Financials

v3.19.1
Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 2,228,664 $ 3,258,077
Prepayments and other current assets 332,833 333,877
Current assets of discontinued operations held for sale [1] 727,943 1,096,323
Total current assets 3,289,440 4,688,277
Property and equipment, net 55,600 63,214
Intangible assets, net 1,411,263 1,396,409
Right of use asset 386,624 0
Other assets 17,920 17,920
Total assets 5,160,847 6,165,820
Current liabilities:    
Accounts payable 130,456 94,203
Accrued expenses 177,828 167,755
Current portion of lease liability 167,090 0
Current liabilities of discontinued operations held for sale 501,436 877,755
Total current liabilities 976,810 1,139,713
Long-term lease liability 221,828 0
Other long-term liabilities 430,978 428,163
Total liabilities 1,629,616 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 March 31, 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 March 31, 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 67,984,046 68,009,860
Treasury stock, at cost, 13,180 shares at March 31, 2019 and December 31, 2018, respectively (13,210) (13,210)
Accumulated deficit (64,455,151) (63,414,252)
Total stockholders' equity 3,531,231 4,597,944
Total liabilities and stockholders' equity $ 5,160,847 $ 6,165,820
[1] The assets of the discontinued operations classified as held for sale are classified as current on the March 31, 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

v3.19.1
Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Product revenue $ 0 $ 0
Cost of product revenue 0 0
Gross profit 0 0
Operating expenses:    
Research and development 218,216 94,544
General and administrative 468,390 882,099
Total operating expenses 686,606 976,643
Loss from continuing operations before interest (686,606) (976,643)
Interest (income) expense, net 7,118 (1,315)
Loss from continuing operations (693,724) (975,328)
Loss from discontinued operations (347,175) (1,080,834)
Net loss $ (1,040,899) $ (2,056,162)
Loss from continuing operations per share – basic and fully diluted $ (0.05) $ (0.07)
Loss from discontinued operations per share – basic and fully diluted (0.02) (0.08)
Net loss per share – basic and fully diluted $ (0.07) $ (0.15)
Weighted average number of shares outstanding – basic and fully diluted 14,313,525 13,991,121

Source

v3.19.1
Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Loss from continuing operations $ (693,724) $ (975,328)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27,595 43,704
Write-off of capitalized patents 0 10,873
Stock-based compensation 26,621 143,356
Decrease in operating assets:    
Prepayments and other current assets 1,044 32,645
Increase (decrease) in operating liabilities:    
Accounts payable 36,253 (55,362)
Accrued expenses 15,182 (85,084)
Net cash used in operating activities (587,029) (885,196)
Net cash used on operating activities – discontinued operations (409,867) (942,176)
Cash flows from investing activities:    
Purchase of property and equipment (1,194) 0
Acquisition of intangible assets (31,323) (33,561)
Net cash used in investing activities (32,517) (33,561)
Net cash used in investing activities – discontinued operations 0 (8,046)
Net decrease in cash and cash equivalents – continuing operations (619,546) (918,757)
Net decrease in cash and cash equivalents – discontinued operations (409,867) (950,222)
Cash and cash equivalents at beginning of period 3,258,077 10,022,247
Cash and cash equivalents at end of period $ 2,228,664 $ 8,153,268

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