Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 880,000 $ 136,000
Prepaid expenses and other current assets 40,000 26,000
Total current assets 920,000 162,000
Property and equipment, net of accumulated depreciation of $36,000 and $32,000 at June 30, 2017 and December 31, 2016, respectively 34,000 17,000
Other assets 1,000 7,000
Total assets 955,000 186,000
Current liabilities:    
Accounts payable-license agreements 918,000 805,000
Accounts payable and accrued expenses 891,000 251,000
Accrued expenses and accounts payable-related parties 19,000 135,000
Deposits and other current liabilities 0 5,000
Convertible debentures, net of discounts of $327,000 and $92,000 at June 30, 2017 and December 31, 2016, respectively 503,000 348,000
Total current liabilities 2,331,000 1,544,000
Stockholders' deficit    
Common stock, $.001 par value: 300,000,000 shares authorized, 224,508,406 and 199,045,026 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 224,508 199,045
Additional paid-in capital 107,003,492 103,716,955
Accumulated deficit (108,604,000) (105,274,000)
Total stockholders' deficit (1,376,000) (1,358,000)
Total liabilities and stockholders' deficit $ 955,000 $ 186,000
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 50,000 $ 0
Costs and Expenses        
Operating expenses 580,000 626,000 1,838,000 1,261,000
Research and development expenses 56,000 73,000 120,000 148,000
Loss before other income (expense) (636,000) (699,000) (1,908,000) (1,409,000)
Other income (expense)        
Interest and financing expense (1,210,000) (439,000) (1,422,000) (933,000)
Loss on disposition of equipment 0 0 0 (3,000)
Net loss $ (1,846,000) $ (1,138,000) $ (3,330,000) $ (2,345,000)
Net loss per common share, basic and diluted $ (.01) $ (.01) $ (.02) $ (.01)
Weighted average common shares outstanding, basic and diluted 207,419,243 192,010,704 203,362,641 188,616,394
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net Loss $ (3,330,000) $ (2,345,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 535,000 267,000
Issuance of common stock for services 0 33,000
Amortization of debt discount 1,381,000 922,000
Accrued interest expense 21,000 0
Loss on disposition of assets 0 3,000
Depreciation and amortization 4,000 4,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (8,000) 3,000
Accounts payable and accrued expenses 640,000 49,000
Accounts payable - license agreements 113,000 94,000
Accounts payable and accrued expenses - related parties (116,000) (32,000)
Deposits and other current liabiilities (5,000) 81,000
Net cash used in operating activities (765,000) (921,000)
Cash flows from investing activities    
Purchase of equipment (21,000) (5,000)
Net cash used in investing activities (21,000) (5,000)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 1,469,000 905,000
Net proceeds from exercise of warrants 61,000 0
Net cash provided by financing activities 1,530,000 905,000
Net increase (decrease) in cash 744,000 (21,000)
Cash, beginning of period 136,000 349,000
Cash, end of period 880,000 328,000
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0 0
Cash paid during the year for: Income taxes 1,600 0
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock 1,247,000 905,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,469,000 $ 905,000