Financials

v3.19.2
Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,437,797 $ 3,258,077
Prepayments and other current assets 221,530 333,877
Current assets of discontinued operations held for sale [1] 393,408 1,096,323
Total current assets 2,052,735 4,688,277
Property and equipment, net 54,682 63,214
Intangible assets, net 1,647,477 1,396,409
Right of use asset 345,344 0
Other assets 17,920 17,920
Total assets 4,118,158 6,165,820
Current liabilities:    
Accounts payable 97,039 94,203
Accrued expenses 169,561 167,755
Current portion of lease liability 172,327 0
Current liabilities of discontinued operations held for sale 473,686 877,755
Total current liabilities 912,613 1,139,713
Long-term lease liability 176,989 0
Other long-term liabilities 647,164 428,163
Total liabilities 1,736,766 1,567,876
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 810,000 shares issued and outstanding at June 30, 2019 and 1,518,430 shares issued at December 31, 2018, respectively 810 1,518
Common stock, $0.001 par value; 50,000,000 shares authorized; 14,736,020 shares issued and 14,722,840 shares outstanding at June 30, 2019 and 14,027,590 shares issued and 14,014,410 shares outstanding at December 31, 2018, respectively 14,736 14,028
Additional paid-in capital 68,085,889 68,009,860
Treasury stock, at cost, 13,180 shares at June 30, 2019 and December 31, 2018, respectively (13,210) (13,210)
Accumulated deficit (65,706,833) (63,414,252)
Total stockholders' equity 2,381,392 4,597,944
Total liabilities and stockholders' equity $ 4,118,158 $ 6,165,820
[1] The assets of the discontinued operations classified as held for sale are classified as current on the June 30, 2019 and December 31, 2018 balance sheets because it is probable that the sale will occur and proceeds will be collected within one year.

Source

v3.19.2
Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Statements of Operations        
Product revenue $ 0 $ 0 $ 0 $ 0
Cost of product revenue 0 0 0 0
Gross profit 0 0 0 0
Operating expenses:        
Research and development 335,752 322,218 553,968 416,762
General and administrative 580,663 803,312 1,049,053 1,685,411
Total operating expenses 916,415 1,125,530 1,603,021 2,102,173
Loss from continuing operations before interest (916,415) (1,125,530) (1,603,021) (2,102,173)
Interest (income) expense, net (6,809) (35,614) 309 (36,929)
Loss from continuing operations (909,606) (1,089,916) (1,603,330) (2,065,244)
Loss from discontinued operations (342,076) (632,530) (689,251) (1,713,364)
Net loss $ (1,251,682) $ (1,722,446) $ (2,292,581) $ (3,778,608)
Loss from continuing operations per share - basic and fully diluted (in dollars per share) $ (0.06) $ (0.08) $ (0.11) $ (0.15)
Loss from discontinued operations per share - basic and fully diluted (in dollars per share) (0.03) (0.04) (0.05) (0.12)
Net loss per share - basic and fully diluted (in dollars per share) $ (0.09) $ (0.12) $ (0.16) $ (0.27)
Weighted average number of shares outstanding - basic and fully diluted (in dollars) 14,722,840 13,992,791 14,519,313 13,991,961

Source

v3.19.2
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Loss from continuing operations $ (1,603,330) $ (2,065,244)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 56,497 82,091
Write-off of capitalized patents 0 10,873
Stock-based compensation 140,190 510,160
Decrease in operating assets:    
Prepayments and other current assets 112,347 (243,632)
Increase (decrease) in operating liabilities:    
Accounts payable 2,836 (158,215)
Accrued expenses (7,588) (5,980)
Net cash used in operating activities (1,299,048) (1,869,947)
Net cash used in operating activities - discontinued operations (465,328) (1,072,185)
Cash flows from investing activities:    
Purchase of property and equipment (1,194) 0
Acquisition of intangible assets (54,710) (63,584)
Net cash used in investing activities (55,904) (63,584)
Net cash used in investing activities - discontinued operations 0 (34,130)
Cash flows from financing activities:    
Payment of taxes related to restricted stock vesting 0 (2,188)
Net cash used in financing activities 0 (2,188)
Net decrease in cash and cash equivalents - continuing operations (1,354,952) (1,935,719)
Net decrease in cash and cash equivalents - discontinued operations (465,328) (1,106,315)
Cash and cash equivalents at beginning of period 3,258,077 10,022,247
Cash and cash equivalents at end of period $ 1,437,797 $ 6,980,213

Source