Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 4,263,143 $ 7,306,507
Security deposit 155,457 155,431
Prepaid expenses 475,267 502,032
Total current assets 4,893,867 7,963,970
Leasehold Improvements and equipment - net 1,705,725 1,569,858
In-process research and development 3,017,377 3,017,377
Goodwill 1,336,488 1,336,488
Restricted cash - security deposit 535,999 535,999
TOTAL ASSETS 11,489,456 14,423,692
CURRENT LIABILITIES    
Accounts payable 473,513 582,867
Note payable 42,559 170,236
Accrued expenses 462,233 959,147
Deferred revenue 29,937
Lease liability 51,698 26,975
Total current liabilities 1,030,003 1,769,162
LONG TERM LIABILITIES    
Deferred tax liability 848,185 848,185
Deferred rent liability 472,480 455,554
Lease liability - net of current portion 116,035 67,683
Stock dividends payable - long term 589,143 601,143
TOTAL LIABILITIES 3,055,846 3,741,727
STOCKHOLDERS' EQUITY    
Common stock par value $0.0001 per share, 250,000,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; 93,981,562 issued and outstanding as of March 31, 2018; 93,371,129 issued and outstanding as of December 31, 2017 9,396 9,335
Additional paid in capital 58,206,054 56,230,347
Accumulated deficit (55,384,546) (51,274,542)
Total stockholders' equity 8,433,610 10,681,965
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 11,489,456 14,423,692
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 March 31, 2018 and December 31, 2017, respectively; 1,472,858 and 1,502,858 shares outstanding at March 31, 2018 and December 31, 2017, respectively, (liquidation preference - $7,953,433 at March 31, 2018) $ 5,602,706 $ 5,716,825