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, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 4,779,519 $ 7,217,469
Restricted cash 55,000 55,000
Prepaid expenses 495,667 250,944
Research and development tax rebate receivable 395,872 358,277
Other current assets 9,316 16,344
Total current assets 5,735,374 7,898,034
Furniture and equipment, net 59,810 11,467
Intangible assets, net 70,547 75,686
Other assets 114,571 178,907
Total assets 5,980,302 8,164,094
Current liabilities    
Accounts payable 168,347 334,901
Accrued expenses 172,613 90,105
Payroll liabilities 356,427 784,867
Other current liabilities 23,323 15,534
Total current liabilities 720,710 1,225,407
Commitments and contingencies (note 11)
Stockholders' equity    
Preferred stock - $.001 par value; 10,000,000 shares authorized, no shares issued or outstanding
Common stock - $.18 par value; 75,000,000 shares authorized, 2,651,952 shares issued and outstanding 477,342 477,342
Additional paid-in capital 72,082,961 71,887,674
Accumulated deficit (67,300,711) (65,426,329)
Total stockholders' equity 5,259,592 6,938,687
Total liabilities and stockholders' equity $ 5,980,302 $ 8,164,094