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 ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net Loss $ (4,145,000) $ (3,380,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 653,000 358,000
Issuance of common stock for services 0 48,000
Amortization of debt discount and accrual of interest 1,667,000 1,450,000
Loss on disposition of assets 0 3,000
Depreciation and amortization 11,000 5,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (14,000) 14,000
Accounts payable and accrued expenses 549,000 28,000
Accounts payable - license agreements 10,000 141,000
Accounts payable and accrued expenses - related parties (95,000) (48,000)
Deposits and other current liabiilities (5,000) (21,000)
Net cash used in operating activities (1,369,000) (1,402,000)
Cash flows from investing activities    
Purchase of equipment (49,000) (5,000)
Net cash used in investing activities (49,000) (5,000)
Cash flows from financing activities    
Proceeds from issuance of common stock 38,000 0
Net proceeds from issuance of convertible notes and warrants 1,469,000 1,443,000
Net proceeds from exercise of warrants 362,000 0
Net cash provided by financing activities 1,869,000 1,443,000
Net increase in cash 451,000 36,000
Cash, beginning of period 136,000 349,000
Cash, end of period 587,000 385,000
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 1,522,000 603,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,469,000 $ 471,000