Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets:    
Cash and Cash Equivalents $ 3,776,712 $ 8,004,237
Prepaid Expenses and Other Current Assets 458,810 455,760
Right-of-Use Assets 83,926  
Current Portion of Refundable Tax Credit Receivable 4,857 18,436
Total Current Assets 4,324,305 8,478,433
Property and Equipment, Net 16,846 43,518
Restricted Cash 45,000 45,000
Goodwill 1,525,896 1,525,896
Intangible Assets and In-Process R&D, Net 4,131,064 4,156,064
Other Assets 69,403 31,706
Total Assets 10,112,514 14,280,617
Current Liabilities:    
Accounts Payable 210,289 63,654
Accrued Expenses 1,120,480 1,114,728
Lease Liabilities 83,926  
Deferred Revenue   2,686,000
Total Current Liabilities 1,414,695 3,864,382
Non-Current Liabilities:    
Contingent Consideration 1,710,000 1,210,000
Deferred Tax Liability 365,364 269,968
Total Non-Current Liabilities 2,075,364 1,479,968
Total Liabilities 3,490,059 5,344,350
Commitments and Contingencies (Note 11)
Stockholders' Equity:    
Preferred Stock, $0.01 Par Value: 9,994,184 shares authorized; 3,750 designated Series A, 0 shares issued and outstanding at December 31, 2019 and December 31, 2018, 10,000 designated Series B, 0 shares issued and outstanding at December 31, 2019 and December 31, 2018; 10,000 shares designated Series C, 4,092 shares issued and outstanding at December 31, 2019 and December 31, 2018 41 41
Common Stock, $0.01 Par Value: 120,000,000 shares authorized; 4,077,755 shares issued and outstanding at December 31, 2019 and 3,038,592 shares issued and outstanding at December 31, 2018 40,778 30,386
Additional Paid-In Capital 106,689,065 101,921,707
Accumulated Deficit (100,246,894) (93,150,198)
Accumulated Other Comprehensive Income 139,465 134,331
Total Stockholders' Equity 6,622,455 8,936,267
Total Liabilities and Stockholders' Equity $ 10,112,514 $ 14,280,617