Financials

v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 62,000 $ 114,000
Prepaid expenses 10,000 14,000
Total current assets 72,000 128,000
Property and equipment, net of accumulated depreciation of 93,000 and $92,000 at March 31, 2022 and December 31, 2021, respectively 8,000 9,000
Operating lease right of use asset 136,000 143,000
Total assets 216,000 280,000
Current liabilities:    
Accounts payable-license agreements-past due 1,785,000 1,726,000
Accounts payable and accrued expenses 1,025,000 930,000
Convertible debentures, net of discounts of $52,000 and $86,000, respectively; includes $1,401,000 and $1,333,000, respectively, in default 1,562,000 1,503,000
PPP loan payable 126,000 150,000
Operating lease liabilities 39,000 38,000
Total current liabilities 4,537,000 4,347,000
Operating lease liabilities, net of current portion 98,000 106,000
Total liabilities 4,635,000 4,453,000
Commitments and contingencies
Stockholders’ deficit    
Common stock, $.001 par value: 500,000,000 shares authorized, 356,491,888 and 355,300,222 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 356,493 355,301
Additional paid-in capital 118,119,507 118,065,699
Accumulated deficit (122,895,000) (122,594,000)
Total stockholders’ deficit (4,419,000) (4,173,000)
Total liabilities and stockholders’ deficit $ 216,000 $ 280,000
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Revenues $ 0 $ 0
Costs and expenses    
Operating expenses 200,000 214,000
Research and development expenses 48,000 47,000
Loss from operations (248,000) (261,000)
Other income (expense)    
Gain on partial forgiveness of PPP note payable 24,000 0
Interest and financing expense (77,000) (110,000)
Net Loss $ (301,000) $ (371,000)
Net loss per common share, basic and diluted $ (0.00) $ (0.00)
Weighted average common shares outstanding, basic and diluted 355,742,036 323,167,576
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from Operating Activities    
Net loss $ (301,000) $ (371,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 24,000 13,000
Amortization of debt discount and accrued interest 65,000 98,000
Depreciation and amortization 1,000 1,000
Gain on partial forgiveness of PPP note payable (24,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 4,000 31,000
    Decrease in operating lease right of use asset 7,000 0
Accounts payable and accrued expenses 95,000 58,000
Accounts payable – license agreements 59,000 59,000
Accounts payable and accrued expenses – related parties 0 37,000
Operating lease liabilities (7,000) 0
Net cash used in operating activities (77,000) (74,000)
Cash flows from financing activities    
Net proceeds from exercise of warrants 25,000 0
Net proceeds from private sale of restricted common stock 0 45,000
Net proceeds from issuance of convertible notes and warrants 0 30,000
Net cash provided by financing activities 25,000 75,000
Net increase (decrease) in cash (52,000) 1,000
Cash, beginning of period 114,000 52,000
Cash, end of period 62,000 53,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 0 0
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock 11,000 44,000
Adjustment for adoption of ASU 2020-06 0 30,000
Value of warrants issued with convertible notes $ 0 $ 30,000