Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (4,612,469) $ (3,605,535)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 118,393 117,122
Stock-based compensation 422,180 387,069
Warrant liability 0 (67,860)
Amortization of debt discount 133,547 46,271
Amortization of deferred financing costs 0 23,364
Payment-in-kind interest 0 74,104
Amortization of license revenue (35,709) (18,889)
Changes in operating assets and liabilities    
Accounts receivable (19,482) 32,518
Inventories (603,466) (232,171)
Prepaid expenses (633,883) (469,771)
Accounts payable 377,061 (69,866)
Accrued expenses (306,462) (514,564)
Accrued interest 0 9,051
Deferred rent liability (7,640) 68,382
Net cash used in operating activities (5,167,930) (4,220,775)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of short-term investments 3,673,199 (6,859,539)
Purchase of property and equipment (17,437) (14,186)
Net cash provided by (used in) investing activities 3,655,762 (6,873,725)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net 0 10,463,005
Payments of leasehold improvement loan (3,659) (3,345)
Net cash (used in) provided by financing activities (3,659) 10,459,660
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,515,827) (634,840)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 10,440,959 17,199,030
CASH AND CASH EQUIVALENTS - END OF PERIOD 8,925,132 16,564,190
Cash paid for interest 328,223 324,378
Supplemental Disclosure of Noncash Financing Activities:    
Reclassification of equity issuance costs to additional paid-in capital 0 11,999
Accrued equity issuance costs $ 3,554 219,622
Elimination of warrant liability   $ 408,900