Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

v2.4.0.8
CONDENSED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (30,731,102) $ (2,069,446)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 54,805 47
Stock based compensation 912,504 0
Amortization of debt discount 964,851 56,136
Warrant expense 0 724,000
Gain on conversion of notes payable and accrued interest (2,084,368) 0
Change in fair market value of derivative liabilities 26,265,177 22,500
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (282,199) (22,602)
Accounts payable 275,634 142,064
Accrued expenses 198,144 127,238
Other current liabilities 0 53,872
Net cash used in operating activities (4,426,554) (966,191)
Cash flows from investing activities:    
Purchase of property and equipment (354,953) (1,695)
Net cash used in investing activities (354,953) (1,695)
Cash flows from financing activities:    
Proceeds from the sale of common stock 0 165,217
Proceeds from IPO, net of underwriter’s discount and offering expenses 24,872,170 0
Repurchase of restricted common stock 0 35,464
Proceeds from the sale of senior secured convertible notes 0 5,500,009
Proceeds from the sale of stock to strategic investor, net 900,000 0
Sale of Warrant to IPO underwriter 1,000 0
Net cash provided by financing activities 25,773,170 5,700,690
Net increase in cash and cash equivalents 20,991,663 4,732,804
Cash and cash equivalents - beginning 1,953,780 994
Cash and cash equivalents - ending 22,945,443 4,733,798
Supplemental disclosure of non-cash financing activities:    
Decrease in deferred offering costs charged to the IPO 88,319 0
Common Stock issued upon conversion of notes payable and accrued interest payable 26,790,177 0
Increase in additional paid-in capital upon extinguishment of derivative liability for warrants $ 5,752,000 $ 0