Financials

v3.10.0.1
Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 3,940,530 $ 6,166,143
Prepaid expenses and other current assets 1,257,440 1,027,029
Total current assets 5,197,970 7,193,172
Property and equipment, net 10,643 21,659
Total assets 5,208,613 7,214,831
Current liabilities:    
Accounts payable and accrued expenses 1,537,121 818,044
Short-term notes payable 20,912 80,478
Total current liabilities 1,558,033 898,522
Shareholders' equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 and 12,000,000 Series A shares, 6,600,000 and 6,600,000 Series B shares, 101.733 and 100 Series C shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 6,100,182 6,309,608
Common stock, $0.001 par value; 200,000,000 shares authorized 6,102,635 and 4,928,335 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 6,103 4,928
Additional paid-in capital 103,404,448 101,402,570
Accumulated deficit (105,860,153) (101,400,797)
Total shareholders' equity 3,650,580 6,316,309
Total liabilities and shareholders' equity $ 5,208,613 $ 7,214,831

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v3.10.0.1
Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating expenses:        
Research and development $ 1,271,542 $ 605,411 $ 2,597,783 $ 1,727,872
General and administrative 1,012,007 791,348 1,807,470 1,656,543
Total operating expenses 2,283,549 1,396,759 4,405,253 3,384,415
Loss from continuing operations (2,283,549) (1,396,759) (4,405,253) (3,384,415)
Other income (expense):        
Interest income 3,254 1,832 6,728 3,767
Interest expense (664) (57,865) (1,501) (58,666)
Change in value of derivative liability   231,644   231,644
Local business tax (330) (1,200) (660) (2,400)
Other income   1,361   6,508
Total other income, net 2,260 175,772 4,567 180,853
Loss from continuing operations before income taxes (2,281,289) (1,220,987) (4,400,686) (3,203,562)
Income tax benefit 0 0 0 0
Net loss from continuing operations $ (2,281,289) $ (1,220,987) $ (4,400,686) $ (3,203,562)
Basic and diluted net loss per share from continuing operations $ (0.38) $ (0.25) $ (0.80) $ (0.65)
Shares used to compute basic and diluted net loss per share from continuing operations 6,028,701 4,928,335 5,509,741 4,924,115
Discontinued operations        
Profit from operations of discontinued component   $ 121    
Profit from discontinued operations   $ 121    
Basic and diluted net profit per share from discontinued operations $ 0 $ 0 $ 0 $ 0
Shares used to compute basic and diluted net profit per share from discontinued operations 6,028,701 4,928,335 5,509,741 4,924,115
Net loss $ (2,281,289) $ (1,220,866) $ (4,400,686) $ (3,203,562)
Basic and diluted net loss per share $ (0.38) $ (0.25) $ (0.80) $ (0.65)
Shares used to compute basic and diluted net loss per share 6,028,701 4,928,335 5,509,741 4,924,115

Source

v3.10.0.1
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (4,400,686) $ (3,203,562)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,016 35,707
Stock issued as compensation to non-employee directors 24,320 93,828
Stock-based compensation expense 200,310 200,938
Decrease in fair value of derivative liability   (231,644)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (201,496) (344,656)
Accounts payable and accrued expenses 719,077 (216,119)
Net cash used in operating activities (3,647,459) (3,665,508)
Cash flows from financing activities:    
Payments on short-term notes payable (88,481) (75,801)
Net proceeds from issuance of common stock and warrants 1,510,327  
Net proceeds from issuance of convertible preferred stock and warrants   1,238,084
Proceeds from issuance of note payable to shareholder   2,400,000
Proceeds from payment of stock subscription receivable   30,563
Restricted cash (receipts) released, net   (1,919,030)
Net cash provided by financing activities 1,421,846 1,673,816
Net decrease in cash and cash equivalents (2,225,613) (1,991,692)
Cash and cash equivalents at beginning of period 6,166,143 4,080,618
Cash and cash equivalents at end of period 3,940,530 2,088,926
Supplemental disclosure of cash flow information:    
Interest paid 1,501 1,605
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 28,915 31,985
Par value of restricted stock issued 16 $ 160
Stock dividend on Series C preferred stock 58,670  
Par value of common stock issued in connection with Series A Preferred Stock Conversion 259  
Value of Series A preferred stock converted into common stock $ 268,096  

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