v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 2,733,663 $ 3,027,962
Restricted cash 55,000 55,000
Prepaid expenses 157,406 171,601
Other accounts receivable 4,040  
Total current assets 2,950,109 3,254,563
Furniture and equipment, net 14,435 55,119
Intangible assets, net 561,354 640,440
Other assets 108,723 194,250
Total assets 3,634,621 4,144,372
Current liabilities    
Accounts payable 380,399 254,320
Accrued expenses 50,542 16,964
Payroll liabilities 627,587 769,899
Other current liabilities 13,295 6,083
Total current liabilities 1,071,823 1,047,266
Commitments and contingencies (note 13)
Stockholders' equity    
Preferred stock - $.001 par value; 10,000,000 shares authorized, no shares issued or outstanding
Common stock - $.015 par value; 75,000,000 shares authorized, 14,022,741 and 3,786,913 shares issued and outstanding, as of September 30, 2017 and December 31, 2016, respectively 210,341 56,804
Additional paid-in capital 65,785,758 60,344,050
Accumulated deficit (63,433,301) (57,303,748)
Total stockholders' equity 2,562,798 3,097,106
Total liabilities and stockholders' equity $ 3,634,621 $ 4,144,372

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating expenses:        
Research and development $ 742,450 $ 85,000 $ 2,110,846 $ 403,963
General and administrative 1,313,477 1,473,435 3,528,189 5,040,939
Total operating expenses 2,055,927 1,558,435 5,639,035 5,444,902
Operating loss (2,055,927) (1,558,435) (5,639,035) (5,444,902)
Change in fair value of common stock warrants (128,300)   (280,747)  
Warrant financing expense     (192,817)  
Other income (expense), net (283) 1,763,124 (16,954) 1,599,667
Income (loss) before income taxes (2,184,510) 204,689 (6,129,553) (3,845,235)
Income taxes
Net income (loss) (2,184,510) 204,689 (6,129,553) (3,845,235)
Deemed dividends attributable to Series A Preferred Stock     (2,568,132)  
Net income (loss) applicable to common stockholders $ (2,184,510) $ 204,689 $ (8,697,685) $ (3,845,235)
Income (loss) per common share - basic and diluted (in dollars per share) $ (0.18) $ 0.07 $ (1.10) $ (1.44)
Weighted average shares outstanding, basic and diluted (in shares) 12,411,145 3,024,393 7,886,210 2,665,904

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (6,129,553) $ (3,845,235)
Compensation cost for stock options granted 560,369 650,053
Loss on disposal of intangible asset 17,695 163,333
Depreciation and amortization 102,074 227,387
Change in fair value of common stock warrants 280,747  
Warrant financing expense 192,817  
Changes in operating assets and liabilities:    
Change in restricted cash   220,000
Prepaid expenses 14,195 72,542
Other assets 25,831 131,176
Accounts payable 126,079 (617,094)
Payroll liabilities (142,312) (524,288)
Accrued expenses 33,578 (451,196)
Other current liabilities 7,212 (45,242)
Net cash used in operating activities (4,911,268) (4,018,564)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment (5,023)
Net cash used in investing activities (5,023)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of Class A and Class B Units, net of issuance costs 3,871,636  
Proceeds from exercise of warrants 745,333  
Proceeds from issuance of common stock, net of issuance costs   4,695,869
Net cash provided by financing activities 4,616,969 4,695,869
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (294,299) 672,282
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING BALANCE 2,733,663 4,388,177
SUPPLEMENTAL DISCLOSURES:    
Interest paid   1,304
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Reclassification of warrant liability upon exercise of common stock warrants 1,893,160  
Amount receivable for warrant exercise 3,900  
Allocation of Class A and Class B Unit proceeds to warrant liability 1,612,413  
Common stock issued as commitment fee under stock purchase agreement   198,523
Amortization of commitment shares $ 59,558 $ 26,470

Source