Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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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