v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 7,217,469 $ 3,027,962
Restricted cash 55,000 55,000
Prepaid expenses 250,944 171,601
Research and development tax rebate receivable 358,277
Other current assets 16,344
Total current assets 7,898,034 3,254,563
Furniture and equipment, net 11,467 55,119
Intangible assets, net 75,686 640,440
Other assets 178,907 194,250
Total assets 8,164,094 4,144,372
Current liabilities:    
Accounts payable 334,901 254,320
Accrued expenses 90,105 16,964
Payroll liabilities 784,867 769,899
Other current liabilities 15,534 6,083
Total current liabilities 1,225,407 1,047,266
Commitments and contingencies (note 15)
Stockholders' equity    
Common stock - $.015 par value; 75,000,000 shares authorized, 31,822,741 and 3,786,913 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 477,342 56,804
Additional paid-in capital 71,887,674 60,344,050
Accumulated deficit (65,426,329) (57,303,748)
Total stockholders' equity 6,938,687 3,097,106
Total liabilities and stockholders' equity $ 8,164,094 $ 4,144,372

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v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating expenses:    
Research and development expenses $ 2,328,087 $ 770,427
General and administrative expenses 4,859,369 6,479,193
Impairment of intangible assets 461,715 718,970
Total operating expenses 7,649,171 7,968,590
Operating loss (7,649,171) (7,968,590)
Change in fair value of common stock warrants (280,747)  
Warrant financing expense (192,817)  
Other income, net 154 1,599,705
Loss before income taxes (8,122,581) (6,368,885)
Net loss (8,122,581) (6,368,885)
Deemed dividend attributable to Series A preferred stock (2,568,132)  
Net loss attributable to common stockholders $ (10,690,713) $ (6,368,885)
Loss per common share - basic and diluted (in dollars per share) $ (0.91) $ (2.16)
Weighted average shares outstanding, basic and diluted (in shares) 11,697,273 2,947,282

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (8,122,581) $ (6,368,885)
Adjustments to reconcile net loss to net cash used in operating activities:    
Compensation cost for stock options granted 786,550 876,189
Loss on disposal of assets 17,695 163,333
Impairment of intangible assets 461,715 718,970
Change in fair value of common stock warrants 280,747  
Warrant financing expense 192,817  
Depreciation and amortization 128,994 303,482
Changes in operating assets and liabilities:    
Restricted cash   220,000
Other assets (80,408) 144,951
Prepaid expenses (79,343) 21,692
Research and development tax rebate receivable (358,277)  
Accounts payable 80,581 (560,128)
Payroll liabilities 14,968 (389,436)
Accrued expenses 73,141 (446,712)
Other current liabilities 9,451 (58,045)
Net cash used in operating activities (6,593,950) (5,374,589)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of furniture and equipment   (9,213)
Net cash used in investing activities   (9,213)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of Class A and Class B Units 3,871,636  
Proceeds from warrant exercises 749,233  
Net proceeds from issuance of common stock and warrants 6,162,588 4,695,869
Net cash provided by financing activities 10,783,457 4,695,869
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,189,507 (687,933)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,027,962 3,715,895
CASH AND CASH EQUIVALENTS, ENDING OF YEAR 7,217,469 3,027,962
SUPPLEMENTAL DISCLOSURES:    
Interest paid 330  
NONCASH INVESTING AND FINANCING ACTIVITIES    
Amortization of commitment shares $ 79,410 $ 42,864

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