Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENT OF CASH FLOWS

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CONDENSED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (3,067) $ (1,818)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share based compensation 24 18
Change in fair value of convertible notes payable 99 0
Change in fair value of warrant liabilities 451 89
Debt discount amortization 68 60
Issuance of common shares - Founders Agreement 948 0
Changes in operating assets and liabilities:    
Prepaid expenses (22) (1)
Accounts payable and accrued expenses 320 69
Accrued expenses - related party 451 396
Interest payable (1) 0
Accrued interest - related party 74 71
Net cash used in operating activities (655) (1,116)
Cash flows from financing activities:    
Issuance of common shares 37,950 0
Offering costs (3,447) 0
Proceeds from notes payable - related party 638 1,134
Net cash provided by financing activities 35,141 1,134
Net change in cash 34,486 18
Cash, beginning of period 197 14
Cash, end of period 34,683 32
Supplemental disclosure of cash flow information:    
Cash paid for interest 125 120
Non-cash financing activities:    
Conversion of MSA fees into common shares 1,000 0
Issuance of warrants 750 0
Extinguishment of Fortress compensation accrual 632 0
Modification to interest on fortress note 300 0
Conversion of notes payable 200 0
Change in fair value of convertible notes warrants $ 15 $ 0