Financials

v3.23.3
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash $ 214,000 $ 133,000
Prepaid expenses 25,000 19,000
Total current assets 239,000 152,000
Property and equipment, net 3,000 6,000
Total assets 242,000 158,000
Current liabilities:    
Accounts payable-license agreements - past due 2,139,000 1,962,000
Accounts payable and accrued expenses 939,000 946,000
Convertible debentures, net of discounts of $118,000 and $140,000, respectively; includes $1,977,000 and $1,730,000, respectively, in default 2,141,000 1,865,000
PPP loan payable 64,000 75,000
Total current liabilities 5,283,000 4,848,000
Total liabilities 5,283,000 4,848,000
Commitments and contingencies
Stockholders’ deficit    
Common stock, $0.001 par value: 500,000,000 shares authorized, 388,975,605 and 376,074,096 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 388,977 376,075
Additional paid-in capital 119,631,023 119,075,925
Accumulated deficit (125,061,000) (124,142,000)
Total stockholders’ deficit (5,041,000) (4,690,000)
Total liabilities and stockholders’ deficit $ 242,000 $ 158,000
v3.23.3
Condensed Consolidated Statements of Operations, Unaudited - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses        
Operating expenses 164,000 214,000 508,000 504,000
Research and development expenses 47,000 130,000 148,000 227,000
Loss from operations (211,000) (344,000) (656,000) (731,000)
Other income (expense)        
Gain on partial forgiveness of PPP note payable 0 0 0 63,000
Interest and financing expense (90,000) (93,000) (263,000) (241,000)
Net Loss $ (301,000) $ (437,000) $ (919,000) $ (909,000)
v3.23.3
Condensed Consolidated Statements of Cash Flows, Unaudited - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from Operating Activities    
Net loss $ (919,000) $ (909,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 34,000 31,000
Amortization of debt discount 90,000 90,000
Accrued interest expense 137,000 115,000
Depreciation 3,000 3,000
Gain on partial forgiveness of PPP note payable 0 (63,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (6,000) (4,000)
Lease right of use asset 0 27,000
Accounts payable – license agreements 177,000 177,000
Accounts payable and accrued expenses (7,000) (12,000)
Lease liabilities 0 (26,000)
Net cash used in operating activities (491,000) (571,000)
Cash flows from investing activities    
Purchase of property and equipment 0 (1,000)
Net cash used in investing activities 0 (1,000)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 533,000 393,000
Net proceeds from issuance of warrants and options 50,000 326,000
Principal payment on PPP loan payable (11,000) (9,000)
Net cash provided by financing activities 572,000 710,000
Net increase in cash 81,000 138,000
Cash, beginning of period 133,000 114,000
Cash, end of period 214,000 252,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 1,600 0
Non-cash investing and financing activities    
Conversion of convertible debentures and accrued interest to common stock 253,000 20,000
Value of warrants issued with convertible notes $ 231,000 $ 283,000