Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 27,265,703 $ 17,639,575
Other receivables 6,987
Prepaid expenses and other current assets 434,699 343,106
Total current assets 27,707,389 17,982,681
Property and equipment, net 45,708 42,713
Operating lease right-of-use assets 477,882 655,138
Total assets 28,230,979 18,680,532
Current liabilities:    
Accounts payable and accrued expenses 947,574 937,020
Short-term notes payable 303,416 228,227
Operating lease liabilities 194,270 176,900
Total current liabilities 1,445,260 1,342,147
Long-term liabilities    
Operating lease liabilities 299,520 493,790
Total long-term liabilities 299,520 493,790
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, -0- and 133.483 Series C shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 2,656,713 7,174,854
Common stock, $0.001 par value; 200,000,000 shares authorized 116,394,806 and 91,766,928 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 116,395 91,767
Additional paid-in capital 194,987,219 164,022,957
Accumulated deficit (171,274,128) (154,444,983)
Total shareholders’ equity 26,486,199 16,844,595
Total liabilities and shareholders’ equity $ 28,230,979 $ 18,680,532