v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 1,167,011 $ 3,027,962
Restricted cash 55,000 55,000
Prepaid expense 294,831 171,601
Total current assets 1,516,842 3,254,563
Furniture and equipment, net 27,761 55,119
Intangible assets, net 610,013 640,440
Other assets 148,566 194,250
Total assets 2,303,182 4,144,372
Current liabilities    
Accounts payable 386,877 254,320
Accrued expenses 34,610 16,964
Payroll liabilities 330,889 769,899
Other current liabilities 22,401 6,083
Total current liabilities 774,777 1,047,266
Commitments and contingencies (note 12)
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 shares issued and outstanding 56,804 56,804
Additional paid-in capital 60,478,903 60,344,050
Accumulated deficit (59,007,302) (57,303,748)
Total stockholders' equity 1,528,405 3,097,106
Total liabilities and stockholders' equity $ 2,303,182 $ 4,144,372

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating expenses:    
Research and development $ 544,302 $ 149,971
General and administrative 1,142,544 2,177,569
Total operating expenses 1,686,846 2,327,540
Operating loss (1,686,846) (2,327,540)
Other expense, net (16,708)
Loss before income taxes (1,703,554) (2,327,540)
Income taxes
Loss from operations (1,703,554) (2,327,540)
Net loss $ (1,703,554) $ (2,327,540)
Loss per common share - basic and diluted (in dollars per share) $ (0.45) $ (0.98)
Weighted average shares outstanding, basic and diluted (in shares) 3,786,913 2,382,757

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,703,554) $ (2,327,540)
Compensation cost for stock options granted 154,707 192,457
Loss on disposal of an asset 17,695 163,333
Depreciation and amortization 40,087 75,729
Changes in operating assets and liabilities:    
Prepaid expenses (123,230) (34,643)
Other assets 25,834 110,662
Accounts payable 132,557 (385,396)
Payroll liabilities (439,010) (434,401)
Accrued expenses 17,646 (294,675)
Other current liabilities 16,317 (60,281)
Net cash used in operating activities (1,860,951) (2,994,755)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment (5,020)
Net cash used in investing activities (5,020)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of common stock and warrants 2,166,537
Net cash provided by financing activities 2,166,537
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (1,860,951) (833,238)
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING BALANCE 1,167,011 2,882,657
NONCASH FINANCING ACTIVITIES:    
Amortization of deferred financing costs $ 19,852

Source