Financials

v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 252,000 $ 114,000
Prepaid expenses 18,000 14,000
Total current assets 270,000 128,000
Property and equipment, net 7,000 9,000
Right of use, asset 116,000 143,000
Total assets 393,000 280,000
Current liabilities:    
Accounts payable-license agreements - past due 1,903,000 1,726,000
Accounts payable and accrued expenses 918,000 930,000
Convertible debentures, net of discounts of $280,000 and $86,000, respectively; includes $1,590,000 and $1,333,000, respectively, in default 1,798,000 1,503,000
PPP loan payable 78,000 150,000
Operating lease liabilities 41,000 38,000
Total current liabilities 4,738,000 4,347,000
Operating lease liabilities, net of current portion 77,000 106,000
Total liabilities 4,815,000 4,453,000
Commitments and contingencies
Stockholders’ deficit    
Common stock, $0.001 par value: 500,000,000 shares authorized, 366,074,683 and 355,300,222 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 366,076 355,301
Additional paid-in capital 118,714,924 118,065,699
Accumulated deficit (123,503,000) (122,594,000)
Total stockholders’ deficit (4,422,000) (4,173,000)
Total liabilities and stockholders’ deficit $ 393,000 $ 280,000
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses        
Operating expenses 214,000 230,000 504,000 586,000
Research and development expenses 130,000 152,000 227,000 259,000
Loss from operations (344,000) (382,000) (731,000) (845,000)
Other income (expense)        
Gain on partial forgiveness of PPP note payable 0 0 63,000 0
Interest and financing expense (93,000) (141,000) (241,000) (323,000)
Net Loss $ (437,000) $ (523,000) $ (909,000) $ (1,168,000)
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from Operating Activities    
Net loss $ (909,000) $ (1,168,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 31,000 41,000
Amortization of debt discount 90,000 194,000
Accrued interest expense 115,000 92,000
Depreciation 3,000 5,000
Gain on partial forgiveness of PPP note payable (63,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,000) 36,000
Lease right of use asset 27,000 13,000
Accounts payable – license agreements 177,000 176,000
Accounts payable and accrued expenses (12,000) 65,000
Accounts payable and accrued expenses – related parties 0 44,000
Lease liabilities (26,000) (12,000)
Net cash used in operating activities (571,000) (514,000)
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 private sale of restricted common stock 0 128,000
Net proceeds from issuance of convertible notes and warrants 393,000 412,000
Net proceeds from issuance of warrants and options 326,000 0
Principal payment on PPP loan payable (9,000) 0
Net cash provided by financing activities 710,000 540,000
Net increase in cash 138,000 26,000
Cash, beginning of period 114,000 52,000
Cash, end of period 252,000 78,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 0 0
Non-cash investing and financing activities    
Adjustment for adoption of ASU 2020-06 0 30,000
Recording of right of use asset and lease liability 0 165,000
Conversion of convertible debentures and accrued interest to common stock 20,000 332,000
Value of warrants issued with convertible notes $ 283,000 $ 156,000