Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 150,454 $ 953,234
Prepaid expenses 134,530 31,308
Total current assets 284,984 984,542
Property and equipment, net 22,692 18,408
Other assets:    
Deposits 27,612 27,612
Total assets 335,288 1,030,562
Current liabilities:    
Accounts payable and accrued expenses, including $8,703 and $12,716 to related parties as of September 30, 2016 and December 31, 2015, respectively 426,497 223,546
Dividends payable 341,403 340,291
Warrant liability 2,324,460 1,621,199
Derivative liability 291,086 285,157
Total current liabilities 3,383,446 2,470,193
Series C Preferred Stock, 1,090 and 1,471 shares issued and outstanding; liquidation preference of $1,090,000 and $1,471,000 as of September 30, 2016 and December 31, 2015, respectively 1,090,000 1,471,000
Stockholders’ deficit    
Preferred stock, $0.001 par value, authorized 1,000,000 shares, designated 200 shares of Series A, 600 shares of Series B and 4,200 shares of Series C Preferred Stock 0 0
Common stock, $0.001 par value, authorized 50,000,000 shares, 20,935,093 and 16,825,703 issued and outstanding as of September 30, 2016 and December 31, 2015, respectively 20,935 16,826
Additional paid in capital 38,295,183 29,314,399
Accumulated deficit (42,454,276) (32,241,856)
Total stockholders’ deficit (4,138,158) (2,910,631)
Total liabilities and stockholders’ deficit $ 335,288 $ 1,030,562