Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets (Note 1):    
Cash and cash equivalents $ 11,981,618 $ 5,529,848
Short-term investments 7,506,761
Prepaid expenses and other current assets 155,757 219,991
Current assets of discontinued operations (Note 2) 200,167 486,890
Total current assets 12,337,542 13,743,490
Property and equipment, net (Note 3) 5,063 5,538
Other long term assets, net (Note 4) 932,291 938,038
Noncurrent assets of discontinued operations (Note 2) 47,000 2,353,749
Total assets 13,321,896 17,040,815
Current liabilities:    
Accounts payable 269,767 253,817
Accrued compensation 22,499 1,520
Accrued expenses 77,565 304,675
Notes and other obligations, current portion (Note 5) 56,158 139,611
Deferred revenue, current portion (Note 8) 96,698 96,698
Current liabilities of discontinued operations (Note 2) 348,564 258,819
Total current liabilities 871,251 1,055,140
Private placement notes held in escrow - representing 2% Convertible Notes Payable amounting to$4,750,000 and 1,900,000 warrants, all net of $4,750,000 of proceeds held in escrow (Note 6)
Accrued interest (Note 6) 3,904
Deferred revenue, less current portion (Note 8) 1,041,141 1,065,316
Total liabilities 1,916,296 2,120,456
Commitments and contingencies (Notes 6, 8 and 9)
Stockholders' equity (Notes 6 and 7):    
Common stock, no par value, 60,000,000 shares authorized; shares issued 5,410,013 (2017) and 4,503,971 (2016) and shares outstanding 5,410,013, including 500,000 common shares in escrow (2017) and shares outstanding 4,503,971 (2016) 125,614,652 124,775,635
Private placement units held in escrow - representing 500,000 common shares and 500,000 warrants, all net of $1,250,000 of proceeds held in escrow
Accumulated deficit (114,209,052) (109,855,276)
Total equity 11,405,600 14,920,359
Total liabilities and stockholders' equity $ 13,321,896 $ 17,040,815