Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from Operating Activities    
Net Loss $ (4,000,000) $ (4,229,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 442,000 729,000
Common stock issued for services 48,000 0
Amortization of debt discounts 1,596,000 702,000
Interest expenses added to notes payable 21,000 21,000
Loss on disposition of equipment 3,000 0
Depreciation and amortization 7,000 12,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 24,000 21,000
Accounts payable - license agreements 215,000 185,000
Accounts payable and accrued expenses 69,000 32,000
Accrued expenses - related parties (56,000) (69,000)
Deposit and other current liabilities 5,000 0
Net cash used in operating activities (1,626,000) (2,596,000)
Cash flows from investing activities    
Purchase of equipment (5,000) (13,000)
Net cash used in investing activities (5,000) (13,000)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 1,418,000 660,000
Net proceeds from exercise of warrants and options 0 50,000
Net cash provided by financing activities 1,418,000 710,000
Net decrease in cash (213,000) (1,899,000)
Cash, beginning of period 349,000 2,248,000
Cash, end of period 136,000 349,000
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 1,491,000 669,000
Deposit converted to note payable 25,000 0
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,443,000 $ 631,000