Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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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