Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

v3.8.0.1
Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,923,454 $ 4,080,618
Restricted cash 1,408,115  
Prepaid expenses and other current assets 769,629 141,086
Total current assets 5,101,198 4,221,704
Property and equipment, net 34,120 87,462
Total assets 5,135,318 4,309,166
Current liabilities:    
Accounts payable and accrued expenses 1,594,245 1,277,066
Short-term notes payable 128,070 66,377
Total current liabilities 1,722,315 1,343,443
Long-term liabilities:    
Note payable to shareholder 2,400,000  
Total long-term liabilities 2,400,000  
Shareholders' equity:    
Preferred stock, no par value; 20,000,000 shares authorized; 12,000,000 and -0- Series A shares issued and outstanding at September 30, 2017 and December 31, 2016 1,245,508  
Common stock, $0.001 par value; 250,000,000 shares authorized 49,274,219 and 49,114,219 shares issued and outstanding at September 30, 2017 and December 31, 2016 49,274 49,114
Stock subscription receivable   (30,563)
Additional paid-in capital 99,658,285 97,616,444
Accumulated deficit (99,940,064) (94,669,272)
Total shareholders' equity 1,013,003 2,965,723
Total liabilities and shareholders' equity $ 5,135,318 $ 4,309,166