Financials

v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current Assets:    
Cash and cash equivalents $ 59,769 $ 1,143,175
Investment in trading securities    634,826
Prepaid expenses & other 188,448 52,959
Total Current Assets 248,217 1,830,960
Property and equipment, net 14,796 35,429
Intangible assets, net 367,288 49,339
Total Assets 630,301 1,915,728
Current Liabilities:    
Accounts payable 540,358 183,298
Notes payable 1,372,500   
Derivative warrant liability 2,787,318 2,549,196
Accrued expenses and other 815,853 239,673
Total Current Liabilities 5,516,029 2,972,167
Stockholders' Equity (Deficit):    
Common stock - Class A - $0.001 par value, 100,000,000 shares authorized, 29,197,497 and 25,675,013 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively 29,199 25,676
Additional paid-in capital 23,908,796 23,084,429
Accumulated deficit (28,830,323) (24,174,622)
Total Stockholders' Deficit (4,885,728) (1,056,439)
Total Liabilities and Stockholders' Deficit 630,301 1,915,728
Series A Preferred Stock [Member]
   
Stockholders' Equity (Deficit):    
Preferred stock: Series A; $0.001 par value, 3,500,000 designated 902,806 and 2,350,196 issued and outstanding at Sep 30, 2014 and Dec 31, 2013, respectively, (pref in liquidation of $768,454 and $1,950,663 at Sep 30, 2014 and Dec 31, 2013). Preferred stock Series B; $0.001 par value, 12,000,000 designated 5,694,571 and 5,725,821 issued and outstanding at Sep 30, 2014 and Dec 31, 2013, respectively, (pref in liquidation of $5,017,325 and $4,703,533 at Sep 30, 2014 and Dec 31, 2013) 905 2,352
Series B Preferred Stock [Member]
   
Stockholders' Equity (Deficit):    
Preferred stock: Series A; $0.001 par value, 3,500,000 designated 902,806 and 2,350,196 issued and outstanding at Sep 30, 2014 and Dec 31, 2013, respectively, (pref in liquidation of $768,454 and $1,950,663 at Sep 30, 2014 and Dec 31, 2013). Preferred stock Series B; $0.001 par value, 12,000,000 designated 5,694,571 and 5,725,821 issued and outstanding at Sep 30, 2014 and Dec 31, 2013, respectively, (pref in liquidation of $5,017,325 and $4,703,533 at Sep 30, 2014 and Dec 31, 2013) $ 5,695 $ 5,726
v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Operating Expenses:        
General and administrative $ 824,874 $ 574,194 $ 2,667,109 $ 2,060,515
Research and development 641,445 322,942 1,232,939 979,675
Total Operating Expenses 1,466,319 897,136 3,900,048 3,040,190
Loss from Operations (1,466,319) (897,136) (3,900,048) (3,040,190)
Other Income (Expense):        
Interest income          209
Other Income          70,525
Loss on disposition of intangible/fixed assets (13,005)    (29,596)   
Gain on settlement of accounts payable    6,594    6,594
Loss on sale of trading securities    (828) (302,116) (828)
Unrealized gain (loss) on trading securities    (232,859) 236,143 (232,859)
Gain (Loss) on revaluation of derivative warrant liability (501,966) (55,576) 205,001 (55,576)
Interest and other expense (39,467) (33,974) (40,075) (50,620)
Total Other Income (Expense), net 449,494 (205,491) (340,645) (151,403)
Loss Before Provision for Income Taxes (1,016,825) (1,102,627) (4,240,693) (3,191,593)
Provision for Income Taxes            
Net Loss (1,016,825) (1,102,627) (4,240,693) (3,191,593)
Preferred Stock Dividend (135,053) (1,408,260) (415,006) (1,497,981)
Net Loss Attributable to Common Stockholders $ (1,151,878) $ (2,510,887) $ (4,655,699) $ (4,689,574)
Net loss per common share - Basic and Diluted $ (0.04) $ (0.10) $ (0.16) $ (0.19)
Weighted Average Shares Used in per Share Calculation - Basic and Diluted 29,109,320 24,385,012 28,452,768 24,370,233
v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Series A Preferred Stock [Member]
Dec. 31, 2013
Series B Preferred Stock [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (4,240,693) $ (3,191,593)    
Adjustments to reconcile net loss to net cash used by operating activities        
Depreciation and amortization 29,652 18,420    
Amortization of issuance costs 19,112       
Non-cash fair value of common stock issued for consulting 178,160 45,550    
Share-based compensation related to employee stock options 326,625 371,912    
Non-cash fair value of warrants issued to non-employees          
Loss on fixed/tangible asset dispositions 29,596       
Non-cash interest expense on beneficial conversion    27,500    
Gain on debt and accounts payable settlement    (6,594)    
Net loss on sale of trading securities 302,116 828    
Change in unrealized gain (loss) on trading securities (236,143) 232,859    
Loss on revaluation of derivative warrant liabilitiy 205,001 (55,576)    
(Increase) decrease in:        
Prepaid expenses & other (54,946) 51,129    
Increase (decrease) in:        
Accounts payable 357,060 277,048    
Accrued expenses 218,262 73,524    
Net Cash Used in Operating Activities (2,861,969) (2,001,232)    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Proceeds from sale of investments, net 568,852 13,940    
Cash paid for intangible assets 350,000       
Cash paid for purchase of property and equipment 6,564 2,046    
Net Cash Provided by Investing Activities 212,288 11,894    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from issuance of notes payable 1,372,500 330,000    
Notes payable issuance costs (99,655)       
Proceeds from the exercise of stock warrants 90,375       
Proceeds from sale of common stock, net 203,055       
Proceeds from sale of preferred stock, net    478,185    
Net Cash Provided by Financing Activities 1,566,275 808,185    
Net Increase (Decrease) in Cash and Cash Equivalents (1,083,406) (1,181,153)    
Cash and Cash Equivalents, Beginning of Period 1,143,175 1,304,088    
Cash and Cash Equivalents, End of Period 59,769 122,935    
Supplemental Cash Flow Disclosures:        
Interest expense paid in cash          
Tax paid 1,412 1,662    
Supplemental Non-Cash Disclosure:        
Accrued expenses settled in preferred stock    15,000    
Sale of preferred stock for marketable equity securities    3,495,384    
Fair value of warrants issued to Series B holders    (2,183,161)    
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) (22,499)    
Notes payable - stockholder - settled in preferred stock    275,000    
Preferred Stock dividend accrued     (137,060) (7,418)
Series B Preferred Stock deemed dividend       (1,353,503)
Series A Preferred Stock dividend settled in Series A Preferred         
Decrease in accounts payable related to settlement    6,594    
Conversion of Series A Preferred Stock dividend to common stock         
Conversion of preferred shares and accrued dividends to common stock