Financials

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

Source

v3.8.0.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating expenses:        
Research and development $ 996,477 $ 924,800 $ 2,724,349 $ 2,978,775
General and administrative 925,043 1,101,870 2,581,586 2,855,822
Total operating expenses 1,921,520 2,026,670 5,305,935 5,834,597
Loss from continuing operations (1,921,520) (2,026,670) (5,305,935) (5,834,597)
Other income (expense):        
Interest income 3,004 18,526 6,771 22,554
Interest expense (105,894) (1,291) (164,560) (2,947)
Change in value of derivative liability (42,918)   188,726  
Local business tax (588) (1,200) (2,988) (3,578)
Other income 686 5,062 7,194 5,435
Total other income (expense), net (145,710) 21,097 35,143 21,464
Loss from continuing operations before income taxes (2,067,230) (2,005,573) (5,270,792) (5,813,133)
Income tax benefit 0 0 0 0
Net loss from continuing operations $ (2,067,230) $ (2,005,573) $ (5,270,792) $ (5,813,133)
Basic and diluted net loss per share from continuing operations $ (0.04) $ (0.04) $ (0.11) $ (0.13)
Shares used to compute basic and diluted net loss per share 49,274,219 49,114,219 49,246,673 43,078,989
Discontinued operations        
Profit from operations of discontinued component   $ 42,566   $ 20,882
Gain on sale of discontinued operations       1,453,744
Income tax benefit $ 0 0 $ 0 0
Profit from discontinued operations   $ 42,566   $ 1,474,626
Basic and diluted net profit per share from discontinued operations       $ 0.03
Shares used to compute basic and diluted net loss per share from discontinued operations 49,274,219 49,114,219 49,246,673 43,078,989
Net loss $ (2,067,230) $ (1,963,007) $ (5,270,792) $ (4,338,507)
Basic and diluted net loss per share $ (0.04) $ (0.04) $ (0.11) $ (0.10)
Shares used to compute basic and diluted net loss per share 49,274,219 49,114,219 49,246,673 43,078,989

Source

v3.8.0.1
Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (5,270,792) $ (4,338,507)
Adjustments to reconcile net loss to net cash used in operating activities:    
Technology access fee paid in convertible note payable to shareholder   3,126
Depreciation and amortization 53,342 55,402
Stock issued as compensation to non-employee directors 114,576 84,000
Stock-based compensation expense 307,630 384,992
Warrant issued in exchange for services 118,237  
Gain on sale of discontinued operations   (1,453,744)
Decrease in fair value of derivative liability (188,726)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (456,496) 198,557
Accounts payable and accrued expenses 317,179 (44,850)
Net cash used in operating activities (5,005,050) (5,111,024)
Cash flows from investing activities:    
Proceeds from sale of property and equipment   2,198
Purchase of property and equipment   (27,179)
Proceeds from payment of note receivable   450,000
Proceeds from sale of discontinued operations   1,250,000
Net cash provided by investing activities   1,675,019
Cash flows from financing activities:    
Payments on short-term notes payable (110,354) (112,770)
Net proceeds from issuance of convertible preferred stock and warrants 2,935,792  
Net proceeds from issuance of common stock   2,640,146
Proceeds from issuance of note payable to shareholder 2,400,000  
Proceeds from payment of stock subscription receivable 30,563 984,666
Restricted cash receipts, net (1,408,115)  
Net cash provided by financing activities 3,847,886 3,512,042
Net increase (decrease) in cash and cash equivalents (1,157,164) 76,037
Operating cash flows from discontinued operations   (42,761)
Cash and cash equivalents at beginning of period 4,080,618 5,083,355
Cash and cash equivalents at end of period 2,923,454 5,116,631
Supplemental disclosure of cash flow information:    
Interest paid 3,040 2,769
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 172,047 161,125
Short-term note receivable from stockholder in exchange for the issuance of common stock   (2,000,000)
Par value of restricted shares issued 160 230
Par value of restricted shares forfeited   $ (20)
Fair market value of warrants issued for financial advisory services $ 118,237  

Source