v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 4,779,519 $ 7,217,469
Restricted cash 55,000 55,000
Prepaid expenses 495,667 250,944
Research and development tax rebate receivable 395,872 358,277
Other current assets 9,316 16,344
Total current assets 5,735,374 7,898,034
Furniture and equipment, net 59,810 11,467
Intangible assets, net 70,547 75,686
Other assets 114,571 178,907
Total assets 5,980,302 8,164,094
Current liabilities    
Accounts payable 168,347 334,901
Accrued expenses 172,613 90,105
Payroll liabilities 356,427 784,867
Other current liabilities 23,323 15,534
Total current liabilities 720,710 1,225,407
Commitments and contingencies (note 11)
Stockholders' equity    
Preferred stock - $.001 par value; 10,000,000 shares authorized, no shares issued or outstanding
Common stock - $.18 par value; 75,000,000 shares authorized, 2,651,952 shares issued and outstanding 477,342 477,342
Additional paid-in capital 72,082,961 71,887,674
Accumulated deficit (67,300,711) (65,426,329)
Total stockholders' equity 5,259,592 6,938,687
Total liabilities and stockholders' equity $ 5,980,302 $ 8,164,094

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating expenses:    
Research and development $ 470,976 $ 544,302
General and administrative 1,403,465 1,159,289
Total operating expenses 1,874,441 1,703,591
Operating loss (1,874,441) (1,703,591)
Other income, net 59 37
Loss before income taxes (1,874,382) (1,703,554)
Income taxes
Net loss $ (1,874,382) $ (1,703,554)
Loss per common share - basic and diluted (in dollars per share) $ (0.71) $ (5.40)
Weighted average shares outstanding, basic and diluted (in shares) 2,651,952 315,576

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (1,874,382) $ (1,703,554) $ (8,100,000)
Compensation cost for stock options granted 215,139 154,707  
Loss on disposal of asset   17,695  
Depreciation and amortization 7,864 40,087  
Changes in operating assets and liabilities:      
Prepaid expenses (244,723) (123,230)  
Research and development tax rebate receivable (37,595)    
Other assets 51,512 25,834  
Accounts payable (166,554) 132,557  
Payroll liabilities (428,440) (439,010)  
Accrued expenses 82,508 17,646  
Other current liabilities 7,789 16,317  
Net cash used in operating activities (2,386,882) (1,860,951) (6,600,000)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of furniture and equipment (51,068)  
Net cash used in investing activities (51,068)  
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,437,950) (1,860,951)  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE 7,272,469 3,082,962 3,082,962
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE 4,834,519 1,222,011 $ 7,272,469
NONCASH INVESTING AND FINANCING ACTIVITIES      
Amortization of commitment shares $ 19,852 $ 19,852  

Source