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 $ 3,841,065 $ 2,012,283
Short-term investments (Note 1) 12,759,109 14,147,991
Prepaid expenses and other current assets (Note 1) 241,817 251,778
Total current assets 16,841,991 16,412,052
Property and equipment, net (Note 2) 896 1,954,496
Long-term investments (Note1) 250,000 972,000
Other long term assets, net (Notes 1 and 3) 1,381,566 1,523,649
Total assets 18,474,453 20,862,197
Current liabilities:    
Accounts payable 321,054 701,064
Accrued compensation 12,549 449,873
Accrued expenses 171,129 241,882
Notes and other obligations, current portion (Note 4) 57,152 301,250
Deferred revenue, current portion (Note 7) 96,698 96,698
Total current liabilities $ 658,582 1,790,767
Notes and other obligations, less current portion (Note 4) 1,838,779
Deferred revenue, less current portion (Note 7) $ 1,137,840 1,162,015
Total liabilities $ 1,796,422 $ 4,791,561
Commitments and contingencies (Notes 7 and 9)
Stockholders' equity (Notes 5 and 6):    
Common stock, no par value, 60,000,000 shares authorized; 3,876,960 shares issued and outstanding $ 121,700,959 $ 121,653,075
Accumulated deficit (105,022,928) (105,582,439)
Total stockholders' equity 16,678,031 16,070,636
Total liabilities and stockholders' equity $ 18,474,453 $ 20,862,197