Financials

v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2014
Jun. 30, 2013
Current Assets:    
Cash and cash equivalents $ 100,986 $ 1,143,175
Investment in trading securities    634,826
Prepaid expenses & other 156,777 52,959
Total Current Assets 257,763 1,830,960
Property and equipment, net 32,392 35,429
Intangible assets, net 377,037 49,339
Total Assets 667,192 1,915,728
Current Liabilities:    
Accounts payable 769,398 183,298
Derivative warrant liability 3,289,284 2,549,196
Accrued expenses and other 437,361 239,673
Total Current Liabilities 4,496,043 2,972,167
Stockholders' Equity (Deficit):    
Preferred stock Series A; $0.001 par value, 3,500,000 shares designated 963,048 and 2,350,196 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively (preference in liquidation of $799,330 and $1,950,663 at June 30, 2014 and December 31, 2013, respectively) 965 2,352
Preferred stock Series B; $0.001 par value, 12,000,000 shares designated 5,694,571 and 5,725,821 shares issued and outstanding at June 30, 2014 (preference in liquidation of $4,902,497 and $4,703,533 at June 30, 2014 and December 31, 2013, respectively) 5,695 5,726
Common stock - Class A; $0.001 par value, 100,000,000 shares authorized, 29,095,295 and 25,675,013 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively 29,096 25,676
Additional paid-in capital 23,813,836 23,084,429
Deficit accumulated in the development stage (27,678,443) (24,174,622)
Total Stockholders' Equity (Deficit) (3,828,851) (1,056,439)
Total Liabilities and Stockholders' Equity (Deficit) $ 667,192 $ 1,915,728
v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Operating Expenses:        
General and administrative $ 947,387 $ 718,722 $ 1,842,235 $ 1,486,321
Research and development 266,907 365,534 591,494 656,733
Total Operating Expenses 1,214,294 1,084,256 2,433,729 2,143,054
Loss from Operations (1,214,294) (1,084,256) (2,433,729) (2,143,054)
Other Income (Expense):        
Interest income    42    209
Other income          70,525
Loss on disposition of fixed assets (16,591)    (16,591)   
Loss on sale of trading securities 118,518    302,116   
Unrealized gain on trading securities 94,404    236,143   
Loss on revaluation of derivative warrant liability (642,047)    (706,967)   
Interest and other expense (282) (16,646) (608) (16,646)
Total Other Income (Expense), net (683,034) (16,604) (790,139) 54,088
Loss Before Provision for Income Taxes (1,897,328) (1,100,860) (3,223,868) (2,088,966)
Provision for Income Taxes            
Net Loss (1,897,328) (1,100,860) (3,223,868) (2,088,966)
Preferred Stock Dividend (134,159) (45,664) (279,953) (89,721)
Net Loss Attributable to Common Stockholders $ (2,031,487) $ (1,146,524) $ (3,503,821) $ (2,178,687)
Net loss per common share - Basic and Diluted $ (0.07) $ (0.05) $ (0.12) $ (0.09)
Weighted Average Shares Used in per Share Calculation - Basic and Diluted 28,947,241 24,365,067 28,117,277 24,355,346
v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,223,868) $ (2,088,966)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 15,313 12,163
Non-cash fair value of common stock issued for consulting 178,160 36,150
Share-based compensation related to employee stock options 232,872 264,715
Non-cash fair value of stock options issued to non-employees for consulting 4,081 153,761
Loss on intangible asset dispositions 16,591   
Net loss on sale of trading securities 302,116   
Unrealized loss on trading securities (236,143)   
Loss on revaluation of derivative warrant liabilitiy 706,967   
(Increase) decrease in:    
Prepaid expenses (103,818) 46,599
Increase (decrease) in:    
Accounts payable 586,100 202,048
Accrued expenses (26,278) (63,594)
Net Cash Used in Operating Activities (1,547,907) (1,437,124)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of investments, net 568,852   
Purchase of intangible assets 350,000   
Cash paid for purchase of property and equipment 6,564 1,029
Net Cash Used by Investing Activities 212,288 (1,029)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of notes - stockholders    200,000
Proceeds from the exercise of stock warrants 90,375   
Proceeds from sale of Common Stock, net 203,055   
Net Cash Provided by Financing Activities 293,430 200,000
Net Increase (Decrease) in Cash and Cash Equivalents (1,042,189) (1,238,153)
Cash and Cash Equivalents, Beginning of Period 1,143,175 1,304,088
Cash and Cash Equivalents, End of Period 100,986 65,935
Supplemental Cash Flow Disclosures:    
Tax paid 1,683   
Supplemental Non-Cash Disclosure:    
Fair value of warrants modified in connection with Series B financing (114,923)   
Fair value of warrants issued to Series B placement agents (12,738)   
Series B Preferred Stock dividends accrued (225,219)   
Series A Preferred Stock dividend (38,666) (89,721)
Conversion of Series A Preferred Stock dividend to Common Stock (16,068)   
Conversion of Series A Preferred Stock to Common Stock (1,434)   
Conversion of Series B Preferred Stock dividend to Common Stock $ (1,254)