Comparison of three-month periods ended March 31, 2015 and 2014
Revenue
We have generated no revenues for the three month periods ended March 31, 2015 and 2014.
Expenses
General and administration expenses for the three-month period ended March 31, 2015, amounted to $99,249, compared to $139,011 during the three-month period ended March 31, 2014. The Company incurred less operating expense during 2015.
R&D expenses for the three-month period ended March 31, 2015, amounted to $102,825, compared to $121,106 during the three-month period ended March 31, 2014. The Company’s R&D department in Thailand had less expenses incurred during 2015.
Other expense for the three-months period ended March 31, 2015 amounted to $675,907, compared to $134 during the three-month period ended March 31, 2014. The increase is primarily due to the increase in interest expense and loss on the fair value of the derivatives.
Net Loss
For the three-month period ended March 31, 2015, we incurred a net loss of $877,981, compared to a net loss of $260,251 for the three-month period ended March 31, 2014. The increase is primarily due to the increase in interest expense and loss on the fair value of the derivatives.
Liquidity and Capital Resources
As of March 31, 2015, we have $153,463 in current assets and $2,184,830 in current liabilities. Our total assets were $203,029 and our total liabilities were $2,184,830. We had $113,323 in cash and our working capital deficit was $2,031,367.
