Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash $ 349,186 $ 2,247,557
Prepaid expenses and other current assets 50,596 72,225
Total current assets 399,782 2,319,782
Property and Equipment, net of accumulated depreciation of $60,242 and $47,180 at December 31, 2015 and December 31, 2014, respectively 21,798 21,946
Other assets 6,480 5,830
Total assets 428,060 2,347,558
Current liabilities:    
Accounts payable-license agreements 590,001 405,313
Accounts payable and accrued expenses 207,334 175,228
Accrued expenses and accounts payable-related parties 190,750 259,507
Convertible debentures, net of discounts of $100,833 and $105,542 at December 31, 2015 and December 31, 2014, respectively 222,195 139,098
Total current liabilities $ 1,210,280 $ 979,146
Commitments and contingencies
Stockholder's equity (deficiency)    
Common stock, $.001 par value: 300,000,000 shares authorized 183,831,577 and 181,028,244 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively $ 183,832 $ 181,028
Additional paid-in capital 100,308,100 98,232,582
Accumulated deficit (101,274,152) (97,045,198)
Total stockholders' equity (deficiency) (782,220) 1,368,412
Total liabilities and stockholders' equity $ 428,060 $ 2,347,558