Annual report pursuant to Section 13 and 15(d)

Balance Sheets

v3.8.0.1
Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 6,166,143 $ 4,080,618
Prepaid expenses and other current assets 1,027,029 141,086
Total current assets 7,193,172 4,221,704
Property and equipment, net 21,659 87,462
Total assets 7,214,831 4,309,166
Current liabilities:    
Accounts payable and accrued expenses 818,044 1,277,066
Short-term notes payable 80,478 66,377
Total current liabilities 898,522 1,343,443
Shareholders' equity:    
Preferred stock, no par value; 50,000,000 and 20,000,000 shares authorized; 12,000,000 and -0- Series A shares, 6,600,000 and -0- Series B shares, 100 and -0- Series C shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 6,309,608  
Common stock, $0.001 par value; 45,000,000 shares authorized 4,928,335 and 4,912,335 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 4,928 4,912
Stock subscription receivable   (30,563)
Additional paid-in capital 101,402,570 97,660,646
Accumulated deficit (101,400,797) (94,669,272)
Total shareholders' equity 6,316,309 2,965,723
Total liabilities and shareholders' equity $ 7,214,831 $ 4,309,166