Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 587,000 $ 136,000
Prepaid expenses and other current assets 45,000 26,000
Total current assets 632,000 162,000
Property and equipment, net of accumulated depreciation of $43,000 and $32,000 at September 30, 2017 and December 31, 2016, respectively 55,000 17,000
Other assets 2,000 7,000
Total assets 689,000 186,000
Current liabilities:    
Accounts payable-license agreements 815,000 805,000
Accounts payable and accrued expenses 800,000 251,000
Accrued expenses and accounts payable-related parties 40,000 135,000
Deposit and other current liabilities 0 5,000
Convertible debentures, net of discounts of $83,000 and $92,000 at September 30, 2017 and December 31, 2016, respectively 493,000 348,000
Total current liabilities 2,148,000 1,544,000
Stockholders' deficit    
Common stock, $.001 par value: 300,000,000 shares authorized, 233,348,905 and 199,045,026 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 233,349 199,045
Additional paid-in capital 107,726,651 103,716,955
Accumulated deficit (109,419,000) (105,274,000)
Total stockholders' deficit (1,459,000) (1,358,000)
Total liabilities and stockholders' deficit $ 689,000 $ 186,000
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 50,000 $ 0
Costs and Expenses        
Operating expenses 535,000 467,000 2,373,000 1,728,000
Research and development expenses 53,000 52,000 173,000 200,000
Loss before other expenses (588,000) (519,000) (2,496,000) (1,928,000)
Other income (expenses)        
Interest and financing expense (227,000) (516,000) (1,649,000) (1,449,000)
Loss on disposition of equipment 0 0 0 (3,000)
Net loss $ (815,000) $ (1,035,000) $ (4,145,000) $ (3,380,000)
Net loss per common share, basic and diluted $ (0.00) $ (0.01) $ (0.02) $ (0.02)
Weighted average common shares outstanding, basic and diluted 230,132,723 198,343,504 212,384,061 190,874,796
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net Loss $ (4,145,000) $ (3,380,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 653,000 358,000
Issuance of common stock for services 0 48,000
Amortization of debt discount and accrual of interest 1,667,000 1,450,000
Loss on disposition of assets 0 3,000
Depreciation and amortization 11,000 5,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (14,000) 14,000
Accounts payable and accrued expenses 549,000 28,000
Accounts payable - license agreements 10,000 141,000
Accounts payable and accrued expenses - related parties (95,000) (48,000)
Deposits and other current liabiilities (5,000) (21,000)
Net cash used in operating activities (1,369,000) (1,402,000)
Cash flows from investing activities    
Purchase of equipment (49,000) (5,000)
Net cash used in investing activities (49,000) (5,000)
Cash flows from financing activities    
Proceeds from issuance of common stock 38,000 0
Net proceeds from issuance of convertible notes and warrants 1,469,000 1,443,000
Net proceeds from exercise of warrants 362,000 0
Net cash provided by financing activities 1,869,000 1,443,000
Net increase in cash 451,000 36,000
Cash, beginning of period 136,000 349,000
Cash, end of period 587,000 385,000
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0 0
Cash paid during the year for: Income taxes 0 0
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock 1,522,000 603,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,469,000 $ 471,000