (10,500,199) (4,426,554)
Cash flows used in investing activities:    
Purchases of property and equipment (512,912) (354,953)
Net cash used in investing activities (512,912) (354,953)
Cash flows from financing activities:    
Proceeds from IPO, net of underwriter's discount and offering expenses 0 24,872,170
Proceeds from the sale of stock to strategic investor, net 0 900,000
Sale of Warrant to IPO underwriter 0 1,000
Proceeds from the exercise of stock options 14,176 0
Proceeds from the disgorgement of short-swing profit 12,611 0
Net cash provided by financing activities 26,787 25,773,170
Net (decrease) increase in cash and cash equivalents (10,986,324) 20,991,663
Cash and cash equivalents - beginning 31,494,592 1,953,780
Cash and cash equivalents - ending 20,508,268 22,945,443
Supplemental disclosure of non-cash financing activities:    
Decrease in deferred offering costs charged to the IPO 0 88,319
Common stock issued upon conversion of notes payable and accrued interest payable 0 26,790,177
Increase in additional paid in capital upon extinguishment of derivative liability for warrants 0 5,752,000
Common stock issued for services 147,900 0
Common stock issued for RSUs $ 2 $ 0