Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 16,601,641 $ 21,161,967
Prepaid expenses and other current assets 231,541 401,550
Restricted cash 58,832 58,832
Total current assets 16,892,014 21,622,349
Property and equipment, net 37,327 35,216
Total assets 16,929,341 21,657,565
Current liabilities:    
Current portion of long term debt, net of discount 3,304,004 3,208,074
Accounts payable 591,034 678,109
Accrued expenses and other current liabilities 2,151,691 1,885,458
Warrant liability 37,562 27,606
Unit purchase option liability 87,719 50,571
Total current liabilities 6,172,010 5,849,818
Long term debt, net of current portion and discount 1,487,750 2,353,482
Other long term liability 388,559 370,538
Total liabilities $ 8,048,319 $ 8,573,838
Stockholders equity (deficit):    
Preferred stock - $0.001 par value; 5,000,000 shares authorized at March 31, 2016 and December 31, 2015; zero shares issued and outstanding at March 31, 2016 and December 31, 2015
Common Stock, $0.001 par value; 200,000,000 shares authorized at March 31, 2016 and December 31, 2015; 8,650,143 shares issued and outstanding at March 31, 2016 and December 31, 2015 $ 8,650 $ 8,650
Additional paid in capital 67,575,865 66,638,557
Accumulated deficit (58,703,493) (53,563,480)
Total stockholders' equity 8,881,022 13,083,727
Total liabilities and stockholders' equity $ 16,929,341 $ 21,657,565