Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 380,272 $ 64,820
Restricted cash 37,500 37,500
Prepaid expenses 151,161 170,155
Other current assets 7,014 7,014
Total current assets 575,947 279,489
Property and equipment, net 7,156 9,584
Other assets    
Deposits and other assets 34,290 34,290
Total other assets 34,290 34,290
Total assets 617,393 323,363
Current liabilities    
Accounts payable 227,164 274,650
Accrued payroll and related expenses 118,969 167,337
Accrued license and patent reimbursement fees 16,250  
Accrued expenses 352,559 98,700
Provision for conversion of Series B preferred stock 30,233 118,821
Deferred rent 1,633 2,450
Total current liabilities 746,808 661,958
Noncurrent liabilities    
Series B warrants 1,099,747 1,112,308
Total noncurrent liabilities 1,099,747 1,112,308
Total liabilities 1,846,555 1,774,266
Commitments and contingencies (Note 3)
Stockholders' deficit    
Common stock, $0.001 par value; 236 million shares authorized; 27,310,663 issued and outstanding as of March 31, 2017 and 21,563,163 issued and outstanding as of December 31, 2016 27,311 21,563
Additional paid-in-capital 8,330,310 7,163,064
Warrants 982,911 837,711
Accumulated deficit (12,219,791) (10,936,573)
Total stockholders' deficit (2,879,259) (2,914,235)
Total liabilities and stockholders' deficit 617,393 323,363
Redeemable Convertible Series B Preferred Stock    
Noncurrent liabilities    
Redeemable Convertible Preferred Stock, value 1,051,962 1,169,663
Series C preferred stock    
Noncurrent liabilities    
Redeemable Convertible Preferred Stock, value 293,669
Series D Preferred Stock    
Noncurrent liabilities    
Redeemable Convertible Preferred Stock, value $ 598,135