Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF OPERATIONS (unaudited)

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CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Operating expenses:        
Research and development $ 560,514 $ 354,471 $ 2,139,671 $ 1,146,113
General and administrative 991,852 2,117,010 7,257,852 8,801,878
Depreciation 2,570 2,607 7,811 7,948
Total operating expenses 1,554,936 2,474,088 9,405,334 9,955,939
Loss from operations (1,554,936) (2,474,088) (9,405,334) (9,955,939)
Other income (expense):        
Gain (loss) on change in fair value of derivatives 17,771 2,851,755 (807,087) 3,050,318
Interest income (expense) 0 0 1 (1,298)
Financing costs 0 0 0 (529,704)
Total other income (expense) 17,771 2,851,755 (807,086) 2,519,316
(Loss) income before income taxes (1,537,165) 377,667 (10,212,420) (7,436,623)
Income taxes (benefit) 0 0 0 0
Net (loss) income (1,537,165) 377,667 (10,212,420) (7,436,623)
Preferred stock dividend (24,726) (53,048) (85,467) (244,516)
NET (LOSS) INCOME AVAILABLE TO COMMON STOCKHOLDERS $ (1,561,891) $ 324,619 $ (10,297,887) $ (7,681,139)
Net (loss) income per common share, basic and diluted (in Dollars per share) $ (0.08) $ 0.02 $ (0.55) $ (0.57)
Weighted average number of common shares outstanding, basic and diluted (in Shares) 20,581,041 14,849,127 18,847,515 13,565,453