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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities:    
Net loss $ (9,120,000) $ (19,673,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 159,000 133,000
Deferred income taxes 52,000
Stock-based compensation 297,000 2,049,000
Change in fair value of derivative liabilities (2,173,000) 8,494,000
Realized loss on marketable securities 1,686,000
Change in deferred rent (7,000)
Changes in operating assets and liabilities:    
Accounts receivable 16,000 7,000
Prepaid expenses and other current assets (184,000) (387,000)
Accounts payable and accrued expenses (1,342,000) 362,000
Net cash used in operating activities (12,354,000) (7,277,000)
Investing activities:    
Purchase of fixed assets (49,000) (217,000)
Long-term deposits (23,000)
Principal payments received on mortgage notes receivable 40,000 55,000
Net cash provided by investing activities (32,000) (162,000)
Financing activities    
Proceeds from issuance of common stock and warrants 9,013,000 15,862,000
Proceeds from exercise of stock options 3,000 20,000
Net cash provided by financing activities 9,016,000 15,882,000
Net increase (decrease) in cash and cash equivalents (3,370,000) 8,443,000
Cash and cash equivalents at beginning of period 9,276,000 3,970,000
Cash and cash equivalents at end of period 5,906,000 12,413,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Unrealized loss on marketable securities net of tax (236,000)
Estimated fair value of warrants exchanged for common shares 13,862,000
Cashless exercise of warrants $ 35,000