v3.20.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 9,367,200 $ 10,367,920
Prepaid expenses and other 1,310,314 722,079
Total current assets 10,677,514 11,089,999
Property and equipment, net 166 757
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 704,431 1,213,042
Total assets 20,625,239 21,546,926
Current liabilities:    
Accounts payable 1,051,137 931,128
Accrued expenses and other current liabilities 456,164 484,029
Total current liabilities 1,507,301 1,415,157
Deferred tax liability 2,918,518 2,918,518
Total liabilities 4,425,819 4,333,675
Commitments (Note 10)
Stockholders' equity:    
Common stock, $0.001 par value; 12,500,000 shares authorized as of March 31, 2020 and December 31, 2019; 6,311,906 and 6,092,432 shares issued as of March 31, 2020 and December 31, 2019, respectively; 6,284,915 and 6,065,441 shares outstanding as of March 31, 2020 and December 31, 2019, respectively 6,311 6,092
Additional paid in capital 188,405,830 188,240,451
Accumulated deficit (167,188,049) (166,008,620)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 16,199,420 17,213,251
Total liabilities and stockholders' equity 20,625,239 21,546,926
Preferred Class A [Member]    
Stockholders' equity:    
Preferred stock, 10,000,000 shares authorized 970 970
Preferred Class B [Member]    
Stockholders' equity:    
Preferred stock, 10,000,000 shares authorized $ 1,804 $ 1,804

Source

v3.20.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue    
Total revenues $ 56,749 $ 0
Operating costs and expenses:    
Research and development (359,651) (463,782)
General and administrative (927,880) (863,373)
Total operating costs and expenses (1,287,531) (1,327,155)
Loss from operations (1,230,782) (1,327,155)
Other income (expense):    
Other expense (134) (245)
Interest income, net 51,487 150
Total other income (expense) 51,353 (95)
Net loss (1,179,429) (1,327,250)
Deemed dividend 0 (3,879,447)
Net loss applicable to common stockholders $ (1,179,429) $ (5,206,697)
Basic and diluted loss per share $ (0.19) $ (6.45)
Weighted-average shares of common stock outstanding, basic and diluted 6,233,331 806,976
Royalty [Member]    
Revenue    
Total revenues $ 56,749 $ 0

Source

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,179,429) $ (1,327,250)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 591 1,458
Amortization of right of use asset 6,824 0
Gain on sale of property and equipment 0 (2,000)
Share-based expense 165,598 216,513
Vendor share-based payments 0 17,427
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (86,448) (536,698)
Accounts payable, accrued expenses and other liabilities 92,144 376,028
Net cash used in operating activities (1,000,720) (1,254,522)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 0 2,000
Net cash provided by investing activities 0 2,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock and warrants 0 2,699,050
Net cash provided by financing activities 0 2,699,050
Net change in cash and restricted cash (1,000,720) 1,446,528
Cash and restricted cash at beginning of period 10,367,920 638,115
Cash and restricted cash at end of period 9,367,200 2,084,643
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 8
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Right of use assets obtained in exchange for lease liability 0 43,330
Issuance of common stock from cashless exercise of purchase warrants $ 219 $ 0

Source