Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 831,658 $ 3,221,209
Restricted cash 37,500 37,500
Prepaid expenses 122,543 158,946
Other current assets 28,626 36,126
Total current assets 1,020,327 3,453,781
Property and equipment, net 16,896 13,383
Other assets    
Deposits and other assets 43,884 43,884
Total other assets 43,884 43,884
Total assets 1,081,107 3,511,048
Current liabilities    
Accounts payable 183,216 125,357
Accrued payroll and related expenses 34,584 46,268
Accrued license and patent reimbursement fees   97,500
Accrued expenses 166,740 228,645
Provision for conversion of Series B preferred stock 105,660 84,090
Income taxes payable 800  
Total current liabilities 491,000 581,860
Noncurrent liabilities    
Deferred rent 3,256 3,233
Series B warrants 842,325 2,454,959
Total noncurrent liabilities 845,581 2,458,192
Total liabilities 1,336,581 3,040,052
Commitments and contingencies (Note 3)
Redeemable Convertible Series B Preferred Stock, $0.001 par value, 20 million shares authorized; 4,492 issued and outstanding as of June 30, 2016 and 4,500 issued and outstanding as of December 31, 2015, net of $493,770 of issuance costs; $4.5 million liquidation preference as of June 30, 2016 1,359,899 1,363,200
Stockholders' deficit    
Common stock, $0.001 par value; 236 million shares authorized; 19,913,163 issued and outstanding as of June 30, 2016 and 19,903,163 issued and outstanding as of December 31, 2015 19,913 19,903
Additional paid-in-capital 6,453,737 6,086,987
Warrants 781,811 759,386
Accumulated deficit (8,870,834) (7,758,480)
Total stockholders' deficit (1,615,373) (892,204)
Total liabilities and stockholders' deficit $ 1,081,107 $ 3,511,048