Financials

v3.6.0.2
Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 4,080,618 $ 5,083,355
Prepaid expenses and other current assets 141,086 209,299
Current assets of discontinued operations   345,074
Total current assets 4,221,704 5,637,728
Property and equipment, net 87,462 140,651
Total assets 4,309,166 5,778,379
Current liabilities:    
Accounts payable and accrued expenses 1,277,066 831,029
Short-term notes payable 66,377 63,352
Current liabilities of discontinued operations   152,973
Total current liabilities 1,343,443 1,047,354
Shareholders' equity:    
Preferred stock, no par value; 20,000,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized 49,114,219 and 39,858,540 shares issued and outstanding at December 31, 2016 and December 31, 2015 49,114 39,859
Stock subscription receivable (30,563)  
Additional paid-in capital 97,616,444 92,347,134
Accumulated deficit (94,669,272) (87,655,968)
Total shareholders' equity 2,965,723 4,731,025
Total liabilities and shareholders' equity $ 4,309,166 $ 5,778,379

Source

v3.6.0.2
Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]    
Revenue, net $ 0 $ 0
Cost of revenue 0 0
Gross profit 0 0
Operating expenses:    
Research and development 4,754,650 8,733,510
General and administrative 3,787,855 3,047,354
Total operating expenses 8,542,505 11,780,864
Loss from continuing operations (8,542,505) (11,780,864)
Other income (expense):    
Interest income 40,090 21,378
Interest expense (4,116) (76,668)
Local business tax (4,798) (4,700)
Other income 14,013 776
Total other income (expense), net 45,189 (59,214)
Loss from continuing operations before income taxes (8,497,316) (11,840,078)
Income tax benefit 0 0
Net loss from continuing operations $ (8,497,316) $ (11,840,078)
Basic and diluted net loss per share from continuing operations $ (0.19) $ (0.32)
Shares used to compute basic and diluted net loss per share 44,600,197 36,656,257
Discontinued operations    
Profit from operations of discontinued component $ 30,268 $ 128,745
Gain on sale of discontinued operations 1,453,744  
Income tax benefit 0 0
Profit from discontinued operations $ 1,484,012 $ 128,745
Basic and diluted net profit per share from discontinued operations $ 0.03 $ 0.00
Shares used to compute basic and diluted net loss per share 44,600,197 36,656,257
Net loss $ (7,013,304) $ (11,711,333)
Basic and diluted net loss per share $ (0.16) $ (0.32)
Shares used to compute basic and diluted net loss per share 44,600,197 36,656,257

Source

v3.6.0.2
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (7,013,304) $ (11,711,333)
Adjustments to reconcile net loss to net cash used in operating activities:    
Technology access fee paid in convertible note payable to shareholder   5,000,000
Depreciation and amortization 75,044 71,152
(Gain) loss on sale of fixed assets 3,126 (1,280)
Stock issued as compensation to non-employee directors 151,200 264,000
Stock-based compensation expense 487,218 770,704
Gain on sale of discontinued operations (1,453,744)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 229,338 68,573
Accounts payable and accrued expenses 446,037 348,694
Net cash used in operating activities (7,075,085) (5,189,490)
Cash flows from investing activities:    
Proceeds from sale of fixed assets 2,198 1,280
Purchase of property and equipment (27,179) (102,511)
Proceeds from payment of note receivable 250,000  
Proceeds from sale of discontinued operations 1,450,000  
Net cash provided by or (used in) investing activities 1,675,019 (101,231)
Cash flows from financing activities:    
Payments on short-term notes payable (158,100) (159,950)
Proceeds from payment of stock subscription receivable 1,969,437  
Net proceeds from issuance of common stock 2,640,147  
Net cash provided by or (used in) financing activities 4,451,484 (159,950)
Net decrease in cash and cash equivalents (948,582) (5,450,671)
Operating cash flows from discontinued operations (54,155) 85,105
Cash and cash equivalents at beginning of period 5,083,355 10,448,921
Cash and cash equivalents at end of period 4,080,618 5,083,355
Supplemental disclosure of cash flow information:    
Interest paid 4,116 5,241
Non-cash investing and financing activities:    
Conversion of convertible note payable and accrued interest to common shares   5,071,506
Borrowings under short term notes payable for prepaid expense 161,125 158,462
Short-term note receivable from stockholder in exchange for the issuance of common stock 2,000,000  
Par value of restricted shares issued 230 200
Par value of common stock issued for cashless exercise of warrants   $ 99
Par value of restricted shares forfeited $ (20)  

Source