v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 4,388,177 $ 3,715,895
Restricted cash 55,000 275,000
Prepaid expense 120,751 193,293
Other current assets 0 110,663
Total current assets 4,563,928 4,294,851
Furniture and equipment, net 84,537 171,568
Intangible assets, net 1,401,899 1,700,565
Other assets 227,877 76,337
Total assets 6,278,241 6,243,321
Current liabilities    
Accounts payable 197,354 814,448
Accrued expenses 12,480 463,676
Payroll liabilities 635,047 1,159,335
Other current liabilities 18,886 64,128
Total current liabilities 863,767 2,501,587
Commitments and contingencies (note 13)
Stockholders’ equity    
Preferred stock - $.001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding 0 0
Common stock - $.015 par value; 75,000,000 shares authorized, 3,787,967 and 2,177,151 shares issued and outstanding 56,820 32,657
Additional paid-in capital 60,137,752 54,643,940
Accumulated deficit (54,780,098) (50,934,863)
Total stockholders’ equity 5,414,474 3,741,734
Total liabilities and stockholders’ equity $ 6,278,241 $ 6,243,321

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Net revenue $ 0 $ 0 $ 0 $ 0
Operating expenses:        
Selling 0 498,609 0 1,187,777
Research and development 85,000 948,961 403,963 1,888,236
General and administrative 1,473,435 2,395,089 5,040,939 7,208,508
Total operating expenses 1,558,435 3,842,659 5,444,902 10,284,521
Operating loss (1,558,435) (3,842,659) (5,444,902) (10,284,521)
Other income, net 1,763,124 69,350 1,599,667 116,108
Income (Loss) before income taxes 204,689 (3,773,309) (3,845,235) (10,168,413)
Income taxes 0 0 0 0
Income (Loss) from continuing operations 204,689 (3,773,309) (3,845,235) (10,168,413)
Loss from discontinued operations 0 (544,802) 0 (630,314)
Net income (loss) $ 204,689 $ (4,318,111) $ (3,845,235) $ (10,798,727)
Income (Loss) per common share from continuing operations - basic and diluted (in dollars per share) $ 0.07 $ (2.04) $ (1.72) $ (5.91)
Loss per common share from discontinued operations - basic and diluted (in dollars per share) $ 0 $ (0.30) $ 0 $ (0.37)
Weighted average shares outstanding, basic & diluted 2,799,082 1,845,747 2,240,869 1,720,353

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,845,235) $ (10,798,727)
Net loss from discontinued operations 0 630,314
Compensation cost for stock options granted 650,053 633,962
Loss (gain) on disposal of intangible asset 163,333 (74,800)
Depreciation and amortization 227,387 168,264
Changes in operating assets and liabilities:    
Change in restricted cash 220,000 (275,000)
Inventory 0 (78,265)
Prepaid expenses 72,542 72,723
Other assets 131,176 (4,456)
Accounts payable (617,094) 408,081
Payroll liabilities (524,288) 62,772
Deferred rent 0 11,298
Accrued expenses (451,196) (1,000,662)
Other current liabilities (45,242) (27,720)
Net cash used in continuing operating activities (4,018,564) (10,272,216)
Net cash provided by discontinued operating activities 0 272,344
Net cash used in operating activities (4,018,564) (9,999,872)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment (5,023) (51,395)
Purchase of intangible assets 0 (15,553)
Net cash used in continuing investing activities (5,023) (66,948)
Net cash used in discontinued investing activities 0 (43,801)
Net cash used in investing activities (5,023) (110,749)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of common stock and warrants, net of issuance costs of $356,214 4,695,869 9,498,557
Payments on capital lease obligations 0 (49,215)
Net cash provided by financing activities 4,695,869 9,449,342
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 672,282 (661,279)
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 3,715,895 8,500,718
CASH AND CASH EQUIVALENTS, ENDING BALANCE 4,388,177 7,839,439
SUPPLEMENTAL DISCLOSURES:    
Interest paid 1,304 3,311
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as commitment fee under stock purchase agreement 198,523 0
Amortization of commitment shares $ 26,470 $ 392,711

Source