v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 3,027,962 $ 3,715,895
Restricted cash 55,000 275,000
Prepaid expenses 171,601 193,293
Other current assets 110,663
Total current assets 3,254,563 4,294,851
Furniture and equipment, net 55,119 171,568
Intangible assets, net 640,440 1,700,565
Other assets 194,250 76,337
Total assets 4,144,372 6,243,321
Current liabilities:    
Accounts payable 254,320 814,448
Accrued expenses 16,964 463,676
Payroll liabilities 769,899 1,159,335
Other current liabilities 6,083 64,128
Total current liabilities 1,047,266 2,501,587
Total liabilities 1,047,266 2,501,587
Commitments and contingencies (note 14)
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 and 2,177,151 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively 56,804 32,657
Additional paid-in capital 60,344,050 54,643,940
Accumulated deficit (57,303,748) (50,934,863)
Total stockholders' equity 3,097,106 3,741,734
Total liabilities and stockholders' equity $ 4,144,372 $ 6,243,321

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenue    
Product sales $ 1,758
Total revenue 1,758
Cost of revenue    
Product sales 132,411
Total cost of revenue 132,411
Gross loss from operations (130,653)
Selling expenses 1,421,409
Research and development expenses 770,427 2,359,593
General and administrative expenses 6,479,193 8,846,963
Impairment of intangible assets 718,970
Total operating expenses 7,968,590 12,627,965
Operating loss (7,968,590) (12,758,618)
Other income 1,599,705 431
Loss before income taxes (6,368,885) (12,758,187)
Income taxes
Loss from continuing operations (6,368,885) (12,758,187)
Loss from discontinued operations (including loss on disposal of $670,943 for the year ended December 31, 2015) (3,002,136)
Net loss $ (6,368,885) $ (15,760,323)
Loss per common share from continuing operations - basic and diluted (in dollars per share) $ (2.16) $ (6.73)
Loss per common share from discontinued operations - basic and diluted (in dollars per share) (1.58)
Loss per common share - basic and diluted (in dollars per share) $ (2.16) $ (8.31)
Weighted average shares outstanding, basic and diluted (in shares) 2,947,282 1,895,168

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (6,368,885) $ (15,760,323)
Net loss from discontinued operations 3,002,136
Adjustments to reconcile net loss to net cash used in operating activities:    
Compensation cost for stock options granted 876,189 840,103
Loss on disposal of an asset 163,333  
Impairment of intangible assets 718,970
Depreciation and amortization 303,482 272,627
Changes in operating assets and liabilities:    
Restricted cash 220,000 (275,000)
Inventory 9,276
Other assets 124,301 (110,663)
Prepaid expenses 21,692 671
Security deposits 20,650 (28,144)
Accounts payable (560,128) 301,403
Payroll liabilities (389,436) 199,594
Deferred rent (2,483)
Accrued expenses (446,712) 209,550
Other current liabilities (58,045) 21,900
Net cash used in continuing operating activities (5,374,589) (11,319,353)
Net cash used in discontinued operating activities (2,633,943)
Net cash used in operating activities (5,374,589) (13,953,296)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of furniture and equipment (9,213) (130,735)
Net cash used in continuing investing activities (9,213) (130,735)
Net cash used in discontinued investing activities (157,684)
Net cash used in investing activities (9,213) (288,419)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of common stock 4,695,869 9,456,892
Net cash provided by financing activities 4,695,869 9,456,892
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (687,933) (4,784,823)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,715,895 8,500,718
CASH AND CASH EQUIVALENTS, ENDING OF YEAR 3,027,962 3,715,895
SUPPLEMENTAL DISCLOSURES:    
Interest paid 317
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Amortization of deferred financing costs $ 42,864 $ 355,711

Source