Medisun Precision Medicine (MPME) 10-K 31 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2017
Document And Entity Information
Entity Registrant Name	Accurexa Inc.
Entity Central Index Key	1,562,107
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	Yes
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding		9,398,954
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 1,336,937	$ 1,811,871
Marketable Securities	0	199,906
Total current assets	1,336,937	2,011,777
Prepaid Assets	260,086	966,968
Intangible assets	1,025,393	1,100,726
Fixed Assets, net	123,445	166,119
Total assets	2,745,861	4,245,590
CURRENT LIABILITIES
Accounts payable and other accruals, including related party liabilities of $0 as of December 31, 2016 and $149,000 as of December 31, 2015	39,784	180,782
Convertible notes - current, net of unamortized debt discount	498,820	0
Total current liabilities	538,604	180,782
Convertible notes - non current, net of unamortized debt discount	0	383,980
Total liabilities	538,604	564,762
STOCKHOLDERS' EQUITY
Convertible preferred stock Authorized 2,000,000 shares at par value of $0.0001 and with a stated value of $1,000 Issued and outstanding 1,625 shares as of December 31, 2016 and 1,625 shares as of December 31, 2015	0	0
Common stock, authorized 20,000,000 shares at par value of $ 0.0001 each issued and outstanding 6,513,816 as of September 30, 2015 and 5,786,816 shares as of December 31, 2014.	920	751
Common Stock Issuable	0	1,132,000
Additional paid-in capital	14,172,486	12,639,978
Accumulated deficit	(11,966,149)	(10,091,902)
Total stockholders' equity	2,207,257	3,680,828
Total liabilities and stockholders' equity	$ 2,745,861	$ 4,245,590

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Related party liabilities	$ 0
Convertible Preferred stock
Convertible Preferred Stock Shares Authorized	2,000,000	2,000,000
Convertible Preferred Stock Stated Value	$ 1,000	$ 1,000
Convertible Preferred Stock Par Value	$ 0.0001	$ .0001
Convertible Preferred Stock Issued	1,625	1,625
Convertible Preferred Stock Outstanding	1,625	1,625
Common Stock
Common Stock Shares Authorized	20,000,000	20,000,000
Common Stock Shares Par Value	$ 0.0001	$ 0.0001
Common Stock Shares Issued	9,198,954	7,513,816
Common Stock Shares Outstanding	9,198,954	7,513,816

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenue	$ 0	$ 0
Operating Expenses
Depreciation and Amortization Expense	118,007	71,550
Research & Development	922,334	1,609,594
General and Administrative	619,980	956,482
Total Operating Expenses	1,660,321	2,637,627
Loss from Operations	(1,660,321)	(2,637,627)
Interest Income (Expense)	(213,927)	(71,475)
Gain from Extinguishment of Debt	0	144,505
Loss before provisions for income taxes	(1,874,248)	(2,564,597)
Provision for income taxes	0	0
Net Loss	$ (1,874,248)	$ (2,564,597)
Loss per common share - basic and fully diluted:	$ (.21)	$ (0.41)
Weighted average number of basic and fully diluted common shares outstanding	8,784,572	6,306,019

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operations:
Loss from continuing operations	$ (1,874,248)	$ (2,564,597)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization	118,007	71,550
Amortization of non-cash expenses	1,037,426	2,061,216
Amortization of discount on convertible notes	184,840	30,920
Changes in operating assets and liabilities:
Accounts payable and other accruals	(140,998)	(85,244)
Net cash used in operations	(674,973)	(486,154)
Investment activities:
Investment in fixed assets	0	(51,075)
Investment in marketable securities	200,038	(199,906)
Net cash used in investment activities	200,038	(250,981)
Financing activities:
Share subscriptions received, net of offering costs	0	1,993,500
Net cash provided by financing activities	0	1,993,500
Net (decrease) / increase in cash	(474,935)	1,256,365
Cash, beginning of period	1,811,871	555,506
Cash, end of period	1,336,937	1,811,871
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 35,000	$ 35,000

Statement of Stockholders' Equi

Statement of Stockholders' Equity - USD ($)	Convertible Preferred Stock	Preferred Stock	Common Stock	Common Stock Issuable	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Shares at Dec. 31, 2014	0	0	5,786,816
Beginning Balance, Amount at Dec. 31, 2014	$ 0	$ 0	$ 579	$ 2,000	$ 6,425,151	$ (5,547,305)	$ 880,425
Shares issued pursuant to consulting and services agreement, Shares	0	0	1,227,000
Shares issued pursuant to consulting and services agreement, Amount	$ 0	$ 0	$ 123	0	1,513,877	0	1,514,000
Lim Development Group Convertible Note	0	0	0	0	200,000	0	200,000
Capital Group Communications Warrants	$ 0	0	0	0	527,500	0	527,500
Equity Financing, net of offering costs and beneficial conversion feature, Shares	2,250
Equity Financing, net of offering costs and beneficial conversion feature, Amount		0.225	$ 0	0	3,973,500	(1,980,000)	1,993,500
Conversion Preferred to Common, Shares	(625)		500,000
Conversion Preferred to Common, Amount		0	$ 50	0	(50)	0	0
ACL License Shares Issuable, Amount	$ 0	0	0	1,130,000	0	0	1,130,000
Net (loss) for the period	$ 0	0	$ 0	0	0	(2,564,597)	(2,564,597)
Ending Balance, Shares at Dec. 31, 2015	1,625		7,513,816
Ending Balance, Amount at Dec. 31, 2015		0.163	$ 751	1,132,000	12,639,978	(10,091,902)	3,680,828
Shares issued pursuant to consulting and services agreement, Shares	0		235,138
Shares issued pursuant to consulting and services agreement, Amount		0	$ 24	0	128,152	0	12,876
ACL License Shares Issuable, Shares	0		1,000,000
ACL License Shares Issuable, Amount		0	$ 100	(1,132,900)	1,131,900	0	0
Shares issued pursuant to asset purchase agreement, Shares	0		450,000
Shares issued pursuant to asset purchase agreement, Amount		0	$ 45	0	202,455	0	202,500
Beneficial conversion feature	$ 0	0	0	0	70,000	0	70,000
Net (loss) for the period	$ 0	0	$ 0	0	0	(1,874,248)	(1,874,248)
Ending Balance, Shares at Dec. 31, 2016	1,625		9,198,954
Ending Balance, Amount at Dec. 31, 2016		$ 0.163	$ 920	$ 0	$ 14,172,486	$ (11,966,149)	$ 2,207,257

1 - SIGNIFICANT ACCOUNTING POLI

1 - SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Accurexa, Inc. (the “Company”) elected its fiscal year ending on December 31. The Company is a development stage company as defined in the Accounting Standards Codification 915, Development Stage Entities. All activities of the Company to date relate to its organization, initial funding and share issuances, and research & development. The Company is focused on delivering targeted therapies. The Company is developing its ACX-31 program to deliver two chemotherapy drugs, temozolomide in combination with BCNU, locally to brain tumor sites. Its ACX-31 program is based on an issued patent licensed from Accelerating Combination Therapies LLC which is co-owned by Dr. Henry Brem, Director of the Neurosurgery Department at Johns Hopkins University (“ACL License”). The Company is collaborating in the development of its ACX-31 program with Dr. Henry Brem who built one of the largest brain tumor research and treatment centers in the world at Johns Hopkins University. Dr. Brem is a pioneer in the development of local drug delivery treatments, and invented and developed Gliadel ® ® Accounting Basis These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Use of Estimates Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from these estimates. Cash and Cash Equivalents Cash equivalents comprise certain highly liquid instruments with a maturity of three months or less when purchased. Concentration of Credit Risk and Financial Instruments Financial instruments which potentially subject the Company to concentration of credit risk consist principally of cash balances maintained at creditworthy financial institutions. The Company maintained cash balances in bank checking and savings accounts which, at times, either may exceed insured limits set or are not insured by the Federal Deposit Insurance Corporation (FDIC). As of December 31, 2016, $1,039,643 of the Company’s cash balances at a US domestic bank were not insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on its cash and cash equivalents. Fair Value of Financial Instruments The Company’s financial instruments consist of cash, marketable securities and accounts payable. The carrying values of financial instruments reflected in these financial statements approximate their fair values due to the short-term maturity of the instruments. Earnings (Loss) per Share The basic earnings (loss) per share are calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares outstanding during the reported period. The diluted earnings (loss) per share are calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the period for any potentially dilutive debt or equity. There are no diluted shares outstanding. Revenue Recognition The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue. Start-up Cost The Company accounts for start-up costs pursuant to the provisions of the Accounting Standard Codification 720-15. Accounting for start-up costs require all costs incurred in connection with the start-up and organization of the Company be expensed as incurred. Research and Development Expenses The Company expenses all of its research and development expenses in the period in which they are incurred. At such time as the Company’s products are determined to be commercially available, the Company will capitalize those development expenditures that are related to the maintenance of the commercial products, and amortize these capitalized expenditures over the estimated life of the commercial products. The estimated life of the commercial products will be based on management’s estimates, including estimates of current and future industry conditions. A significant change to these assumptions could impact the estimated useful life of the Company’s commercial products resulting in a change to amortization expense and impairment charges. Income Taxes The Company accounts for income taxes pursuant to the provisions of the Accounting Standards Codification 740, Accounting for Income Taxes, which requires an asset and liability approach to calculate deferred income taxes. The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary difference between the carrying amounts and the tax basis of assets and liabilities. As a result of the initial period’s incurred loss the deferred tax asset has been fully reserved. Recent Accounting Pronouncements On June 10, 2014, the FASB issued ASU 2014-10, Elimination of Certain Financial Reporting Requirements, including Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The content resulting from the issuance of ASU 2014-10 eliminates inception-to-date presentation and other disclosure requirements in ASC Topic 915 for entities previously considered development stage entities. Early adoption is permitted, and the Company has elected to make an early adoption of ASU 2014-10. The Company's management has evaluated all other recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's financial position and results of operations.

2 - GOING CONCERN

2 - GOING CONCERN	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2 - GOING CONCERN	2 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred net losses and negative cash flows from operating activities for the year ended December 31, 2016, and has an accumulated deficit of $11,966,149 as of December 31, 2016. The Company has relied upon raising capital through equity financings to fund its ongoing operations to date, and expects to continue to do so, as it has yet to generate cash from its operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company intends to raise additional capital through equity and/or debt financings as well as through entering into sub-license agreements with strategic partners in order to ensure the Company continues operations. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

3 - PREPAID ASSETS

3 - PREPAID ASSETS	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
3 - PREPAID ASSETS	3 – PREPAID ASSETS On January 12, 2015, the Company and the Lim Development Group (“Consultant”) entered into a consulting agreement (“Agreement”) under which the Consultant provides scientific advisory to the Company in the development, partnering and commercialization of the “Microinjection Brain Catheter” (a.k.a. BranchPoint device) that the Company exclusively licensed from the University of California San Francisco (“UCSF”) on September 16, 2014. As consideration for provided services, the Company issued a promissory note (“Note”) in the amount of $200,000 at an interest rate of 5.00% per annum to the Consultant. The principal amount of the Note is amortized on a straight-line basis over the 24-month term of the Agreement. On February 18, 2015, the Company entered into a consulting agreement (“Agreement”) with the Capital Communications Group (“Consultant”) under which the Consultant assists the Company in its efforts to gain greater recognition and awareness among relevant investors in the public capital markets on a non-exclusive basis. In connection with the Agreement, the Company issued a four-year Warrant (“Warrant”) to the Consultant under which the Consultant is entitled to purchase from the Company up to 200,000 shares of the Company’s Common Stock (“Warrant Shares”) at an exercise price of $0.50 per Share (“Exercise Price”). The Warrant is exercisable, in whole or in part, during the term commencing on the issuance date of the Warrant on February 18, 2015 and ending on February 18, 2019 (the “Exercise Period”). The 200,000 Warrant Shares are valued at $527,500 based on the Black-Scholes formula and are amortized on a straight-line basis over the 24-month term of the Agreement.

4 - INTANGIBLE ASSETS

4 - INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
4 - INTANGIBLE ASSETS	4 – INTANGIBLE ASSETS On August 11, 2015 (“Effective Date”), the Company entered into an exclusive license agreement (“ACL License”) with Accelerating Combination Therapies LLC (“ACL”) in regards to the exclusive licensing of the issued U.S. Patent No. 8,895,597 B2 Combination of Local Temozolomide with Local BCNU

5 - FIXED ASSETS

5 - FIXED ASSETS	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
5 - FIXED ASSETS	5 – FIXED ASSETS The Company purchased equipment to support the development of its prototype device which is capitalized in the amount of $123,445 as fixed assets on the Company’s balance sheet as of December 31, 2016. The equipment is amortized on a straight-line basis over 5 years. The gross carrying amount was $123,445, accumulated amortization was $89,924 and quarterly amortization expense was $10,668 as of December 31, 2016. The gross carrying amount was $166,119, accumulated amortization was $47,250 and quarterly amortization expense was $10,668 as of December 31, 2015.

6 - INCOME TAXES

6 - INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
6 - INCOME TAXES	6 – INCOME TAXES The Company provides for income taxes under ASC Topic 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company’s opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded. The total deferred tax asset is $637,244 which is calculated by multiplying a 34% estimated tax rate with the cumulative NOL of $1,874,248. The total valuation allowance is a comparable $637,244. Details are as follows: Twelve Months Ended December 31, 2016 Deferred Tax Asset 637,244 Valuation Allowance (637,244) Current Taxes Payable 0.00 Income Tax Expense $ 0.00 Below is a chart showing the estimated corporate federal net operating loss (NOL) and the year in which it will expire. Year Amount Expiration 2012 $ 8,564 2032 2013 $ 262,041 2033 2014 $ 1,610,808 2034 2015 $ 893,562 2035 2016 $ 637,244 2036 Total NOL $ 3,412,219

7 - STOCKHOLDERS' EQUITY

7 - STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
7 - STOCKHOLDERS' EQUITY	7 – STOCKHOLDERS’ EQUITY The Company has authorized 20,000,000 Common Shares and 2,000,000 Preferred Shares at a par value of $0.0001 per share. On February 8, 2016, the Company issued 1,000,000 shares of its common stock as license issue fee in connection with the exclusive license agreement (“ACL License”) that the Company entered into with Accelerating Combination Therapies LLC (“ACL”) in regards to the exclusive licensing of the issued U.S. Patent No. 8,895,597 B2 Combination of Local Temozolomide with Local BCNU On March 18, 2016, the Company issued 67,000 shares of its common stock to a consultant to provide media services over 3 months per a consulting agreement. These shares were issued pursuant to Regulation D under the Securities Act of 1933, as amended, are exempt from registration by reason of Section 4(2) of the Securities Act of 1933, as amended (the “Act”), and bear an appropriate restrictive legend. On April 1, 2016, the Company issued 150,000 shares of its common stock to a consultant to provide regulatory and product development services over 6 months per a consulting agreement. These shares were issued pursuant to Regulation D under the Securities Act of 1933, as amended, are exempt from registration by reason of Section 4(2) of the Securities Act of 1933, as amended (the “Act”), and bear an appropriate restrictive legend. On July 20, 2016, the Company issued 450,000 shares of its common stock in connection with entering into a patent assignment agreement under which the Company was assigned the patent rights to the new patent application related to the proprietary formulation used in its ACX-31 program. These shares were issued pursuant to Regulation D under the Securities Act of 1933, as amended, are exempt from registration by reason of Section 4(2) of the Securities Act of 1933, as amended (the “Act”), and bear an appropriate restrictive legend. On August 8, 2016, the Company issued 18,138 shares of its common stock in connection with the consulting agreement that it entered into with an investor relations consultant on February 4, 2015. These shares were issued pursuant to Regulation D under the Securities Act of 1933, as amended, are exempt from registration by reason of Section 4(2) of the Securities Act of 1933, as amended (the “Act”), and bear an appropriate restrictive legend. On January 23, 2017, the Company issued 200,000 shares of its common stock in connection with the consulting agreement that it entered into with an investor relations consultant on January 23, 2017. These shares were issued pursuant to Regulation D under the Securities Act of 1933, as amended, are exempt from registration by reason of Section 4(2) of the Securities Act of 1933, as amended (the “Act”), and bear an appropriate restrictive legend. There were no underwriters employed in connection with any of the transactions described above.

8 - CONVERTIBLE PREFERRED STOCK

8 - CONVERTIBLE PREFERRED STOCK	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
8 - CONVERTIBLE PREFERRED STOCK	8 – CONVERTIBLE PREFERRED STOCK On June 22, 2015, the Company closed a private placement of 2,250 shares of the Company's convertible preferred stock for gross proceeds to the Company of $2,250,000 and net proceeds of $1,993,500. The convertible preferred stock is convertible into shares of common stock of the Company at a conversion price of $1.25 per share. The Preferred Stock has no dividend rights or liquidation preference. If dividends are declared on the Common Stock, the holders of the Preferred Stock shall be entitled to participate in such dividends on an as-converted-to-common stock basis. The Company recorded a beneficial conversion feature of $1,980,000 based on the fair value of the common stock and the conversion rate as of the date of the offering. This amount was recorded as a deemed distribution during the period of the offering.

9 - FORM S-1 REGISTRATION STATE

9 - FORM S-1 REGISTRATION STATEMENT	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
9 - FORM S-1 REGISTRATION STATEMENT	9 - FORM S-1 REGISTRATION STATEMENT On July 6, 2015, the Company filed a Form S-1 registration statement that relates to the offer and resale of up to 3,762,000 shares of the Company’s common stock, par value $0.0001 per share, by the selling stockholders (“Selling Stockholders”) listed in the Form S-1 registration statement (“Selling Stockholders”), issuable to such stockholders upon the conversion of shares of the Company’s preferred stock or exercise of an aggregate of 1,800,000 warrants which the Company sold to investors in a private placement, or exercise of an aggregate of 162,000 warrants which the Company issued to its placement agent. In that private placement the Company sold an aggregate of 2,250 shares of its Series A convertible preferred stock, par value $0.0001 per share (“Preferred Stock”) for gross proceeds to the Company of $2,250,000. Each share of the Preferred Stock is convertible into 800 shares of the Company’s common stock (“Common Stock”) which results in an effective conversion price of $1.25 per share. The Preferred Stock has no dividend rights or liquidation preference. If dividends are declared on the Common Stock, the holders of the Preferred Stock shall be entitled to participate in such dividends on an as-converted-to-common stock basis. In addition, in the private placement the Company issued to the investors warrants (“Investor Warrants”) to purchase up to 1,800,000 shares of Common Stock. The Warrants have an exercise price of $1.50 per share and are exercisable through June 21, 2019. The shares of the Company’s common stock issuable on exercise of the Investor Warrants are registered under the Company’s Form S-1. H.C. Wainwright & Co., LLC (“Placement Agent”) acted as the exclusive placement agent for the placement of the Company’s Preferred Stock and Investor Warrants. The Placement Agent purchased securities in the offering on the same terms and conditions as the other investors. In addition, the Placement Agent and its designees received an aggregate of 162,000 warrants to purchase the Company’s common stock at a price of $1.50 per share through June 21, 2019 (“Agent Warrants”). The shares underlying the Agent Warrants are registered under the Company’s Form S-1. The Company will not receive any proceeds from the sale of shares sold by the Selling Stockholders or from the conversion of Preferred Stock. However, the Company will receive proceeds of $1.50 per share upon the exercise of any Investor Warrants or Agent Warrants. The Company’s Form S-1 registration statement became effective on August 10, 2015. On August 11, 2015, the Selling Stockholders converted an aggregate of 375 convertible preferred stock into 300,000 shares of common stock that were issued by the Company to the Selling Stockholders. On September 1, 2015, the Placement Agent converted an aggregate of 250 convertible preferred stock into 200,000 shares of common stock that were issued by the Company to the Placement Agent.

10 - WARRANTS

10 - WARRANTS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
10 - WARRANTS	10 - WARRANTS In connection with the private placement of 2,250 shares of the Company's convertible preferred stock on June 22, 2015, the Company issued to the investors warrants to purchase up to 1,800,000 shares of common stock. The warrants have an exercise price of $1.50 per share and are exercisable for 4 years. The Company also issued an aggregate of 162,000 warrants that were similar to the warrants issued to investors and are exercisable at $1.50 per share for 4 years, to our placement agent and its designees. The following is a summary of the status of all of the Company’s stock warrants as of December 31, 2016 and changes during the periods ended on that date: Number of Warrants Weighted-Average Exercise Price Outstanding at January 1, 2016 2,162,000 $ 1.41 Granted - $ 0.00 Exercised - $ 0.00 Cancelled - $ 0.00 Outstanding at December 31, 2016 2,162,000 $ 1.41 Warrants exercisable at December 31, 2016 2,162,000 $ 1.41

11 - CONVERTIBLE PREFERRED NOTE

11 - CONVERTIBLE PREFERRED NOTES	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
11 - CONVERTIBLE PREFERRED NOTES	11 - CONVERTIBLE NOTES On July 25, 2013, the Company entered into a secured convertible note (“Note”) under which the Company received $350,000 from the convertible note holder (“Holder”) and is obligated to pay to the Holder the full principal amount after 36 months from the date of the Note, plus an interest at the rate of 10.0% per year payable at the end of each year from the date of the Note. The Note was extended for 12 months on July 25, 2016. The Holder has the right to convert the Note, in whole or in part, into shares of common stock of the Company (“Common Stock”) at a fixed rate of $0.50 per share (the “Conversion Price”) at any time. A beneficial conversion feature of $70,000 was recorded and $30,493 was accreted to interest expense as December 31, 2016. The Company may prepay the Note in whole or in part at any time for cash on 15 business days’ prior written notice, subject to the right of the Holder to convert into shares of Common Stock of the Company prior to any prepayment. The Note agreement was filed on August 14, 2013 as an exhibit to Form 10-Q for the three months ended June 30, 2013. On July 15, 2014, the Company entered into a secured convertible note (“Note”) under which the Company received $20,000 from the convertible note holder (“Holder”) and is obligated to pay to the Holder the full principal amount after 36 months from the date of the Note. The Holder has the right to convert the Note, in whole or in part, into shares of common stock of the Company (“Common Stock”) at a "Variable Conversion Price" of 50% multiplied by the Market Price (representing a discount rate of 50%). “Market Price” means the average of the Closing Trading Prices for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The Company may prepay the Note in whole or in part at any time for cash on 15 business days’ prior written notice, subject to the right of the Holder to convert into shares of Common Stock of the Company prior to any prepayment. The Company has determined the value associated with the beneficial conversion feature in connection with the notes to be $20,000. The aggregate beneficial conversion feature was accreted and charged to interest expense in the amount of $6,667 as of December 31, 2016, and will be amortized until July 15, 2017. On January 12, 2015, the Company and the Lim Development Group (“Consultant”) entered into a consulting agreement (“Agreement”) under which the Consultant provides scientific advisory to the Company in the development, partnering and commercialization of the “Microinjection Brain Catheter” (a.k.a. BranchPoint device) that the Company exclusively licensed from the University of California San Francisco (“UCSF”) on September 16, 2014. The Consultant will also serve as a member of the Company’s newly formed Scientific Advisory Board. The term of the Agreement shall be two years and may be extended by mutual agreement of both parties. As consideration for provided services during the term of the Agreement, the Consultant shall receive either a project fee or an hourly rate, either of which will be determined and agreed upon by both parties prior to commencement of any work or project. Under the Agreement, the Company also issued a promissory note (“Note”) in the amount of $200,000 and at an interest rate of 5.00% per annum to the Consultant. Under the Note, the Consultant shall have the right, exercisable at any time at the Consultant’s sole discretion, to convert all or a portion of the outstanding principal amount of and all accrued interest under the Note, in whole or in part, into shares of common stock of the Company (the “Shares”) at a conversion price of $0.20 per share. A beneficial conversion feature of $200,000 was recorded and $171,934 was accreted to interest expense as of December 31, 2016. The Shares are issuable pursuant to Regulation D under the Securities Act of 1933, as amended, are to be exempt from registration by reason of Section 4(2) of the Securities Act of 1933, as amended (the “Act”), and are to bear an appropriate restrictive legend. A full description of the Agreement was filed as exhibit 10.1 and of the Note was filed as exhibit 10.2 to the Form 8-K as of January 13, 2015.

12 - CHANGES IN PRESENTATION OF

12 - CHANGES IN PRESENTATION OF COMPARATIVE STATEMENTS	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
12 - CHANGES IN PRESENTATION OF COMPARATIVE STATEMENTS	12 – CHANGES IN PRESENTATION OF COMPARATIVE STATEMENTS After a review of the ACL License agreement and discussions with the Independent Registered Public Accounting Firm, the Company determined that it was appropriate to reclassify the ACL License from a prepaid asset to an intangible asset. Consequently, the related amortization expense was reclassified from R&D expense to depreciation and amortization expense.

13 - SUBSEQUENT EVENTS

13 - SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
13 - SUBSEQUENT EVENTS	13 – SUBSEQUENT EVENTS On January 19, 2017, Mr. George Yu, MD resigned as President, Chief Executive Officer, Principal Financial Officer, and Director of the Company’s Board, effective immediately. Mr. Yu’s resignation does not arise from any disagreement on any matter relating to the Company’s operations, policies or practices, or regarding the general direction of the Company. On January 19, 2017, Mr. Anchie Kuo, MD resigned as Director of the Company’s Board, effective immediately. Mr. Kuo’s resignation does not arise from any disagreement on any matter relating to the Company’s operations, policies or practices, or regarding the general direction of the Company. On January 19, 2017, the Board of Directors of the Company appointed Mr. Bryan Lee, PhD as President, Chief Executive Officer, Principal Financial Officer, and Director of the Company’s Board, effective immediately. On January 19, 2017, the Board of Directors of the Company appointed Mr. Oliver Jackson as Director of the Company’s Board, effective immediately. On January 30, 2017, the Company completed a reincorporation in the Republic of the Marshall Islands in order to benefit from a favorable international regulatory environment for the development of stem cell therapies. The reincorporation effects a change in the legal domicile of the Company and will not result in any change in the Company’s business, management, fiscal year, or financial statements. The Reincorporation was approved by the holders of a majority of the outstanding shares of common stock of the Company. On January 31, 2017, the Company entered into a sublicense agreement (the “Agreement”) with CNMRGS Inc. (“CNM”), regarding the sublicensing of the UCSF License. The Company entered into the UCSF License with the Regents of the University of California acting through its Office of Innovation, Technology, and Alliances, University of California San Francisco (“UCSF”) in regards to the exclusive licensing of a medical stereotactic device for the delivery of therapeutics to the human brain, characterized as “Microinjection Brain Catheter”, a.k.a. BranchPoint device ("Invention") on September 16, 2014. The invention was claimed in U.S. Patent Application No. PCT/US2013/052301, Microinjection Catheter; UC Case No. SF2012-063 (“Patent Rights”). On March 1, 2017, the Board of Directors of the Company appointed Mr. Stefan Moll as Chief Financial Officer, effective immediately. On March 17, 2017, the Company terminated the UCSF License due to the limited market potential of the licensed device.

1 - SIGNIFICANT ACCOUNTING PO20

1 - SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies Policies
Description of Business	Description of Business Accurexa, Inc. (the “Company”) elected its fiscal year ending on December 31. The Company is a development stage company as defined in the Accounting Standards Codification 915, Development Stage Entities. All activities of the Company to date relate to its organization, initial funding and share issuances, and research & development. The Company is focused on delivering targeted therapies. The Company is developing its ACX-31 program to deliver two chemotherapy drugs, temozolomide in combination with BCNU, locally to brain tumor sites. Its ACX-31 program is based on an issued patent licensed from Accelerating Combination Therapies LLC which is co-owned by Dr. Henry Brem, Director of the Neurosurgery Department at Johns Hopkins University (“ACL License”). The Company is collaborating in the development of its ACX-31 program with Dr. Henry Brem who built one of the largest brain tumor research and treatment centers in the world at Johns Hopkins University. Dr. Brem is a pioneer in the development of local drug delivery treatments, and invented and developed Gliadel ® ®
Accounting Basis	Accounting Basis These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.
Use of Estimates	Use of Estimates Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents comprise certain highly liquid instruments with a maturity of three months or less when purchased.
Concentration of Credit Risk and Financial Instruments	Concentration of Credit Risk and Financial Instruments Financial instruments which potentially subject the Company to concentration of credit risk consist principally of cash balances maintained at creditworthy financial institutions. The Company maintained cash balances in bank checking and savings accounts which, at times, either may exceed insured limits set or are not insured by the Federal Deposit Insurance Corporation (FDIC). As of December 31, 2016, $1,039,643 of the Company’s cash balances at a US domestic bank were not insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on its cash and cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash, marketable securities and accounts payable. The carrying values of financial instruments reflected in these financial statements approximate their fair values due to the short-term maturity of the instruments.
Earnings (Loss) per Share	Earnings (Loss) per Share The basic earnings (loss) per share are calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares outstanding during the reported period. The diluted earnings (loss) per share are calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the period for any potentially dilutive debt or equity. There are no diluted shares outstanding.
Revenue Recognition	Revenue Recognition The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue.
Start-up Cost	Start-up Cost The Company accounts for start-up costs pursuant to the provisions of the Accounting Standard Codification 720-15. Accounting for start-up costs require all costs incurred in connection with the start-up and organization of the Company be expensed as incurred.
Research and Development Expenses	Research and Development Expenses The Company expenses all of its research and development expenses in the period in which they are incurred. At such time as the Company’s products are determined to be commercially available, the Company will capitalize those development expenditures that are related to the maintenance of the commercial products, and amortize these capitalized expenditures over the estimated life of the commercial products. The estimated life of the commercial products will be based on management’s estimates, including estimates of current and future industry conditions. A significant change to these assumptions could impact the estimated useful life of the Company’s commercial products resulting in a change to amortization expense and impairment charges.
Income Taxes	Income Taxes The Company accounts for income taxes pursuant to the provisions of the Accounting Standards Codification 740, Accounting for Income Taxes, which requires an asset and liability approach to calculate deferred income taxes. The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary difference between the carrying amounts and the tax basis of assets and liabilities. As a result of the initial period’s incurred loss the deferred tax asset has been fully reserved.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On June 10, 2014, the FASB issued ASU 2014-10, Elimination of Certain Financial Reporting Requirements, including Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The content resulting from the issuance of ASU 2014-10 eliminates inception-to-date presentation and other disclosure requirements in ASC Topic 915 for entities previously considered development stage entities. Early adoption is permitted, and the Company has elected to make an early adoption of ASU 2014-10. The Company's management has evaluated all other recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's financial position and results of operations.

6 - INCOME TAXES (Tables)

6 - INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Deferred Tax Asset	Twelve Months Ended December 31, 2016 Deferred Tax Asset 637,244 Valuation Allowance (637,244) Current Taxes Payable 0.00 Income Tax Expense $ 0.00
Income Tax Provision in the Statements of Operations	Year Amount Expiration 2012 $ 8,564 2032 2013 $ 262,041 2033 2014 $ 1,610,808 2034 2015 $ 893,562 2035 2016 $ 637,244 2036 Total NOL $ 3,412,219

10 - WARRANTS (Tables)

10 - WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Warrants	Number of Warrants Weighted-Average Exercise Price Outstanding at January 1, 2016 2,162,000 $ 1.41 Granted - $ 0.00 Exercised - $ 0.00 Cancelled - $ 0.00 Outstanding at December 31, 2016 2,162,000 $ 1.41 Warrants exercisable at December 31, 2016 2,162,000 $ 1.41

1 - SIGNIFICANT ACCOUNTING PO23

1 - SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Uninsured cash balances	$ 1,039,643

2 - GOING CONCERN (Details Narr

2 - GOING CONCERN (Details Narrative) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated Deficit	$ (11,966,149)	$ (10,091,902)

3 - PREPAID ASSETS (Details Nar

3 - PREPAID ASSETS (Details Narrative) - USD ($)	Mar. 18, 2016	Feb. 18, 2015	Jan. 12, 2015	Dec. 31, 2016	Dec. 31, 2015
Notes to Financial Statements
Consultant engaged, duration	3 months
Common stock issued for consultant services, shares	67,000
Value of shares capitalized as prepaid assets				$ 260,086	$ 966,968
Convertible Note Payable to Lim Development Group
Convertible note payable issued to Lim Development Group			$ 200,000
Interest on convertible note payable to Lim Development Group			5.00%
Conversion of convertible note payable, price per share			$ 0.20
Term of convertible note payable			24 months
Warrants Issued Through Consulting Agreement with Capital Communications Group
Warrants issued to Capital Communications Group		200,000
Exercise price of warrants issued to Capital Communications Group		$ 0.50
Term of warrants issued to Captial Communications Group		4 years
Value of warrants issued to Capital Communications Group		$ 527,500

4 - INTANGIBLE ASSETS (Details

4 - INTANGIBLE ASSETS (Details Narrative) - USD ($)	Aug. 11, 2015	Dec. 31, 2016	Dec. 31, 2015
ACL Exclusive License Agreement
Shares to be issued for ACL license fee	1,000,000
Value of shares to be issued for ACL license fee, per share	$ 1.13
Capitalized value of shares to be issued for ACL license fee	$ 1,130,000
Amortization period of capitalized value	15 years
Gross carrying amount		$ 1,025,393	$ 1,100,726
Accumulated Amortization		104,607	29,274
Quarterly amortization expense		$ 18,833	$ 18,833

5 - FIXED ASSETS (Details Narra

5 - FIXED ASSETS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Notes to Financial Statements
Estimated patent life of prototype	5 years	5 years
Fixed Assets, net	$ 123,445	$ 166,119
Gross carrying amount	123,445	166,119
Accumulated amortization	89,924	47,250
Quarterly amortization expense	$ 10,668	$ 10,668

6 - INCOME TAXES (Details)

6 - INCOME TAXES (Details) - USD ($)	12 Months Ended					60 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Deferred Tax Asset	$ 637,244					$ 637,244
Less Valuation Allowance	(637,244)					(637,244)
Current Taxes Payable	0					0
Income Tax Expense	0					0
Deferred tax asset	$ 637,244	$ 893,562	$ 1,610,808	$ 262,041	$ 8,564	$ 3,412,219
Net Operating Loss expiration year	Jan. 1, 2036	Jan. 1, 2035	Jan. 1, 2034	Jan. 1, 2033	Jan. 1, 2032

6 - INCOME TAXES (Details Narra

6 - INCOME TAXES (Details Narrative)	12 Months Ended
	Dec. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Cumulative NOL	$ 1,874,248
Federal statutory income tax rate	34.00%

7 - STOCKHOLDERS' EQUITY (Detai

7 - STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares	Apr. 01, 2016	Mar. 18, 2016	Feb. 08, 2016	Jan. 23, 2017	Dec. 31, 2016	Aug. 08, 2016	Jul. 20, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Common stock, Authorized					20,000,000			20,000,000
Common Stock Shares Authorized					20,000,000			20,000,000
Common Stock Shares Par Value					$ 0.0001			$ 0.0001
Shares issued for services	150,000	67,000		200,000		18,138	450,000
Duration of services for shares	6 months	3 months
Shares issued for license agreement			1,000,000

8 - CONVERTIBLE PREFERRED STO31

8 - CONVERTIBLE PREFERRED STOCK (Details Narrative)	Jun. 22, 2015USD ($)$ / sharesshares
Notes to Financial Statements
Convertible preferred stock shares issued for cash, amount | shares	2,250
Convertible preferred stock shares issued for cash, value	$ 2,250,000
Net Proceeds from sale of convertible preferred stock	$ 1,993,500
Preferred share convertible to amount of common shares | shares	800
Convertible preferred stock convertible to common stock, conversion price per share | $ / shares	$ 1.25
Beneficial converstion value of convertible preferred shares	$ 1,980,000

9 - FORM S-1 REGISTRATION STA32

9 - FORM S-1 REGISTRATION STATEMENT (Details Narrative) - shares	Sep. 01, 2015	Aug. 11, 2015	Jul. 06, 2015
Notes to Financial Statements
Shares of common stock included in registration statement			3,762,000
Convertible preferred shares converted to common shares	250	375
Preferred shares conversion resulted in issuance of common shares, amount	200,000	300,000

10 - WARRANTS (Details)

10 - WARRANTS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Outstanding
Number of Warrant Shares, instant	2,162,000	2,162,000
Weighted Average Exercise Price, instant	$ 1.41	$ 1.41
Granted
Number of Warrant Shares, duration	0
Weighted Average Exercise Price, duration	$ 0
Exercised
Number of Warrant Shares, duration	0
Weighted Average Exercise Price, duration	$ 0
Cancelled
Number of Warrant Shares, duration	0
Weighted Average Exercise Price, duration	$ 0
Exercisable
Number of Warrant Shares, instant	2,162,000
Weighted Average Exercise Price, instant	$ 1.41

10 - WARRANTS (Details Narrativ

10 - WARRANTS (Details Narrative)	Jun. 22, 2015$ / sharesshares
Notes to Financial Statements
Warrants issued with convertible preferred shares	1,800,000
Warrants issued to placement agents of convertible preferred shares	162,000
Exercise price of stock purchase warrants, duration | $ / shares	$ 1.50
Term of stock purchase warrants after conversion	4 years

11 - CONVERTIBLE NOTES (Details

11 - CONVERTIBLE NOTES (Details Narrative) - USD ($)	Jul. 15, 2014	Dec. 31, 2016	Dec. 31, 2015	Jan. 12, 2015	Jul. 25, 2013
Debt Disclosure [Abstract]
Convertible note issued	$ 20,000			$ 200,000	$ 350,000
Period of convertible note	36 months
Interest rate of convertible debenture, per annum	5.00%			5.00%	10.00%
Debt conversion to common stock rate				$ .20	$ 2
Prior written notice to prepay note in cash subject to conversion, business days	15 days
Debt conversion to common stock rate, as percent of market price	50.00%
Days prior to conversion for calculating market price	10 days
Value of conversion feature on July 15 note	$ 20,000	$ 70,000
Interest expense of aggregate beneficial conversion feature on July 15 note			$ 8,060

13 - SUBSEQUENT EVENTS (Details

13 - SUBSEQUENT EVENTS (Details Narrative) - shares	Mar. 18, 2016	Nov. 12, 2015
Subsequent Events [Abstract]
Shares issued in exchange for intellectual property with Yissum		1,000,000
Consultant engaged, duration	3 months
Common stock issued for consultant services, shares	67,000