Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

v3.7.0.1
Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,088,926 $ 4,080,618
Restricted cash 1,919,030  
Prepaid expenses and other current assets 517,727 141,086
Total current assets 4,525,683 4,221,704
Property and equipment, net 51,755 87,462
Total assets 4,577,438 4,309,166
Current liabilities:    
Accounts payable and accrued expenses 1,060,947 1,277,066
Short-term notes payable 22,561 66,377
Total current liabilities 1,083,508 1,343,443
Long-term liabilities:    
Note payable to shareholder 2,400,000  
Derivative liability 588,437  
Total long-term liabilities 2,988,437  
Shareholders' equity:    
Preferred stock, no par value; 20,000,000 shares authorized; 5,209,169 and -0- Series A shares issued and outstanding at June 30, 2017 and December 31, 2016 482,211  
Common stock, $0.001 par value; 250,000,000 shares authorized 49,274,219 and 49,114,219 shares issued and outstanding at June 30, 2017 and December 31, 2016 49,274 49,114
Stock subscription receivable   (30,563)
Additional paid-in capital 97,846,842 97,616,444
Accumulated deficit (97,872,834) (94,669,272)
Total shareholders' equity 505,493 2,965,723
Total liabilities and shareholders' equity $ 4,577,438 $ 4,309,166