Financials

v3.5.0.2
Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 5,116,631 $ 5,083,355
Prepaid expenses and other current assets 171,867 209,299
Current assets of discontinued operations   345,074
Total current assets 5,288,498 5,637,728
Property and equipment, net 107,104 140,651
Total assets 5,395,602 5,778,379
Current liabilities:    
Accounts payable and accrued expenses 786,179 831,029
Short-term notes payable 111,707 63,352
Current liabilities of discontinued operations 11,394 152,973
Total current liabilities 909,280 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 September 30, 2016 and December 31, 2015 49,114 39,859
Stock subscription receivable (1,015,334)  
Additional paid-in capital 97,447,017 92,347,134
Accumulated deficit (91,994,475) (87,655,968)
Total shareholders' equity 4,486,322 4,731,025
Total liabilities and shareholders' equity $ 5,395,602 $ 5,778,379

Source

v3.5.0.2
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenue, net $ 0 $ 0 $ 0 $ 0
Cost of revenue 0 0 0 0
Gross profit 0 0 0 0
Operating expenses:        
Research and development 924,800 1,104,023 2,978,775 7,392,539
General and administrative 1,101,870 761,911 2,855,822 2,192,474
Total operating expenses 2,026,670 1,865,934 5,834,597 9,585,013
Loss from continuing operations (2,026,670) (1,865,934) (5,834,597) (9,585,013)
Other income (expense):        
Interest income 18,526 5,024 22,554 17,395
Interest expense (1,291) (39,564) (2,947) (50,201)
Local business tax (1,200) (900) (3,578) (3,800)
Other income 5,062 1,280 5,435 776
Total other income (expense), net 21,097 (34,160) 21,464 (35,830)
Loss from continuing operations before income taxes (2,005,573) (1,900,094) (5,813,133) (9,620,843)
Income tax benefit 0 0 0 0
Net loss from continuing operations $ (2,005,573) $ (1,900,094) $ (5,813,133) $ (9,620,843)
Basic and diluted net loss per share from continuing operations $ (0.04) $ (0.05) $ (0.13) $ (0.26)
Shares used to compute basic and diluted net loss per share 49,114,219 36,441,783 43,078,989 36,344,945
Discontinued operations        
Profit from operations of discontinued component $ 42,566 $ 36,418 $ 20,882 $ 128,919
Gain on sale of discontinued operations     1,453,744  
Income tax benefit 0 0 0 0
Profit from discontinued operations $ 42,566 $ 36,418 $ 1,474,626 $ 128,919
Basic and diluted net profit per share from discontinued operations $ 0.00 $ 0.00 $ 0.03 $ 0.00
Shares used to compute basic and diluted net loss per share 49,114,219 36,441,783 43,078,989 36,344,945
Net loss $ (1,963,007) $ (1,863,676) $ (4,338,507) $ (9,491,924)
Basic and diluted net loss per share $ (0.04) $ (0.05) $ (0.10) $ (0.26)
Shares used to compute basic and diluted net loss per share 49,114,219 36,441,783 43,078,989 36,344,945

Source

v3.5.0.2
Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (4,338,507) $ (9,491,924)
Adjustments to reconcile net loss to net cash used in operating activities:    
Technology access fee paid in convertible note payable to shareholder 3,126 5,000,000
Depreciation and amortization 55,402 52,540
Loss on sale of fixed assets   (1,280)
Stock issued as compensation to non-employee directors 84,000 198,000
Stock-based compensation expense 384,992 461,029
Gain on sale of discontinued operations (1,453,744)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 198,557 106,421
Accounts payable and accrued expenses (44,850) 147,294
Net cash used in operating activities (5,111,024) (3,527,920)
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 450,000  
Proceeds from sale of discontinued operations 1,250,000  
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 (112,770) (113,792)
Proceeds from payment of stock subscription receivable 984,666  
Net proceeds from issuance of common stock 2,640,146  
Net cash provided by or (used in) financing activities 3,512,042 (113,792)
Net increase (decrease) in cash and cash equivalents 76,037 (3,742,943)
Cash flows from discontinued operations (42,761) 32,756
Cash and cash equivalents at beginning of period 5,083,355 10,448,921
Cash and cash equivalents at end of period 5,116,631 6,738,734
Supplemental disclosure of cash flow information:    
Interest paid 2,769 1,230
Non-cash investing and financing activities:    
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