Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net Loss $ (1,484,000) $ (1,207,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 235,000 127,000
Amortization of debt discount 0 16,000
Accrued interest on convertible notes 192,000 493,000
Loss on disposition of assets 0 3,000
Depreciation and amortization 2,000 3,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (5,000) (4,000)
Accounts payable and accrued expenses 141,000 20,000
Accounts payable - license agreements 66,000 47,000
Accounts payable and accrued expenses - related parties 662,000 (16,000)
Deposits and other current liabiilities 20,000 0
Net cash used in operating activities (171,000) (518,000)
Cash flows from investing activities    
Purchase of equipment (19,000) 0
Net cash used in investing activities (19,000) 0
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 201,000 762,000
Net cash provided by financing activities 201,000 762,000
Net increase in cash 11,000 244,000
Cash, beginning of period 136,000 349,000
Cash, end of period 147,000 593,000
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 120,000 479,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 201,000 $ 762,000