Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

The Company had no marketable investments at September 30, 2016 and December 31, 2015. Cash and cash equivalents consist of the following:

	September 30, 2016		December 31, 2015

Cash	$	146,170	$	255,943
Money market funds		18,763,178		12,082,332
	$	18,909,348	$	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 and nine months ended September 30, 2016 and 2015:

	Three Months Ended September 30						Nine Months Ended September 30
	2016			2015			2016			2015
Basic and diluted net loss per share of common stock:
Net loss	$	(5,346,768	)		(2,253,885	)	$	(12,428,400	)	$	(6,352,144	)
Net loss applicable to common stockholders	$	(5,346,768	)		(2,253,885	)	$	(12,428,400	)	$	(6,352,144	)
Weighted average shares of common stock outstanding		43,783,504			34,770,597			40,059,364			29,242,236
Net loss per share of common stock-basic and diluted	$	(0.12	)		(0.06	)	$	(0.31	)	$	(0.22	)

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

The following potentially dilutive securities outstanding at September 30, 2016 and 2015 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive.

	September 30,
	2016		2015
Warrants		1,789,250		1,969,250
Stock options		5,932,679		3,828,065
Total		7,721,929		5,797,315