Financials

v3.7.0.1
Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,175,172 $ 4,080,618
Prepaid expenses and other current assets 106,307 141,086
Total current assets 2,281,479 4,221,704
Property and equipment, net 69,427 87,462
Total assets 2,350,906 4,309,166
Current liabilities:    
Accounts payable and accrued expenses 1,102,450 1,277,066
Short-term notes payable 62,848 66,377
Total current liabilities 1,165,298 1,343,443
Shareholders' equity:    
Preferred stock, no par value; 20,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value; 250,000,000 shares authorized 49,274,219 and 49,114,219 shares issued and outstanding at March 31, 2017 and December 31, 2016 49,274 49,114
Stock subscription receivable 0 (30,563)
Additional paid-in capital 97,788,302 97,616,444
Accumulated deficit (96,651,968) (94,669,272)
Total shareholders' equity 1,185,608 2,965,723
Total liabilities and shareholders' equity $ 2,350,906 $ 4,309,166

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v3.7.0.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating expenses:    
Research and development $ 1,122,461 $ 1,224,805
General and administrative 865,195 849,840
Total operating expenses 1,987,656 2,074,645
Loss from continuing operations (1,987,656) (2,074,645)
Other income (expense):    
Interest income 1,935 2,596
Interest expense (801) (771)
Local business tax (1,200) (1,178)
Other income 5,147  
Total other income, net 5,081 647
Loss from continuing operations before income taxes (1,982,575) (2,073,998)
Income tax benefit 0 0
Net loss from continuing operations $ (1,982,575) $ (2,073,998)
Basic and diluted net loss per share from continuing operations $ (0.04) $ (0.05)
Shares used to compute basic and diluted net loss per share 49,190,663 39,956,318
Discontinued operations    
Profit (loss) from operations of discontinued component $ (121) $ 11,113
Income tax benefit 0 0
Profit (loss) from discontinued operations $ (121) $ 11,113
Basic and diluted net profit (loss) per share from discontinued operations $ 0.00 $ 0.00
Shares used to compute basic and diluted net profit (loss) per share from discontinued operations 49,190,663 39,956,318
Net loss $ (1,982,696) $ (2,062,885)
Basic and diluted net loss per share $ (0.04) $ (0.05)
Shares used to compute basic and diluted net loss per share 49,190,663 39,956,318

Source

v3.7.0.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (1,982,696) $ (2,062,885)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,035 18,287
Stock issued as compensation to non-employee directors 53,516 42,000
Stock-based compensation expense 118,502 163,761
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 66,764 123,255
Accounts payable and accrued expenses (174,616) 95,791
Net cash used in operating activities (1,900,495) (1,619,791)
Cash flows from financing activities:    
Payments on short-term notes payable (35,514) (33,947)
Proceeds from payment of stock subscription receivable 30,563  
Net cash used in financing activities (4,951) (33,947)
Net decrease in cash and cash equivalents (1,905,446) (1,653,738)
Operating cash flows from discontinued operations   (61,970)
Cash and cash equivalents at beginning of period 4,080,618 5,083,355
Cash and cash equivalents at end of period 2,175,172 3,367,647
Supplemental disclosure of cash flow information:    
Interest paid 801 771
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 31,985 49,395
Par value of restricted shares issued $ 160 $ 200

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