Financials

v3.8.0.1
Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 4,757,863 $ 6,166,143
Prepaid expenses and other current assets 722,627 1,027,029
Total current assets 5,480,490 7,193,172
Property and equipment, net 13,950 21,659
Total assets 5,494,440 7,214,831
Current liabilities:    
Accounts payable and accrued expenses 1,111,441 818,044
Short-term notes payable 67,763 80,478
Total current liabilities 1,179,204 898,522
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 March 31, 2018 and December 31, 2017, respectively 6,100,182 6,309,608
Common stock, $0.001 par value; 45,000,000 shares authorized 5,186,635 and 4,928,335 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 5,187 4,928
Additional paid-in capital 101,788,731 101,402,570
Accumulated deficit (103,578,864) (101,400,797)
Total shareholders' equity 4,315,236 6,316,309
Total liabilities and shareholders' equity $ 5,494,440 $ 7,214,831

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v3.8.0.1
Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating expenses:    
Research and development $ (1,326,241) $ (1,122,461)
General and administrative (795,463) (865,195)
Total operating expenses (2,121,704) (1,987,656)
Loss from continuing operations (2,121,704) (1,987,656)
Other income (expense):    
Interest income 3,474 1,935
Interest expense (837) (801)
Local business tax (330) (1,200)
Other income   5,147
Total other income, net 2,307 5,081
Loss from continuing operations before income taxes (2,119,397) (1,982,575)
Income tax benefit 0 0
Net loss from continuing operations $ (2,119,397) $ (1,982,575)
Basic and diluted net loss per share from continuing operations $ (0.42) $ (0.40)
Shares used to compute basic and diluted net loss per share from continuing operations 4,991,475 4,919,979
Discontinued operations    
Loss from operations of discontinued component   $ (121)
Loss from discontinued operations   $ (121)
Basic and diluted net loss per share from discontinued operations   $ 0
Shares used to compute basic and diluted net loss per share from discontinued operations 4,991,475 4,919,979
Net loss $ (2,119,397) $ (1,982,696)
Basic and diluted net loss per share $ (0.42) $ (0.40)
Shares used to compute basic and diluted net loss per share 4,991,475 4,919,979

Source

v3.8.0.1
Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (2,119,397) $ (1,982,696)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,709 18,035
Stock issued as compensation to non-employee directors   53,516
Stock-based compensation expense 118,324 118,502
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 333,317 66,764
Accounts payable and accrued expenses 293,397 (174,616)
Net cash used in operating activities (1,366,650) (1,900,495)
Cash flows from financing activities:    
Payments on short-term notes payable (41,630) (35,514)
Proceeds from payment of stock subscription receivable   30,563
Net cash used in financing activities (41,630) (4,951)
Net decrease in cash and cash equivalents (1,408,280) (1,905,446)
Cash and cash equivalents at beginning of period 6,166,143 4,080,618
Cash and cash equivalents at end of period 4,757,863 2,175,172
Supplemental disclosure of cash flow information:    
Interest paid 4,495 801
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 28,915 31,985
Stock dividend on Series C preferred stock 58,670 $ 160
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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