Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Balance Sheets

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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 6,442,484 $ 15,194,949
Short-term investments 5,000,000 5,000,000
Trade and other receivables 5,345 10,491
Current portion of related party receivable, net of discount 53,081
Prepaid expenses 239,309 646,195
Total current assets 11,687,138 20,904,716
Property and equipment, net 219,382 269,557
Patents, net 945,066 990,153
Related party receivable, net of discount and current portion 402,965 424,240
Other assets 13,696 15,662
Total assets 13,268,247 22,604,328
CURRENT LIABILITIES    
Accounts payable and accrued expenses 2,235,908 2,343,936
Accrued bonuses 852,963
Current portion of long-term debt, net of fees and discount 3,705,787
Other current liabilities 67,992 430,738
Total current liabilities 2,303,900 7,333,424
Derivative instruments 3,267,408 3,921,917
Other long-term liabilities 4,136 18,209
Total liabilities 5,575,444 11,273,550
Commitments and contingencies (Note 6)
STOCKHOLDERS' EQUITY    
Convertible preferred stock, 7,000,000 shares authorized, $0.01 par value; 1,000,000 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 10,000 10,000
Common stock, $0.01 par value; 300 million shares authorized, 12,012,877 and 11,032,858 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 120,129 110,329
Additional paid-in capital 212,809,063 204,239,837
Accumulated other comprehensive income 3,350 3,905
Accumulated deficit (205,249,739) (193,033,293)
Total stockholders' equity 7,692,803 11,330,778
Total liabilities and stockholders' equity $ 13,268,247 $ 22,604,328