Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
Common Stock [Member]
Additional Paid In Capital [Member]
Accumulated Deficit [Member]
Treasury Stock [Member]
Total
Balance at Dec. 31, 2014 $ 15,913 $ 58,757,689 $ (5,094,463) $ (37,117) $ 53,642,022
Balance, shares at Dec. 31, 2014 1,591,323     1,048  
Sale of common stock in secondary offering, net of offering costs of $655,106 $ 2,088 4,352,806 4,354,894
Sale of common stock in secondary offering, net of offering costs of $655,106, shares 208,750      
Sale of over-allotment common stock to underwriter, net of underwriter's discount of $15,771 $ 94 209,435 209,529
Sale of over-allotment common stock to underwriter, net of underwriter's discount of $15,771, shares 9,388        
Repurchase of common stock $ (81) (211,760) (211,841)
Repurchase of common stock, shares (8,118)        
Stock-based compensation $ 83 446,024 446,107
Stock-based compensation, shares 8,333      
Net loss (38,255,271) (38,255,271)
Balance at Dec. 31, 2015 $ 18,097 63,554,194 (43,349,734) $ (37,117) 20,185,440
Balance, shares at Dec. 31, 2015 1,809,676     1,048  
Reclassification of derivative liability 781,000 781,000
Issuance of warrants in connection with Master Credit Agreement 403,458 403,458
Proceeds from sale of common stock to Cosmic Forward Limited, net of other costs of $3,495,326 $ 17,774 13,550,103 13,567,877
Proceeds from sale of common stock to Cosmic Forward Limited, net of other costs of $3,495,326, shares 1,777,417        
Repurchase of common stock $ (3,125) (2,996,875) (3,000,000)
Repurchase of common stock, shares (312,500)        
Stock-based compensation $ 28 264,303 264,331
Stock-based compensation, shares 2,778        
Repurchase of common stock on vesting of restricted stock $ (7) (5,474) (5,481)
Repurchase of common stock on vesting of restricted stock, shares (735)        
Exercise of warrants $ 3,437 684,063 687,500
Exercise of warrants, shares 343,750        
Net loss (4,108,502) (4,108,502)
Balance at Dec. 31, 2016 $ 36,204 $ 76,234,772 $ (47,458,236) $ (37,117) $ 28,775,623
Balance, shares at Dec. 31, 2016 3,620,386     1,048