Financials

v3.19.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash $ 505,000 $ 1,153,000
Prepaid expenses and other current assets 245,000 34,000
Total current assets 750,000 1,187,000
Property and equipment, net of accumulated depreciation of $78,000 and $73,000 at September 30, 2019 and December 31, 2018, respectively 25,000 24,000
Other assets 2,000 2,000
Total assets 777,000 1,213,000
Current liabilities:    
Accounts payable-license agreements 1,196,000 1,073,000
Accounts payable and accrued expenses 500,000 658,000
Accrued expenses and accounts payable-related parties 5,000 55,000
Convertible debentures, net of discounts of $238,000 and $1,100,000 at September 30, 2019 and December 31, 2018, respectively 947,000 909,000
Total current liabilities 2,648,000 2,695,000
Commitments and contingencies
Stockholders' deficit    
Common stock, $.001 par value: 500,000,000 shares authorized, 302,684,965 and 256,123,515 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively 302,685 256,123
Additional paid-in capital 115,722,315 111,429,877
Accumulated deficit (117,896,000) (113,168,000)
Total stockholders' deficit (1,871,000) (1,482,000)
Total liabilities and stockholders' deficit $ 777,000 $ 1,213,000
v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses        
Operating expenses 493,000 431,000 1,626,000 1,387,000
Research and development expenses 82,000 50,000 665,000 145,000
Loss before other expense (575,000) (481,000) (2,291,000) (1,532,000)
Other expense        
Interest and financing expense (413,000) (200,000) (2,437,000) (607,000)
Net loss $ (988,000) $ (681,000) $ (4,728,000) $ (2,139,000)
Net loss per common share, basic and diluted $ (0.00) $ (0.00) $ (0.02) $ (0.01)
Weighted average common shares outstanding, basic and diluted 298,834,404 251,732,417 286,120,559 243,167,707
v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net Loss $ (4,728,000) $ (2,139,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 275,000 340,000
Issuance of common stock for services 68,000 12,000
Amortization of debt discount and of interest expense 2,392,000 567,000
Depreciation and amortization 5,000 21,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (211,000) 0
Accounts payable and accrued expenses (158,000) (88,000)
Accounts payable - license agreements 123,000 171,000
Accounts payable and accrued expenses - related parties (50,000) 18,000
Deposits and other current liabilities 0 0
Net cash used in operating activities (2,284,000) (1,098,000)
Cash flows from investing activities    
Purchase of equipment (6,000) 0
Net cash used in investing activities (6,000) 0
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 1,350,000 526,000
Net proceeds from exercise of warrants 292,000 647,000
Net cash provided by financing activities 1,642,000 1,173,000
Net increase (decrease) in cash (648,000) 75,000
Cash, beginning of period 1,153,000 204,000
Cash, end of period 505,000 279,000
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 1,600
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock 2,354,000 474,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,350,000 $ 526,000