Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS    
Revenue
Operating Expenses    
General and administrative 5,697,469 6,715,378
Research and development expenses 2,676,156 3,458,377
Total Operating Expenses 8,373,625 10,173,755
Other Operating Income and (Loss)    
Other income from joint venture 715,126 1,056,551
Equity in loss from joint venture (3,321,737) (5,835,263)
Total Other Operating Income and (Loss) (2,606,611) (4,778,712)
Total Operating Loss (10,980,236) (14,952,467)
Other Income and (Expenses)    
Interest income 393,112 258,795
Financing costs (982,436)
Total Other Income and (Expenses) 393,112 (723,641)
Net Loss Before Income Taxes (10,587,124) (15,676,108)
Income Taxes
Net Loss (10,587,124) (15,676,108)
Accumulated Preferred Stock Dividend (490,117) (461,187)
Deemed additional dividend on preferred stock dividend due to the beneficial conversion feature (209,698) (187,892)
Deemed dividend on issuance on Series B convertible preferred stock due to the beneficial conversion feature (2,624,836)
Net Loss Attributable to Common Shareholders $ (11,286,939) $ (18,950,023)
Net Loss Per Common Share    
Basic and Diluted $ (3.63) $ (8.54)
Weighted Average Number of Common Shares Outstanding 3,107,580 2,219,687