Annual report pursuant to Section 13 and 15(d)

Balance Sheets

v3.19.1
Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 3,258,077 $ 10,022,247
Accounts receivable, net 0 5,618
Prepayments and other current assets 333,877 250,330
Current assets of discontinued operations held for sale 1,096,323 499,707 [1]
Total current assets 4,688,277 10,777,902
Property and equipment, net 63,214 134,654
Intangible assets, net 1,396,409 1,384,833
Other assets 17,920 37,500
Noncurrent assets of discontinued operations held for sale 0 1,232,098 [1]
Total assets 6,165,820 13,566,987
Current liabilities:    
Accounts payable 94,203 212,824
Accrued expenses 167,755 448,185
Current liabilities of discontinued operations held for sale 877,755 869,621
Total current liabilities 1,139,713 1,530,630
Long-term liabilities 428,163 456,234
Total liabilities 1,567,876 1,986,864
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 shares issued and outstanding at December 31, 2018 and 2017 1,518 1,518
Common stock, $0.001 par value; 50,000,000 shares authorized; 14,027,590 shares issued and 14,014,410 shares outstanding at December 31, 2018 and 13,998,465 shares issued and 13,996,121 shares outstanding at December 31, 2017, respectively 14,028 13,998
Additional paid-in capital 68,009,860 67,081,359
Treasury stock, at cost; 13,180 shares at December 31, 2018 and 2,344 shares at December 31, 2017, respectively (13,210) (7,489)
Accumulated deficit (63,414,252) (55,509,263)
Total stockholders' equity 4,597,944 11,580,123
Total liabilities and stockholders' equity $ 6,165,820 $ 13,566,987
[1] The assets of the discontinued operations classified as held for sale are classified as current on the December 31, 2018 balance sheet because it is probable that the sale will occur and proceeds will be collected within one year.