Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 1,187,440 $ 2,247,557
Prepaid expenses and other current assets 52,137 72,225
Total current assets 1,239,577 2,319,782
Property and Equipment, net of accumulated depreciation of $53,723 and $47,180 at June 30, 2015 and December 31, 2014, respectively 28,317 21,946
Other assets 7,130 5,830
Total assets 1,275,024 2,347,558
Current liabilities    
Accounts payable-license agreements 496,251 405,313
Accounts payable and accrued expenses 197,176 175,228
Accrued expenses and accounts payable-related parties 220,814 259,507
Convertible debentures, net of discounts of $33,105 and $105,542 at June 30, 2015 and December 31, 2014, respectively 158,735 139,098
Total current liabilities $ 1,072,976 $ 979,146
Commitments and contingencies    
Stockholder's equity    
Common stock, $.001 par value: 300,000,000 shares authorized 183,171,577 and 181,028,244 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively $ 183,172 $ 181,028
Additional paid-in capital 99,781,355 98,232,582
Accumulated deficit (99,762,479) (97,045,198)
Total stockholders' equity 202,048 1,368,412
Total liabilities and stockholders' equity $ 1,275,024 $ 2,347,558