Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.3.0.814
Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents

Cash and cash equivalents consist of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Cash

 

$

111,820

 

 

$

10,974

 

Money market funds

 

 

13,061,106

 

 

 

6,251,471

 

 

 

$

13,172,926

 

 

$

6,262,445

 

 

Summary of Property and Equipment

Property and Equipment consists of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Computer hardware and software

 

$

30,966

 

 

$

17,179

 

Office furniture and equipment

 

 

35,209

 

 

 

27,960

 

Leasehold improvements

 

 

19,310

 

 

 

19,310

 

Less: accumulated depreciation

 

 

(36,647

)

 

 

(10,405

)

Property and equipment, net

 

$

48,838

 

 

$

54,044

 

 

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014:

 

 

 

Three Months Ended September 30,

 

 

 

2015

 

 

2014

 

Basic and diluted net loss per share of common stock:

 

 

 

 

 

 

 

 

Net loss

 

$

(2,253,885

)

 

$

(659,621

)

Net loss applicable to common stockholders

 

 

(2,253,885

)

 

 

(659,621

)

Weighted average shares of common stock outstanding

 

 

34,770,597

 

 

 

25,542,755

 

Net loss per share of common stock-basic and diluted

 

$

(0.06

)

 

$

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2015

 

 

2014

 

Basic and diluted net loss per share of common stock:

 

 

 

 

 

 

 

 

Net loss

 

$

(6,352,144

)

 

$

(1,280,208

)

Net loss applicable to common stockholders

 

 

(6,352,144

)

 

 

(1,280,208

)

Weighted average shares of common stock outstanding

 

 

29,242,236

 

 

 

18,242,956

 

Net loss per share of common stock-basic and diluted

 

$

(0.22

)

 

$

(0.07

)

 

Potentially Dilutive Securities Excluded from the Computation of Dilutive Weighted Average Shares Outstanding

The following potentially dilutive securities outstanding at September 30, 2015 and 2014 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be antidilutive.

 

 

 

September 30,

 

 

 

2015

 

 

2014

 

Warrants

 

 

1,969,250

 

 

 

1,112,180

 

Preferred stock

 

 

-

 

 

 

329,617

 

Stock options

 

 

3,828,065

 

 

 

597,243

 

Total

 

 

5,797,315

 

 

 

2,039,040