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Neuralstem, Inc. Consolidated Balance Sheets December 31, 2014 2013 ASSETS CURRENT ASSETS Cash and cash equivalents Short term investments Trade and other receivables Deferred financing

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Neuralstem, Inc. Consolidated Balance Sheets December 31, 2014 2013 ASSETS CURRENT ASSETS Cash and cash equivalents Short term investments Trade and other receivables Deferred financing fees, current portion Prepaid expenses Total current assets $ $ 16,846,052 12,518,980 15,007,478 225,524 135,694 274,106 28,161,782 10,000 507,334 255,733 17,619,119 Property and equipment, net Patents, net Deferred financing fees, net of current portion Other assets Total assets 301,265 1,233,172 89,143 58,713 29,844,075 230,971 1,137,701 360,848 64,897 19,413,536 $ $ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses Accrued bonuses Current portion of long-term debt, net of discount Derivative instruments Other current liabilities Total current liabilities $ $ 2,504,978 646,960 730,012 1,196,190 465,868 2,763,121 1,417,527 93,426 5,936,132 126,745 4,008,695 Long-term debt, net of discount and current portion Other long term liabilities Total liabilities 8,056,470 59,574 12,124,739 4,934,210 124,995 10,995,337 Commitments and contingencies (Note 10) STOCKHOLDERS' EQUITY Preferred stock, 7,000,000 shares authorized, zero shares issued and outstanding Common stock, $0.01 par value; 300 million shares authorized, 87,789,679 and 77,886,031 shares Issued and outstanding in 2014 and 2013, respectively Additional pald-in capital Accumulated other comprehensive Income Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity 877,897 167,890,220 6,000 (151,054,781) 17,719,336 29.844.075 778,860 136,058,135 7,241 (128,426,037) 8,418,199 19,413,536 (b) Explain why the Company might need a high level of cash and short-term investments leading into the next fiscal year (and potentially into the foreseeable future)

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