Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (27,561,702) $ (45,603,110) $ (5,521,081)
Adjustments to reconcile net loss to Net cash used in operating activities:      
Depreciation and amortization 817,729 371,189 4,717
Stock based compensation 5,951,414 2,547,978 16,148
Amortization of debt discount 0 964,851 705,289
Warrant expense 0 0 724,000
Write-off of abandoned trademark 0 0 4,725
Gain on conversion of notes payable and accrued interest 0 (2,084,368) 0
Change in fair market value of derivative liabilities 0 26,265,177 177,000
Loss on retirement of fixed assets 0 22,818 0
Amortization of prepaid rent from stock issuance to landlord 80,784 20,196 0
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (157,769) (289,383) (127,197)
Other assets (28,682) (15,689) (6,959)
Accounts payable 608,962 1,354,973 359,163
Accrued expenses 283,530 838,945 233,217
Net cash used in operating activities (20,005,734) (15,606,423) (3,430,978)
Cash flows used in investing activities:      
Purchases of property and equipment (1,032,795) (1,619,694) (194,329)
Costs of trademark 0 0 (4,725)
Net cash used in investing activities (1,032,795) (1,619,694) (199,054)
Cash flows from financing activities:      
Proceeds from the sale of common stock 0 0 200,681
Payment of deferred offering costs 0 0 (88,319)
Repurchase of restricted common stock 0 0 (29,553)
Proceeds from IPO, net of underwriter's discount and offering expenses 0 24,872,170 0
Proceeds from the sale of stock to strategic investor, net 0 900,000 0
Sale of Warrant to IPO underwriter 0 1,000 0
Proceeds from shares issued under shelf registration, net of underwriter's discount and offering expenses 19,048,456 0 0
Proceeds from the exercise of stock options 65,647 0 0
Proceeds from secondary offering, net of underwriter's discount and offering expenses 0 20,993,759 0
Proceeds from the sale of senior secured convertible notes     5,500,009
Proceeds from contributions to employee stock purchase plan 289,787 0 0
Proceeds from the disgorgement of short-swing profit 12,611 0 0
Net cash provided by financing activities 19,416,501 46,766,929 5,582,818
Net (decrease) increase in cash and cash equivalents (1,622,028) 29,540,812 1,952,786
Cash and cash equivalents - beginning 31,494,592 1,953,780 994
Cash and cash equivalents - ending 29,872,564 31,494,592 1,953,780
Supplemental disclosure of non-cash financing activities:      
Decrease in deferred offering costs charged to the IPO 0 88,319 0
Common stock issued upon conversion of notes payable and accrued interest payable 0 26,790,177 0
Increase in additional paid in capital upon extinguishment of derivative liability for warrants 0 5,752,000 0
Common stock issued to landlord for tenant improvement of $100,000 and prepaid rent of $400,000 0 500,000 0
Common stock issued for services $ 147,900 $ 900,000 $ 0