Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 9,158,340 $ 11,426,785
Prepaid expenses and other current assets 2,544,713 2,844,798
Total current assets 11,703,053 14,271,583
Property and equipment, net 109,759 121,062
Deposit 17,940 17,940
Operating lease right-of-use assets 298,724 347,440
Total assets 12,129,476 14,758,025
Current liabilities:    
Accounts payable and accrued expenses 1,470,505 1,124,197
Short-term notes payable 107,890 267,640
Operating lease liabilities 202,187 204,447
Total current liabilities 1,780,582 1,596,284
Long-term liabilities    
Operating lease liabilities 104,463 152,439
Total long-term liabilities 104,463 152,439
Shareholders’ equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 5,417,000 and 5,417,000 Series A shares, 4,050,000 and 4,050,000 Series B shares, -0- and -0- Series C shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 1,592,723 1,592,723
Common stock, $0.001 par value; 4,166,666 shares authorized 2,024,657 and 2,024,657 shares issued and outstanding at March 31, 2023 and December 31, 2022 2,025 2,025
Additional paid-in capital 197,057,037 196,977,071
Accumulated deficit (188,407,354) (185,562,517)
Total shareholders’ equity 10,244,431 13,009,302
Total liabilities and shareholders’ equity $ 12,129,476 $ 14,758,025