Financials

v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 479,000 $ 1,153,000
Prepaid expenses and other current assets 96,000 34,000
Total current assets 575,000 1,187,000
Property and equipment, net of accumulated depreciation of $80,000 and $73,000 at December 31, 2019 and 2018, respectively 23,000 24,000
Other assets 2,000 2,000
Total assets 600,000 1,213,000
Current liabilities:    
Accounts payable-license agreements 1,255,000 1,073,000
Accounts payable and accrued expenses 557,000 658,000
Accrued expenses-related parties 7,000 55,000
Convertible notes payable, net of discounts of $153,000 and $1,100,000 at December 31, 2019 and 2018, respectively 1,050,000 909,000
Total current liabilities 2,869,000 2,695,000
Commitments and contingencies
Stockholders' deficit    
Common stock, $0.001 par value: 500,000,000 shares authorized, 310,111,536 and 256,123,515 shares issued and outstanding at December 31, 2019 and 2018, respectively 310,111 256,123
Additional paid-in capital 116,209,889 111,429,877
Accumulated deficit (118,789,000) (113,168,000)
Total stockholders' deficit (2,269,000) (1,482,000)
Total liabilities and stockholders' deficit $ 600,000 $ 1,213,000
v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]    
Revenues $ 0 $ 0
Operating expenses 2,159,000 1,853,000
Research and development expenses 891,000 208,000
Loss from operations (3,050,000) (2,061,000)
Interest and financing expense (2,571,000) (998,000)
Net loss $ (5,621,000) $ (3,059,000)
Net loss per common share, basic and diluted $ (0.02) $ (0.01)
Weighted average common shares outstanding, basic and diluted 290,559,027 246,255,784
v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from Operating Activities    
Net Loss $ (5,621,000) $ (3,059,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 383,000 435,000
Issuance of common stock for services 68,000 12,000
Amortization of debt discount and of interest expense 2,514,000 955,000
Depreciation and amortization 7,000 22,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (62,000) 4,000
Accounts payable and accrued expenses (101,000) (90,000)
Accounts payable - license agreements 182,000 221,000
Accounts payable and accrued expenses - related parties (48,000) 24,000
Net cash used in operating activities (2,678,000) (1,476,000)
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 1,362,000 1,778,000
Net proceeds from exercise of warrants and options 648,000 647,000
Net cash provided by financing activities 2,010,000 2,425,000
Net increase (decrease) in cash (674,000) 949,000
Cash, beginning of period 1,153,000 204,000
Cash, end of period 479,000 1,153,000
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 2,373,000 579,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,362,000 $ 1,778,000