Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 9,629,023 $ 18,267,994
Prepaid expenses and other current assets 295,490 570,071
Total current assets 9,924,513 18,838,065
Property and equipment, net 67,341 91,968
Operating lease right-of-use assets 740,086 822,684
Total assets 10,731,940 19,752,717
Current liabilities:    
Accounts payable and accrued expenses 1,057,256 1,541,415
Short-term notes payable 132,088 143,864
Operating lease liabilities 170,680 165,096
Total current liabilities 1,360,024 1,850,375
Long-term liabilities:    
Operating lease liabilities 583,866 670,690
Total long-term liabilities 583,866 670,690
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, 133.483 and 113.941 Series C shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 7,174,854 6,513,396
Common stock, $0.001 par value; 200,000,000 shares authorized; 55,362,803 and 46,124,803 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 55,363 46,125
Additional paid-in capital 147,097,173 138,024,957
Accumulated deficit (145,539,340) (127,352,826)
Total shareholders' equity 8,788,050 17,231,652
Total liabilities and shareholders' equity $ 10,731,940 $ 19,752,717