0001493152-18-016378.txt : 20181116 0001493152-18-016378.hdr.sgml : 20181116 20181116171905 ACCESSION NUMBER: 0001493152-18-016378 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181116 DATE AS OF CHANGE: 20181116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bone Biologics Corp CENTRAL INDEX KEY: 0001419554 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 421743430 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53078 FILM NUMBER: 181190674 BUSINESS ADDRESS: STREET 1: 2 BURLINGTON WOODS DRIVE, STREET 2: SUITE 100, CITY: BURLINGTON STATE: MA ZIP: 01803 BUSINESS PHONE: (781) 552-4452 MAIL ADDRESS: STREET 1: 2 BURLINGTON WOODS DRIVE, STREET 2: SUITE 100, CITY: BURLINGTON STATE: MA ZIP: 01803 FORMER COMPANY: FORMER CONFORMED NAME: Bone Biologics, Corp. DATE OF NAME CHANGE: 20140924 FORMER COMPANY: FORMER CONFORMED NAME: AFH ACQUISITION X, INC. DATE OF NAME CHANGE: 20071127 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File No. 000-53078

Bone Biologics Corporation

(Exact name of registrant as specified in its charter)

Delaware

42-1743430

(State or other jurisdiction of

incorporation or formation)

(I.R.S. employer

identification number)

2 Burlington Woods Drive, Ste 100, Burlington, MA 01803

(Address of principal executive offices and Zip Code)

(781) 552-4452

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in rule 12b-2 of the Exchange Act.

Large accelerated filer	[ ]	Accelerated filer	[ ]
Non-accelerated filer	[ ]	Smaller reporting company	[X]
Emerging growth company	[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[ ] Yes [X] No

As of November 12, 2018, there were 8,439,185 shares of the issuer’s common stock, $0.001 par value, outstanding.

Bone Biologics Corporation

- INDEX -

	Page
PART I – FINANCIAL INFORMATION:

Item 1.	F-1

Unaudited Condensed Consolidated Financial Statements

Unaudited Condensed Consolidated Balance Sheets	F-1

Unaudited Condensed Consolidated Statements of Operations	F-2

Consolidated Statement of Stockholders’ Deficit	F-3

Unaudited Condensed Consolidated Statements of Cash Flows	F-4

Notes to Unaudited Condensed Consolidated Financial Statements	F-5

Item 2. Management’s Discussion and Analysis or Plan of Operation	4

Item 3. Quantitative and Qualitative Disclosures about Market Risk	9

Item 4. Controls and Procedures	9

PART II – OTHER INFORMATION:

Item 1. Legal Proceedings	9

Item 1A. Risk Factors	9

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	10

Item 3. Defaults Upon Senior Securities	10

Item 4. Mine Safety Disclosures	10

Item 5. Other Information	10

Item 6. Exhibits	10

Signatures	11

NOTE ON FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These forward-looking statements are based on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown that could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. For a more detailed listing of some of the risks and uncertainties facing the Company, please see our Current Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission (“SEC”) on April 2, 2018.

All statements other than historical facts contained in this report, including statements regarding our future financial position, capital expenditures, cash flows, business strategy and plans and objectives of management for future operations are forward-looking statements. The words “anticipated,” “believe,” “expect,” “plan,” “intend,” “seek,” “estimate,” “project,” “could,” “may,” and similar expressions are intended to identify forward-looking statements. These statements include, among others, information regarding future operations, future capital expenditures, and future net cash flow. Such statements reflect our management’s current views with respect to future events and financial performance and involve risks and uncertainties, including, without limitation, our ability to raise additional capital to fund our operations, obtaining Food and Drug Administration (“FDA”) and other regulatory authorization to market our drug and biological products, successful completion of our clinical trials, our ability to achieve regulatory authorization to market our lead product NELL-1, our reliance on third party manufacturers for our drug products, market acceptance of our products, our dependence on licenses for certain of our products, our reliance on the expected growth in demand for our products, exposure to product liability and defect claims, development of a public trading market for our securities, and various other matters, many of which are beyond our control.

Should one or more of these risks or uncertainties occur, or should underlying assumptions prove to be incorrect, actual results may vary materially and adversely from those anticipated, believed, estimated or otherwise indicated. Consequently, all of the forward-looking statements made in this Annual Report are qualified by these cautionary statements and accordingly there can be no assurances made with respect to the actual results or developments. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Unless expressly indicated or the context requires otherwise, the terms “Company,” “we,” “us,” and “our” in this document refer to Bone Biologics Corporation, a Delaware corporation, and, its wholly owned subsidiary as defined under the heading “Management’s Discussion and Analysis” in this Form 10-Q.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Bone Biologics Corporation

Condensed Consolidated Balance Sheets

	September 30, 2018			December 31, 2017
		(unaudited)
Assets

Current assets
Cash	$	2,294,118		$	690,279
Prepaid expenses		56,111			105,234

Total current assets		2,350,229			795,513

Property and equipment, net		74			146

Total assets	$	2,350,303		$	795,659

Liabilities and Stockholders’ Deficit

Current liabilities
Accounts payable and accrued expenses	$	133,127		$	720,128
Deferred compensation		391,667			241,667

Total current liabilities		524,794			961,795

Note payable – related party, net of debt discount of $0 and $770,313, respectively		9,000,000			8,229,687

Total liabilities		9,524,794			9,191,482

Commitments and Contingencies

Stockholders’ deficit
Preferred Stock, $0.001 par value per share; 20,000,000 shares authorized; none issued or outstanding at September 30, 2018 and December 31, 2017		-			-
Common stock, $0.001 par value per share; 100,000,000 shares authorized; 8,439,185 and 4,328,080 shares issued and outstanding at September 30, 2018 and December 31, 2017		8,439			4,328
Additional paid-in capital		54,961,803			48,961,794
Common stock to be issued to related parties; -0- and 115,385 shares at September 30, 2018 and December 31, 2017		-			1,823,077
Accumulated deficit		(62,144,733	)		(59,185,022	)

Total stockholders’ deficit		(7,174,491	)		(8,395,823	)

Total liabilities and stockholders’ deficit	$	2,350,303		$	795,659

See accompanying notes to unaudited condensed consolidated financial statements.

F-1

Bone Biologics Corporation

Condensed Consolidated Statements of Operations

	Three Months Ended September 30, 2018			Three Months Ended September 30, 2017			Nine Months Ended September 30, 2018			Nine Months Ended September 30, 2017
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenues	$	-		$	-		$	-		$	-

Cost of revenues		-			-			-			-

Gross profit		-			-			-			-

Operating expenses
Research and development
Trade		(1,049,257	)		234,264			(444,947	)		1,070,342
Related party		-			-			-			(2,744,749	)
General and administrative		644,466			896,512			1,997,030			2,990,393

Total operating expenses		(404,791	)		1,130,776			1,552,083			1,315,986

Income (Loss) from operations		404,791			(1,130,776	)		(1,552,083	)		(1,315,986	)

Other expenses
Interest expense, net – related party		(238,234	)		(1,244,963	)		(997,727	)		(2,964,377	)
Loss on debt extinguishment – related party		(408,294	)		-			(408,294	)		-

Total other expenses		(646,528	)		(1,244,963	)		(1,406,021	)		(2,964,377	)

Loss before provision for income taxes		(241,737	)		(2,375,739	)		(2,958,104	)		(4,280,363	)

Provision for income taxes		7			-			1,607			1,600

Net loss	$	(241,744	)	$	(2,375,739	)	$	(2,959,711	)	$	(4,281,963	)

Weighted average shares outstanding – basic and diluted		7,393,788			3,888,808			5,398,506			3,886,869

Net Loss per share – basic and diluted	$	(0.03	)	$	(0.61	)	$	(0.55	)	$	(1.10	)

See accompanying notes to unaudited condensed consolidated financial statements.

F-2

Bone Biologics Corporation

Consolidated Statement of Stockholders’ Deficit

For the nine months ended September 30, 2018

(unaudited)

	Common Stock				Additional Paid-in			Common Stock to be			Accumulated			Total Stockholders’
	Shares		Amount		Capital			Issued			Deficit			Deficit
Balance at December 31, 2017		4,328,080	$	4,328	$	48,961,794		$	1,823,077		$	(59,185,022	)	$	(8,395,823	)

Fair value of vested stock options		-		-		(637,436	)		-			-			(637,436	)

Shares issued for cash		25,000		25		492,475			-			-			492,500

Fair value of shares issued in settlement of bonus payable		23,146		23		455,977			-			-			456,000

Shares issued to related party upon net settlement of warrants		30,847		31		(31	)		-			-			-

Shares issued to related party under anti-dilution provision		46,667		47		(47	)		-			-			-

Shares issued to related party for cash		3,539,654		3,540		3,536,114			-			-			3,539,654

Shares issued upon close of rights offering (including 329,674 shares to related parties)		330,325		330		329,995			-			-			330,325

Share adjustment for stock split rounding		81		-		-			-			-			-

Issuance pursuant founders agreement		115,385		115		1,822,962			(1,823,077	)		-			-

Net Loss		-		-		-			-			(2,959,711	)		(2,959,711	)

Balance at September 30, 2018 (unaudited)		8,439,185	$	8,439	$	54,961,803		$	-		$	(62,144,733	)	$	(7,174,491	)

See accompanying notes to unaudited condensed consolidated financial statements.

F-3

Bone Biologics Corporation

Condensed Consolidated Statements of Cash Flows

	Nine Months Ended September 30, 2018			Nine Months Ended September 30, 2017
	(unaudited)			(unaudited)
Cash flows from operating activities
Net loss	$	(2,959,711	)	$	(4,281,963	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		72			72
Debt discount amortization		340,735			2,158,496
Debt issuance costs amortization		21,283			29,383
Stock-based compensation		492,754			1,405,396
Options issued to consultants		(1,130,189	)		(2,338,812	)
Loss on debt extinguishment		408,294			-
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		41,623			34,117
Accounts payable and accrued expenses		(131,001	)		479,915
Deferred issuance costs		-			(35,000	)
Deferred compensation		150,000			150,000

Net cash used in operating activities		(2,766,140	)		(2,398,396	)

Cash flows from financing activities
Proceeds from issuance of common stock		4,369,979			700,000
Proceeds from issuance of note payable		600,000			2,700,000
Repayment of note payable		(600,000	)		-
Net cash provided by financing activities		4,369,979			3,400,000

Net increase in cash		1,603,839			1,001,604

Cash, beginning of period		690,279			620,375
Cash, end of period	$	2,294,118		$	1,621,979

Supplemental non-cash information
Interest paid	$	389,519		$	516,375
Taxes paid	$	1,607		$	1,600
Supplemental non-cash investing and finance activities:
Beneficial conversion feature of notes payable	$	-		$	2,000,000
Prepaid offering costs netted against proceeds from issuance of common stock	$	7,500		$	-
Shares issued in settlement of bonus payable	$	456,000		$	-

See accompanying notes to unaudited condensed consolidated financial statements.

F-4

Bone Biologics Corporation

Notes to Unaudited Condensed Consolidated Financial Statements

For the nine months ended September 30, 2018

1. The Company

Bone Biologics Corporation (the “Company”) was incorporated under the laws of the State of Delaware on October 18, 2007 as AFH Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone Biologics Acquisition Corp., a Delaware corporation (“Merger Sub”), and Bone Biologics, Inc. Merger Sub merged with and into Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation in the merger. Upon the consummation of the merger, the separate existence of Merger Sub ceased. On September 22, 2014, the Company officially changed its name to “Bone Biologics Corporation” to more accurately reflect the nature of its business and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics, Inc. was incorporated in California on September 9, 2004.

We are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known as NELL-1/DBX®. The NELL-1/DBX® combination product is an osteostimulative recombinant protein that provides target specific control over bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications to us through a technology transfer from UCLA Technology Development Group on behalf of UC Regents (“UCLA TDG”). UCLA TDG and the Company received guidance from the FDA that NELL-1/DBX® will be classified as a combination product with a device lead.

We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, which we refer to as the JOBS Act. We would cease to be an emerging growth company upon the earliest of: (i) the last day of the first fiscal year in which our annual gross revenues are $1.07 billion or more; (ii) the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700.0 million as of the end of the second quarter of that fiscal year; or (iii) the date on which we have, during the previous three-year period, issued more than $1.07 billion in non-convertible debt securities. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. We have elected to take advantage of these reduced disclosure obligations, and may elect to take advantage of other reduced reporting obligations in the future.

The JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We are choosing to irrevocably “opt out” of this provision and, as a result, we will comply with new or revised accounting standards as required when they are adopted.

The production and marketing of the Company’s products and its ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that the Company will not encounter problems in clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.

The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.

F-5

Going Concern and Liquidity

The Company has no significant operating history and since inception to September 30, 2018 has incurred accumulated losses of approximately $62.1 million. The Company will continue to incur significant expenses for development activities for their lead product NELL-1/DBX®. Operating expenditures for the next twelve months are estimated at $8.2 million. The accompanying condensed consolidated financial statements for the period ended September 30, 2018 have been prepared assuming the Company will continue as a going concern. As reflected in the condensed consolidated financial statements, the Company had a stockholders’ deficit of $7,174,491 at September 30, 2018, and incurred a net loss of $2,959,711, and used net cash in operating activities of $2,766,140 during the nine-month period ended September 30, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern. In addition, our independent accounting firm, in its audit report to the financial statements included in our Annual Report for the year ended December 31, 2017, expressed substantial doubt about our ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to meet the Company’s needs. If cash resources are insufficient to satisfy the Company’s on-going cash requirements, the Company will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.

The Company closed on $500,000 of equity financing in March 2018 and $600,000 of debt financing in May 2018. On July 16, 2018, the Company closed a Rights Offering (“Rights Offering”) to existing shareholders and certain related parties and, on July 24, 2018, a private placement with Hankey Capital LLC (“Hankey Capital”) in the aggregate amount of $3,869,979 and secured a credit facility with Hankey Capital for $2,000,000. In the Rights Offering the Company issued 330,325 shares to four shareholders, including 329,674 shares to certain related parties(the “Rights Shares”) and issued 3,539,654 shares to Hankey Capital (the “Hankey Shares”) pursuant to a Securities Purchase Agreement.

The proceeds from the sale of the Rights Shares and the Hankey Shares of $3,869,979 were used to repay the promissory note for $600,000 and the remaining proceeds have been and will be used for working capital, protein development, animal testing, regulatory and clinical expenses, as well as for other purposes not presently contemplated herein but which are related directly to growing the Company’s current business, research and development activities.

Pursuant to our October 2016 and February 2017 Convertible Notes, which were subsequently converted into shares of common stock on December 31, 2017, the Company may only use the proceeds from the issuance of these Convertible Notes to focus on prioritizing operations on essential research and development activities. Also pursuant to the October 2016 Note Purchase Agreement, the Company’s management has agreed to defer 20% of earned compensation and the Board of Directors has authorized a change in director compensation to defer 50% of the directors’ cash compensation until at least $5,000,000 has been received in cumulative funding from non-current stockholders.

Reverse Stock Split

On June 11, 2018 and effective July 24, 2018, the directors of the Company approved a resolution to undertake a reverse split of the common stock of the Company on a basis of 1 new common share for 10 old common share. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 1 for 10 reverse split have been adjusted to reflect the stock split on a retroactive basis as of the earliest period presented, unless otherwise noted.

F-6

2. Summary of Significant Accounting Policies

Basis of Presentation

The interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2017 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on April 2, 2018 (the “2017 Annual Report”). These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2017 and notes thereto included in the 2017 Annual Report.

The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year ended December 31, 2018 or for any other period.

Reclassification

Certain accounts totaling $20,833 previously reflected in the prior-period financial statements as research and development expense have been reclassified to general and administrative expense to conform to the presentation in the current-period financial statements.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include the assumptions used in the accrual for potential liabilities, the valuation of stock options and warrants issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The Company’s consolidated financial instruments are cash, accounts payable and notes payable. The recorded values of cash and accounts payable approximate their values based on their short-term nature. The fair value of convertible notes payable approximate their fair value since the current interest rates and terms on these obligations are the same as prevailing market rates.

The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock.

An “established trading market” for the Company’s common stock does not exist. During the six months ended June 30, 2018, the Company utilized $20.00 (post reverse split) per share as the fair value of its common stock for accounting purposes based on one common stock transaction with an investor during March 2018. Subsequently, during the three months ended September 30, 2018, based on the analysis as described below, management determined that the fair value of the Company’s common stock for accounting purposes was $0.94 per share. The reduction in the fair value of the Company’s common stock from $20.00 per share to $0.94 per share during the three months ended September 30, 2018 resulted in a reversal of certain stock-based compensation charges recorded during the six months ended June 30, 2018 and thus a credit balance in certain operating accounts for the nine months ended September 30, 2018.

In drawing its conclusions, management considered various relevant factors, including the work of an independent third party valuation firm engaged to provide a valuation analysis as of July 24, 2018, which indicated a valuation of $0.94 per common share. Management also took into account the recent cash transaction price for the Company’s common stock pursuant to a July 2018 Rights Offering to all common stockholders, which resulted in the sale of common shares to an affiliate of the Company and parties related to such affiliate at a slightly higher price of $1.00 per share. The Company entered into a series of interrelated transactions with such affiliate at the same $1.00 price per share during the three months ended September 30, 2018.

The July 24, 2018 valuation analysis employed the discounted future value method and utilized financial metrics observed in the marketplace. Management ultimately determined, and the valuation firm concurred, that the discounted future value method was the most appropriate valuation methodology under the circumstances.

The utilization of the discounted future value method involved the estimation of a business enterprise value (“BEV”)/revenue multiple, the probability of approval of the Company’s technology, the estimation of the Company’s cost of equity and weighted average cost of capital, the estimation of a required rate of return appropriate for discounting projected revenues to calculate the present value of the business enterprise, and an appropriate discount period. This method involved projecting revenues through 2028 and applying an appropriate BEV/revenue multiple.

Stock Based Compensation

ASC 718, Compensation – Stock Compensation, prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of the performance commitment date or the performance completion date.

In light of the lack of an “established trading market”, the fair value of the shares was determined based on the discounted future value valuation methodology. Pursuant to ASU No. 2016-09 – Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, the Company accounts for forfeitures when they occur.

Stock options issued to non-employees and consultants are revalued each reporting period to determine the amount to be recorded in the statement of operations in the respective period. As stock options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the value on the date of vesting. Forfeitures of the unvested portion of stock option grants are recorded when the underlying event occurs, and are recorded as a reversal of the related expense. An increase in the Company’s stock price during a reporting period will generally result in an increase in the fair value of unvested stock options and thus the related expense, and a decrease in the Company’s stock price during a reporting period will generally result in a decrease in the fair value of unvested stock options and thus the related expense. Accordingly, depending on various factors, the recording of forfeitures and a decrease in the price of the Company’s common stock during a reporting period can result in a credit balance in an operating account in the statement of operations.

Loss per Common Share

The Company utilizes FASB ASC Topic No. 260, Earnings per Share. Basic loss per share is computed by dividing loss available to common shareholders by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.

F-7

Since the effects of outstanding options, warrants, and the conversion of convertible debt are anti-dilutive for the three and nine months ended September 30, 2018 and 2017, shares of common stock underlying these instruments have been excluded from the computation of loss per common share.

The following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of September 30, 2018 and 2017:

	September 30,
	2018		2017
Warrants		860,919		1,039,082
Stock options		843,648		839,722
Convertible promissory notes		7,860,760		959,620
		9,565,327		2,838,424

New Accounting Standards

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s financial statement presentation or disclosures.

In July 2017, the FASB issued ASU No. 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features; (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (“ASU 2017-11”). ASU 2017-11 allows companies to exclude a down round feature when determining whether a financial instrument (or embedded conversion feature) is considered indexed to the entity’s own stock. As a result, financial instruments (or embedded conversion features) with down round features may no longer be required to be accounted for as derivative liabilities. A company will recognize the value of a down round feature only when it is triggered, and the strike price has been adjusted downward. For equity-classified freestanding financial instruments, an entity will treat the value of the effect of the down round as a dividend and a reduction of income available to common stockholders in computing basic earnings per share. For convertible instruments with embedded conversion features containing down round provisions, entities will recognize the value of the down round as a beneficial conversion discount to be amortized to earnings. ASU 2017-11 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The guidance in ASU 2017-11 can be applied using a full or modified retrospective approach. The Company is currently evaluating the impact of the adoption of ASU 2017-11 on the Company’s financial statement presentation or disclosures.

In September 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to nonemployee share-based payment accounting. This ASU simplifies the accounting and reporting for share-based payments issued to nonemployees by expanding the scope of ASC 718, Compensation - Stock Compensation, which currently only includes share-based compensation to employees, to also include share-based payments to nonemployees for goods and services. The standard is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of ASC 606. Management is currently in the process of evaluating the impact of the standard on its consolidated financial statements and disclosures.

F-8

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

3. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	September 30, 2018		December 31, 2017
Accounts payable	$	65,485	$	216,903
Accrued bonus		-		456,000
Deferred Directors’ fees		67,642		47,225
	$	133,127	$	720,128

4. Notes Payable - Related Parties

Note Type	Issue Date	Maturity Date	Interest Rate			September 30, 2018		December 31, 2017

(A) First Secured Convertible Note	10/24/14	12/31/19		9.25	%	$	5,000,000	$	5,000,000

(A) Second Secured Convertible Note	5/4/15	12/31/19		9.25	%		2,000,000		2,000,000

(B) Third Secured Convertible Note	2/24/16	12/31/19		9.25	%		2,000,000		2,000,000
							9,000,000		9,000,000
Less: Debt discount							-		(724,606	)
Less: Debt issuance costs							-		(45,707	)
Net Notes payable						$	9,000,000	$	8,229,687

F-9

First and Second Secured Convertible Notes and Warrants

(A)

On October 24, 2014 and May 4, 2015, the Company issued two convertible promissory notes in the aggregate amount of $7,000,000 to Hankey Capital. Don Hankey, the CEO and Chairman of Hankey Group, is our non-independent Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, is a non-independent board member. The Convertible Notes mature on December 31, 2019 and bear interest at an annual rate of interest of the “prime rate” plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date, Hankey Capital has a right, in its sole discretion, to convert the Convertible Notes into shares of the Company’s Common Stock, at a conversion rate equal to the greater of (i) $15.80 per share or (ii) 70% of the average daily price for the Common Stock as measured over the course of the 60 day period prior to the conversion. The Company also issued warrants to Hankey Capital for 585,443 shares of Common Stock at an exercise price per share of $15.80 that expire three years from the date of issuance. In connection with the Convertible Notes, the Company issued 886,076 common shares as collateral shares and paid commitment fees in the amount of 3.0% of the original principal amount of the loans ($210,000) to Hankey Capital and other aggregate offering costs of $594,550. The aggregate value of the warrants and offering costs totaling $2,891,409 was considered to be a debt discount upon issuance of the notes and was amortized as interest over the terms of the notes or in full upon the conversion of the notes.

	The Convertible Notes are secured by 585,443 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50% (the “Collateral”). The number of shares in the Collateral shall be adjusted on a yearly basis. The Convertible Notes are further secured by collateral assignments of all the Company’s license agreements. The principal amount of the loan is pre-payable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral shares shall be returned return and cancelled. Hankey Capital will also return Collateral shares under the same terms in case of partial or full conversion of the Convertible Notes. The Notes and Warrants contain provisions limiting the exercise/conversion thereof.

	On February 24, 2016, the First and Second Secured Convertible Notes were modified to extend the maturity date to December 31, 2019 and fix the conversion price at $15.80 and the warrants were amended to extend their expiration date by two years. The Company determined that the extension of the convertible notes’ maturity dates and the warrants’ expiration dates resulted in a debt extinguishment for accounting purposes since the change in fair value of the warrants as a result of the extension of their expiration dates was more than 10% of the original value of the convertible notes. As such, the Company recorded the notes at their aggregate fair value of $7,000,000.

F-10

Third Convertible Secured Term Note and Warrants

(B)

On February 24, 2016, the Company issued a convertible promissory note in the amount of $2,000,000 to Hankey Capital. The Third Convertible Note matures on February 23, 2019 (the “Maturity Date”) and bears interest at an annual rate of interest at the “prime rate” (as quoted in the “Money Rates” section of The Wall Street Journal) plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date, Hankey Capital has a right, in its sole discretion, to convert the Convertible Note into shares of the Company’s common stock (the “Conversion Shares”), at a conversion rate equal to $15.80 per share and issued a warrant to Hankey Capital for 146,342 shares of Common Stock at an exercise price per share of $20.50. The Warrant will expire on February 23, 2021. The Note and Warrant contain provisions limiting the exercise/conversion thereof. The Convertible Note is secured by 146,342 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50%. The number of Collateral Shares will be adjusted on a yearly basis. The Convertible Note is further secured by all of the Company’s personal property, including collateral assignments of all the Company’s license agreements and the MTF Sygnal Option Agreement. The principal amount of the loan is prepayable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral Shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral Shares will be returned and cancelled. Hankey Capital will also return Collateral Shares under the same terms in case of partial or full conversion of the Convertible Note. In connection with the Convertible Note, on February 24, 2016 the Company issued 253,165 common shares as collateral and paid a commitment fee in the amount of $40,000 (2% of the original principal amount of the Loan) and other offering costs totaling $77,532. The aggregate value of the warrants, beneficial conversion feature and offering costs of $2,000,000 was considered to be a debt discount upon issuance of the note and will be amortized as interest over the term of the note or in full upon the conversion of the note.

Debt Amendments

In connection with the financing that closed on July 16, 2018 (Note 6), the Company and Hankey Capital executed amendments (the “Amendments”) to the First, Second and Third convertible secured term notes (the “Existing Convertible Notes”). The Amendments change Hankey Capital’s conversion price from $15.80 per share to $1.00 per share on a post reverse stock split basis on the Existing Convertible Notes and extends the maturity date of the Third Convertible Note from February 24, 2019 to December 31, 2019. The Amendments became effective on the closing of the rights offering, July 16, 2018. The Company determined that the change in the conversion prices of the Existing Convertible Notes and extension of the Third Convertible Note’s maturity date resulted in debt extinguishments for accounting purposes since the change in fair value of the conversion options was more than 10% of the original value of the Existing Convertible Notes. The Company recorded a loss on extinguishment of debt totaling $408,294 for the remaining unamortized debt discount.

The total debt discount amortization related to our outstanding debt for the periods ended September 30, 2018 and 2017, was $340,735 and $2,158,496, respectively. The unamortized debt discount at September 30, 2018 was $-0-. The unamortized debt discount at December 31, 2017 was $724,606. During 2018, $383,861 of debt discount was written off as a result of the debt extinguishment.

The total debt issuance amortization related to our outstanding debt for the periods ended September 30, 2018 and 2017, was $21,283 and $29,383, respectively. The unamortized debt issuance costs at September 30, 2018 was $-0-. The unamortized debt issuance costs at December 31, 2017 was $45,707. During 2018, $24,433 of debt issuance costs were written off as a result of the debt extinguishment.

5. Credit Facility

On July 24, 2018, the Company and Hankey Capital entered into an agreement under which Hankey Capital will provide a credit facility to the Company of $2,000,000 to be drawn down by the Company upon notice to Hankey Capital. Each draw will be evidenced by a convertible secured note are convertible prior to the maturity date at $1.00 per share and are due on December 31, 2019. Draws bear interest at an annual rate of interest at the “prime rate” (as quoted in the “Money Rates” section of The Wall Street Journal) plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Each note will be dated the date of the applicable draw and will bear interest from the date of the draw. At September 30, 2018, the Company had not drawn any funds under the facility.

6. Stockholders’ Deficit

Preferred Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 20,000,000 shares of preferred stock. No shares have been issued.

Common Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 100,000,000 shares of common stock. As of September 30, 2018 and December 31, 2017, the Company had an aggregate of 8,429,185 and 4,328,080 shares of common stock outstanding, respectively.

F-11

In February 2018, 32,289 warrants were exercised on a cashless basis resulting in the issuance of 16,706 shares of common stock. In May 2018, 28,719 warrants were exercised on a cashless basis resulting in the issuance of 14,141 shares of common stock.

In February 2018, management was issued 23,146 shares of restricted common stock with a fair value of $456,000 in settlement of bonuses payable.

On March 26, 2018, the Company entered into a share purchase agreement pursuant to which an aggregate of 25,000 shares of common stock of the Company were issued at a price per share equal to $20.00 ($2.00 pre-split) for total proceeds of $500,000.

In May 2018, the Company closed a private placement offering and in accordance with the terms of the anti-dilution provision of the subscription agreement with Musculoskeletal Transplant Foundation (“MTF”), issued to MTF 46,667 shares of common stock.

In July 2018, the Company closed a Rights Offering, issued 330,325 shares to four shareholders (including an aggregate of 329,674 shares to two related parties), and issued 3,539,654 shares to Hankey Capital pursuant to a Securities Purchase Agreement for aggregate proceeds of $3,869,979.

In September 2018, the Company issued 115,385 shares with a value of $1,823,077 previously reflected as common stock to be issued pursuant to the Founders’ Letter Agreement dated October 2, 2015 (Note 8).

Common Stock Warrants

A summary of warrant activity for the period ended September 30, 2018 is presented below:

	Number of			Weighted Average Exercise		Weighted Average
Subject to Exercise	Warrants			Price		Life (Years)
Outstanding as of December 31, 2017		1,026,424		$	15.17		2.23
Granted – 2018		-			-		-
Forfeited/Expired – 2018		(104,497	)		-		-
Exercised – 2018		(61,008	)		9.74		2.89
Outstanding as of September 30, 2018		860,919		$	5.14		1.63

As of September 30, 2018, the Company had outstanding vested and unexercised Common Stock Warrants as follows:

Date Issued	Exercise Price		Number of Warrants		Expiration date
2009	$	4.40		11,839		March 16, 2019
2010	$	4.40		22,659		February 4, 2020
April 2013	$	10.00		5,000		April 28, 2020
September 2013	$	10.00		5,000		September 4, 2020
September 2013	$	10.00		2,500		September 20, 2020
November 2013	$	10.00		7,500		November 14, 2020
July 2014	$	10.00		50,000		June 30, 2020
July 2014	$	10.00		4,667		July 2, 2019
September 2014	$	16.20		62,500		August 31, 2021
September 2014	$	10.00		11,800		September 18, 2021
September 2014	$	10.00		8,959		September 29, 2021
October 2014	$	15.80		316,456		October 23, 2019
May 2015	$	15.80		189,874		May 4, 2020
October 2015	$	15.80		15,823		October 27, 2018
February 2016	$	20.50		146,342		February 23, 2021

Total warrants at September 30, 2018				860,919

An aggregate of 61,008 common stock warrants were exercised on a non-cash basis resulting in the issuance of 30,847 common shares and 104,497 warrants expired during the period ended September 30, 2018. The intrinsic value of the outstanding warrants on September 30, 2018 is $-0-.

F-12

7. Stock-based Compensation

2015 Equity Incentive Plan

The Company has 1,400,000 shares of Common Stock authorized and reserved for issuance under our 2015 Equity Incentive Plan for option awards. This reserve may be increased by the Board each year by up to the number of shares of stock equal to 5% of the number of shares of stock issued and outstanding on the immediately preceding December 31. Appropriate adjustments will be made in the number of authorized shares and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards to prevent dilution or enlargement of participants’ rights in the event of a stock split or other change in our capital structure. Shares subject to awards granted under our 2015 Equity Incentive Plan which expire, are repurchased or are cancelled or forfeited will again become available for issuance under our 2015 Equity Incentive Plan. The shares available will not be reduced by awards settled in cash. Shares withheld to satisfy tax withholding obligations will not again become available for grant. The gross number of shares issued upon the exercise of stock appreciation rights or options exercised by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under our 2015 Equity Incentive Plan.

Awards may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present or future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options, stock appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based awards or other stock based awards to any eligible participant.

The 2015 Equity Incentive Plan will be administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan, the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award. The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted under our 2015 Equity Incentive Plan.

A summary of stock option activity for the period ended September 30, 2018, is presented below:

	Number of			Weighted Average Exercise		Weighted Average		Aggregate Intrinsic
Subject to Exercise	Options			Price		Life (Years)		Value
Outstanding as of December 31, 2017		839,732		$	16.41		7.55	$	4,373,120
Granted – 2018		5,222			19.70		10.00		-
Forfeited – 2018		(1,306	)		-		-		-
Exercised – 2018		-			-		-		-
Outstanding as of September 30, 2018		843,648		$	16.91		6.75	$	-

F-13

As of September 30, 2018, the Company had unexercised stock options as follows:

Date Issued	Exercise Price		Number of Options		Expiration date
September 2014	$	15.90		58,307	December 27, 2025
November 2014	$	15.90		17,492	December 27, 2025
August 2015	$	15.90		312,180	December 27, 2025
September 2015	$	15.90		20,000	December 27, 2025
November 2015	$	15.90		122,464	December 27, 2025
December 2015	$	15.90		80,275	December 27, 2025
January 2016	$	15.90		127,581	January 9, 2026
March 2016	$	20.50		5,400	February 24, 2021
May 2016	$	20.50		80,744	May 26, 2026
September 2016	$	20.50		9,933	May 31, 2026
January 2017	$	20.50		5,356	January 1, 2027
January 2018	$	19.70		3,916	January 1, 2028

Total options at September 30, 2018				843,648

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (i.e. , the difference between our closing stock price on the respective date and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their options. No options were exercised and 1,306 options were cancelled during the period ended September 30, 2018.

There were 5,222 options granted with a fair value of $100,000 during the period ended September 30, 2018. Vesting of options differs based on the terms of each option. The Company has valued the options at their date of grant utilizing the Black-Scholes option pricing model. As of the issuance of these condensed consolidated financial statements, there was no active public market for the Company’s shares. Accordingly, the fair value of the options was determined based on the historical volatility data of similar companies, considering the industry, products and market capitalization of such other entities. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated using the simplified method. The expected life of the options used was based on the contractual life of the option granted. Stock-based compensation is a non-cash expense because we settle these obligations by issuing shares of our common stock from our authorized shares instead of settling such obligations with cash payments.

During the periods ended September 30, 2018 and 2017, the Company had stock-based compensation expense of $(637,436) and $(933,416), respectively, related to the vesting of stock options granted to the Company’s employees, directors, and consultants included in our reported net loss. During the nine months ended September 30, 2018, 1,306 options forfeited upon the resignation of one of our directors. During the nine months ended September 30, 2017, there were 412,531 options cancelled in conjunction with the termination of the Founders Professional Services Agreement and 2,008 options were forfeited upon the resignation of one of our directors. Our policy is to account for forfeitures of the unvested portion of option grants when they occur; therefore, these forfeitures are recorded as a reversal to expense, which can result in a credit balance in the statement of operations. Forfeiture reversals for the nine months ended September 30, 2018 and 2017 were $13,400 and $2,744,749, respectively.

The Company utilized the Black-Scholes option pricing model. The assumptions used for the periods ended September 30, 2018 and 2017 are as follows:

	September 30, 2018			September 30, 2017
Risk free interest rate		2.302%-2.984	%		1.99%-2.306	%
Expected life (in years)		6.24-7.75			5.5-9.0
Expected Volatility		169.33%-175.89	%		135.94%-153.79	%
Expected dividend yield		0	%		0	%

F-14

A summary of the changes in the Company’s non-vested options during the period ended September 30, 2018, is as follows:

	Number of Non-vested Options			Weighted Average Fair Value at Grant Date
Non-vested at January 1, 2018		265,304		$	15.01
Granted in 2018		5,222		$	19.15
Forfeited – 2018		(1,306	)	$	19.15
Vested in 2018		(135,579	)	$	14.18
Non-vested at September 30, 2018		133,641		$	15.98
Exercisable at September 30, 2018		710,007		$	14.35
Outstanding at September 30, 2018		843,648		$	14.01

As of September 30, 2018, total unrecognized compensation cost related to unvested stock options was $52,775. The cost is expected to be recognized over a weighted average period of 1.13 years.

8. Related Party Transactions

Hankey Capital LLC (Hankey Capital)

Hankey Capital holds certain convertible notes of the Company as discussed in Note 5. Don Hankey, the CEO and Chairman of Hankey Group, is our non-independent Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, is a non-independent board member. The Hankey Group is an affiliate of Hankey Capital.

Founders

The Company entered into a Letter Agreement dated September 24, 2015, with each of Dr. Chia Soo, Dr. Eric Kang Ting and Dr. Ben Wu (collectively, the “Founders”). The Founders were three of the original shareholders of the Company. Pursuant to the Letter Agreement, the Founders agrees to deliver to the Company all past work product and past data related to NELL-1 (the “Data”) for use by the Company in its sole discretion, within the applicable licensing rights granted under the UCLA license and in exchange the Company agreed to the future issuance of an aggregate of 115,385 shares of the Company’s common stock. The Shares are to be equally distributed between the Founders upon the earlier of (i) the third anniversary of the Agreement and (ii) the occurrence of a Liquidity Event (as defined in the Letter Agreement) and are currently reported as Shares to be Issued. During the nine months ended September 30, 2018, 115,385 shares were issued pursuant to the Letter Agreement.

9. Commitments and Contingencies

Contingencies

The Company is subject to claims and assessments from time to time in the ordinary course of business. The Company’s management does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

On August 3, 2018, a shareholder derivative complaint was filed against the Company, as nominal defendant, The Musculoskeletal Transplant Foundation, Inc., one of our stockholders, and certain of our directors. The complaint alleges, among other things, violation of Section 14(c) of the Securities Exchange Act and Rule 14c-6 and breach of fiduciary duty. The complaint also seeks rescission of the reverse split which was effective as July 24, 2018.

The Company intends to vigorously defend against the allegations in the complaint. Based on the very early stage of the litigation, it is not possible to estimate the amount or range of any possible loss arising from the expenditure of defense fees, a judgment or settlement of the matter.

F-15

Item 2. Management’s Discussion and Analysis.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and audited consolidated financial statements for the years ended December 31, 2017 and 2016 and the related notes included in our Annual Report on Form 10-K filed for the fiscal year ended December 31, 2017, with the SEC on April 2, 2018. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See “Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors.

Overview

We are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known as NELL-1/DBX®. The NELL-1/DBX® combination product is an osteostimulative recombinant protein that provides target specific control over bone regeneration. The protein, as part of the UCB-1 technology platform has been licensed exclusively for worldwide applications to us through a technology transfer from UCLA Technology Development Group on behalf of UC Regents (“UCLA TDG”). UCLA TDG and the Company received guidance from the FDA that NELL-1/DBX® will be classified as a combination product with a device lead.

The Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern California surgeon in 2004 as a privately-held company with proprietary, patented technology that has been validated in sheep and non-human primate models to facilitate bone growth. Our platform technology has application in delivering improved outcomes in the surgical specialties of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market.

Our success will depend in part on our ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by us will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to us.

UCLA TDG Exclusive License Agreement

Effective August 18, 2017, the Company entered into an Amended and Restated Exclusive License Agreement (the “Restated License Agreement”) with the UCLA Technology Development Group on behalf of UC Regents (“UCLA TDG”). The Restated License Agreement amends and restates the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG, as amended by ten amendments. Under the terms of the Restated License Agreement, the Regents have continued to grant the Company exclusive rights to develop and commercialize NELL-1 (the “Licensed Product”) for spinal fusion applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal bone development.

Following the completion of several key milestones, the Company has expanded its Field of Use definition beyond spine fusion within the Restated License Agreement for both osteoporosis and trauma through a technology transfer.

We have agreed to pay an annual maintenance fee to UCLA TDG of $10,000 as well as to pay certain royalties to UCLA TDG under the Restated License Agreement at the rate of 3.0% of net sales of licensed products. We must pay the royalties to UCLA TDG on a quarterly basis. Upon a first commercial sale, we also must pay between $50,000 and $250,000, depending on the calendar year which is after the first commercial sale. If we are required to pay any third party any royalties as a result of us making use of UCLA TDG patents, then we may reduce the royalty owed to UCLA TDG by 0.333% for every percentage point paid to a third party. If we grant sublicense rights to a third party to use the UCLA TDG patent, then we will pay to UCLA TDG10% to 20% of the sublicensing income we receive from such sublicense.

We are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method:

	●	$100,000 upon enrollment of the first subject in a Feasibility Study;

	●	$250,000 upon enrollment of the first subject in a Pivotal Study:

	●	$500,000 upon Pre-Market Approval of a Licensed Product or Licensed Method; and

	●	$1,000,000 upon the First Commercial Sale of a Licensed Product or Licensed Method.

We are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control Transaction and a payment election by UCLA TDG exercisable after December 22, 2017), such payment to equal the greater of:

	●	$500,000; or

	●	2% of all proceeds in connection with a Change of Control Transaction.

We are obligated to diligently proceed with developing and commercializing licensed products under UCLA patents set forth in the Restated License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license if we do not meet certain diligence milestone deadlines set forth in the Restated License Agreement.

We must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Restated License Agreement. We have the right to bring infringement actions against third party infringers of the Restated License Agreement, UCLA TDG may join voluntarily, at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third party claims arising out of our exercise of the rights under the Restated License Agreement or any sublicense.

Results of Operations

Since our inception, we devoted substantially all of our efforts and funding to the development of the NELL-1 protein and raising capital. We have not yet generated revenues from our planned operations.

Three Months ended September 30, 2018 compared to the Three Months ended September 30, 2017

	Three Months ended September 30, 2018			Three Months ended September 30, 2017			% Change
Operating expenses

Research and development	$	(1,049,257	)	$	234,264			(547.90	)%
General and administrative		644,466			896,512			(28.11	)%

Total operating expenses		(404,791	)		1,130,776			(135.80	)%

Income (Loss) from operations		404,791			(1,130,776	)		(135.80	)%

Interest expense, net		(238,234	)		(1,244,963	)		(80.86	)%
Loss on debt extinguishment – related party		(408,294	)		-			100.00	%

Total other expenses		(646,528	)		(1,244,963	)		48.07	%

Loss before provision for income taxes		(241,737	)		(2,375,739	)		(89.82	)%

Provision for income taxes		7			-			100.00	%

Net loss	$	(241,744	)	$	(2,375,739	)		(89.82	)%

Research and Development

Our research and development expenses decreased from $234,264 during the three months ended September 30, 2017 to $(1,049,257) during the three months ended September 30, 2018. The $1,283,521 decrease was due to the adjustment to the fair value of options for services provided by our chief scientific advisor offset by costs associated with our large animal pivotal study. We will continue to incur significant expenses for development activities for NELL-1.

General and Administrative

Our general and administrative expenses decreased from $896,512 during the three months ended September 30, 2017 to $644,466 during the three months ended September 30, 2018. The $252,046 decrease was primarily due to a decrease in the required amortization of the fair value of management options.

Interest Expense

Our net interest expense decreased from $1,244,963 for the three months ended September 30, 2017 to $238,234 during the three months ended September 30, 2018. The decrease in interest of $1,006,729 resulted from the conversion of $3,900,000 of notes and decreased amortization of debt discount costs due to the debt extinguishment.

Loss on debt extinguishment

Nine Months ended September 30, 2018 compared to the Nine Months ended September 30, 2017

	Nine Months ended September 30, 2018			Nine Months ended September 30, 2017			% Change
Operating expenses
Research and development
Trade	$	(444,947	)	$	1,070,342			(141.57	)%
Related party		-			(2,744,749	)		(100.00	)%
General and administrative		1,997,030			2,990,393			(33.22	)%

Total operating expenses		1,552,083			1,315,986			17.94	%

Loss from operations		(1,552,083	)		(1,315,986	)		17.94	%

Interest expense, net		(997,727	)		(2,964,377	)		(66.34	)%
Loss on debt extinguishment – related party		(408,294	)		-			100.00	%

Total other expenses		(1,406,021	)		(2,964,377	)		52.57	%

Loss before provision for income taxes		(2,958,104	)		(4,280,363	)		(30.89	)%

Provision for income taxes		1,607			1,600			0.44	%

Net loss	$	(2,959,711	)	$	(4,281,963	)		(30.88	)%

Research and Development

Our research and development related party expenses decreased from $(2,744,749) during the nine months ended September 30, 2017 to $-0- during the nine months ended September 30, 2018. The $2,744,749 decrease was due to the options forfeited with the termination of the Professional Services Agreements with each of the Founders in April 2017. Our trade research and development decrease between September 30, 2018 and 2017 was due to an adjustment to the fair value of options for services provided by our chief scientific advisor offset by costs related to the commencement of our large animal pivotal study. We will continue to incur significant expenses for development activities for NELL-1.

General and Administrative

Our general and administrative expenses decreased from $2,990,393 during the nine months ended September 30, 2017 to $1,997,030 during the nine months ended September 30, 2018. The $993,363 decrease was primarily due to a decrease in the required amortization of the fair value of management options.

Interest Expense

Our net interest expense decreased from $2,964,377 for the nine months ended September 30, 2017 to $997,727 during the nine months ended September 30, 2018. The decrease in interest of $1,966,650 resulted from the conversion of $3,900,000 of notes and decreased amortization of debt discount costs due to the debt extinguishment.

Loss on debt extinguishment

Liquidity and Capital Resources

We have no significant operating history and since inception to September 30, 2018 has incurred accumulated losses of approximately $62.1 million. The Company will continue to incur significant expenses for development activities for their lead product NELL-1/DBX®. Operating expenditures for the next twelve months are estimated at $8.2 million. The accompanying condensed consolidated financial statements for the period ended September 30, 2018 have been prepared assuming the Company will continue as a going concern. As reflected in the condensed consolidated financial statements, the Company had a stockholders’ deficit of $7,174,491 at September 30, 2018, and incurred a net loss of $2,959,711, and used net cash in operating activities of $2,766,140 during the nine-month period ended September 30, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern. In addition, our independent accounting firm, in its audit report to the financial statements included in our Annual Report for the year ended December 31, 2017, expressed substantial doubt about our ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company closed on $500,000 of equity financing in March 2018 and $600,000 of debt financing in May 2018. On July 16, 2018, the Company closed a Rights Offering (“Rights Offering”) to existing shareholders (including certain related parties) and, on July 24, 2018, a private placement with Hankey Capital LLC (“Hankey Capital”) in the aggregate amount of $3,869,979 and secured a credit facility with Hankey Capital for $2,000,000. In the Rights Offering the Company issued 330,325 shares to four shareholders, including 329,674 shares to two related parties (the “Rights Shares”) and issued 3,539,654 shares to Hankey Capital (the “Hankey Shares”) pursuant to a Securities Purchase Agreement.

As of September 30, 2018 and December 31, 2017, we had cash of $2,294,118 and $690,279, respectively.

Cash Flows

Operating activities

During the nine months ended September 30, 2018 and 2017, cash used in operating activities was $2,766,140 and $2,398,396 respectively. Cash expenditures for the nine months ended September 30, 2018 increased primarily due to the commencement of our large animal pivotal study. Management continues a 20% deferral of wages and the Board a 50% deferral of cash compensation.

Financing activities

During the nine months ended September 30, 2018, cash provided by financing activities of $4,369,979 resulted from the March 2018 equity purchase of common stock and the July 2018 Rights Offering and the private placement with Hankey Capital. During the nine months ended September 30, 2017, cash provided in financing activities of $3,400,000 resulted from the February and August 2017 convertible notes and the equity purchase of $700,000 of common stock.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Financial Officer and Chief Executive Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act)) as of September 30, 2018. Based upon that evaluation, our Chief Financial Officer and Chief Executive Officer concluded that as of September 30, 2018, our disclosure controls and procedures were not effective.

Changes in Internal Controls

Management has been actively engaged in developing remediation plans to address the material weakness disclosed on our Form 10K for the year ended December 31, 2017. The remediation efforts in process or expected to be implemented include the implementation of procedures requiring a third-party review of all non-routine transactions.

We believe that the controls that we are implementing will improve the effectiveness of our internal control over financial reporting. As we continue to evaluate and work to improve our internal control over financial reporting, we may determine to take additional measures to address the material weakness or determine to supplement or modify certain of the remediation measures described above.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

In the normal course of our business, we may periodically become subjected to various lawsuits. However, there are currently no legal actions pending against us or, to our knowledge, are any such proceedings contemplated.

Item 1A. Risk Factors.

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

Not Applicable

Item 5. Other Information.

None

Item 6. Exhibits.

(a) Exhibits required by Item 601 of Regulation S-K.

Exhibit		Description

31.1		Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Report on Form 10-Q for the quarter ended September 30, 2018.*

31.2		Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Report on Form 10-Q for the quarter ended September 30, 2018.*

32.1		Certification of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2		Certification of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS		XBRL Instance Document*
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*

* Filed Herewith

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BONE BIOLOGICS CORPORATION

Dated: November 16, 2018	By:	/s/ Stephen R. LaNeve
	Name:	Stephen R. LaNeve
	Title:	Chief Executive Officer

EX-31.1 2 ex31-1.htm

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Stephen R. LaNeve, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bone Biologics Corporation

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. As the registrant’s Principal Financial Officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 16, 2018	/s/ Stephen R. LaNeve
	Stephen R. LaNeve
	Principal Executive Officer

EX-31.2 3 ex31-2.htm

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Deina H. Walsh, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bone Biologics Corporation

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 16, 2018	/s/ Deina H. Walsh
	Deina H. Walsh
	Principal Financial Officer

EX-32.1 4 ex32-1.htm

Exhibit 32.1

Certification of Principal Executive Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Report of Bone Biologics Corporation (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen R. LaNeve, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Stephen R. LaNeve
	Stephen R. LaNeve
	Principal Executive Officer

	November 16, 2018

EX-32.2 5 ex32-2.htm

Exhibit 32.2

Certification of Principal Financial Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Report of Bone Biologics Corporation (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Deina H. Walsh, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Deina H. Walsh
	Deina H. Walsh
	Principal Financial Officer

	November 16, 2018

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As of September 30, 2018, the Company had outstanding vested and unexercised Common Stock Warrants as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Date Issued</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Expiration date</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; text-align: justify">2009</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">4.40</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">11,839</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">March 16, 2019</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">2010</td> <td> </td> <td>$</td> <td style="text-align: right">4.40</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,659</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">February 4, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>April 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">April 28, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 4, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>September 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 20, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>November 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">November 14, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>July 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">June 30, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>July 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,667</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">July 2, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>September 2014</td> <td> </td> <td>$</td> <td style="text-align: right">16.20</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">August 31, 2021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 18, 2021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>September 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,959</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 29, 2021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>October 2014</td> <td> </td> <td>$</td> <td style="text-align: right">15.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">316,456</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">October 23, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>May 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">189,874</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">May 4, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>October 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,823</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">October 27, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">February 2016</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">20.50</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">146,342</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">February 23, 2021</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total warrants at September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">860,919</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

2. Summary of Significant Accounting Policies   Basis of Presentation   The interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2017 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on April 2, 2018 (the “2017 Annual Report”). These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2017 and notes thereto included in the 2017 Annual Report.   The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year ended December 31, 2018 or for any other period.   Reclassification   Certain accounts totaling $20,833 previously reflected in the prior-period financial statements as research and development expense have been reclassified to general and administrative expense to conform to the presentation in the current-period financial statements.   Use of Estimates   The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include the assumptions used in the accrual for potential liabilities, the valuation of stock options and warrants issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates.   Fair Value of Financial Instruments   The Company’s consolidated financial instruments are cash, accounts payable and notes payable. The recorded values of cash and accounts payable approximate their values based on their short-term nature. The fair value of convertible notes payable approximate their fair value since the current interest rates and terms on these obligations are the same as prevailing market rates.   The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable:   Level 1: Quoted prices in active markets for identical assets or liabilities.   Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.   Level 3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock.   An “established trading market” for the Company’s common stock does not exist. During the six months ended June 30, 2018, the Company utilized $20.00 (post reverse split) per share as the fair value of its common stock for accounting purposes based on one common stock transaction with an investor during March 2018. Subsequently, during the three months ended September 30, 2018, based on the analysis as described below, management determined that the fair value of the Company’s common stock for accounting purposes was $0.94 per share. The reduction in the fair value of the Company’s common stock from $20.00 per share to $0.94 per share during the three months ended September 30, 2018 resulted in a reversal of certain stock-based compensation charges recorded during the six months ended June 30, 2018 and thus a credit balance in certain operating accounts for the nine months ended September 30, 2018.   In drawing its conclusions, management considered various relevant factors, including the work of an independent third party valuation firm engaged to provide a valuation analysis as of July 24, 2018, which indicated a valuation of $0.94 per common share. Management also took into account the recent cash transaction price for the Company’s common stock pursuant to a July 2018 Rights Offering to all common stockholders, which resulted in the sale of common shares to an affiliate of the Company and parties related to such affiliate at a slightly higher price of $1.00 per share. The Company entered into a series of interrelated transactions with such affiliate at the same $1.00 price per share during the three months ended September 30, 2018.   The July 24, 2018 valuation analysis employed the discounted future value method and utilized financial metrics observed in the marketplace. Management ultimately determined, and the valuation firm concurred, that the discounted future value method was the most appropriate valuation methodology under the circumstances.   The utilization of the discounted future value method involved the estimation of a business enterprise value (“BEV”)/revenue multiple, the probability of approval of the Company’s technology, the estimation of the Company’s cost of equity and weighted average cost of capital, the estimation of a required rate of return appropriate for discounting projected revenues to calculate the present value of the business enterprise, and an appropriate discount period. This method involved projecting revenues through 2028 and applying an appropriate BEV/revenue multiple.   Stock Based Compensation   ASC 718, Compensation – Stock Compensation, prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).   The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of the performance commitment date or the performance completion date.   In light of the lack of an “established trading market”, the fair value of the shares was determined based on the discounted future value valuation methodology. Pursuant to ASU No. 2016-09 – Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, the Company accounts for forfeitures when they occur.   Stock options issued to non-employees and consultants are revalued each reporting period to determine the amount to be recorded in the statement of operations in the respective period. As stock options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the value on the date of vesting. Forfeitures of the unvested portion of stock option grants are recorded when the underlying event occurs, and are recorded as a reversal of the related expense. An increase in the Company’s stock price during a reporting period will generally result in an increase in the fair value of unvested stock options and thus the related expense, and a decrease in the Company’s stock price during a reporting period will generally result in a decrease in the fair value of unvested stock options and thus the related expense. Accordingly, depending on various factors, the recording of forfeitures and a decrease in the price of the Company’s common stock during a reporting period can result in a credit balance in an operating account in the statement of operations.   Loss per Common Share   The Company utilizes FASB ASC Topic No. 260, Earnings per Share. Basic loss per share is computed by dividing loss available to common shareholders by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.   Since the effects of outstanding options, warrants, and the conversion of convertible debt are anti-dilutive for the three and nine months ended September 30, 2018 and 2017, shares of common stock underlying these instruments have been excluded from the computation of loss per common share.   The following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of September 30, 2018 and 2017:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">September 30,</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">860,919</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,039,082</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Stock options</td> <td> </td> <td> </td> <td style="text-align: right">843,648</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">839,722</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Convertible promissory notes</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,860,760</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">959,620</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9,565,327</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,838,424</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   New Accounting Standards   In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s financial statement presentation or disclosures.   In July 2017, the FASB issued ASU No. 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features; (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (“ASU 2017-11”). ASU 2017-11 allows companies to exclude a down round feature when determining whether a financial instrument (or embedded conversion feature) is considered indexed to the entity’s own stock. As a result, financial instruments (or embedded conversion features) with down round features may no longer be required to be accounted for as derivative liabilities. A company will recognize the value of a down round feature only when it is triggered, and the strike price has been adjusted downward. For equity-classified freestanding financial instruments, an entity will treat the value of the effect of the down round as a dividend and a reduction of income available to common stockholders in computing basic earnings per share. For convertible instruments with embedded conversion features containing down round provisions, entities will recognize the value of the down round as a beneficial conversion discount to be amortized to earnings. ASU 2017-11 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The guidance in ASU 2017-11 can be applied using a full or modified retrospective approach. The Company is currently evaluating the impact of the adoption of ASU 2017-11 on the Company’s financial statement presentation or disclosures.   In September 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to nonemployee share-based payment accounting. This ASU simplifies the accounting and reporting for share-based payments issued to nonemployees by expanding the scope of ASC 718, Compensation - Stock Compensation, which currently only includes share-based compensation to employees, to also include share-based payments to nonemployees for goods and services. The standard is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of ASC 606. Management is currently in the process of evaluating the impact of the standard on its consolidated financial statements and disclosures.   Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

9. Commitments and Contingencies   Contingencies   The Company is subject to claims and assessments from time to time in the ordinary course of business. The Company’s management does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.   On August 3, 2018, a shareholder derivative complaint was filed against the Company, as nominal defendant, The Musculoskeletal Transplant Foundation, Inc., one of our stockholders, and certain of our directors. The complaint alleges, among other things, violation of Section 14(c) of the Securities Exchange Act and Rule 14c-6 and breach of fiduciary duty. The complaint also seeks rescission of the reverse split which was effective as July 24, 2018.   The Company intends to vigorously defend against the allegations in the complaint. Based on the very early stage of the litigation, it is not possible to estimate the amount or range of any possible loss arising from the expenditure of defense fees, a judgment or settlement of the matter.

6. Stockholders’ Deficit   Preferred Stock   The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 20,000,000 shares of preferred stock. No shares have been issued.   Common Stock   The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 100,000,000 shares of common stock. As of September 30, 2018 and December 31, 2017, the Company had an aggregate of 8,429,185 and 4,328,080 shares of common stock outstanding, respectively.   In February 2018, 32,289 warrants were exercised on a cashless basis resulting in the issuance of 16,706 shares of common stock. In May 2018, 28,719 warrants were exercised on a cashless basis resulting in the issuance of 14,141 shares of common stock.   In February 2018, management was issued 23,146 shares of restricted common stock with a fair value of $456,000 in settlement of bonuses payable.   On March 26, 2018, the Company entered into a share purchase agreement pursuant to which an aggregate of 25,000 shares of common stock of the Company were issued at a price per share equal to $20.00 ($2.00 pre-split) for total proceeds of $500,000.   In May 2018, the Company closed a private placement offering and in accordance with the terms of the anti-dilution provision of the subscription agreement with Musculoskeletal Transplant Foundation (“MTF”), issued to MTF 46,667 shares of common stock.   In July 2018, the Company closed a Rights Offering, issued 330,325 shares to four shareholders (including an aggregate of 329,674 shares to two related parties), and issued 3,539,654 shares to Hankey Capital pursuant to a Securities Purchase Agreement for aggregate proceeds of $3,869,979.   In September 2018, the Company issued 115,385 shares with a value of $1,823,077 previously reflected as common stock to be issued pursuant to the Founders’ Letter Agreement dated October 2, 2015 (Note 8).   Common Stock Warrants   A summary of warrant activity for the period ended September 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Subject to Exercise</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Life (Years)</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%">Outstanding as of December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">1,026,424</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">15.17</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">2.23</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted – 2018</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited/Expired – 2018</td> <td> </td> <td> </td> <td style="text-align: right">(104,497</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Exercised – 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(61,008</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">9.74</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2.89</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding as of September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">860,919</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5.14</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.63</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   As of September 30, 2018, the Company had outstanding vested and unexercised Common Stock Warrants as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Date Issued</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Expiration date</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; text-align: justify">2009</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">4.40</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">11,839</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">March 16, 2019</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">2010</td> <td> </td> <td>$</td> <td style="text-align: right">4.40</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,659</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">February 4, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>April 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">April 28, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 4, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>September 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 20, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>November 2013</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">November 14, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>July 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">June 30, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>July 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,667</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">July 2, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>September 2014</td> <td> </td> <td>$</td> <td style="text-align: right">16.20</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">August 31, 2021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 18, 2021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>September 2014</td> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,959</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">September 29, 2021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>October 2014</td> <td> </td> <td>$</td> <td style="text-align: right">15.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">316,456</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">October 23, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>May 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">189,874</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">May 4, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>October 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,823</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">October 27, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">February 2016</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">20.50</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">146,342</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">February 23, 2021</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total warrants at September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">860,919</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   An aggregate of 61,008 common stock warrants were exercised on a non-cash basis resulting in the issuance of 30,847 common shares and 104,497 warrants expired during the period ended September 30, 2018. The intrinsic value of the outstanding warrants on September 30, 2018 is $-0-.

8. Related Party Transactions   Hankey Capital LLC (Hankey Capital)   Hankey Capital holds certain convertible notes of the Company as discussed in Note 5. Don Hankey, the CEO and Chairman of Hankey Group, is our non-independent Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, is a non-independent board member. The Hankey Group is an affiliate of Hankey Capital.   Founders   The Company entered into a Letter Agreement dated September 24, 2015, with each of Dr. Chia Soo, Dr. Eric Kang Ting and Dr. Ben Wu (collectively, the “Founders”). The Founders were three of the original shareholders of the Company. Pursuant to the Letter Agreement, the Founders agrees to deliver to the Company all past work product and past data related to NELL-1 (the “Data”) for use by the Company in its sole discretion, within the applicable licensing rights granted under the UCLA license and in exchange the Company agreed to the future issuance of an aggregate of 115,385 shares of the Company’s common stock. The Shares are to be equally distributed between the Founders upon the earlier of (i) the third anniversary of the Agreement and (ii) the occurrence of a Liquidity Event (as defined in the Letter Agreement) and are currently reported as Shares to be Issued. During the nine months ended September 30, 2018, 115,385 shares were issued pursuant to the Letter Agreement.

The following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of September 30, 2018 and 2017:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">September 30,</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">860,919</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,039,082</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Stock options</td> <td> </td> <td> </td> <td style="text-align: right">843,648</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">839,722</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Convertible promissory notes</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,860,760</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">959,620</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9,565,327</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,838,424</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

340735

2000000

2891409

2158496

21283

29383

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Note Type</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Issue Date</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Maturity Date</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Interest Rate</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 41%; padding-left: 10pt">(A) First Secured Convertible Note</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">10/24/14</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">12/31/19</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">9.25</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">5,000,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">5,000,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">(A) Second Secured Convertible Note</td> <td> </td> <td style="text-align: center">5/4/15</td> <td> </td> <td style="text-align: center">12/31/19</td> <td> </td> <td> </td> <td style="text-align: right">9.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2,000,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,000,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">(B) Third Secured Convertible Note</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">2/24/16</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">12/31/19</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">9.25</td> <td style="padding-bottom: 1.5pt">%</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,000,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,000,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,000,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,000,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less: Debt discount</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(724,606</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Debt issuance costs</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(45,707</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Net Notes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,000,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,229,687</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   First and Second Secured Convertible Notes and Warrants   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">(A)</td> <td style="text-align: justify">On October 24, 2014 and May 4, 2015, the Company issued two convertible promissory notes in the aggregate amount of $7,000,000 to Hankey Capital. Don Hankey, the CEO and Chairman of Hankey Group, is our non-independent Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, is a non-independent board member. The Convertible Notes mature on December 31, 2019 and bear interest at an annual rate of interest of the “prime rate” plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date, Hankey Capital has a right, in its sole discretion, to convert the Convertible Notes into shares of the Company’s Common Stock, at a conversion rate equal to the greater of (i) $15.80 per share or (ii) 70% of the average daily price for the Common Stock as measured over the course of the 60 day period prior to the conversion. The Company also issued warrants to Hankey Capital for 585,443 shares of Common Stock at an exercise price per share of $15.80 that expire three years from the date of issuance. In connection with the Convertible Notes, the Company issued 886,076 common shares as collateral shares and paid commitment fees in the amount of 3.0% of the original principal amount of the loans ($210,000) to Hankey Capital and other aggregate offering costs of $594,550. The aggregate value of the warrants and offering costs totaling $2,891,409 was considered to be a debt discount upon issuance of the notes and was amortized as interest over the terms of the notes or in full upon the conversion of the notes.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="text-align: justify">The Convertible Notes are secured by 585,443 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50% (the “Collateral”). The number of shares in the Collateral shall be adjusted on a yearly basis. The Convertible Notes are further secured by collateral assignments of all the Company’s license agreements. The principal amount of the loan is pre-payable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral shares shall be returned return and cancelled. Hankey Capital will also return Collateral shares under the same terms in case of partial or full conversion of the Convertible Notes. The Notes and Warrants contain provisions limiting the exercise/conversion thereof. </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">On February 24, 2016, the First and Second Secured Convertible Notes were modified to extend the maturity date to December 31, 2019 and fix the conversion price at $15.80 and the warrants were amended to extend their expiration date by two years. The Company determined that the extension of the convertible notes’ maturity dates and the warrants’ expiration dates resulted in a debt extinguishment for accounting purposes since the change in fair value of the warrants as a result of the extension of their expiration dates was more than 10% of the original value of the convertible notes. As such, the Company recorded the notes at their aggregate fair value of $7,000,000.</td></tr> </table>   Third Convertible Secured Term Note and Warrants   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">(B)</td> <td style="text-align: justify">On February 24, 2016, the Company issued a convertible promissory note in the amount of $2,000,000 to Hankey Capital. The Third Convertible Note matures on February 23, 2019 (the “Maturity Date”) and bears interest at an annual rate of interest at the “prime rate” (as quoted in the “Money Rates” section of The Wall Street Journal) plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date, Hankey Capital has a right, in its sole discretion, to convert the Convertible Note into shares of the Company’s common stock (the “Conversion Shares”), at a conversion rate equal to $15.80 per share and issued a warrant to Hankey Capital for 146,342 shares of Common Stock at an exercise price per share of $20.50. The Warrant will expire on February 23, 2021. The Note and Warrant contain provisions limiting the exercise/conversion thereof. The Convertible Note is secured by 146,342 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50%. The number of Collateral Shares will be adjusted on a yearly basis. The Convertible Note is further secured by all of the Company’s personal property, including collateral assignments of all the Company’s license agreements and the MTF Sygnal Option Agreement. The principal amount of the loan is prepayable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral Shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral Shares will be returned and cancelled. Hankey Capital will also return Collateral Shares under the same terms in case of partial or full conversion of the Convertible Note. In connection with the Convertible Note, on February 24, 2016 the Company issued 253,165 common shares as collateral and paid a commitment fee in the amount of $40,000 (2% of the original principal amount of the Loan) and other offering costs totaling $77,532. The aggregate value of the warrants, beneficial conversion feature and offering costs of $2,000,000 was considered to be a debt discount upon issuance of the note and will be amortized as interest over the term of the note or in full upon the conversion of the note.</td></tr> </table>

1. The Company   Bone Biologics Corporation (the “Company”) was incorporated under the laws of the State of Delaware on October 18, 2007 as AFH Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone Biologics Acquisition Corp., a Delaware corporation (“Merger Sub”), and Bone Biologics, Inc. Merger Sub merged with and into Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation in the merger. Upon the consummation of the merger, the separate existence of Merger Sub ceased. On September 22, 2014, the Company officially changed its name to “Bone Biologics Corporation” to more accurately reflect the nature of its business and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics, Inc. was incorporated in California on September 9, 2004.   We are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known as NELL-1/DBX®. The NELL-1/DBX® combination product is an osteostimulative recombinant protein that provides target specific control over bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications to us through a technology transfer from UCLA Technology Development Group on behalf of UC Regents (“UCLA TDG”). UCLA TDG and the Company received guidance from the FDA that NELL-1/DBX® will be classified as a combination product with a device lead.   We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, which we refer to as the JOBS Act. We would cease to be an emerging growth company upon the earliest of: (i) the last day of the first fiscal year in which our annual gross revenues are $1.07 billion or more; (ii) the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700.0 million as of the end of the second quarter of that fiscal year; or (iii) the date on which we have, during the previous three-year period, issued more than $1.07 billion in non-convertible debt securities. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. We have elected to take advantage of these reduced disclosure obligations, and may elect to take advantage of other reduced reporting obligations in the future.   The JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We are choosing to irrevocably “opt out” of this provision and, as a result, we will comply with new or revised accounting standards as required when they are adopted.   The production and marketing of the Company’s products and its ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that the Company will not encounter problems in clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.   The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.   Going Concern and Liquidity   The Company has no significant operating history and since inception to September 30, 2018 has incurred accumulated losses of approximately $62.1 million. The Company will continue to incur significant expenses for development activities for their lead product NELL-1/DBX®. Operating expenditures for the next twelve months are estimated at $8.2 million. The accompanying condensed consolidated financial statements for the period ended September 30, 2018 have been prepared assuming the Company will continue as a going concern. As reflected in the condensed consolidated financial statements, the Company had a stockholders’ deficit of $7,174,491 at September 30, 2018, and incurred a net loss of $2,959,711, and used net cash in operating activities of $2,766,140 during the nine-month period ended September 30, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern. In addition, our independent accounting firm, in its audit report to the financial statements included in our Annual Report for the year ended December 31, 2017, expressed substantial doubt about our ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.   The Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to meet the Company’s needs. If cash resources are insufficient to satisfy the Company’s on-going cash requirements, the Company will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.   The Company closed on $500,000 of equity financing in March 2018 and $600,000 of debt financing in May 2018. On July 16, 2018, the Company closed a Rights Offering (“Rights Offering”) to existing shareholders and certain related parties and, on July 24, 2018, a private placement with Hankey Capital LLC (“Hankey Capital”) in the aggregate amount of $3,869,979 and secured a credit facility with Hankey Capital for $2,000,000. In the Rights Offering the Company issued 330,325 shares to four shareholders, including 329,674 shares to certain related parties(the “Rights Shares”) and issued 3,539,654 shares to Hankey Capital (the “Hankey Shares”) pursuant to a Securities Purchase Agreement.   The proceeds from the sale of the Rights Shares and the Hankey Shares of $3,869,979 were used to repay the promissory note for $600,000 and the remaining proceeds have been and will be used for working capital, protein development, animal testing, regulatory and clinical expenses, as well as for other purposes not presently contemplated herein but which are related directly to growing the Company’s current business, research and development activities.   Pursuant to our October 2016 and February 2017 Convertible Notes, which were subsequently converted into shares of common stock on December 31, 2017, the Company may only use the proceeds from the issuance of these Convertible Notes to focus on prioritizing operations on essential research and development activities. Also pursuant to the October 2016 Note Purchase Agreement, the Company’s management has agreed to defer 20% of earned compensation and the Board of Directors has authorized a change in director compensation to defer 50% of the directors’ cash compensation until at least $5,000,000 has been received in cumulative funding from non-current stockholders.   Reverse Stock Split   On June 11, 2018 and effective July 24, 2018, the directors of the Company approved a resolution to undertake a reverse split of the common stock of the Company on a basis of 1 new common share for 10 old common share. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 1 for 10 reverse split have been adjusted to reflect the stock split on a retroactive basis as of the earliest period presented, unless otherwise noted.

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0.02302

0.0199

0.02984

0.02306

1.6933

1.3594

1.7589

1.5379

0.00

265304

133641

135579

1306

710007

15.01

15.98

19.15

14.18

19.15

14.35 14.01

389519

516375

P0Y

7. Stock-based Compensation   2015 Equity Incentive Plan   The Company has 1,400,000 shares of Common Stock authorized and reserved for issuance under our 2015 Equity Incentive Plan for option awards. This reserve may be increased by the Board each year by up to the number of shares of stock equal to 5% of the number of shares of stock issued and outstanding on the immediately preceding December 31. Appropriate adjustments will be made in the number of authorized shares and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards to prevent dilution or enlargement of participants’ rights in the event of a stock split or other change in our capital structure. Shares subject to awards granted under our 2015 Equity Incentive Plan which expire, are repurchased or are cancelled or forfeited will again become available for issuance under our 2015 Equity Incentive Plan. The shares available will not be reduced by awards settled in cash. Shares withheld to satisfy tax withholding obligations will not again become available for grant. The gross number of shares issued upon the exercise of stock appreciation rights or options exercised by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under our 2015 Equity Incentive Plan.   Awards may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present or future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options, stock appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based awards or other stock based awards to any eligible participant.   The 2015 Equity Incentive Plan will be administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan, the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award. The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted under our 2015 Equity Incentive Plan.   A summary of stock option activity for the period ended September 30, 2018, is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Aggregate Intrinsic</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Subject to Exercise</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Life (Years)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%">Outstanding as of December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">839,732</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">16.41</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">7.55</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">4,373,120</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted – 2018</td> <td> </td> <td> </td> <td style="text-align: right">5,222</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">19.70</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited – 2018</td> <td> </td> <td> </td> <td style="text-align: right">(1,306</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Exercised – 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding as of September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">843,648</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">16.91</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.75</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>    As of September 30, 2018, the Company had unexercised stock options as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Date Issued</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Number of Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Expiration date</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 41%">September 2014</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">15.90</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">58,307</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>November 2014</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,492</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>August 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">312,180</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">20,000</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>November 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">122,464</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>December 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">80,275</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>January 2016</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">127,581</td> <td> </td> <td> </td> <td style="text-align: right">January 9, 2026</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>March 2016</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,400</td> <td> </td> <td> </td> <td style="text-align: right">February 24, 2021</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>May 2016</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">80,744</td> <td> </td> <td> </td> <td style="text-align: right">May 26, 2026</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2016</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,933</td> <td> </td> <td> </td> <td style="text-align: right">May 31, 2026</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>January 2017</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,356</td> <td> </td> <td> </td> <td style="text-align: right">January 1, 2027</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">January 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">19.70</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,916</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">January 1, 2028</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total options at September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">843,648</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td></tr> </table>   The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (i.e. , the difference between our closing stock price on the respective date and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their options. No options were exercised and 1,306 options were cancelled during the period ended September 30, 2018.   There were 5,222 options granted with a fair value of $100,000 during the period ended September 30, 2018. Vesting of options differs based on the terms of each option. The Company has valued the options at their date of grant utilizing the Black-Scholes option pricing model. As of the issuance of these condensed consolidated financial statements, there was no active public market for the Company’s shares. Accordingly, the fair value of the options was determined based on the historical volatility data of similar companies, considering the industry, products and market capitalization of such other entities. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated using the simplified method. The expected life of the options used was based on the contractual life of the option granted. Stock-based compensation is a non-cash expense because we settle these obligations by issuing shares of our common stock from our authorized shares instead of settling such obligations with cash payments.   During the periods ended September 30, 2018 and 2017, the Company had stock-based compensation expense of $(637,436) and $(933,416), respectively, related to the vesting of stock options granted to the Company’s employees, directors, and consultants included in our reported net loss. During the nine months ended September 30, 2018, 1,306 options forfeited upon the resignation of one of our directors. During the nine months ended September 30, 2017, there were 412,531 options cancelled in conjunction with the termination of the Founders Professional Services Agreement and 2,008 options were forfeited upon the resignation of one of our directors. Our policy is to account for forfeitures of the unvested portion of option grants when they occur; therefore, these forfeitures are recorded as a reversal to expense, which can result in a credit balance in the statement of operations. Forfeiture reversals for the nine months ended September 30, 2018 and 2017 were $13,400 and $2,744,749, respectively.   The Company utilized the Black-Scholes option pricing model. The assumptions used for the periods ended September 30, 2018 and 2017 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Risk free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.302%-2.984</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.99%-2.306</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected life (in years)</td> <td> </td> <td> </td> <td style="text-align: right">6.24-7.75</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.5-9.0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected Volatility</td> <td> </td> <td> </td> <td style="text-align: right">169.33%-175.89</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">135.94%-153.79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Expected dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">0</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">0</td> <td style="width: 1%">%</td></tr> </table>   A summary of the changes in the Company’s non-vested options during the period ended September 30, 2018, is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Non-vested Options</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Fair Value at Grant Date</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Non-vested at January 1, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">265,304</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">15.01</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted in 2018</td> <td> </td> <td> </td> <td style="text-align: right">5,222</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">19.15</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited – 2018</td> <td> </td> <td> </td> <td style="text-align: right">(1,306</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">19.15</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Vested in 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(135,579</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">14.18</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-vested at September 30, 2018</td> <td> </td> <td> </td> <td style="text-align: right">133,641</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">15.98</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Exercisable at September 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">710,007</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">14.35</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding at September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">843,648</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14.01</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   As of September 30, 2018, total unrecognized compensation cost related to unvested stock options was $52,775. The cost is expected to be recognized over a weighted average period of 1.13 years.

456000 23 455977

16706

25000

14141

46667

3539654

25000

330325

3539654

330325

115385

4.40 4.40 10.00 10.00 16.20 10.00 10.00 15.80 10.00 10.00 10.00 10.00 15.80 15.80 20.50 2019-03-16 2020-02-04 2020-04-28 2019-07-02 2021-08-31 2021-09-18 2021-09-29 2019-10-23 2020-06-30 2020-09-20 2020-09-04 2020-11-14 2020-05-04 2018-10-27 2021-02-23

2019-02-23

2019-12-31

0.040

0.085

0.0925

0.040

0.085

0.10

100000 A summary of warrant activity for the period ended September 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Subject to Exercise</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Life (Years)</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%">Outstanding as of December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">1,026,424</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">15.17</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">2.23</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted – 2018</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited/Expired – 2018</td> <td> </td> <td> </td> <td style="text-align: right">(104,497</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Exercised – 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(61,008</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">9.74</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2.89</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding as of September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">860,919</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5.14</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.63</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

52775

P6Y2M27D

P7Y9M

P5Y6M

P9Y

3. Accounts Payable and Accrued Expenses   Accounts payable and accrued expenses consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> September 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Accounts payable</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">65,485</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">216,903</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Accrued bonus</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">456,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Deferred Directors’ fees</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">67,642</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">47,225</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">133,127</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">720,128</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Accounts payable and accrued expenses consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> September 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Accounts payable</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">65,485</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">216,903</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Accrued bonus</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">456,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Deferred Directors’ fees</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">67,642</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">47,225</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">133,127</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">720,128</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

7500

1823077

8229687

9000000

770313

35000

600000

4. Notes Payable - Related Parties   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Note Type</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Issue Date</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Maturity Date</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Interest Rate</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 41%; padding-left: 10pt">(A) First Secured Convertible Note</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">10/24/14</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">12/31/19</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">9.25</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">5,000,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">5,000,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">(A) Second Secured Convertible Note</td> <td> </td> <td style="text-align: center">5/4/15</td> <td> </td> <td style="text-align: center">12/31/19</td> <td> </td> <td> </td> <td style="text-align: right">9.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2,000,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,000,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">(B) Third Secured Convertible Note</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">2/24/16</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">12/31/19</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">9.25</td> <td style="padding-bottom: 1.5pt">%</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,000,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,000,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,000,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,000,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less: Debt discount</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(724,606</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Debt issuance costs</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(45,707</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Net Notes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,000,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,229,687</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   First and Second Secured Convertible Notes and Warrants   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">(A)</td> <td style="text-align: justify">On October 24, 2014 and May 4, 2015, the Company issued two convertible promissory notes in the aggregate amount of $7,000,000 to Hankey Capital. Don Hankey, the CEO and Chairman of Hankey Group, is our non-independent Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, is a non-independent board member. The Convertible Notes mature on December 31, 2019 and bear interest at an annual rate of interest of the “prime rate” plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date, Hankey Capital has a right, in its sole discretion, to convert the Convertible Notes into shares of the Company’s Common Stock, at a conversion rate equal to the greater of (i) $15.80 per share or (ii) 70% of the average daily price for the Common Stock as measured over the course of the 60 day period prior to the conversion. The Company also issued warrants to Hankey Capital for 585,443 shares of Common Stock at an exercise price per share of $15.80 that expire three years from the date of issuance. In connection with the Convertible Notes, the Company issued 886,076 common shares as collateral shares and paid commitment fees in the amount of 3.0% of the original principal amount of the loans ($210,000) to Hankey Capital and other aggregate offering costs of $594,550. The aggregate value of the warrants and offering costs totaling $2,891,409 was considered to be a debt discount upon issuance of the notes and was amortized as interest over the terms of the notes or in full upon the conversion of the notes.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="text-align: justify">The Convertible Notes are secured by 585,443 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50% (the “Collateral”). The number of shares in the Collateral shall be adjusted on a yearly basis. The Convertible Notes are further secured by collateral assignments of all the Company’s license agreements. The principal amount of the loan is pre-payable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral shares shall be returned return and cancelled. Hankey Capital will also return Collateral shares under the same terms in case of partial or full conversion of the Convertible Notes. The Notes and Warrants contain provisions limiting the exercise/conversion thereof. </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">On February 24, 2016, the First and Second Secured Convertible Notes were modified to extend the maturity date to December 31, 2019 and fix the conversion price at $15.80 and the warrants were amended to extend their expiration date by two years. The Company determined that the extension of the convertible notes’ maturity dates and the warrants’ expiration dates resulted in a debt extinguishment for accounting purposes since the change in fair value of the warrants as a result of the extension of their expiration dates was more than 10% of the original value of the convertible notes. As such, the Company recorded the notes at their aggregate fair value of $7,000,000.</td></tr> </table>   Third Convertible Secured Term Note and Warrants   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">(B)</td> <td style="text-align: justify">On February 24, 2016, the Company issued a convertible promissory note in the amount of $2,000,000 to Hankey Capital. The Third Convertible Note matures on February 23, 2019 (the “Maturity Date”) and bears interest at an annual rate of interest at the “prime rate” (as quoted in the “Money Rates” section of The Wall Street Journal) plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date, Hankey Capital has a right, in its sole discretion, to convert the Convertible Note into shares of the Company’s common stock (the “Conversion Shares”), at a conversion rate equal to $15.80 per share and issued a warrant to Hankey Capital for 146,342 shares of Common Stock at an exercise price per share of $20.50. The Warrant will expire on February 23, 2021. The Note and Warrant contain provisions limiting the exercise/conversion thereof. The Convertible Note is secured by 146,342 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50%. The number of Collateral Shares will be adjusted on a yearly basis. The Convertible Note is further secured by all of the Company’s personal property, including collateral assignments of all the Company’s license agreements and the MTF Sygnal Option Agreement. The principal amount of the loan is prepayable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral Shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral Shares will be returned and cancelled. Hankey Capital will also return Collateral Shares under the same terms in case of partial or full conversion of the Convertible Note. In connection with the Convertible Note, on February 24, 2016 the Company issued 253,165 common shares as collateral and paid a commitment fee in the amount of $40,000 (2% of the original principal amount of the Loan) and other offering costs totaling $77,532. The aggregate value of the warrants, beneficial conversion feature and offering costs of $2,000,000 was considered to be a debt discount upon issuance of the note and will be amortized as interest over the term of the note or in full upon the conversion of the note.</td></tr> </table>    Debt Amendments   In connection with the financing that closed on July 16, 2018 (Note 6), the Company and Hankey Capital executed amendments (the “Amendments”) to the First, Second and Third convertible secured term notes (the “Existing Convertible Notes”). The Amendments change Hankey Capital’s conversion price from $15.80 per share to $1.00 per share on a post reverse stock split basis on the Existing Convertible Notes and extends the maturity date of the Third Convertible Note from February 24, 2019 to December 31, 2019. The Amendments became effective on the closing of the rights offering, July 16, 2018. The Company determined that the change in the conversion prices of the Existing Convertible Notes and extension of the Third Convertible Note’s maturity date resulted in debt extinguishments for accounting purposes since the change in fair value of the conversion options was more than 10% of the original value of the Existing Convertible Notes. The Company recorded a loss on extinguishment of debt totaling $408,294 for the remaining unamortized debt discount.   The total debt discount amortization related to our outstanding debt for the periods ended September 30, 2018 and 2017, was $340,735 and $2,158,496, respectively. The unamortized debt discount at September 30, 2018 was $-0-. The unamortized debt discount at December 31, 2017 was $724,606. During 2018, $383,861 of debt discount was written off as a result of the debt extinguishment.   The total debt issuance amortization related to our outstanding debt for the periods ended September 30, 2018 and 2017, was $21,283 and $29,383, respectively. The unamortized debt issuance costs at September 30, 2018 was $-0-. The unamortized debt issuance costs at December 31, 2017 was $45,707. During 2018, $24,433 of debt issuance costs were written off as a result of the debt extinguishment.

15.80

1.00

886076

-408294

2000000

1 for 10 reverse split

13400 2744749

500000

1306

412531

1306

2008

Basis of Presentation   The interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2017 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on April 2, 2018 (the “2017 Annual Report”). These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2017 and notes thereto included in the 2017 Annual Report.   The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year ended December 31, 2018 or for any other period.

Reclassification   Certain accounts totaling $20,833 previously reflected in the prior-period financial statements as research and development expense have been reclassified to general and administrative expense to conform to the presentation in the current-period financial statements.

Use of Estimates   The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include the assumptions used in the accrual for potential liabilities, the valuation of stock options and warrants issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates.

Stock Based Compensation   ASC 718, Compensation – Stock Compensation, prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).   The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of the performance commitment date or the performance completion date.   In light of the lack of an “established trading market”, the fair value of the shares was determined based on the discounted future value valuation methodology. Pursuant to ASU No. 2016-09 – Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, the Company accounts for forfeitures when they occur.   Stock options issued to non-employees and consultants are revalued each reporting period to determine the amount to be recorded in the statement of operations in the respective period. As stock options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the value on the date of vesting. Forfeitures of the unvested portion of stock option grants are recorded when the underlying event occurs, and are recorded as a reversal of the related expense. An increase in the Company’s stock price during a reporting period will generally result in an increase in the fair value of unvested stock options and thus the related expense, and a decrease in the Company’s stock price during a reporting period will generally result in a decrease in the fair value of unvested stock options and thus the related expense. Accordingly, depending on various factors, the recording of forfeitures and a decrease in the price of the Company’s common stock during a reporting period can result in a credit balance in an operating account in the statement of operations.

Loss per Common Share   The Company utilizes FASB ASC Topic No. 260, Earnings per Share. Basic loss per share is computed by dividing loss available to common shareholders by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.    Since the effects of outstanding options, warrants, and the conversion of convertible debt are anti-dilutive for the three and nine months ended September 30, 2018 and 2017, shares of common stock underlying these instruments have been excluded from the computation of loss per common share.   The following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of September 30, 2018 and 2017:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">September 30,</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">860,919</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,039,082</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Stock options</td> <td> </td> <td> </td> <td style="text-align: right">843,648</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">839,722</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Convertible promissory notes</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,860,760</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">959,620</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9,565,327</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,838,424</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

New Accounting Standards   In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s financial statement presentation or disclosures.   In July 2017, the FASB issued ASU No. 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features; (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (“ASU 2017-11”). ASU 2017-11 allows companies to exclude a down round feature when determining whether a financial instrument (or embedded conversion feature) is considered indexed to the entity’s own stock. As a result, financial instruments (or embedded conversion features) with down round features may no longer be required to be accounted for as derivative liabilities. A company will recognize the value of a down round feature only when it is triggered, and the strike price has been adjusted downward. For equity-classified freestanding financial instruments, an entity will treat the value of the effect of the down round as a dividend and a reduction of income available to common stockholders in computing basic earnings per share. For convertible instruments with embedded conversion features containing down round provisions, entities will recognize the value of the down round as a beneficial conversion discount to be amortized to earnings. ASU 2017-11 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The guidance in ASU 2017-11 can be applied using a full or modified retrospective approach. The Company is currently evaluating the impact of the adoption of ASU 2017-11 on the Company’s financial statement presentation or disclosures.   In September 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to nonemployee share-based payment accounting. This ASU simplifies the accounting and reporting for share-based payments issued to nonemployees by expanding the scope of ASC 718, Compensation - Stock Compensation, which currently only includes share-based compensation to employees, to also include share-based payments to nonemployees for goods and services. The standard is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of ASC 606. Management is currently in the process of evaluating the impact of the standard on its consolidated financial statements and disclosures.    Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

A summary of stock option activity for the period ended September 30, 2018, is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Aggregate Intrinsic</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Subject to Exercise</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Life (Years)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%">Outstanding as of December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">839,732</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">16.41</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">7.55</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">4,373,120</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted – 2018</td> <td> </td> <td> </td> <td style="text-align: right">5,222</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">19.70</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited – 2018</td> <td> </td> <td> </td> <td style="text-align: right">(1,306</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Exercised – 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding as of September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">843,648</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">16.91</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.75</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The Company utilized the Black-Scholes option pricing model. The assumptions used for the periods ended September 30, 2018 and 2017 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Risk free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.302%-2.984</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.99%-2.306</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected life (in years)</td> <td> </td> <td> </td> <td style="text-align: right">6.24-7.75</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.5-9.0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected Volatility</td> <td> </td> <td> </td> <td style="text-align: right">169.33%-175.89</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">135.94%-153.79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Expected dividend yield</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">0</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">0</td> <td style="width: 1%">%</td></tr> </table>

A summary of the changes in the Company’s non-vested options during the period ended September 30, 2018, is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Non-vested Options</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Fair Value at Grant Date</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Non-vested at January 1, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">265,304</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">15.01</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted in 2018</td> <td> </td> <td> </td> <td style="text-align: right">5,222</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">19.15</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited – 2018</td> <td> </td> <td> </td> <td style="text-align: right">(1,306</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">19.15</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Vested in 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(135,579</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">14.18</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-vested at September 30, 2018</td> <td> </td> <td> </td> <td style="text-align: right">133,641</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">15.98</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Exercisable at September 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">710,007</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">14.35</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding at September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">843,648</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14.01</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

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As of September 30, 2018, the Company had unexercised stock options as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Date Issued</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Number of Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Expiration date</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 41%">September 2014</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">15.90</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">58,307</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>November 2014</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,492</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>August 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">312,180</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">20,000</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>November 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">122,464</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>December 2015</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">80,275</td> <td> </td> <td> </td> <td style="text-align: right">December 27, 2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>January 2016</td> <td> </td> <td>$</td> <td style="text-align: right">15.90</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">127,581</td> <td> </td> <td> </td> <td style="text-align: right">January 9, 2026</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>March 2016</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,400</td> <td> </td> <td> </td> <td style="text-align: right">February 24, 2021</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>May 2016</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">80,744</td> <td> </td> <td> </td> <td style="text-align: right">May 26, 2026</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>September 2016</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,933</td> <td> </td> <td> </td> <td style="text-align: right">May 31, 2026</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>January 2017</td> <td> </td> <td>$</td> <td style="text-align: right">20.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,356</td> <td> </td> <td> </td> <td style="text-align: right">January 1, 2027</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">January 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">19.70</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,916</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">January 1, 2028</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total options at September 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; 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5. Credit Facility   On July 24, 2018, the Company and Hankey Capital entered into an agreement under which Hankey Capital will provide a credit facility to the Company of $2,000,000 to be drawn down by the Company upon notice to Hankey Capital. Each draw will be evidenced by a convertible secured note are convertible prior to the maturity date at $1.00 per share and are due on December 31, 2019. Draws bear interest at an annual rate of interest at the “prime rate” (as quoted in the “Money Rates” section of The Wall Street Journal) plus 4.0%, with a minimum rate of 8.5% per annum until maturity, with interest payable monthly in arrears. Each note will be dated the date of the applicable draw and will bear interest from the date of the draw. At September 30, 2018, the Company had not drawn any funds under the facility.

Fair Value of Financial Instruments   The Company’s consolidated financial instruments are cash, accounts payable and notes payable. The recorded values of cash and accounts payable approximate their values based on their short-term nature. The fair value of convertible notes payable approximate their fair value since the current interest rates and terms on these obligations are the same as prevailing market rates.   The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable:   Level 1: Quoted prices in active markets for identical assets or liabilities.   Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.   Level 3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock.   An “established trading market” for the Company’s common stock does not exist. During the six months ended June 30, 2018, the Company utilized $20.00 (post reverse split) per share as the fair value of its common stock for accounting purposes based on one common stock transaction with an investor during March 2018. Subsequently, during the three months ended September 30, 2018, based on the analysis as described below, management determined that the fair value of the Company’s common stock for accounting purposes was $0.94 per share. The reduction in the fair value of the Company’s common stock from $20.00 per share to $0.94 per share during the three months ended September 30, 2018 resulted in a reversal of certain stock-based compensation charges recorded during the six months ended June 30, 2018 and thus a credit balance in certain operating accounts for the nine months ended September 30, 2018.   In drawing its conclusions, management considered various relevant factors, including the work of an independent third party valuation firm engaged to provide a valuation analysis as of July 24, 2018, which indicated a valuation of $0.94 per common share. Management also took into account the recent cash transaction price for the Company’s common stock pursuant to a July 2018 Rights Offering to all common stockholders, which resulted in the sale of common shares to an affiliate of the Company and parties related to such affiliate at a slightly higher price of $1.00 per share. The Company entered into a series of interrelated transactions with such affiliate at the same $1.00 price per share during the three months ended September 30, 2018.   The July 24, 2018 valuation analysis employed the discounted future value method and utilized financial metrics observed in the marketplace. Management ultimately determined, and the valuation firm concurred, that the discounted future value method was the most appropriate valuation methodology under the circumstances.   The utilization of the discounted future value method involved the estimation of a business enterprise value (“BEV”)/revenue multiple, the probability of approval of the Company’s technology, the estimation of the Company’s cost of equity and weighted average cost of capital, the estimation of a required rate of return appropriate for discounting projected revenues to calculate the present value of the business enterprise, and an appropriate discount period. This method involved projecting revenues through 2028 and applying an appropriate BEV/revenue multiple.

1.00

Draws bear interest at an annual rate of interest at the “prime rate” (as quoted in the “Money Rates” section of The Wall Street Journal) plus 4.0%, with a minimum rate of 8.5% per annum until maturity

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Document and Entity Information - shares	Sep. 30, 2018	Nov. 12, 2018
Document And Entity Information
Entity Registrant Name	Bone Biologics Corp
Entity Central Index Key	0001419554
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		8,439,185
Trading Symbol	BBLG
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018

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Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash	$ 2,294,118	$ 690,279
Prepaid expenses	56,111	105,234
Total current assets	2,350,229	795,513
Property and equipment, net	74	146
Total assets	2,350,303	795,659
Current liabilities
Accounts payable and accrued expenses	133,127	720,128
Deferred compensation	391,667	241,667
Total current liabilities	524,794	961,795
Note payable - related party, net of debt discount of $0 and $770,313, respectively	9,000,000	8,229,687
Total liabilities	9,524,794	9,191,482
Commitments and Contingencies
Stockholders' deficit
Preferred Stock, $0.001 par value per share; 20,000,000 shares authorized; none issued or outstanding at September 30, 2018 and December 31, 2017
Common stock, $0.001 par value per share; 100,000,000 shares authorized; 8,439,185 and 4,328,080 shares issued and outstanding at September 30, 2018 and December 31, 2017	8,439	4,328
Additional paid-in capital	54,961,803	48,961,794
Common stock to be issued to related parties; -0- and 115,385 shares at September 30, 2018 and December 31, 2017		1,823,077
Accumulated deficit	(62,144,733)	(59,185,022)
Total stockholders' deficit	(7,174,491)	(8,395,823)
Total liabilities and stockholders' deficit	$ 2,350,303	$ 795,659

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Debt discount on note payable, noncurrent	$ 0	$ 770,313
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	8,439,185	4,328,080
Common stock, shares outstanding	8,439,185	4,328,080
Common stock, shares subscribed but unissued	0	115,385

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenues
Cost of revenues
Gross profit
Research and development
Trade	(1,049,257)	234,264	(444,947)	1,070,342
Related party				(2,744,749)
General and administrative	644,466	896,512	1,997,030	2,990,393
Total operating expenses	(404,791)	1,130,776	1,552,083	1,315,986
Income (Loss) from operations	404,791	(1,130,776)	(1,552,083)	(1,315,986)
Other expenses
Interest expense, net - related party	(238,234)	(1,244,963)	(997,727)	(2,964,377)
Loss on debt extinguishment - related party	(408,294)		(408,294)
Total other expenses	(646,528)	(1,244,963)	(1,406,021)	(2,964,377)
Loss before provision for income taxes	(241,737)	(2,375,739)	(2,958,104)	(4,280,363)
Provision for income taxes	7		1,607	1,600
Net loss	$ (241,744)	$ (2,375,739)	$ (2,959,711)	$ (4,281,963)
Weighted average shares outstanding - basic and diluted	7,393,788	3,888,808	5,398,506	3,886,869
Net Loss per share - basic and diluted	$ (0.03)	$ (0.61)	$ (0.55)	$ (1.10)

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Consolidated Statement of Stockholders' Deficit (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Common Stock to be Issued [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2017	$ 4,328	$ 48,961,794	$ 1,823,077	$ (59,185,022)	$ (8,395,823)
Balance, shares at Dec. 31, 2017	4,328,080
Fair value of vested stock options		(637,436)			(637,436)
Shares issued for cash	$ 25	492,475			492,500
Shares issued for cash, shares	25,000
Fair value of shares issued in settlement of bonus payable	$ 23	455,977			456,000
Fair value of shares issued in settlement of bonus payable, shares	23,146
Shares issued to related party upon net settlement of warrants	$ 31	(31)
Shares issued to related party upon net settlement of warrants, shares	30,847
Shares issued to related party under anti-dilution provision	$ 47	(47)
Shares issued to related party under anti-dilution provision, shares	46,667
Shares issued to related party for cash	$ 3,540	3,536,114			3,539,654
Shares issued to related party for cash, shares	3,539,654
Shares issued upon close of rights offering (including 329,674 shares to related parties)	$ 330	329,995			330,325
Shares issued upon close of rights offering (including 329,674 shares to related parties), shares	330,325
Share adjustment for stock split rounding
Share adjustment for stock split rounding, shares	81
Issuance pursuant founders agreement	$ 115	1,822,962	(1,823,077)
Issuance pursuant founders agreement, shares	115,385				115,385
Net Loss				(2,959,711)	$ (2,959,711)
Balance at Sep. 30, 2018	$ 8,439	$ 54,961,803		$ (62,144,733)	$ (7,174,491)
Balance, shares at Sep. 30, 2018	8,439,185

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Consolidated Statement of Stockholders' Deficit (Parenthetical)	9 Months Ended
	Sep. 30, 2018 shares
Statement of Stockholders' Equity [Abstract]
Shares issued upon close of rights offering, related parties	329,674

XML 18 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net loss	$ (2,959,711)	$ (4,281,963)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	72	72
Debt discount amortization	340,735	2,158,496
Debt issuance costs amortization	21,283	29,383
Stock-based compensation	492,754	1,405,396
Options issued to consultants	(1,130,189)	(2,338,812)
Loss on debt extinguishment	408,294
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	41,623	34,117
Accounts payable and accrued expenses	(131,001)	479,915
Deferred issuance costs		(35,000)
Deferred compensation	150,000	150,000
Net cash used in operating activities	(2,766,140)	(2,398,396)
Cash flows from financing activities
Proceeds from issuance of common stock	4,369,979	700,000
Proceeds from issuance of note payable	600,000	2,700,000
Repayment of note payable	(600,000)
Net cash provided by financing activities	4,369,979	3,400,000
Net increase in cash	1,603,839	1,001,604
Cash, beginning of period	690,279	620,375
Cash, end of period	2,294,118	1,621,979
Supplemental non-cash information
Interest paid	389,519	516,375
Taxes paid	1,607	1,600
Supplemental non-cash investing and finance activities:
Beneficial conversion feature of notes payable		2,000,000
Prepaid offering costs netted against proceeds from issuance of common stock	7,500
Shares issued in settlement of bonus payable	$ 456,000

XML 19 R8.htm IDEA: XBRL DOCUMENT

The Company

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. The Company

Going Concern and Liquidity

Reverse Stock Split

XML 20 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Reclassification

Use of Estimates

Fair Value of Financial Instruments

Level 1: Quoted prices in active markets for identical assets or liabilities.

Stock Based Compensation

Loss per Common Share

The following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of September 30, 2018 and 2017:

	September 30,
	2018		2017
Warrants		860,919		1,039,082
Stock options		843,648		839,722
Convertible promissory notes		7,860,760		959,620
		9,565,327		2,838,424

New Accounting Standards

XML 21 R10.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2018

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

3. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	September 30, 2018		December 31, 2017
Accounts payable	$	65,485	$	216,903
Accrued bonus		-		456,000
Deferred Directors’ fees		67,642		47,225
	$	133,127	$	720,128

XML 22 R11.htm IDEA: XBRL DOCUMENT

Notes Payable - Related Parties

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Notes Payable - Related Parties

4. Notes Payable - Related Parties

Note Type	Issue Date	Maturity Date	Interest Rate			September 30, 2018		December 31, 2017

(A) First Secured Convertible Note	10/24/14	12/31/19		9.25	%	$	5,000,000	$	5,000,000

(A) Second Secured Convertible Note	5/4/15	12/31/19		9.25	%		2,000,000		2,000,000

(B) Third Secured Convertible Note	2/24/16	12/31/19		9.25	%		2,000,000		2,000,000
							9,000,000		9,000,000
Less: Debt discount							-		(724,606	)
Less: Debt issuance costs							-		(45,707	)
Net Notes payable						$	9,000,000	$	8,229,687

First and Second Secured Convertible Notes and Warrants

(A)

	The Convertible Notes are secured by 585,443 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50% (the “Collateral”). The number of shares in the Collateral shall be adjusted on a yearly basis. The Convertible Notes are further secured by collateral assignments of all the Company’s license agreements. The principal amount of the loan is pre-payable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral shares shall be returned return and cancelled. Hankey Capital will also return Collateral shares under the same terms in case of partial or full conversion of the Convertible Notes. The Notes and Warrants contain provisions limiting the exercise/conversion thereof.

	On February 24, 2016, the First and Second Secured Convertible Notes were modified to extend the maturity date to December 31, 2019 and fix the conversion price at $15.80 and the warrants were amended to extend their expiration date by two years. The Company determined that the extension of the convertible notes’ maturity dates and the warrants’ expiration dates resulted in a debt extinguishment for accounting purposes since the change in fair value of the warrants as a result of the extension of their expiration dates was more than 10% of the original value of the convertible notes. As such, the Company recorded the notes at their aggregate fair value of $7,000,000.

Third Convertible Secured Term Note and Warrants

(B)

Debt Amendments

XML 23 R12.htm IDEA: XBRL DOCUMENT

Credit Facility

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Credit Facility

5. Credit Facility

XML 24 R13.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Deficit

6. Stockholders’ Deficit

Preferred Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 20,000,000 shares of preferred stock. No shares have been issued.

Common Stock

In February 2018, management was issued 23,146 shares of restricted common stock with a fair value of $456,000 in settlement of bonuses payable.

Common Stock Warrants

A summary of warrant activity for the period ended September 30, 2018 is presented below:

	Number of			Weighted Average Exercise		Weighted Average
Subject to Exercise	Warrants			Price		Life (Years)
Outstanding as of December 31, 2017		1,026,424		$	15.17		2.23
Granted – 2018		-			-		-
Forfeited/Expired – 2018		(104,497	)		-		-
Exercised – 2018		(61,008	)		9.74		2.89
Outstanding as of September 30, 2018		860,919		$	5.14		1.63

As of September 30, 2018, the Company had outstanding vested and unexercised Common Stock Warrants as follows:

Date Issued	Exercise Price		Number of Warrants		Expiration date
2009	$	4.40		11,839		March 16, 2019
2010	$	4.40		22,659		February 4, 2020
April 2013	$	10.00		5,000		April 28, 2020
September 2013	$	10.00		5,000		September 4, 2020
September 2013	$	10.00		2,500		September 20, 2020
November 2013	$	10.00		7,500		November 14, 2020
July 2014	$	10.00		50,000		June 30, 2020
July 2014	$	10.00		4,667		July 2, 2019
September 2014	$	16.20		62,500		August 31, 2021
September 2014	$	10.00		11,800		September 18, 2021
September 2014	$	10.00		8,959		September 29, 2021
October 2014	$	15.80		316,456		October 23, 2019
May 2015	$	15.80		189,874		May 4, 2020
October 2015	$	15.80		15,823		October 27, 2018
February 2016	$	20.50		146,342		February 23, 2021

Total warrants at September 30, 2018				860,919

XML 25 R14.htm IDEA: XBRL DOCUMENT

Stock-based Compensation

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

7. Stock-based Compensation

2015 Equity Incentive Plan

A summary of stock option activity for the period ended September 30, 2018, is presented below:

	Number of			Weighted Average Exercise		Weighted Average		Aggregate Intrinsic
Subject to Exercise	Options			Price		Life (Years)		Value
Outstanding as of December 31, 2017		839,732		$	16.41		7.55	$	4,373,120
Granted – 2018		5,222			19.70		10.00		-
Forfeited – 2018		(1,306	)		-		-		-
Exercised – 2018		-			-		-		-
Outstanding as of September 30, 2018		843,648		$	16.91		6.75	$	-

As of September 30, 2018, the Company had unexercised stock options as follows:

Date Issued	Exercise Price		Number of Options		Expiration date
September 2014	$	15.90		58,307	December 27, 2025
November 2014	$	15.90		17,492	December 27, 2025
August 2015	$	15.90		312,180	December 27, 2025
September 2015	$	15.90		20,000	December 27, 2025
November 2015	$	15.90		122,464	December 27, 2025
December 2015	$	15.90		80,275	December 27, 2025
January 2016	$	15.90		127,581	January 9, 2026
March 2016	$	20.50		5,400	February 24, 2021
May 2016	$	20.50		80,744	May 26, 2026
September 2016	$	20.50		9,933	May 31, 2026
January 2017	$	20.50		5,356	January 1, 2027
January 2018	$	19.70		3,916	January 1, 2028

Total options at September 30, 2018				843,648

The Company utilized the Black-Scholes option pricing model. The assumptions used for the periods ended September 30, 2018 and 2017 are as follows:

	September 30, 2018			September 30, 2017
Risk free interest rate		2.302%-2.984	%		1.99%-2.306	%
Expected life (in years)		6.24-7.75			5.5-9.0
Expected Volatility		169.33%-175.89	%		135.94%-153.79	%
Expected dividend yield		0	%		0	%

A summary of the changes in the Company’s non-vested options during the period ended September 30, 2018, is as follows:

	Number of Non-vested Options			Weighted Average Fair Value at Grant Date
Non-vested at January 1, 2018		265,304		$	15.01
Granted in 2018		5,222		$	19.15
Forfeited – 2018		(1,306	)	$	19.15
Vested in 2018		(135,579	)	$	14.18
Non-vested at September 30, 2018		133,641		$	15.98
Exercisable at September 30, 2018		710,007		$	14.35
Outstanding at September 30, 2018		843,648		$	14.01

As of September 30, 2018, total unrecognized compensation cost related to unvested stock options was $52,775. The cost is expected to be recognized over a weighted average period of 1.13 years.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions

8. Related Party Transactions

Hankey Capital LLC (Hankey Capital)

Founders

XML 27 R16.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Contingencies

XML 28 R17.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Reclassification

Reclassification

Use of Estimates

Use of Estimates

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Level 1: Quoted prices in active markets for identical assets or liabilities.

Stock Based Compensation

Stock Based Compensation

Loss Per Common Share

Loss per Common Share

The following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of September 30, 2018 and 2017:

	September 30,
	2018		2017
Warrants		860,919		1,039,082
Stock options		843,648		839,722
Convertible promissory notes		7,860,760		959,620
		9,565,327		2,838,424

New Accounting Standards

New Accounting Standards

XML 29 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of September 30, 2018 and 2017:

	September 30,
	2018		2017
Warrants		860,919		1,039,082
Stock options		843,648		839,722
Convertible promissory notes		7,860,760		959,620
		9,565,327		2,838,424

XML 30 R19.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2018

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	September 30, 2018		December 31, 2017
Accounts payable	$	65,485	$	216,903
Accrued bonus		-		456,000
Deferred Directors’ fees		67,642		47,225
	$	133,127	$	720,128

XML 31 R20.htm IDEA: XBRL DOCUMENT

Notes Payable - Related Parties (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Notes Payable

Note Type	Issue Date	Maturity Date	Interest Rate			September 30, 2018		December 31, 2017

(A) First Secured Convertible Note	10/24/14	12/31/19		9.25	%	$	5,000,000	$	5,000,000

(A) Second Secured Convertible Note	5/4/15	12/31/19		9.25	%		2,000,000		2,000,000

(B) Third Secured Convertible Note	2/24/16	12/31/19		9.25	%		2,000,000		2,000,000
							9,000,000		9,000,000
Less: Debt discount							-		(724,606	)
Less: Debt issuance costs							-		(45,707	)
Net Notes payable						$	9,000,000	$	8,229,687

First and Second Secured Convertible Notes and Warrants

(A)

	The Convertible Notes are secured by 585,443 collateral shares of Common Stock issued by the Company in the name of Hankey Capital, in such amount so as to maintain a loan to value ratio of no greater than 50% (the “Collateral”). The number of shares in the Collateral shall be adjusted on a yearly basis. The Convertible Notes are further secured by collateral assignments of all the Company’s license agreements. The principal amount of the loan is pre-payable in whole or in part at any time, without premium or penalty. Upon any voluntary partial prepayment of outstanding principal, Hankey Capital will return Collateral shares to the Company in the amount necessary, if any, to maintain the loan to value ratio at no less than 50%. Upon a full payment of the outstanding principal, all Collateral shares shall be returned return and cancelled. Hankey Capital will also return Collateral shares under the same terms in case of partial or full conversion of the Convertible Notes. The Notes and Warrants contain provisions limiting the exercise/conversion thereof.

	On February 24, 2016, the First and Second Secured Convertible Notes were modified to extend the maturity date to December 31, 2019 and fix the conversion price at $15.80 and the warrants were amended to extend their expiration date by two years. The Company determined that the extension of the convertible notes’ maturity dates and the warrants’ expiration dates resulted in a debt extinguishment for accounting purposes since the change in fair value of the warrants as a result of the extension of their expiration dates was more than 10% of the original value of the convertible notes. As such, the Company recorded the notes at their aggregate fair value of $7,000,000.

Third Convertible Secured Term Note and Warrants

(B)

XML 32 R21.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Warrant Activity

A summary of warrant activity for the period ended September 30, 2018 is presented below:

	Number of			Weighted Average Exercise		Weighted Average
Subject to Exercise	Warrants			Price		Life (Years)
Outstanding as of December 31, 2017		1,026,424		$	15.17		2.23
Granted – 2018		-			-		-
Forfeited/Expired – 2018		(104,497	)		-		-
Exercised – 2018		(61,008	)		9.74		2.89
Outstanding as of September 30, 2018		860,919		$	5.14		1.63

Schedule of Outstanding Vested and Unexercised Common Stock Warrants

As of September 30, 2018, the Company had outstanding vested and unexercised Common Stock Warrants as follows:

Date Issued	Exercise Price		Number of Warrants		Expiration date
2009	$	4.40		11,839		March 16, 2019
2010	$	4.40		22,659		February 4, 2020
April 2013	$	10.00		5,000		April 28, 2020
September 2013	$	10.00		5,000		September 4, 2020
September 2013	$	10.00		2,500		September 20, 2020
November 2013	$	10.00		7,500		November 14, 2020
July 2014	$	10.00		50,000		June 30, 2020
July 2014	$	10.00		4,667		July 2, 2019
September 2014	$	16.20		62,500		August 31, 2021
September 2014	$	10.00		11,800		September 18, 2021
September 2014	$	10.00		8,959		September 29, 2021
October 2014	$	15.80		316,456		October 23, 2019
May 2015	$	15.80		189,874		May 4, 2020
October 2015	$	15.80		15,823		October 27, 2018
February 2016	$	20.50		146,342		February 23, 2021

Total warrants at September 30, 2018				860,919

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 33 R22.htm IDEA: XBRL DOCUMENT

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Activity

A summary of stock option activity for the period ended September 30, 2018, is presented below:

	Number of			Weighted Average Exercise		Weighted Average		Aggregate Intrinsic
Subject to Exercise	Options			Price		Life (Years)		Value
Outstanding as of December 31, 2017		839,732		$	16.41		7.55	$	4,373,120
Granted – 2018		5,222			19.70		10.00		-
Forfeited – 2018		(1,306	)		-		-		-
Exercised – 2018		-			-		-		-
Outstanding as of September 30, 2018		843,648		$	16.91		6.75	$	-

Schedule of Unexercised Stock Options

As of September 30, 2018, the Company had unexercised stock options as follows:

Date Issued	Exercise Price		Number of Options		Expiration date
September 2014	$	15.90		58,307	December 27, 2025
November 2014	$	15.90		17,492	December 27, 2025
August 2015	$	15.90		312,180	December 27, 2025
September 2015	$	15.90		20,000	December 27, 2025
November 2015	$	15.90		122,464	December 27, 2025
December 2015	$	15.90		80,275	December 27, 2025
January 2016	$	15.90		127,581	January 9, 2026
March 2016	$	20.50		5,400	February 24, 2021
May 2016	$	20.50		80,744	May 26, 2026
September 2016	$	20.50		9,933	May 31, 2026
January 2017	$	20.50		5,356	January 1, 2027
January 2018	$	19.70		3,916	January 1, 2028

Total options at September 30, 2018				843,648

Schedule of Assumptions Using Black-Scholes Option Pricing Model

The Company utilized the Black-Scholes option pricing model. The assumptions used for the periods ended September 30, 2018 and 2017 are as follows:

	September 30, 2018			September 30, 2017
Risk free interest rate		2.302%-2.984	%		1.99%-2.306	%
Expected life (in years)		6.24-7.75			5.5-9.0
Expected Volatility		169.33%-175.89	%		135.94%-153.79	%
Expected dividend yield		0	%		0	%

Schedule of Non-vested Options

A summary of the changes in the Company’s non-vested options during the period ended September 30, 2018, is as follows:

	Number of Non-vested Options			Weighted Average Fair Value at Grant Date
Non-vested at January 1, 2018		265,304		$	15.01
Granted in 2018		5,222		$	19.15
Forfeited – 2018		(1,306	)	$	19.15
Vested in 2018		(135,579	)	$	14.18
Non-vested at September 30, 2018		133,641		$	15.98
Exercisable at September 30, 2018		710,007		$	14.35
Outstanding at September 30, 2018		843,648		$	14.01

XML 34 R23.htm IDEA: XBRL DOCUMENT

The Company (Details Narrative) - USD ($)					1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended		131 Months Ended
The Company (Details Narrative) - USD ($)	Jul. 24, 2018	Jul. 16, 2018	Jun. 11, 2018	Feb. 28, 2018	May 31, 2018	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Dec. 31, 2017
Gross revenue												$ 1,070,000,000
Non-convertible debt securities							1,070,000,000			1,070,000,000		1,070,000,000
Accumulated losses							(62,144,733)			(62,144,733)		(62,144,733)	$ (59,185,022)
Estimated operating expenditure for next twelve months							8,200,000			8,200,000		8,200,000
Stockholders' deficit							7,174,491			7,174,491		7,174,491	$ 8,395,823
Net loss							(241,744)	(2,375,739)		(2,959,711)	(4,281,963)
Loss on debt extinguishment							(408,294)			(408,294)
Net cash in operating activities										$ 2,766,140	$ 2,398,396
Equity financing						$ 500,000
Debt financing amount					$ 600,000
Number of common stock issued				16,706	14,141
Shares issued upon close of rights offering, related parties										329,674
Proceeds from sale of right shares										$ 3,869,979
Debt instrument principal amount							600,000			600,000		600,000
Common stock, reverse split			1 for 10 reverse split
Since Inception to September 30, 2018 [Member]
Accumulated losses							$ 62,100,000			$ 62,100,000		$ 62,100,000
Four Shareholders [Member]
Number of common stock issued	330,325
Shares issued upon close of rights offering, related parties	329,674
Hankey Capital, LLC [Member]
Aggregate amounts of rights offering		$ 3,869,979
Secured credit facility	$ 2,000,000
Number of common stock issued		3,539,654
Non-affiliates [Member]
Market value of common stock									$ 700,000,000
October 2016 Purchase Agreement [Member]
Percentage of defer earned compensation										20.00%
October 2016 Purchase Agreement [Member] \| Directors [Member]
Percentage of defer earned compensation										50.00%
Cash compensation received										$ 5,000,000

XML 35 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Common stock price per share	$ 0.94	$ 20.00
Sale of shares, price per share	1.00
July 2018 Rights Offering [Member]
Sale of shares, price per share	$ 1.00
Research and Development Expense and General and Administrative Expense [Member]
Prior period reclassification adjustment	$ 20,333

XML 36 R25.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Anti-dilutive securities outstanding excluded from computation of diluted net loss per share	9,565,327	2,838,424
Warrants [Member]
Anti-dilutive securities outstanding excluded from computation of diluted net loss per share	860,919	1,039,082
Stock Options [Member]
Anti-dilutive securities outstanding excluded from computation of diluted net loss per share	843,648	839,722
Convertible Promissory Notes [Member]
Anti-dilutive securities outstanding excluded from computation of diluted net loss per share	7,860,760	959,620

XML 37 R26.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable	$ 65,485	$ 216,903
Accrued bonus		456,000
Deferred directors' fees	67,642	47,225
Total accounts payable and accrued expenses	$ 133,127	$ 720,128

XML 38 R27.htm IDEA: XBRL DOCUMENT

Notes Payable - Related Parties (Details Narrative) - USD ($)					3 Months Ended		9 Months Ended
	Jul. 11, 2018	Feb. 24, 2016	May 04, 2015	Oct. 24, 2014	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jul. 24, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt instrument conversion price per share									$ 1.00
Debt discount amortization							$ 340,735	$ 2,158,496
Loss on extinguishment of debt					$ (408,294)		(408,294)
Valuation discount written off							383,861
Unamortized debt discount										$ 724,606
Unamortized debt issuance cost					$ 0		0			$ 45,707
Hankey Capital, LLC [Member] \| Third Warrant [Member]
Warrant to purchase shares of common stock		146,342
Warrant expiration date		Feb. 23, 2021
Hankey Capital, LLC [Member] \| Third Convertible Secured Term Note and Warrants [Member]
Convertible promissory note amount		$ 2,000,000
Debt maturity date		Feb. 23, 2019
Debt instrument conversion price per share		$ 15.80
Warrant exercise price		$ 20.50
Percentage of commitment fee paid		2.00%
Loan commitment fee amount		$ 40,000
Offering costs		77,532
Debt discount amortization		$ 2,000,000
Number of shares of common stock issued as collateral		146,342
Number of common stock shares issued for lending		253,165
Hankey Capital, LLC [Member] \| First Two Convertible Secured Notes [Member]
Debt instrument conversion price per share											$ 15.80
Hankey Capital, LLC [Member] \| First, Second and Third Convertible Secured Term Notes [Member]
Debt discount amortization							21,283	$ 29,383
Valuation discount written off							$ 24,433
Debt maturity description	Extend the maturity date of the Third Convertible Note from February 24, 2019 to December 31, 2019
Hankey Capital, LLC [Member] \| Minimum [Member] \| Third Convertible Secured Term Note and Warrants [Member]
Debt instrument interest rate		8.50%
Loan for collateral value ratio percentage		50.00%
Hankey Capital, LLC [Member] \| Minimum [Member] \| First, Second and Third Convertible Secured Term Notes [Member]
Debt instrument interest rate	10.00%
Debt instrument conversion price per share	$ 1.00
Hankey Capital, LLC [Member] \| Maximum [Member] \| Third Convertible Secured Term Note and Warrants [Member]
Loan for collateral value ratio percentage		50.00%
Hankey Capital, LLC [Member] \| Maximum [Member] \| First, Second and Third Convertible Secured Term Notes [Member]
Debt instrument conversion price per share	$ 15.80
Hankey Capital, LLC [Member] \| Prime Rate [Member] \| Third Convertible Secured Term Note and Warrants [Member]
Debt instrument interest rate		4.00%
First and Second Secured Convertible Notes and Warrant [Member] \| Hankey Capital, LLC [Member]
Convertible promissory note amount			$ 7,000,000	$ 7,000,000
Debt maturity date			Dec. 31, 2019	Dec. 31, 2019
Debt instrument conversion price per share			$ 15.80	$ 15.80
Average daily price for the common stock percentage			70.00%	70.00%
Warrant to purchase shares of common stock				585,443
Warrant exercise price			$ 15.80	$ 15.80
Debt maturity expiration			3 years	3 years
Debt conversion converted instrument shares			886,076	886,076
Percentage of commitment fee paid			3.00%	3.00%
Loan commitment fee amount			$ 210,000	$ 210,000
Offering costs			$ 594,550	$ 594,550
Fair value of warrants issued			585,443	585,443
Debt discount amortization			$ 2,891,409	$ 2,891,409
Number of shares of common stock issued as collateral			585,443	585,443
First and Second Secured Convertible Notes and Warrant [Member] \| Hankey Capital, LLC [Member] \| Minimum [Member]
Debt instrument interest rate			8.50%	8.50%
Loan for collateral value ratio percentage			50.00%	50.00%
First and Second Secured Convertible Notes and Warrant [Member] \| Hankey Capital, LLC [Member] \| Maximum [Member]
Loan for collateral value ratio percentage			50.00%	50.00%
First and Second Secured Convertible Notes and Warrant [Member] \| Hankey Capital, LLC [Member] \| Prime Rate [Member]
Debt instrument interest rate			4.00%	4.00%
First and Second Secured Convertible Notes [Member]
Debt maturity date		Dec. 31, 2019
Debt instrument conversion price per share		$ 15.80
Original value of the convertible notes percentage		10.00%
Warrant expiration date description		The warrants were amended to extend their expiration date by two years.
Fair value of notes		$ 7,000,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Notes Payable - Related Parties - Schedule of Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Secured Convertible Note	$ 9,000,000	$ 9,000,000
Less: Debt discount		(724,606)
Less: Debt issuance costs		(45,707)
Net Notes payable	$ 9,000,000	8,229,687
First Secured Convertible Note [Member]
Issue Date	Oct. 24, 2014
Maturity Date	Dec. 31, 2019
Interest Rate	9.25%
Secured Convertible Note	$ 5,000,000	5,000,000
Second Secured Convertible Note [Member]
Issue Date	May 04, 2015
Maturity Date	Dec. 31, 2019
Interest Rate	9.25%
Secured Convertible Note	$ 2,000,000	2,000,000
Third Secured Convertible Note [Member]
Issue Date	Feb. 24, 2016
Maturity Date	Dec. 31, 2019
Interest Rate	9.25%
Secured Convertible Note	$ 2,000,000	$ 2,000,000

XML 40 R29.htm IDEA: XBRL DOCUMENT

Credit Facility (Details Narrative)	Jul. 24, 2018 USD ($) $ / shares
Notes to Financial Statements
Line of credit facility, amount \| $	$ 2,000,000
Conversion price \| $ / shares	$ 1.00
Credit facility, Interest rate description	Draws bear interest at an annual rate of interest at the “prime rate” (as quoted in the “Money Rates” section of The Wall Street Journal) plus 4.0%, with a minimum rate of 8.5% per annum until maturity

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit (Details Narrative) - USD ($)				1 Months Ended			9 Months Ended
Stockholders' Deficit (Details Narrative) - USD ($)	Jul. 16, 2018	Mar. 26, 2018	Feb. 28, 2018	Jul. 31, 2018	May 31, 2018	Feb. 28, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Preferred stock, shares authorized							20,000,000			20,000,000
Preferred stock, shares issued
Common stock, shares authorized							100,000,000			100,000,000
Common stock, shares outstanding							8,439,185			4,328,080
Number of warrants exercised on cashless			32,289		28,719	32,289
Number of common stock issued			16,706		14,141
Common stock issued price per share							$ 0.94		$ 20.00
Proceeds from issuance of common stock							$ 4,369,979	$ 700,000
Issuance pursuant to certain letter agreement - related party, shares							115,385
Warrants [Member]
Number of warrants exercised on cashless							61,008
Number of warrants expired							104,497
Outstanding value of warrants							$ 0
Hankey Capital, LLC [Member]
Number of common stock issued	3,539,654
Private Placement [Member] \| MTF [Member]
Number of common stock issued					46,667
Share Purchase Agreement [Member]
Number of common stock issued		25,000
Common stock issued price per share		$ 20.00
Sale of common stock, pre-split share		$ 2.00
Proceeds from issuance of common stock		$ 500,000
Securities Purchase Agreement [Member]
Number of common stock issued				330,325
Securities Purchase Agreement [Member] \| Hankey Capital, LLC [Member]
Number of common stock issued				3,539,654
Restricted Common Stock [Member]
Stock issued during settlement of bonuses payable, shares						23,146
Stock issued during settlement of bonuses payable						$ 456,000

XML 42 R31.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit - Schedule of Warrant Activity (Details) - Warrant [Member]	9 Months Ended
	Sep. 30, 2018 $ / shares shares
Number of Warrants Outstanding, Beginning balance \| shares	1,026,424
Number of Warrants, Granted \| shares
Number of Warrants, Forfeited/Expired \| shares	(104,497)
Number of Warrants, Exercised \| shares	(61,008)
Number of Warrants Outstanding, Ending balance \| shares	860,919
Weighted Average Exercise Price, Outstanding, Beginning \| $ / shares	$ 15.17
Weighted Average Exercise Price, Granted \| $ / shares
Weighted Average Exercise Price, Forfeited/Expired \| $ / shares
Weighted Average Exercise Price, Exercised \| $ / shares	9.74
Weighted Average Exercise Price, Outstanding, Ending \| $ / shares	$ 5.14
Weighted Average Life (Years), Outstanding, Beginning	2 years 2 months 23 days
Weighted Average Life (Years), Granted	0 years
Weighted Average Life (Years), Forfeited/Expired	0 years
Weighted Average Life (Years), Exercised	2 years 10 months 21 days
Weighted Average Life (Years), Outstanding. Ending	1 year 7 months 17 days

XML 43 R32.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit - Schedule of Outstanding Vested and Unexercised Common Stock Warrants (Details) - Unexercised Common Stock Warrants [Member]	9 Months Ended
	Sep. 30, 2018 $ / shares shares
Number of Warrants	860,919
2009 [Member]
Exercise Price \| $ / shares	$ 4.40
Number of Warrants	11,839
Warrants Expiration Date	Mar. 16, 2019
2010 [Member]
Exercise Price \| $ / shares	$ 4.40
Number of Warrants	22,659
Warrants Expiration Date	Feb. 04, 2020
April 2013 [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	5,000
Warrants Expiration Date	Apr. 28, 2020
September 2013 [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	5,000
Warrants Expiration Date	Sep. 04, 2020
September 2013 (1) [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	2,500
Warrants Expiration Date	Sep. 20, 2020
November 2013 [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	7,500
Warrants Expiration Date	Nov. 14, 2020
July 2014 (1) [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	50,000
Warrants Expiration Date	Jun. 30, 2020
July 2014 (2) [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	4,667
Warrants Expiration Date	Jul. 02, 2019
September 2014 (1) [Member]
Exercise Price \| $ / shares	$ 16.20
Number of Warrants	62,500
Warrants Expiration Date	Aug. 31, 2021
September 2014 (2) [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	11,800
Warrants Expiration Date	Sep. 18, 2021
September 2014 (3) [Member]
Exercise Price \| $ / shares	$ 10.00
Number of Warrants	8,959
Warrants Expiration Date	Sep. 29, 2021
October 2014 [Member]
Exercise Price \| $ / shares	$ 15.80
Number of Warrants	316,456
Warrants Expiration Date	Oct. 23, 2019
May 2015 [Member]
Exercise Price \| $ / shares	$ 15.80
Number of Warrants	189,874
Warrants Expiration Date	May 04, 2020
October 2015 [Member]
Exercise Price \| $ / shares	$ 15.80
Number of Warrants	15,823
Warrants Expiration Date	Oct. 27, 2018
February 2016 [Member]
Exercise Price \| $ / shares	$ 20.50
Number of Warrants	146,342
Warrants Expiration Date	Feb. 23, 2021

XML 44 R33.htm IDEA: XBRL DOCUMENT

Stock-based Compensation (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
Stock-based Compensation (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2015	Sep. 24, 2015
Shares authorized and reserved for issuance				115,385
Number of options exercised
Number of options cancelled/forfeited	1,306	412,531
Number options, granted	5,222
Fair value of stock option	$ 100,000
Stock-based compensation expense	492,754	$ 1,405,396
Number of options forfeited, value	13,400	2,744,749
Unrecognized compensation cost related to unvested stock options	$ 52,775
Compensation, expected to be recognized over a weighted average period	1 year 1 month 16 days
Employees, Directors and Consultants [Member]
Stock-based compensation expense	$ (637,436)	$ (933,416)
Directors [Member]
Number of options cancelled/forfeited	1,306
Directors One [Member]
Number of options cancelled/forfeited	2,008
2015 Equity Incentive Plan [Member]
Shares authorized and reserved for issuance			1,400,000
Percentage of stock issued and outstanding			5.00%

XML 45 R34.htm IDEA: XBRL DOCUMENT

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options Outstanding, Beginning balance	839,732
Number of Options, Granted	5,222
Number of Options, Forfeited	(1,306)	(412,531)
Number of Options, Exercised
Number of Options Outstanding, Ending balance	843,648
Weighted Average Exercise Price, Outstanding, Beginning	$ 16.41
Weighted Average Exercise Price, Granted	19.70
Weighted Average Exercise Price, Forfeited
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Outstanding, Ending	$ 16.91
Weighted Average Life (Years), Outstanding, Beginning	7 years 6 months 18 days
Weighted Average Life (Years), Granted	10 years
Weighted Average Life (Years), Forfeited	0 years
Weighted Average Life (Years), Exercised	0 years
Weighted Average Life (Years), Outstanding. Ending	6 years 9 months
Aggregate Intrinsic Value, Outstanding Beginning	$ 4,373,120
Aggregate Intrinsic Value, Outstanding Ending	$ 3,270,886

XML 46 R35.htm IDEA: XBRL DOCUMENT

Stock-based Compensation - Schedule of Unexercised Stock Options (Details)	9 Months Ended
	Sep. 30, 2018 $ / shares shares
Number of Options	843,648
September 2014 [Member]
Exercise price \| $ / shares	$ 15.90
Number of Options	58,307
Expiration date	Dec. 27, 2025
November 2014 [Member]
Exercise price \| $ / shares	$ 15.90
Number of Options	17,492
Expiration date	Dec. 27, 2025
August 2015 [Member]
Exercise price \| $ / shares	$ 15.90
Number of Options	312,180
Expiration date	Dec. 27, 2025
September 2015 [Member]
Exercise price \| $ / shares	$ 15.90
Number of Options	20,000
Expiration date	Dec. 27, 2025
November 2015 [Member]
Exercise price \| $ / shares	$ 15.90
Number of Options	122,464
Expiration date	Dec. 27, 2025
December 2015 [Member]
Exercise price \| $ / shares	$ 15.90
Number of Options	80,275
Expiration date	Dec. 27, 2025
January 2016 [Member]
Exercise price \| $ / shares	$ 15.90
Number of Options	127,581
Expiration date	Jan. 09, 2026
March 2016 [Member]
Exercise price \| $ / shares	$ 20.50
Number of Options	5,400
Expiration date	Feb. 24, 2021
May 2016 [Member]
Exercise price \| $ / shares	$ 20.50
Number of Options	80,744
Expiration date	May 26, 2026
September 2016 [Member]
Exercise price \| $ / shares	$ 20.50
Number of Options	9,933
Expiration date	May 31, 2026
January 2017 [Member]
Exercise price \| $ / shares	$ 20.50
Number of Options	5,356
Expiration date	Jan. 01, 2027
January 2018 [Member]
Exercise price \| $ / shares	$ 19.70
Number of Options	3,916
Expiration date	Jan. 01, 2028

XML 47 R36.htm IDEA: XBRL DOCUMENT

Stock-based Compensation - Schedule of Assumptions Using Black-Scholes Option Pricing Model (Details)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Risk free interest rate, minimum	2.302%	1.99%
Risk free interest rate, maximum	2.984%	2.306%
Expected Volatility, minimum	169.33%	135.94%
Expected Volatility, maximum	175.89%	153.79%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Expected life (in years)	6 years 2 months 27 days	5 years 6 months
Maximum [Member]
Expected life (in years)	7 years 9 months	9 years

XML 48 R37.htm IDEA: XBRL DOCUMENT

Stock-based Compensation - Schedule of Non-vested Options (Details)	9 Months Ended
	Sep. 30, 2018 $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Non-vested Options, Beginning Balance \| shares	265,304
Number of Non-vested Options, Granted \| shares	5,222
Number of Non-vested Options, Forfeited \| shares	(1,306)
Number of Non-vested Options, Vested \| shares	(135,579)
Number of Non-vested Options, Ending Balance \| shares	133,641
Number of Non-vested Options, Exercisable \| shares	710,007
Number of Non-vested Options, Outstanding \| shares	843,648
Weighted Average Fair Value at Grant Date, Beginning Balance \| $ / shares	$ 15.01
Weighted Average Fair Value at Grant Date, Granted \| $ / shares	19.15
Weighted Average Fair Value at Grant Date, Forfeited \| $ / shares	19.15
Weighted Average Fair Value at Grant Date, Vested \| $ / shares	14.18
Weighted Average Fair Value at Grant Date, Ending Balance \| $ / shares	15.98
Weighted Average Fair Value at Grant Date, Exercisable \| $ / shares	14.35
Weighted Average Fair Value at Grant Date, Outstanding \| $ / shares	$ 14.01

XML 49 R38.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - shares	9 Months Ended
Related Party Transactions (Details Narrative) - shares	Sep. 30, 2018	Sep. 24, 2015
Related Party Transactions [Abstract]
Future issuance of common stock		115,385
Issuance pursuant to certain letter agreement - related party, shares	115,385

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