Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 1,273,965 $ 167,001
Prepaid expenses and other current assets 133,649 26,443
Current portion of refundable tax credit receivable 22,501 25,336
Total current assets 1,430,115 218,780
Property and equipment, net 573 1,257
Restricted cash 20,000 0
Deferred offering costs 68,517 1,148,994
Other assets 37,112 37,439
Total assets 1,556,317 1,406,470
Current liabilities:    
Grants payable 0 36,401
Accounts payable 337,610 565,947
Accrued expenses 304,998 913,063
Convertible notes due to stockholders, net (aggregate principal outstanding of $3,376,573 at December 31, 2014) 0 3,205,504
Warrant liability 0 303,102
Total current liabilities $ 642,608 $ 5,024,017
Commitments and contingencies (Note 12)    
Convertible preferred stock and non-controlling interests: (classified as temporary equity)    
Non-controlling interests $ 0 $ 6,780,588
Total convertible preferred stock and non-controlling interests 0 43,189,254
Stockholders’ equity (deficit):    
Preferred stock, $0.01 par value; 10,000,000 shares authorized, 0 issued and outstanding at June 30, 2015 0 0
Common stock, $0.01 par value: 100,000,000 shares authorized; 6,477,093 shares issued at June 30, 2015 and 201,787 shares issued at December 31, 2014 64,771 2,018
Additional paid-in capital 62,012,640 10,055,613
Accumulated deficit (61,209,768) (56,862,152)
Shareholder notes receivable (58,824) (58,824)
Accumulated other comprehensive income 104,890 56,544
Total stockholders’ equity (deficit) 913,709 (46,806,801)
Total liabilities, convertible preferred stock, non-controlling interests and stockholders’ equity (deficit) 1,556,317 1,406,470
Series A Convertible Preferred Stock [Member]    
Convertible preferred stock and non-controlling interests: (classified as temporary equity)    
Convertible preferred stock 0 254,525
Series B Convertible Preferred Stock [Member]    
Convertible preferred stock and non-controlling interests: (classified as temporary equity)    
Convertible preferred stock 0 6,926,180
Series C Convertible Preferred Stock [Member]    
Convertible preferred stock and non-controlling interests: (classified as temporary equity)    
Convertible preferred stock 0 5,745,127
Series D Convertible Preferred Stock [Member]    
Convertible preferred stock and non-controlling interests: (classified as temporary equity)    
Convertible preferred stock $ 0 $ 23,482,834