Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

v3.20.1
Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 14,372,105 $ 18,267,994
Prepaid expenses and other current assets 328,674 570,071
Total current assets 14,700,779 18,838,065
Property and equipment, net 79,654 91,968
Operating lease right-of-use assets 781,674 822,684
Total assets 15,562,107 19,752,717
Current liabilities:    
Accounts payable and accrued expenses 1,786,671 1,541,415
Short-term notes payable 70,847 143,864
Operating lease liabilities 167,864 165,096
Total current liabilities 2,025,382 1,850,375
Long-term liabilities:    
Operating lease liabilities 627,723 670,690
Total long-term liabilities 627,723 670,690
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, 133.483 and 113.941 Series C shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 7,174,854 6,513,396
Common stock, $0.001 par value; 200,000,000 shares authorized; 46,124,803 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 46,125 46,125
Additional paid-in capital 138,890,067 138,024,957
Accumulated deficit (133,202,044) (127,352,826)
Total shareholders' equity 12,909,002 17,231,652
Total liabilities and shareholders' equity $ 15,562,107 $ 19,752,717