Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 17,958,989 $ 24,637,295
Other receivable from joint venture 400,000 93,253
Prepaid expenses and other current assets 47,371 36,745
Total Current Assets 18,406,360 24,767,293
Other Assets    
Patent costs 1,798,484 1,577,421
Total Other Assets 1,798,484 1,577,421
Total Assets 20,204,844 26,344,714
Current Liabilities    
Accounts payable and accrued liabilities 350,299 258,056
Investee losses in excess of investment 218,263
Total Current Liabilities 350,299 476,319
Commitments and contingencies - Note 6
Stockholders' Equity    
Preferred stock, $0.001 par value, 10,000,000 authorized shares
Common stock, $0.001 par value, 8,333,333 authorized, 3,252,371 shares and 2,738,508 shares issued and outstanding as of December 31, 2019 and 2018, respectively 3,252 2,738
Additional paid-in capital 133,932,615 129,359,799
Accumulated deficit (114,084,746) (103,497,622)
Total Stockholders' Equity 19,854,545 25,868,395
Total Liabilities and Stockholders' Equity 20,204,844 26,344,714
Series A Preferred Shares [Member]    
Stockholders' Equity    
Preferred stock, $0.001 par value, 10,000,000 authorized shares 757 813
Series B Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock, $0.001 par value, 10,000,000 authorized shares $ 2,667 $ 2,667