Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

Cash and cash equivalents consist of the following:

	March 31		December 31,
	2016		2015
Cash	$	87,461	$	255,943
Money market funds		9,600,344		12,082,332
	$	9,687,805	$	12,338,275

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 months ended March 31, 2016 and 2015:

	Three Months Ended March 31
	2016			2015
Basic and diluted net loss per share of common stock:
Net loss	$	(2,892,241	)	$	(1,535,718	)
Net loss applicable to common stockholders	$	(2,892,241	)	$	(1,535,718	)
Weighted average shares of common stock outstanding		37,605,210			25,871,796
Net loss per share of common stock-basic and diluted	$	(0.08	)	$	(0.06	)

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

The following potentially dilutive securities outstanding at March 31, 2016 and 2015 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive.

	March 31,
	2016		2015
Warrants		1,967,375		13,647,848
Stock options		5,152,685		3,698,848
Total		7,120,060		17,346,696