Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 3,221,209 $ 207,330
Restricted cash 37,500  
Prepaid expenses 158,946 64,489
Other current assets 36,126 36,580
Total current assets 3,453,781 308,399
Property and equipment, net 13,383 21,354
Other assets    
Deposits and other assets 43,884 18,594
Total other assets 43,884 18,594
Total assets 3,511,048 348,347
Current liabilities    
Accounts payable 125,357 409,497
Accrued payroll and related expenses 46,268 45,566
Accrued license and patent reimbursement fees 97,500 119,428
Accrued expenses 228,645 125,799
Stock subscription liability   100,000
Provision for conversion of Series B preferred stock 84,090  
Income taxes payable   800
Total current liabilities 581,860 801,090
Noncurrent liabilities    
Deferred rent 3,233 805
Series B warrants 2,454,959  
Total noncurrent liabilities 2,458,192 805
Total liabilities $ 3,040,052 $ 801,895
Commitments and contingencies (Note 3)
Redeemable Convertible Series B Preferred Stock, $0.001 par value, 20 million shares authorized; 4,500 issued and outstanding as of December 31, 2015 and none issued and outstanding as of December 31, 2014, net of $493,770 of issuance costs; $4.5 million liquidation preference as of December 31, 2015 $ 1,363,200  
Stockholders' deficit    
Common stock, $0.001 par value; 236 million shares authorized; 19,903,163 issued and outstanding as of December 31, 2015 and 16 million issued and outstanding as of December 31, 2014 19,903 $ 16,000
Additional paid-in-capital 6,086,987 2,257,771
Warrants 759,386 190,000
Accumulated deficit (7,758,480) (2,917,319)
Total stockholders' deficit (892,204) (453,548)
Total liabilities and stockholders' deficit $ 3,511,048 $ 348,347