Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 1,167,011 $ 3,027,962
Restricted cash 55,000 55,000
Prepaid expense 294,831 171,601
Total current assets 1,516,842 3,254,563
Furniture and equipment, net 27,761 55,119
Intangible assets, net 610,013 640,440
Other assets 148,566 194,250
Total assets 2,303,182 4,144,372
Current liabilities    
Accounts payable 386,877 254,320
Accrued expenses 34,610 16,964
Payroll liabilities 330,889 769,899
Other current liabilities 22,401 6,083
Total current liabilities 774,777 1,047,266
Commitments and contingencies (note 12)
Stockholders' equity    
Preferred stock - $.001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding
Common stock - $.015 par value; 75,000,000 shares authorized, 3,786,913 shares issued and outstanding 56,804 56,804
Additional paid-in capital 60,478,903 60,344,050
Accumulated deficit (59,007,302) (57,303,748)
Total stockholders' equity 1,528,405 3,097,106
Total liabilities and stockholders' equity $ 2,303,182 $ 4,144,372