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, 2020
Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS    
Revenue $ 0 $ 0
Operating Expenses    
General and administrative 8,312,583 5,787,092
Research and development 891,626 2,676,156
Legal settlement costs 4,200,000 0
Patent write-off and impairment loss 1,169,644 0
Total Operating Expenses 14,573,853 8,463,248
Other Operating Income and (Loss)    
Grant income 72,709 0
Other income from joint venture 0 715,126
Equity in loss from joint venture 0 (3,321,737)
Total Other Operating Income and (Loss) 72,709 (2,606,611)
Total Operating Loss (14,501,144) (11,069,859)
Other Income    
Interest income 83,878 393,112
Total Other Income 83,878 393,112
Net Loss Before Income Taxes (14,417,266) (10,676,747)
Income Taxes 0 0
Net Loss (14,417,266) (10,676,747)
Accumulated Preferred Stock Dividend (512,953) (490,117)
Deemed additional dividend on preferred stock dividend due to the beneficial conversion feature (222,196) (209,698)
Net Loss Attributable to Common Shareholders $ (15,152,415) $ (11,376,562)
Net Loss Per Common Share Basic and Diluted $ (3.59) $ (3.66)
Weighted Average Number of Common Shares Outstanding 4,216,568 3,107,580