Annual report pursuant to section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)
Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Beginning Balance, Amount at Dec. 31, 2011 $ 8,221,678 $ 518,908      
Beginning Balance, Shares at Dec. 31, 2011 8,222 519 30,185,090 (29,808,015) 385,816
Conversion of preferred shares and accumulated dividends, Amount (8,222) 3,003 5,219      
Conversion of preferred shares and accumulated dividends, Shares (8,221,678) 3,002,988      
Conversion of notes payable and accrued interest into common stock in private placement, Amount    35 262,705    262,740
Conversion of notes payable and accrued interest into common stock in private placement, Shares    34,759      
Common stock sold in private placement, net of expenses, Amount    2,287 15,597,429    15,599,716
Common stock sold in private placement, net of expenses, Shares    2,286,964      
Common stock retained by stockholders of shell company as part of reverse merger, Amount    67 (67)      
Common stock retained by stockholders of shell company as part of reverse merger, Shares    67,352      
Effects of change in par value from $0.001 to $0.0001 as a result of the reverse merger, Amount    (5,320) 5,320      
Repurchase of common stock from placement agent, Amount    (4) (149,996)    (150,000)
Repurchase of common stock from placement agent, Shares    (39,969)      
Elimination of warrant liability         0
Stock-based compensation       626,787    626,787
Net loss       (7,301,313) (7,301,313)
Ending Balance, Amount at Dec. 31, 2012    587 46,532,487 (37,109,328) 9,423,746
Ending Balance, Shares at Dec. 31, 2012    5,871,002      
Proceeds received from Initial Public Offering, net of equity issuance costs, Amount    342 26,602,167    26,602,509
Proceeds received from Initial Public Offering, net of equity issuance costs, Shares    3,420,821      
Elimination of warrant liability       186,055   186,055
Stock-based compensation       888,295    888,295
Net loss       (15,527,246) (15,527,246)
Ending Balance, Amount at Dec. 31, 2013    $ 929 $ 74,209,004 $ (52,636,574) $ 21,573,359
Ending Balance, Shares at Dec. 31, 2013    9,291,823