Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (14,088,396) $ (11,064,682)
Amortization of intangible asset 5,469 5,469
Depreciation expense 829,258 476,941
Stock-based compensation expense 3,537,963 2,877,628
Derivative gains (11,517) (20,098)
Warrant expense 0 62,941
Changes in operating assets and liabilities:    
(Increase) decrease in other assets (233,676) (93,767)
Increase in accounts payable and accrued expenses 381,676 448,345
(Decrease) increase in interest payable (2,800) 1,500
Decrease in deferred lease liability (85,802) (30,868)
Net Cash Used In Operating Activities (9,667,825) (7,336,591)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (300,302) (1,774,413)
Return of security deposit 187,500 187,500
Decrease in restricted cash 0 450,167
Net Cash Used In Investing Activities (112,802) (1,136,746)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on lease payable (23,128) (70,033)
Proceeds from issuance of preferred stock 0 5,347,615
Proceeds from issuance of equity financings 10,861,499 0
Payment of placement agent compensation and issuance costs (683,194) (336,929)
Net Cash Provided by Financing Activities 10,155,177 4,940,653
Net increase (decrease) in cash 374,550 (3,532,684)
Cash - Beginning of Period 4,062,013 5,278,706
Cash - End of Period 4,436,563 1,746,022
Cash Paid During the Period for:    
Taxes 0 0
Interest 0 0
Non-Cash Transactions:    
Fixed assets acquired through accounts payable and accrued expenses 5,400 312,229
Warrant value recorded as issuance costs 516,550 250,163
Conversion of note payable into common stock 50,000 0
Conversion of interest payable into common stock 9,517 0
Fair value of warrant modifications recorded as a deemed dividend 3,366,070 0
Series A Preferred Stock dividend paid in stock $ 0 $ 61,279