Financials

v3.23.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash $ 72,000 $ 133,000
Prepaid expenses 3,000 19,000
Total current assets 75,000 152,000
Property and equipment, net of accumulated depreciation of $98,000 and $96,000 at June 30, 2023 and December 31, 2022, respectively 4,000 6,000
Total assets 79,000 158,000
Current liabilities:    
Accounts payable-license agreements - past due 2,080,000 1,962,000
Accounts payable and accrued expenses 961,000 946,000
Convertible debentures, net of discounts of $45,000 and $140,000, respectively; includes $1,814,000 and $1,730,000, respectively, in default 1,951,000 1,865,000
PPP loan payable 66,000 75,000
Total current liabilities 5,058,000 4,848,000
Total liabilities 5,058,000 4,848,000
Commitments and contingencies
Stockholders’ deficit    
Common stock, $0.001 par value: 500,000,000 shares authorized, 385,819,422 and 376,074,096 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 385,821 376,075
Additional paid-in capital 119,395,179 119,075,925
Accumulated deficit (124,760,000) (124,142,000)
Total stockholders’ deficit (4,979,000) (4,690,000)
Total liabilities and stockholders’ deficit $ 79,000 $ 158,000
v3.23.2
Condensed Consolidated Statements of Operations, Unaudited - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses        
Operating expenses 158,000 90,000 344,000 290,000
Research and development expenses 47,000 49,000 101,000 97,000
Loss from operations (205,000) (139,000) (445,000) (387,000)
Other income (expense)        
Gain on partial forgiveness of PPP note payable 0 39,000 0 63,000
Interest and financing expense (79,000) (71,000) (173,000) (148,000)
Net Loss $ (284,000) $ (171,000) $ (618,000) $ (472,000)
v3.23.2
Condensed Consolidated Statements of Cash Flows, Unaudited - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from Operating Activities    
Net loss $ (618,000) $ (472,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 14,000 27,000
Amortization of debt discount 65,000 54,000
Accrued interest expense 84,000 71,000
Depreciation 2,000 1,000
Gain on partial forgiveness of PPP note payable 0 (63,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 16,000 (4,000)
Decrease in operating lease right of use asset 0 17,000
Accounts payable and accrued expenses 15,000 109,000
Accounts payable – license agreements 118,000 118,000
Operating lease liabilities 0 (16,000)
Net cash used in operating activities (304,000) (158,000)
Cash flows from investing activities    
Purchase of property and equipment 0 (1,000)
Net cash used in investing activities 0 (1,000)
Cash flows from financing activities    
Net proceeds from exercise of warrants 42,000 98,000
Net proceeds from issuance of convertible notes and warrants 210,000 0
Principal payment on PPP loan payable (9,000) 0
Net cash provided by financing activities 243,000 98,000
Net increase (decrease) in cash (61,000) (61,000)
Cash, beginning of period 133,000 114,000
Cash, end of period 72,000 53,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 1,600 0
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock $ 170,000 $ 6,000