Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 601,266 $ 207,330
Prepaid expenses 152,095 64,489
Other current assets 32,110 36,580
Total current assets 785,471 308,399
Property and equipment, net 16,727 21,354
Other assets    
Deposits and other assets 18,594 18,594
Total other assets 18,594 18,594
Total assets 820,792 348,347
Current liabilities    
Accounts payable 285,895 409,497
Accrued payroll and related expenses 127,959 45,566
Accrued license and patent reimbursement fees   119,428
Accrued expenses 177,537 125,799
Stock subscription liability 388,000 100,000
Provision for conversion of Series A preferred stock 700,000  
Income taxes payable   800
Total current liabilities 1,679,391 801,090
Noncurrent liabilities    
Long-term liabilities 2,416 805
Total liabilities $ 1,681,807 $ 801,895
Commitments and contingencies (Note 3)    
Stockholders' deficit    
Preferred stock, $0.001 par value; 20 million shares authorized; 400,000 issued and outstanding as of June 30, 2015 and none issued and outstanding as of December 31, 2014 $ 400  
Common stock, $0.001 par value; 236 million shares authorized; 16,265,663 issued and outstanding as of June 30, 2015 and 16 million issued and outstanding as of December 31, 2014 16,266 $ 16,000
Additional paid-in-capital 4,320,189 2,257,771
Warrants 686,634 190,000
Accumulated deficit (5,884,504) (2,917,319)
Total stockholders' deficit (861,015) (453,548)
Total liabilities and stockholders' deficit $ 820,792 $ 348,347