Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 7,306,507 $ 4,105,451
Restricted cash 155,431 155,610
Prepaid expenses 502,032 304,427
Total current assets 7,963,970 4,565,488
Leasehold improvements and equipment - net 1,569,858 356,143
In-process research and development 3,017,377 3,017,377
Goodwill 1,336,488 1,336,488
Other assets including long term security deposit 535,999 540,845
TOTAL ASSETS 14,423,692 9,816,341
CURRENT LIABILITIES    
Accounts payable 582,867 475,602
Note payable 170,236 118,046
Accrued expenses 959,147 829,724
Deferred revenue 29,937
Deferred rent liability 455,554 11,485
Lease liability 26,975 9,936
Total current liabilities 2,224,716 1,444,793
LONG TERM LIABILITIES    
Deferred tax liability 848,185 1,205,141
Lease liability - net of current portion 67,683 16,446
Stock dividends payable - long term 601,143
TOTAL LIABILITIES 3,741,727 2,666,380
STOCKHOLDERS' EQUITY    
Common stock par value $0.0001 per share, 250,000,000 and 250,000,000 shares authorized at December 31, 2017 and December 31, 2016, respectively; 93,371,129 issued and outstanding as of December 31, 2017; 58,159,495 issued and outstanding as of December 31, 2016 9,335 5,817
Additional paid in capital 56,230,347 36,237,504
Accumulated deficit (51,274,542) (35,179,710)
Total stockholders' equity 10,681,965 7,149,961
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 14,423,692 9,816,341
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Series A Convertible preferred stock, stated value $5.00 per share, 1,600,000 shares authorized as of December 31,2017 and December 31, 2016; 1,502,858 and 1,600,000 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively, (liquidation preference - $8,115,433 at December 31, 2017) $ 5,716,825 $ 6,086,350