Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets (Unaudited)

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Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 4,489,809 $ 2,012,283
Short-term investments (Note 1) 11,657,412 14,147,991
Prepaid expenses and other current assets (Note 1) 111,042 251,778
Total current assets 16,258,263 16,412,052
Property and equipment, net (Note 2) 539 1,954,496
Long-term investments (Note 1) 972,000
Other long term assets, net (Notes 1 and 3) 1,330,714 1,523,649
Total assets 17,589,516 20,862,197
Current liabilities:    
Accounts payable 194,599 701,064
Accrued compensation 13,408 449,873
Accrued expenses 152,602 241,882
Notes and other obligations, current portion (Note 4) 301,250
Deferred revenue, current portion (Note 7) 96,698 96,698
Total current liabilities 457,307 1,790,767
Notes and other obligations, less current portion (Note 4) 1,838,779
Deferred revenue, less current portion (Note 7) 1,113,665 1,162,015
Total liabilities 1,570,972 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; 3,876,961 shares issued and outstanding 121,877,347 121,653,075
Accumulated deficit (105,858,803) (105,582,439)
Total stockholders' equity 16,018,544 16,070,636
Total liabilities and stockholders' equity $ 17,589,516 $ 20,862,197