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 ($)
 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