Financials

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

Source

v3.8.0.1
Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]    
Revenue, net $ 0 $ 0
Cost of revenue 0 0
Gross profit 0 0
Operating expenses:    
Research and development 3,539,656 4,754,650
General and administrative 3,178,662 3,787,855
Total operating expenses 6,718,318 8,542,505
Loss from continuing operations (6,718,318) (8,542,505)
Other income (expense):    
Interest income 10,221 40,090
Interest expense (216,328) (4,116)
Local business tax (3,098) (4,798)
Changes in derivative liability 188,727  
Other income 7,271 14,013
Total other income (expense), net (13,207) 45,189
Loss from continuing operations before income taxes (6,731,525) (8,497,316)
Income tax benefit 0 0
Net loss from continuing operations $ (6,731,525) $ (8,497,316)
Basic and diluted net loss per share from continuing operations $ (1.37) $ (1.90)
Shares used to compute basic and diluted net loss per share from continuing operations 4,926,275 4,460,933
Discontinued operations    
Profit (loss) from operations of discontinued component   $ 30,268
Gain on sale of discontinued operations   1,453,744
Income tax benefit $ 0 0
Profit from discontinued operations   $ 1,484,012
Basic and diluted net profit per share from discontinued operations   $ 0.33
Shares used to compute basic and diluted net profit per share from discontinued operations 4,926,275 4,460,933
Net loss $ (6,731,525) $ (7,013,304)
Basic and diluted net loss per share $ (1.37) $ (1.57)
Shares used to compute basic and diluted net loss per share 4,926,275 4,460,933

Source

v3.8.0.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (6,731,525) $ (7,013,304)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 65,803 75,044
Loss on sale of fixed assets   3,126
Stock issued as compensation to non-employee directors 123,200 151,200
Stock-based compensation expense 437,278 487,218
Warrant issued in exchange for services 118,237  
Gain on sale of discontinued operations   (1,453,744)
Decrease in fair value of derivative liability (188,727)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (713,896) 229,338
Accounts payable and accrued expenses 525,777 446,037
Net cash used in operating activities (6,363,853) (7,075,085)
Cash flows from investing activities:    
Proceeds from sale of fixed assets   2,198
Purchase of property and equipment   (27,179)
Proceeds from payment of note receivable   250,000
Proceeds from sale of discontinued operations   1,450,000
Net cash provided by investing activities   1,675,019
Cash flows from financing activities:    
Proceeds from issuance of note payable to shareholder 2,400,000  
Payments on short-term notes payable (157,946) (158,100)
Net proceeds from issuance of convertible preferred stock and warrants 6,176,761  
Proceeds from payment of stock subscription receivable 30,563 1,969,437
Net proceeds from issuance of common stock   2,640,147
Net cash provided by financing activities 8,449,378 4,451,484
Net increase (decrease) in cash and cash equivalents 2,085,525 (948,582)
Operating cash flows from discontinued operations   (54,155)
Cash and cash equivalents at beginning of period 4,080,618 5,083,355
Cash and cash equivalents at end of period 6,166,143 4,080,618
Supplemental disclosure of cash flow information:    
Interest paid 4,495 4,116
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
Fair market value of 48,387 warrants issued for financial advisory services 118,237  
Par value of restricted shares forfeited   $ (20)
Series C Preferred Stock [Member] | Convertible Notes Payable [Member]    
Non-cash investing and financing activities:    
Debt converted to Series C preferred stock 2,400,000  
Series C Preferred Stock [Member] | Accounts Payable and Accrued Expenses [Member]    
Non-cash investing and financing activities:    
Debt converted to Series C preferred stock $ 984,799  

Source