v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 4,323,511 $ 4,048,131
Restricted cash 66,510 66,510
Accounts receivable 0 3,000,000
Prepaid expenses and other 1,820,023 1,224,009
Total current assets 6,210,044 8,338,650
Property and equipment, net 40,083 42,366
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 54,884 66,342
Total assets 18,831,518 20,973,865
Current liabilities:    
Accounts payable 1,368,529 1,006,903
Accrued expenses 605,094 838,888
Other current liabilities 20,483 20,205
Total current liabilities 1,994,106 1,865,996
Deferred tax liability 2,918,518 2,918,518
Other liabilities 15,020 19,876
Total liabilities 4,927,644 4,804,390
Stockholders' equity:    
Common stock, $0.001 par value; 45,454,546 shares authorized as of March 31, 2017 and December 31, 2016; 8,976,426 and 8,731,029 shares issued as of March 31, 2017 and December 31, 2016, respectively; 8,652,541 and 8,407,144 shares outstanding as of March 31, 2017 and December 31, 2016, respectively 8,975 8,730
Additional paid in capital 164,122,816 163,522,921
Accumulated deficit (145,203,626) (142,338,005)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 13,903,874 16,169,475
Total liabilities and stockholders' equity 18,831,518 20,973,865
Series A [Member]    
Stockholders' equity:    
Preferred Stock 970 970
Series B [Member]    
Stockholders' equity:    
Preferred Stock $ 2,185 $ 2,305

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v3.7.0.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating costs and expenses:    
Research and development $ (1,221,144) $ (429,281)
General and administrative (1,634,533) (1,422,366)
Loss from operations (2,855,677) (1,851,647)
Other non-operating income (expense):    
Change in fair value of derviative liability 0 136,014
Loss on issuance of hybrid debt instrument 0 (1,584,218)
Other expense (9,356) (26,414)
Interest income 0 14
Interest expense (588) (245,384)
Total other non-operating expense (9,944) (1,719,988)
Net loss $ (2,865,621) $ (3,571,635)
Basic and diluted loss per share $ (.34) $ (.78)
Weighted-average shares of common stock outstanding, basic and diluted 8,518,830 4,591,364

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v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,865,621) $ (3,571,635)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 7,712 9,082
Amortization of hybrid debt instrument discount 0 139,846
Non-cash interest expense 0 104,760
Share-based payments 650,275 477,888
Warrant expense for services (15,346) (249,218)
Vendor share-based payments 31,068 57,790
Change in fair value of derivative liability 0 (136,014)
Loss on issuance of hybrid debt instruments 0 1,584,218
Changes in operating assets and liabilities:    
Accounts receivable 3,000,000 0
Prepaid expenses and other assets (584,556) (43,931)
Accounts payable, accrued expenses and other liabilities 57,277 (147,719)
Net cash provided by (used in) operating activities 280,809 (1,774,933)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (5,429) (14,613)
Net cash used in investing activities (5,429) (14,613)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of debt 0 3,500,000
Payments on loan from related party 0 (237,048)
Net cash provided by financing activities 0 3,262,952
Net change in cash, excluding restricted cash 275,380 1,473,406
Cash at beginning of period 4,048,131 132,229
Cash at end of period 4,323,511 1,605,635
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 599 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Interest paid in common stock 0 70,813
Issuance of warrants in connection with debt 0 1,701,214
Recording of derivative liability in connection with debt 0 3,346,423
Reclassification of common shares issuable to accounts payable 65,977 0
Conversion of Series B preferred stock to common stock 120 0
Issuance of common stock for promissory note converted in 2016 $ 125 $ 0

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