Financials

v3.23.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 133,000 $ 114,000
Prepaid expenses and other current assets 19,000 14,000
Total current assets 152,000 128,000
Property and equipment, net 6,000 9,000
Operating lease right of use asset 0 143,000
Total assets 158,000 280,000
Current liabilities:    
Accounts payable-license agreements-past due 1,962,000 1,726,000
Accounts payable and accrued expenses 946,000 930,000
Convertible notes payable, net of discounts of $140,000 and $86,000, respectively: including $1,730,000 and $1,333,000, respectively, in default 1,865,000 1,503,000
PPP Loan payable 75,000 150,000
Operating lease liabilities 0 38,000
Total current liabilities 4,848,000 4,347,000
Operating lease liabilities, net of current portion 0 106,000
Total liabilities 4,848,000 4,453,000
Commitments and contingencies
Stockholders’ deficit    
Common stock, $0.001 par value: 500,000,000 shares authorized, 376,074,096 and 355,300,222 shares issued and outstanding at December 31, 2022 and 2021, respectively 376,075 355,301
Additional paid-in capital 119,075,925 118,065,699
Accumulated deficit (124,142,000) (122,594,000)
Total stockholders’ deficit (4,690,000) (4,173,000)
Total liabilities and stockholders’ deficit $ 158,000 $ 280,000
v3.23.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
Revenues $ 0 $ 0
Operating expenses 765,000 837,000
Research and development expenses 486,000 350,000
Loss from operations (1,251,000) (1,187,000)
PPP loan debt forgiveness 63,000 0
Interest and financing expense (360,000) (233,000)
Net Loss $ (1,548,000) $ (1,420,000)
v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from Operating Activities    
Net loss $ (1,548,000) $ (1,420,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of common stock issued for services 0 40,000
Fair value of common stock issued as compensation 0 20,000
Fair value of options and warrants issued as compensation 127,000 45,000
Amortization of debt discount 149,000 59,000
Accrued interest expense 162,000 124,000
Decrease in operating lease right of use asset 143,000 22,000
Depreciation 4,000 7,000
Gain on partial forgiveness of PPP note payable (63,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (5,000) 32,000
Accounts payable and accrued expenses 16,000 230,000
Accounts payable – license agreements 236,000 235,000
Accrued expenses – related parties 0 (95,000)
Operating lease liabilities (144,000) (21,000)
Net cash used in operating activities (923,000) (722,000)
Cash flows from investing activities    
Purchase of property and equipment (1,000) 0
Net cash used in investing activities (1,000) 0
Cash flows from financing activities    
Net proceeds from sale of common stock 0 128,000
Net proceeds from issuance of convertible notes and warrants 393,000 658,000
Net proceeds from exercise of warrants and options 562,000 0
Principal payment on PPP loan payable (12,000) (2,000)
Net cash provided by financing activities 943,000 784,000
Net increase in cash 19,000 62,000
Cash, beginning of period 114,000 52,000
Cash, end of period 133,000 114,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 1,600 1,600
Non-cash investing and financing activities    
Adjustment for adoption of ASU 2020-06 0 30,000
Recording of operating lease right of use asset and liability 0 165,000
Conversion of convertible notes to common stock, net 59,000 261,000
Value of warrants and beneficial conversion feature associated with issued convertible notes $ 283,000 $ 290,000