Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 385,360 $ 349,186
Prepaid expenses and other current assets 35,389 50,596
Total current assets 420,749 399,782
Property and equipment, net of accumulated depreciation of $30,627 and $60,242 at September 30, 2016 and December 31, 2015, respectively 18,490 21,798
Other assets 7,180 6,480
Total assets 446,419 428,060
Current liabilities:    
Accounts payable-license agreements 730,626 590,001
Accounts payable and accrued expenses 209,888 182,334
Accrued expenses and accounts payable-related parties 143,151 190,750
Deposits and other current liabilities 4,500 25,000
Convertible debentures, net of discounts of $254,116 and $100,833 at September 30, 2016 and December 31, 2015, respectively 304,744 222,195
Total current liabilities 1,392,909 1,210,280
Commitments and contingencies
Stockholders' deficit    
Common stock, $.001 par value: 300,000,000 shares authorized 197,802,026 and 183,831,577 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 197,802 183,832
Additional paid-in capital 103,509,548 100,308,100
Accumulated deficit (104,653,840) (101,274,152)
Total stockholders' deficit (946,490) (782,220)
Total liabilities and stockholders' deficit $ 446,419 $ 428,060
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses        
Operating expenses 467,579 727,587 1,728,129 2,409,551
Research and development expenses 51,595 80,082 199,772 500,517
Loss before other income (expense) (519,174) (807,669) (1,927,901) (2,910,068)
Other income (expense)        
Other income 690 7,858 1,150 10,858
Interest and financing expense (516,712) (25,986) (1,449,594) (643,868)
Loss on disposition of equipment 0 0 (3,343) 0
Net loss $ (1,035,196) $ (825,797) $ (3,379,688) $ (3,543,078)
Net loss per common share, basic and diluted $ (.01) $ 0.00 $ (.02) $ (.02)
Weighted average common shares outstanding, basic and diluted 195,342,504 183,128,577 190,874,796 181,943,768
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net Loss $ (3,379,688) $ (3,543,078)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 405,605 593,732
Amortization of debt discount 1,433,763 643,868
Accrued interest on convertible notes 15,831  
Loss on disposition of assets 3,343 0
Depreciation and amortization 5,249 9,803
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 14,507 14,414
Accounts payable and accrued expenses 27,554 (4,403)
Accounts payable - license agreements 140,625 137,813
Accounts payable and accrued expenses - related parties (47,599) (52,610)
Deposits and other current liabiilities (20,500) 0
Net cash used in operating activities (1,401,310) (2,200,461)
Cash flows from investing activities    
Purchase of equipment (5,285) (12,914)
Net cash used in investing activities (5,285) (12,914)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 1,442,769 475,500
Net proceeds from exercise of warrants and options 0 50,000
Net cash provided by financing activities 1,442,769 525,500
Net increase (decrease) in cash 36,174 (1,687,875)
Cash, beginning of period 349,186 2,247,557
Cash, end of period 385,360 559,682
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0 0
Cash paid during the year for: Income taxes 0 0
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock 1,367,044 602,800
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,442,769 $ 470,945