Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2015

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Note 6 – Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following:

	December 31,
	2015		2014
Credit card payable	$	3,171	$	4,739
Accrued payroll		1,010,633		679,277
Advances from related parties		87,030		-
Accrued purchases of property and equipment		-		174,801
Accrued research and development expenses		446,175		292,395
Accrued general and administrative expenses		456,182		315,294
Deferred rent		43,604		-
Total	$	2,046,795	$	1,466,506

During the year ended December 31, 2015, the Company received an aggregate of $564,105 in non-interest bearing advances from an officer, directors, a family member of an officer and a consultant, made aggregate repayments of $387,075, converted an advance in the amount of $65,000 into a non-interest bearing note payable in the principal amount of $75,000 with a maturity date of October 30, 2015 (see Note 7) and, on December 7, 2015, exchanged an advance in the amount of $25,000 for 6,250 shares of common stock valued at $14,063 and a five-year warrant to purchase 6,250 shares of common stock at an exercise price of $4.00 per share with a grant date value of $11,063. During the year ended December 31, 2015, the Company recognized a $126 loss on the extinguishment of the advance in connection with the exchange for the shares of common stock and a warrant. During the year ended December 31, 2014, the Company received an aggregate of $58,054 in non-interest bearing advances from a director, an officer and a family member of the same officer and made aggregate repayments of $83,044.