Financials

v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 53,000 $ 114,000
Prepaid expenses 18,000 14,000
Total current assets 71,000 128,000
Property and equipment, net 9,000 9,000
Right of use, asset 126,000 143,000
Total assets 206,000 280,000
Current liabilities:    
Accounts payable-license agreements - past due 1,844,000 1,726,000
Accounts payable and accrued expenses 1,039,000 930,000
Convertible debentures, net of discounts of $27,000 and $86,000, respectively; includes $1,447,000 and $1,333,000, respectively, in default 1,622,000 1,503,000
PPP loan payable 87,000 150,000
Operating lease liabilities 39,000 38,000
Total current liabilities 4,631,000 4,347,000
Operating lease liabilities, net of current portion 89,000 106,000
Total liabilities 4,720,000 4,453,000
Commitments and contingencies
Stockholders’ deficit    
Common stock, $0.001 par value: 500,000,000 shares authorized, 358,926,888 and 355,300,222 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 358,928 355,301
Additional paid-in capital 118,193,072 118,065,699
Accumulated deficit (123,066,000) (122,594,000)
Total stockholders’ deficit (4,514,000) (4,173,000)
Total liabilities and stockholders’ deficit $ 206,000 $ 280,000
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses        
Operating expenses 90,000 142,000 290,000 356,000
Research and development expenses 49,000 60,000 97,000 107,000
Loss from operations (139,000) (202,000) (387,000) (463,000)
Other income (expense)        
Gain on partial forgiveness of PPP note payable 39,000 0 63,000 0
Interest and financing expense (71,000) (72,000) (148,000) (182,000)
Net Loss $ (171,000) $ (274,000) $ (472,000) $ (645,000)
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from Operating Activities    
Net loss $ (472,000) $ (645,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 27,000 18,000
Amortization of debt discount and accrued interest 125,000 158,000
Depreciation 1,000 3,000
Gain on partial forgiveness of PPP note payable (63,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,000) (5,000)
Decrease in operating lease right of use asset 17,000 3,000
Accounts payable and accrued expenses 109,000 45,000
Accounts payable – license agreements 118,000 117,000
Accounts payable and accrued expenses – related parties 0 44,000
Operating lease liabilities (16,000) (3,000)
Net cash used in operating activities (158,000) (265,000)
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 0 238,000
Net proceeds from exercise of warrants 98,000 0
Net cash provided by financing activities 98,000 366,000
Net increase (decrease) in cash (61,000) 101,000
Cash, beginning of period 114,000 52,000
Cash, end of period 53,000 153,000
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
Conversion of convertible debentures to common stock 6,000 0
Recording of right of use asset and lease liability 0 165,000
Conversion of convertible debentures and accrued interest to common stock 0 133,000
Value of warrants issued with convertible notes $ 0 $ 99,000