Financials

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 52,000 $ 479,000
Prepaid expenses and other current assets 89,000 96,000
Total current assets 141,000 575,000
Property and equipment, net of accumulated depreciation of $85,000 and $80,000 at September 30, 2020 and December 31, 2019, respectively 18,000 23,000
Other assets 0 2,000
Total assets 159,000 600,000
Current liabilities:    
Accounts payable-license agreements 1,432,000 1,255,000
Accounts payable and accrued expenses 733,000 557,000
Accrued expenses and accounts payable-related parties 54,000 7,000
Convertible debentures, net of discounts of $47,000 and $153,000 at September 30, 2020 and December 31, 2019, respectively 1,132,000 1,050,000
PPP Loan payable 151,000 0
Total current liabilities 3,502,000 2,869,000
Stockholders' deficit    
Common stock, $.001 par value: 500,000,000 shares authorized, 321,087,910 and 310,111,536 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 321,089 310,111
Additional paid-in capital 117,167,911 116,209,889
Accumulated deficit (120,832,000) (118,789,000)
Total stockholders' deficit (3,343,000) (2,269,000)
Total liabilities and stockholders' deficit $ 159,000 $ 600,000
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses        
Operating expenses 297,000 493,000 1,242,000 1,626,000
Research and development expenses 81,000 82,000 308,000 665,000
Loss before other expense (378,000) (575,000) (1,550,000) (2,291,000)
Other expense        
Interest and financing expense (58,000) (413,000) (493,000) (2,437,000)
Net loss $ (436,000) $ (988,000) $ (2,043,000) $ (4,728,000)
Net loss per common share, basic and diluted $ 0.00 $ 0.00 $ (0.01) $ (0.02)
Weighted average common shares outstanding, basic and diluted 319,326,044 298,834,404 315,128,749 298,834,404
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net Loss $ (2,043,000) $ (4,728,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 296,000 275,000
Issuance of common stock for services 0 68,000
Amortization of debt discount 339,000 2,348,000
Accrued interest expense 118,000 44,000
Depreciation and amortization 5,000 5,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 9,000 (211,000)
Accounts payable and accrued expenses 176,000 (158,000)
Accounts payable - license agreements 177,000 123,000
Accounts payable and accrued expenses - related parties 47,000 (50,000)
Deposits and other current liabilities 0 0
Net cash used in operating activities (876,000) (2,284,000)
Cash flows from investing activities    
Purchase of equipment 0 (6,000)
Net cash used in investing activities 0 (6,000)
Cash flows from financing activities    
Net proceeds from private sale of restricted common stock 25,000 0
Net proceeds from issuance of convertible notes and warrants 212,000 1,350,000
Net proceeds from exercise of warrants 61,000 292,000
Net proceeds from PPP Loan 151,000 0
Net cash provided by financing activities 449,000 1,642,000
Net decrease in cash (427,000) (648,000)
Cash, beginning of period 479,000 1,153,000
Cash, end of period 52,000 505,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 0 1,600
Non-cash investing and financing activities    
Conversion of convertible debentures and accrued interest to common stock 375,000 2,354,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 212,000 $ 1,350,000