Common Stock

Preferred Stock

Additional

Total

Paid In

Accumulated

Shareholders’

Shares

Amount

Shares

Amount

Capital

Deficit

Equity

Balances at December 31, 2018

29,433,135

$

29,433

16,017,101.733

$

6,100,182

$

126,125,976

$

(111,373,608

)

$

20,881,983

Compensation expense

   relating to option issuances

—

—

—

—

145,829

—

145,829

Issuance of common stock -

   shelf takedown, net of expenses

16,666,668

16,667

—

—

11,399,009

—

11,415,676

Issuance of common stock

   in exchange for services

12,500

12

—

—

5,988

—

6,000

Series C dividend

—

—

12.208

413,214

—

(413,214

)

—

Net loss

—

—

—

—

—

(3,325,717

)

(3,325,717

)

Balances at March 31, 2019

46,112,303

$

46,112

16,017,113.941

$

6,513,396

$

137,676,802

$

(115,112,539

)

$

29,123,771

Compensation expense

   relating to option issuances

—

—

—

—

164,588

—

164,588

Issuance of common stock -

   shelf takedown, net of expenses

—

—

—

—

(65,000

)

—

(65,000

)

Issuance of common stock

   in exchange for services

12,500

13

—

—

5,988

—

6,001

Net loss

—

—

—

—

—

(4,806,460

)

(4,806,460

)

Balances at June 30, 2019

46,124,803

$

46,125

16,017,113.941

$

6,513,396

$

137,782,378

$

(119,918,999

)

$

24,422,900

Common Stock

Preferred Stock

Additional

Total

Paid In

Accumulated

Shareholders’

Shares

Amount

Shares

Amount

Capital

Deficit

Equity

Balances at December 31, 2017

4,928,335

$

4,928

18,600,100.000

$

6,309,608

$

101,402,570

$

(101,400,797

)

$

6,316,309

Compensation expense

   relating to option issuances

—

—

—

—

118,324

—

118,324

Conversion of Series A preferred

   stock to common stock

258,300

259

(2,583,000

)

(268,096

)

267,837

—

—

Series C dividend

—

—

1.733

58,670

—

(58,670

)

—

Net loss

—

—

—

—

—

(2,119,397

)

(2,119,397

)

Balances at March 31, 2018

5,186,635

$

5,187

16,017,101.7330

$

6,100,182

$

101,788,731

$

(103,578,864

)

$

4,315,236

Compensation expense

   relating to option issuances

—

—

—

—

81,986

—

81,986

Issuance of common stock -

   shelf takedown, net of expenses

900,000

900

—

—

1,509,427

—

1,510,327

Issuance of restricted

   common stock

16,000

16

—

—

24,304

—

24,320

Net loss

—

—

—

—

—

(2,281,289

)

(2,281,289

)

Balances at June 30, 2018

6,102,635

$

6,103

16,017,101.733

$

6,100,182

$

103,404,448

$

(105,860,153

)

$

3,650,580