Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 18,267,994 $ 20,208,301
Prepaid expenses and other current assets 570,071 1,724,975
Total current assets 18,838,065 21,933,276
Property and equipment, net 91,968 116,276
Operating lease right-of-use assets 822,684
Total assets 19,752,717 22,049,552
Current liabilities:    
Accounts payable and accrued expenses 1,541,415 1,043,356
Short-term notes payable 143,864 124,213
Operating lease liabilities 165,096
Total current liabilities 1,850,375 1,167,569
Long-term liabilities    
Operating lease liabilities 670,690
Total long-term liabilities 670,690
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 December 31, 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 December 31, 2019 and December 31, 2018, respectively 46,125 29,433
Additional paid-in capital 138,024,957 126,125,976
Accumulated deficit (127,352,826) (111,373,608)
Total shareholders' equity 17,231,652 20,881,983
Total liabilities and shareholders' equity $ 19,752,717 $ 22,049,552