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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 7,819,514 $ 8,446,158
Unbilled revenue   171,254
Research and development incentives receivable, current   23,894
Deferred issuance cost 103,847  
Prepaid expenses and other current assets 905,269 866,014
Total current assets 8,828,630 9,507,320
Security deposit 22,777 22,777
Office furniture and equipment, net 6,113 11,927
Right-of-use lease assets 108,963 229,834
Research and development incentives receivable, net of current portion   25,468
Total assets 8,966,483 9,797,326
Current liabilities:    
Accounts payable 667,896 1,111,226
Accrued expenses 2,359,339 2,418,002
Accrued compensation 336,442 251,115
Lease liabilities, current 111,862 121,765
Convertible debt 1,372,873 2,250,000
Total current liabilities 4,848,412 6,152,108
Non-current liabilities:    
Convertible debt 0 1,010,934
Lease liabilities, net of current portion   111,862
Total liabilities 4,848,412 7,274,904
Commitments and contingencies (Note 10)
Shareholders' equity:    
Preferred stock, 350,000 shares authorized; none issued or outstanding at December 31, 2024 and December 31, 2023, respectively
Common stock, $.001 par value; 75,000,000 shares authorized; 2,514,499 and 648,761 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 2,514 649
Additional paid-in capital 238,040,520 228,203,706
Accumulated other comprehensive income 45,789 22,243
Accumulated deficit (233,970,752) (225,704,176)
Total shareholders' equity 4,118,071 2,522,422
Total liabilities and shareholders' equity $ 8,966,483 $ 9,797,326