Financials

v3.20.1
Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 3,057,682 $ 3,258,077
Prepayments and other current assets 248,148 333,877
Current assets of discontinued operations held for sale 0 1,096,323
Total current assets 3,305,830 4,688,277
Property and equipment, net 47,302 63,214
Intangible assets, net 1,634,378 1,396,409
Right of use asset 260,310 0
Other assets 17,920 17,920
Total assets 5,265,740 6,165,820
Current liabilities:    
Accounts payable 182,956 94,203
Accrued expenses 319,135 167,755
Current portion of lease liability 183,119 0
Current liabilities of discontinued operations held for sale 0 877,755
Total current liabilities 685,210 1,139,713
Long-term lease liability 82,055 0
Other long-term liabilities 609,242 428,163
Total liabilities 1,376,507 1,567,876
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2019; 1,518,430 shares issued and outstanding at December 31, 2018 0 1,518
Common stock, $0.001 par value; 50,000,000 shares authorized; 2,101,272 shares issued and 2,099,951 shares outstanding at December 31, 2019; 1,404,479 shares issued and 1,403,158 shares outstanding at December 31, 2018 2,101 1,404
Additional paid-in capital 71,242,256 68,022,484
Treasury stock, at cost; 1,321 shares at December 31, 2019 and 2018, respectively (13,210) (13,210)
Accumulated deficit (67,341,914) (63,414,252)
Total stockholders' equity 3,889,233 4,597,944
Total liabilities and stockholders' equity $ 5,265,740 $ 6,165,820

Source

v3.20.1
Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Statements of Operations    
Product revenue $ 0 $ 0
Cost of product revenue 0 0
Gross profit 0 0
Operating expenses:    
Research and development 1,050,151 871,742
General and administrative 2,065,112 3,439,882
Sales and marketing 0 0
Total operating expenses 3,115,263 4,311,624
Loss from continuing operations before interest (3,115,263) (4,311,624)
Interest income (expense), net 4,267 (40,021)
Loss from continuing operations (3,119,530) (4,271,603)
Loss from discontinued operations (799,025) (3,633,386)
Loss on sale of discontinued operations (9,107) 0
Net loss $ (3,927,662) $ (7,904,989)
Loss from continuing operations per share - basic and fully diluted (in dollars per share) $ (1.89) $ (3.05)
Loss from discontinued operations per share - basic and fully diluted (in dollars per share) (0.49) (2.59)
Net loss per share - basic and fully diluted $ (2.38) $ (5.64)
Weighted average number of shares outstanding - basic and fully diluted (in dollars) 1,653,996 1,401,462

Source

v3.20.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Loss from continuing operations $ (3,119,530) $ (4,271,603)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 110,463 137,509
Write-off of capitalized patents 14,707 56,504
Stock-based compensation 184,339 730,802
Decrease (increase) in operating assets:    
Prepaid expenses and other assets 85,729 (58,349)
Increase (decrease) in operating liabilities:    
Accounts payable 88,753 (118,621)
Accrued expenses 104,956 (308,501)
Net cash used in operating activities (2,530,583) (3,832,259)
Net cash used in operating activities - discontinued operations (688,074) (2,713,957)
Cash flows from investing activities:    
Purchase of property and equipment (4,253) (1,088)
Acquisition of intangible assets (99,845) (133,061)
Net cash used in investing activities (104,098) (134,149)
Net cash provided by (used in) investing activities - discontinued operations 23,587 (78,084)
Cash flows from financing activities:    
Net proceeds from issuance of common stock and pre-funded warrants 3,098,773 0
Payment of taxes related to restricted stock vesting 0 (5,721)
Net cash provided by (used in) financing activities 3,098,773 (5,721)
Net increase (decrease) in cash and cash equivalents - continuing operations 464,092 (3,972,129)
Net decrease in cash and cash equivalents - discontinued operations (664,487) (2,792,041)
Cash and cash equivalents at beginning of year 3,258,077 10,022,247
Cash and cash equivalents at end of year $ 3,057,682 $ 3,258,077

Source