v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 3,690,023 $ 3,027,962
Restricted cash 55,000 55,000
Prepaid expenses 228,370 171,601
Other accounts receivable 2,736  
Total current assets 3,976,129 3,254,563
Furniture and equipment, net 18,989 55,119
Intangible assets, net 585,683 640,440
Other assets 128,577 194,250
Total assets 4,709,378 4,144,372
Current liabilities    
Accounts payable 495,811 254,320
Accrued expenses 44,017 16,964
Payroll liabilities 482,420 769,899
Common stock warrant liability 864,371  
Other current liabilities 19,157 6,083
Total current liabilities 1,905,776 1,047,266
Commitments and contingencies (note 13)  
Stockholders' equity    
Preferred stock
Additional paid in capital- Series A convertible preferred stock 744,977  
Common stock - $.015 par value; 75,000,000 shares authorized, 10,032,410 and 3,786,913 shares issued and outstanding, as of June 30, 2017 and December 31, 2016, respectively 150,486 56,804
Additional paid-in capital 63,126,929 60,344,050
Accumulated deficit (61,248,791) (57,303,748)
Total stockholders' equity 2,803,602 3,097,106
Total liabilities and stockholders' equity 4,709,378 4,144,372
Series A Convertible Preferred Stock Convertible [Member]    
Stockholders' equity    
Preferred stock $ 1

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Operating expenses:        
Research and development $ 824,094 $ 168,992 $ 1,368,396 $ 318,963
General and administrative 1,072,169 1,553,391 2,214,712 3,730,960
Total operating expenses 1,896,263 1,722,383 3,583,108 4,049,923
Operating loss (1,896,263) (1,722,383) (3,583,108) (4,049,923)
Change in fair value of common stock warrants (152,447)   (152,447)  
Warrant financing expense (192,817)   (192,817)  
Other income (expense), net 38 (16,671)
Loss before income taxes (2,241,489) (1,722,383) (3,945,043) (4,049,923)
Income taxes
Net loss (2,241,489) (1,722,383) (3,945,043) (4,049,923)
Deemed dividends attributable to Series A Preferred Stock (2,568,132)   (2,568,132)  
Net loss applicable to common stockholders $ (4,809,621) $ (1,722,383) $ (6,513,175) $ (4,049,923)
Loss per common share - basic and diluted (in dollars per share) $ (0.64) $ (0.67) $ (1.15) $ (1.63)
Weighted average shares outstanding, basic and diluted (in shares) 7,476,046 2,587,871 5,641,671 2,485,853

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,945,043) $ (4,049,923)
Compensation cost for stock options granted 336,115 392,664
Loss on disposal of intangible asset 17,695 163,333
Depreciation and amortization 73,193 152,574
Change in fair value of common stock warrants 152,447  
Warrant financing expense 192,817  
Changes in operating assets and liabilities:    
Change in restricted cash   220,000
Prepaid expenses (56,769) (15,836)
Other assets 25,831 110,527
Accounts payable 241,491 (531,657)
Payroll liabilities (287,479) (666,368)
Accrued expenses 27,053 (387,903)
Other current liabilities 13,074 (41,473)
Net cash used in operating activities (3,209,575) (4,654,062)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment   (4,941)
Net cash used in investing activities   (4,941)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of Class A and Class B Units, net of issuance costs 3,871,636  
Proceeds from issuance of common stock, net of issuance costs   2,133,974
Net cash provided by financing activities 3,871,636 2,133,974
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 662,061 (2,525,029)
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING BALANCE 3,690,023 1,190,866
SUPPLEMENTAL DISCLOSURES:    
Interest paid   383
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued for cashless exercise of common stock warrants 900,488  
Amount receivable for warrant exercise 2,600  
Allocation of Class A and Class B Unit proceeds to warrant liability 1,612,416  
Common stock issued as commitment fee under stock purchase agreement   198,523
Amortization of commitment shares $ 39,705 $ 6,617

Source