Financials

v3.20.1
Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 2,219,992 $ 3,057,682
Prepayments and other current assets 253,902 248,148
Total current assets 2,473,894 3,305,830
Property and equipment, net 52,165 47,302
Intangible assets, net 1,608,121 1,634,378
Right of use asset 216,518 260,310
Other assets 17,920 17,920
Total assets 4,368,618 5,265,740
Current liabilities:    
Accounts payable 138,920 182,956
Accrued expenses 319,342 319,135
Current portion of lease liability 188,678 183,119
Total current liabilities 646,940 685,210
Long-term lease liability 33,149 82,055
Other long-term liabilities 613,300 609,242
Total liabilities 1,293,389 1,376,507
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized; 2,101,272 shares issued and 2,099,951 shares outstanding at March 31, 2020 and December 31, 2019 2,101 2,101
Additional paid-in capital 71,358,753 71,242,256
Treasury stock, at cost, 1,321 shares at March 31, 2020 and December 31, 2019 (13,210) (13,210)
Accumulated deficit (68,272,415) (67,341,914)
Total stockholders' equity 3,075,229 3,889,233
Total liabilities and stockholders' equity $ 4,368,618 $ 5,265,740

Source

v3.20.1
Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statements of Operations    
Product revenue $ 0 $ 0
Cost of product revenue 0 0
Gross profit 0 0
Operating expenses:    
Research and development 350,664 218,216
General and administrative 579,770 468,390
Total operating expenses 930,434 686,606
Loss from continuing operations before interest (930,434) (686,606)
Interest expense, net 67 7,118
Loss from continuing operations (930,501) (693,724)
Loss from discontinued operations 0 (347,175)
Net loss $ (930,501) $ (1,040,899)
Loss from continuing operations per share - basic and fully diluted (in dollars per share) $ (0.31) $ (0.49)
Loss from discontinued operations per share - basic and fully diluted (in dollars per share) 0.00 (0.24)
Net loss per share - basic and fully diluted $ (0.31) $ (0.73)
Weighted average number of shares outstanding - basic and fully diluted (in dollars) 2,968,394 1,433,069

Source

v3.20.1
Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Loss from continuing operations $ (930,501) $ (693,724)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 28,113 27,595
Write-off of capitalized patents 17,344 0
Stock-based compensation 116,497 26,621
Decrease in operating assets:    
Prepayments and other current assets (5,754) 1,044
Increase (decrease) in operating liabilities:    
Accounts payable (44,036) 36,253
Accrued expenses 4,710 15,182
Net cash used in operating activities (813,627) (587,029)
Net cash used in operating activities - discontinued operations 0 (409,867)
Cash flows from investing activities:    
Purchase of property and equipment (10,678) (1,194)
Acquisition of intangible assets (13,385) (31,323)
Net cash used in investing activities (24,063) (32,517)
Net decrease in cash and cash equivalents - continuing operations (837,690) (619,546)
Net decrease in cash and cash equivalents - discontinued operations 0 (409,867)
Cash and cash equivalents at beginning of period 3,057,682 3,258,077
Cash and cash equivalents at end of period $ 2,219,992 $ 2,228,664

Source