Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 7,217,469 $ 3,027,962
Restricted cash 55,000 55,000
Prepaid expenses 250,944 171,601
Research and development tax rebate receivable 358,277
Other current assets 16,344
Total current assets 7,898,034 3,254,563
Furniture and equipment, net 11,467 55,119
Intangible assets, net 75,686 640,440
Other assets 178,907 194,250
Total assets 8,164,094 4,144,372
Current liabilities:    
Accounts payable 334,901 254,320
Accrued expenses 90,105 16,964
Payroll liabilities 784,867 769,899
Other current liabilities 15,534 6,083
Total current liabilities 1,225,407 1,047,266
Commitments and contingencies (note 15)
Stockholders' equity    
Common stock - $.015 par value; 75,000,000 shares authorized, 31,822,741 and 3,786,913 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 477,342 56,804
Additional paid-in capital 71,887,674 60,344,050
Accumulated deficit (65,426,329) (57,303,748)
Total stockholders' equity 6,938,687 3,097,106
Total liabilities and stockholders' equity $ 8,164,094 $ 4,144,372