Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 25,719,626 $ 20,208,301
Prepaid expenses and other current assets 355,413 1,724,975
Total current assets 26,075,039 21,933,276
Property and equipment, net 101,585 116,276
Operating lease right-of-use assets 756,337  
Total assets 26,932,961 22,049,552
Current liabilities:    
Accounts payable and accrued expenses 1,741,051 1,043,356
Short-term notes payable 12,526 124,213
Operating lease liabilities 140,327  
Total current liabilities 1,893,904 1,167,569
Long-term liabilities:    
Operating lease liabilities 616,157  
Total long-term liabilities 616,157  
Shareholders’ equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 and 9,417,000 Series A shares, 6,600,000 and 6,600,000 Series B shares, 113.941 and 101.733 Series C shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 6,513,396 6,100,182
Common stock, $0.001 par value; 200,000,000 shares authorized; 46,124,803 and 29,433,135 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 46,125 29,433
Additional paid-in capital 137,782,378 126,125,976
Accumulated deficit (119,918,999) (111,373,608)
Total shareholders’ equity 24,422,900 20,881,983
Total liabilities and shareholders’ equity $ 26,932,961 $ 22,049,552