, ab301 at the start of calendar year 2015 , we set out to complete the following five key objectives and the following is an update on our progress . complete toxicology studies for ab101 we needed to conduct toxicology studies in two animal species to enable the filing of an ind for ab101 with the fda and we have successfully completed six week repeat dose toxicology studies in both dogs and rats . further analysis and reports are underway and will be completed by the end of calendar year 2015. file ab101 ind with fda in order to enable a clinical study for ab101 , our plan at the start of the year was to file an ind with the fda prior to the end of q4 2015. as part of the process of filing the ind , we initiated a dialog with the fda through a pre-ind meeting request submission to obtain the agencies ' perspective with respect to our preclinical efforts and planned initial clinical studies for ab101 . we have received detailed and constructive feedback from the fda regarding our study plans for ab101 and we believe that we will be able to incorporate the agencies ' opinions into our clinical efforts . although we received several comments from the fda , there is one issue that will adversely impact our timeline for the commencement of our first clinical study . specifically , based upon our review of similar filings by other corporations , we initially anticipated that the fda would require one month of stability data for our peginsulin drug substance in the filing of the ind . however , the fda has informed us that it would like at least six months of stability data for peginsulin and this extended timeline will delay our ind filing and commencement of our clinical study until 2016 as detailed below . while we are still reviewing our planned ind submission with the fda , to date we have not received any responses that we believe would preclude us from studying ab101 in patients . 24 construction of cgmp suite in order to conduct our first clinical study for ab101 , we require sterile materials and therefore one of our objectives at the start of the year was to construct a cgmp manufacturing suite in our louisville , colorado facility . we anticipated spending approximately $ 2.5 million on the project , with a targeted completion date of august 2015. as of september 25 , 2015 , the project is 90 % complete and we believe that the project will be finalized by october 9 , 2015. while the project will be completed substantially within budget , we did experience certain delays that pushed out completion timelines including the following : delays in the delivery of certain construction materials from manufacturers ; extended lead times for the acquisition of certain equipment , including casework for our laboratories ; and delays on the validation of certain newly purchased equipment and final certification of the cgmp suite . at the start of the year , we planned for the manufacture of cgmp ab101 material in september or october 2015 in anticipation of our first clinical study . given the delays in finalizing the suite , we do not expect to have cgmp ab101 clinical material available until q1 of calendar year 2016. commence clinical studies for ab101 at the start of the year we planned to commence our first human clinical study in the latter half of calendar year 2015. taking into account the aforementioned fda request for six months of stability data on ab101 's drug substance as well as the delay in the completion of our cgmp facility , we now believe that we will file the ind for ab101 at the end of the 2 nd quarter of calendar year 2016 and subsequently commence the clinical study following the fda 's acceptance of the ind application . announce an additional pipeline candidate using our proprietary platform at the start of the year , we set out to announce an additional pipeline candidate by end of calendar year 2015. on september 16 , 2015 , we announced the addition of a successfully formulated new product candidate to our product development pipeline . as a potential treatment for patients with type 2 diabetes , ab301 is a once-weekly injectable combination of a pegylated human glucagon-like peptide-1 ( glp-1 ) agonist and ab101 , our basal insulin lead product candidate . we believe there is a potential advantage of combining a glp-1 agonist with basal insulin to complement glycemic control while attenuating weight gain and hypoglycemic risk . we believe ab301 is a unique candidate relative to similar combination therapies that are currently in clinical development that will be dosed daily if successfully commercialized . in vitro and in vivo studies completed to date indicate that ab301 has the potential to be a well-tolerated , effective therapy for type 2 diabetes . we are currently engaged in ongoing preclinical studies of ab301 . while we will be unable to commence our clinical studies for ab101 in calendar year 2015 , we believe we have made and continue to make significant progress towards advancing the program . we remain encouraged by the potential for ab101 , particularly following our interactions with the fda and the completion of toxicology studies in two species to support its ind . having expanded our capabilities through the construction of a cgmp manufacturing suite and announcing an additional pipeline candidate , we remain committed to advancing ab101 into the clinic in 2016. to that end , as of june 30 , 2015 , we had $ 5.7 million in cash to fund our operations . story_separator_special_tag while we still have capital to fund our current activities , we do not have sufficient capital to continue our operations in calendar year 2016 , including funding the first clinical study for ab101 . we anticipate requiring approximately $ 15 million to fund all of our corporate objectives through calendar year 2016 , including making cgmp batches of ab101 material , finalizing and filing our ind with the fda and paying for the first clinical study , which we plan to conduct at a cro in southern california . the additional funding will also allow us to continue our preclinical efforts for ab301 , including preparations to file an ind for the candidate . as a result , one of our primary goals is to raise additional capital as soon as practicable on favorable terms . significant accounting policies and estimates our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the united states of america . the preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period . on an on-going basis , management evaluates its estimates and judgments , including those related to share-based payments and warrants , fair value of derivative instruments , income tax valuation allowances and contingencies . management bases its estimates and judgments on historical experience and on various factors that are believed to be reasonable under the circumstance , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . the methods , estimates , and judgments used by us in applying these most critical accounting policies have a significant impact on the results we report in our consolidated financial statements . 25 patents costs of establishing patents consisting of legal fees paid to third parties and related costs are currently expensed as incurred . we will continue this practice unless we can demonstrate that such costs add economic value to our business , in which case we will capitalize such costs as part of intangible assets . the primary consideration in making this determination is whether or not we can demonstrate that such costs have , in fact , increased the economic value of our intellectual property . the $ 68,000 value of the patents acquired in connection with the asset acquisition from pr pharmaceuticals , inc. is being amortized over the remaining patent lives of approximately eleven years . research and development research and development costs are expensed as incurred . these costs consist primarily of expenses for personnel engaged in the design and development of product candidates , the scientific research necessary to produce commercially viable applications of our proprietary drugs , early stage clinical testing of product candidates , and development equipment and supplies , facilities costs and other related overhead . stock-based compensation we account for stock-based payments by recognizing compensation expense based upon the estimated fair value of the awards on the date of grant . we determine the estimated grant date fair value of options using the black-scholes option pricing model and recognize compensation costs ratably over the vesting period using the straight-line method . common stock issued in exchange for services is recorded at fair value of the common stock at the date which we became obligated to issue the shares . the value of the shares is expensed over the requisite service period . derivatives we account for our liability warrants by recording the fair value of the warrant derivative liability . the fair value of the warrants is calculated using either the black-scholes pricing model or the lattice model . we recorded the derivative expense at the inception of each instrument reflecting the difference between the fair value and the cash received . changes in the fair value in subsequent periods were recorded to derivative income or expense for the period . income taxes we use the asset and liability method of accounting for income taxes . under this method , we recognize deferred assets and liabilities based on the differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years . we establish a valuation allowance for all deferred tax assets for which there is uncertainty regarding realization . results of operations the company recorded net losses of $ 11,362,364 and $ 9,730,454 for the years ended june 30 , 2015 and 2014 , respectively . revenues - we are a preclinical stage company and have not yet generated any revenues . expenses – research and development costs include salaries , benefits and other staff-related costs ; consultants and outside costs ; material manufacturing costs ; and facilities and other costs . research and development costs for the years ended june 30 , 2015 and 2014 were $ 4,701,209 and $ 34,317 , respectively . the increase is due to the company starting significant research and development activities during 2015 as the lab facility and significant staff were not established until 2015 . 26 general and administrative costs as of june 30 , 2015 and 2014 were $ 5,996,673 and $ 5,141,716 , respectively . the increase is mainly due to an increase in payroll expenses and stock based compensation expenses in 2015 compared to 2014 as the company has hired additional staff during the current year . interest expense for the years ended june 30 , 2015 and 2014 , was $ 6,729 and $ 4,230,112 , respectively , which is interest on debt issued and the debt discount related to the beneficial conversion features recorded on the convertible debt . the main decrease in interest expense is related

net cash used in operating activities during the year ended june 30 , 2015 , our operating activities used approximately $ 7.1 million in cash . the use of cash was $ 3.9 million lower than the net loss due to non-cash charges for stock-based compensation , derivative expenses , amortization and depreciation as well as other non-cash activities . net cash provided by operating activities also included a $ 222,382 decrease in inventory and a $ 436,688 increase in accounts payable and accrued expense and cash used in operating activities of a $ 264,716 decrease in accounts payable and accrued expenses – related party . during the year ended june 30 , 2014 , our operating activities used approximately $ 3.2 million in cash . the use of cash was $ 6.1 million lower than the net loss due to non-cash charges for stock-based compensation , derivative expenses , amortization and depreciation as well as other non-cash activities . net cash used in operating activities also included a $ 134,946 decrease in accounts payable and accrued expenses – related party and cash provided by a $ 271,965 increase in accounts payable and accrued expenses and a $ 353,091 increase in interest payable . net cash used in investing activities net cash used in investing activities during the year ended june 30 , 2015 was $ 3,613,124. during the year , the company purchased $ 3,107,957 of fixed assets for the facility , paid $ 55,000 for the acquisition of the contingent liabilities from the estate of pr pharmaceuticals , inc. and had an increase in restricted cash of $ 450,167 which is being restricted for the construction of the lab and manufacturing facilities .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```net cash used in operating activities during the year ended june 30 , 2015 , our operating activities used approximately $ 7.1 million in cash . the use of cash was $ 3.9 million lower than the net loss due to non-cash charges for stock-based compensation , derivative expenses , amortization and depreciation as well as other non-cash activities . net cash provided by operating activities also included a $ 222,382 decrease in inventory and a $ 436,688 increase in accounts payable and accrued expense and cash used in operating activities of a $ 264,716 decrease in accounts payable and accrued expenses – related party . during the year ended june 30 , 2014 , our operating activities used approximately $ 3.2 million in cash . the use of cash was $ 6.1 million lower than the net loss due to non-cash charges for stock-based compensation , derivative expenses , amortization and depreciation as well as other non-cash activities . net cash used in operating activities also included a $ 134,946 decrease in accounts payable and accrued expenses – related party and cash provided by a $ 271,965 increase in accounts payable and accrued expenses and a $ 353,091 increase in interest payable . net cash used in investing activities net cash used in investing activities during the year ended june 30 , 2015 was $ 3,613,124. during the year , the company purchased $ 3,107,957 of fixed assets for the facility , paid $ 55,000 for the acquisition of the contingent liabilities from the estate of pr pharmaceuticals , inc. and had an increase in restricted cash of $ 450,167 which is being restricted for the construction of the lab and manufacturing facilities .
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 Suspicious Activity Report : , ab301 at the start of calendar year 2015 , we set out to complete the following five key objectives and the following is an update on our progress . complete toxicology studies for ab101 we needed to conduct toxicology studies in two animal species to enable the filing of an ind for ab101 with the fda and we have successfully completed six week repeat dose toxicology studies in both dogs and rats . further analysis and reports are underway and will be completed by the end of calendar year 2015. file ab101 ind with fda in order to enable a clinical study for ab101 , our plan at the start of the year was to file an ind with the fda prior to the end of q4 2015. as part of the process of filing the ind , we initiated a dialog with the fda through a pre-ind meeting request submission to obtain the agencies ' perspective with respect to our preclinical efforts and planned initial clinical studies for ab101 . we have received detailed and constructive feedback from the fda regarding our study plans for ab101 and we believe that we will be able to incorporate the agencies ' opinions into our clinical efforts . although we received several comments from the fda , there is one issue that will adversely impact our timeline for the commencement of our first clinical study . specifically , based upon our review of similar filings by other corporations , we initially anticipated that the fda would require one month of stability data for our peginsulin drug substance in the filing of the ind . however , the fda has informed us that it would like at least six months of stability data for peginsulin and this extended timeline will delay our ind filing and commencement of our clinical study until 2016 as detailed below . while we are still reviewing our planned ind submission with the fda , to date we have not received any responses that we believe would preclude us from studying ab101 in patients . 24 construction of cgmp suite in order to conduct our first clinical study for ab101 , we require sterile materials and therefore one of our objectives at the start of the year was to construct a cgmp manufacturing suite in our louisville , colorado facility . we anticipated spending approximately $ 2.5 million on the project , with a targeted completion date of august 2015. as of september 25 , 2015 , the project is 90 % complete and we believe that the project will be finalized by october 9 , 2015. while the project will be completed substantially within budget , we did experience certain delays that pushed out completion timelines including the following : delays in the delivery of certain construction materials from manufacturers ; extended lead times for the acquisition of certain equipment , including casework for our laboratories ; and delays on the validation of certain newly purchased equipment and final certification of the cgmp suite . at the start of the year , we planned for the manufacture of cgmp ab101 material in september or october 2015 in anticipation of our first clinical study . given the delays in finalizing the suite , we do not expect to have cgmp ab101 clinical material available until q1 of calendar year 2016. commence clinical studies for ab101 at the start of the year we planned to commence our first human clinical study in the latter half of calendar year 2015. taking into account the aforementioned fda request for six months of stability data on ab101 's drug substance as well as the delay in the completion of our cgmp facility , we now believe that we will file the ind for ab101 at the end of the 2 nd quarter of calendar year 2016 and subsequently commence the clinical study following the fda 's acceptance of the ind application . announce an additional pipeline candidate using our proprietary platform at the start of the year , we set out to announce an additional pipeline candidate by end of calendar year 2015. on september 16 , 2015 , we announced the addition of a successfully formulated new product candidate to our product development pipeline . as a potential treatment for patients with type 2 diabetes , ab301 is a once-weekly injectable combination of a pegylated human glucagon-like peptide-1 ( glp-1 ) agonist and ab101 , our basal insulin lead product candidate . we believe there is a potential advantage of combining a glp-1 agonist with basal insulin to complement glycemic control while attenuating weight gain and hypoglycemic risk . we believe ab301 is a unique candidate relative to similar combination therapies that are currently in clinical development that will be dosed daily if successfully commercialized . in vitro and in vivo studies completed to date indicate that ab301 has the potential to be a well-tolerated , effective therapy for type 2 diabetes . we are currently engaged in ongoing preclinical studies of ab301 . while we will be unable to commence our clinical studies for ab101 in calendar year 2015 , we believe we have made and continue to make significant progress towards advancing the program . we remain encouraged by the potential for ab101 , particularly following our interactions with the fda and the completion of toxicology studies in two species to support its ind . having expanded our capabilities through the construction of a cgmp manufacturing suite and announcing an additional pipeline candidate , we remain committed to advancing ab101 into the clinic in 2016. to that end , as of june 30 , 2015 , we had $ 5.7 million in cash to fund our operations . story_separator_special_tag while we still have capital to fund our current activities , we do not have sufficient capital to continue our operations in calendar year 2016 , including funding the first clinical study for ab101 . we anticipate requiring approximately $ 15 million to fund all of our corporate objectives through calendar year 2016 , including making cgmp batches of ab101 material , finalizing and filing our ind with the fda and paying for the first clinical study , which we plan to conduct at a cro in southern california . the additional funding will also allow us to continue our preclinical efforts for ab301 , including preparations to file an ind for the candidate . as a result , one of our primary goals is to raise additional capital as soon as practicable on favorable terms . significant accounting policies and estimates our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the united states of america . the preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period . on an on-going basis , management evaluates its estimates and judgments , including those related to share-based payments and warrants , fair value of derivative instruments , income tax valuation allowances and contingencies . management bases its estimates and judgments on historical experience and on various factors that are believed to be reasonable under the circumstance , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . the methods , estimates , and judgments used by us in applying these most critical accounting policies have a significant impact on the results we report in our consolidated financial statements . 25 patents costs of establishing patents consisting of legal fees paid to third parties and related costs are currently expensed as incurred . we will continue this practice unless we can demonstrate that such costs add economic value to our business , in which case we will capitalize such costs as part of intangible assets . the primary consideration in making this determination is whether or not we can demonstrate that such costs have , in fact , increased the economic value of our intellectual property . the $ 68,000 value of the patents acquired in connection with the asset acquisition from pr pharmaceuticals , inc. is being amortized over the remaining patent lives of approximately eleven years . research and development research and development costs are expensed as incurred . these costs consist primarily of expenses for personnel engaged in the design and development of product candidates , the scientific research necessary to produce commercially viable applications of our proprietary drugs , early stage clinical testing of product candidates , and development equipment and supplies , facilities costs and other related overhead . stock-based compensation we account for stock-based payments by recognizing compensation expense based upon the estimated fair value of the awards on the date of grant . we determine the estimated grant date fair value of options using the black-scholes option pricing model and recognize compensation costs ratably over the vesting period using the straight-line method . common stock issued in exchange for services is recorded at fair value of the common stock at the date which we became obligated to issue the shares . the value of the shares is expensed over the requisite service period . derivatives we account for our liability warrants by recording the fair value of the warrant derivative liability . the fair value of the warrants is calculated using either the black-scholes pricing model or the lattice model . we recorded the derivative expense at the inception of each instrument reflecting the difference between the fair value and the cash received . changes in the fair value in subsequent periods were recorded to derivative income or expense for the period . income taxes we use the asset and liability method of accounting for income taxes . under this method , we recognize deferred assets and liabilities based on the differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years . we establish a valuation allowance for all deferred tax assets for which there is uncertainty regarding realization . results of operations the company recorded net losses of $ 11,362,364 and $ 9,730,454 for the years ended june 30 , 2015 and 2014 , respectively . revenues - we are a preclinical stage company and have not yet generated any revenues . expenses – research and development costs include salaries , benefits and other staff-related costs ; consultants and outside costs ; material manufacturing costs ; and facilities and other costs . research and development costs for the years ended june 30 , 2015 and 2014 were $ 4,701,209 and $ 34,317 , respectively . the increase is due to the company starting significant research and development activities during 2015 as the lab facility and significant staff were not established until 2015 . 26 general and administrative costs as of june 30 , 2015 and 2014 were $ 5,996,673 and $ 5,141,716 , respectively . the increase is mainly due to an increase in payroll expenses and stock based compensation expenses in 2015 compared to 2014 as the company has hired additional staff during the current year . interest expense for the years ended june 30 , 2015 and 2014 , was $ 6,729 and $ 4,230,112 , respectively , which is interest on debt issued and the debt discount related to the beneficial conversion features recorded on the convertible debt . the main decrease in interest expense is related

