Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (7,706,700) $ (38,718,800)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 37,600 40,800
Amortization of discounts on convertible and promissory notes 0 564,800
Change in warrant liability 0 1,894,700
Stock-based compensation 573,900 3,868,300
Expense related to modification of warrants, including exchange of warrants for Series C Preferred and common stock 427,500 614,900
Amortization of deferred rent 20,400 (19,500)
Fair value of common stock granted for services 1,217,500 606,300
Fair value of Series B Preferred stock granted for services 375,000 1,045,000
Fair value of warrants granted for services and interest 240,300 111,200
Gain on currency fluctuation 0 (6,400)
Loss on disposition of fixed assets 0 2,300
Changes in operating assets and liabilities:    
Sublicense fee receivable (1,250,000) 0
Prepaid expenses, security deposit and other current assets 22,000 61,800
Accounts payable and accrued expenses, including accrued interest 74,200 (264,500)
Net cash used in operating activities (5,968,300) (3,498,900)
Cash flows from investing activities:    
Purchases of equipment (9,900) (4,600)
Net cash used in investing activities (9,900) (4,600)
Cash flows from financing activities:    
Net proceeds from issuance of common stock and warrants, including Units 9,785,000 280,000
Net proceeds from issuance of Series B Preferred Units 278,000 4,397,800
Repayment of capital lease obligations (800) (700)
Repayment of notes (140,500) (85,200)
Net cash provided by financing activities 9,921,700 4,591,900
Net increase in cash and cash equivalents 3,943,500 1,088,400
Cash and cash equivalents at beginning of period 428,500 70,000
Cash and cash equivalents at end of period 4,372,000 1,158,400
Supplemental disclosure of noncash activites:    
Conversion of Senior Secured Notes, Subordinate Convertible Notes, Promissory Notes, Accounts payable and other debt into Series B Preferred 0 18,891,400
Insurance premiums settled by issuing note payable 117,500 79,400
Accrued dividends on Series B Preferred 1,018,500 1,459,300
Accrued dividends on Series B Preferred settled upon conversion by issuance of common stock $ 1,768,800 $ 43,500