Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows From Operating Activities    
Net loss $ (2,492,818) $ (1,476,024)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of debt discount 0 477,367
Interest expense 0 2,800
Change in fair value of derivative liabilities (12,400) (64,500)
Depreciation 240 0
Stock-based compensation 43,000 0
Contribution of services by officers 0 76,990
Changes in operating assets and liabilities:    
Prepaid expenses (92,720) 0
Other current assets (10,511) 35,342
Accounts payable and accrued expenses (369,846) 589,184
Net Cash Used in Operating Activities (2,935,055) (358,841)
Cash Flows From Investing Activities    
Purchase of propery and equipment (2,582) 0
Net Cash Used in Investing Activities (2,582) 0
Cash Flows From Financing Activities    
Proceeds from issuance of convertible note 0 210,000
Proceeds from issuance of common stock and warrants, net [1] 3,012,846 [1] 0 [1]
Net Cash Provided by Financing Activities 3,012,846 210,000
Net Increase (Decrease) In Cash 75,209 (148,841)
Cash - Beginning 28,878 161,323
Cash - Ending 104,087 12,482
Non-cash investing and financing transactions:    
Reclassification of warrants to derivative liabilities 1,499,000 0
Reclassification of embedded conversion options to derivative liabilities 0 315,200
Reclassification of derivative liability to equity $ 144,439 $ 0
[1] Net of $55,150 of issuance costs.