Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 64,820 $ 3,221,209
Restricted cash 37,500 37,500
Prepaid expenses 170,155 158,946
Other current assets 7,014 36,126
Total current assets 279,489 3,453,781
Property and equipment, net 9,584 13,383
Other assets    
Deposits and other assets 34,290 43,884
Total other assets 34,290 43,884
Total assets 323,363 3,511,048
Current liabilities    
Accounts payable 274,650 125,357
Accrued payroll and related expenses 167,337 46,268
Accrued license and patent reimbursement fees   97,500
Accrued expenses 98,700 228,645
Provision for conversion of Series B preferred stock 118,821 84,090
Deferred rent 2,450  
Total current liabilities 661,958 581,860
Noncurrent liabilities    
Deferred rent   3,233
Series B warrants 1,112,308 2,454,959
Total noncurrent liabilities 1,112,308 2,458,192
Total liabilities 1,774,266 3,040,052
Commitments and contingencies (Note 3)
Stockholders' deficit    
Common stock, $0.001 par value; 236 million shares authorized; 21,563,163 issued and outstanding as of December 31, 2016 and 19,903,163 issued and outstanding as of December 31, 2015 21,563 19,903
Additional paid-in-capital 7,163,064 6,086,987
Warrants 837,711 759,386
Accumulated deficit (10,936,573) (7,758,480)
Total stockholders' deficit (2,914,235) (892,204)
Total liabilities and stockholders' deficit 323,363 3,511,048
Redeemable Convertible Series B Preferred Stock    
Noncurrent liabilities    
Redeemable Convertible Preferred Stock, value 1,169,663 1,363,200
Convertible Series C Preferred Stock    
Noncurrent liabilities    
Redeemable Convertible Preferred Stock, value $ 293,669