Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 204,000 $ 136,000
Prepaid expenses and other current assets 38,000 26,000
Total current assets 242,000 162,000
Property and equipment, net of accumulated depreciation of $51,000 and $32,000 at December 31, 2017 and 2016, respectively 46,000 17,000
Other assets 2,000 7,000
Total assets 290,000 186,000
Current liabilities:    
Accounts payable-license agreements 852,000 805,000
Accounts payable and accrued expenses 748,000 251,000
Accrued expenses -related parties 31,000 135,000
Deposit and other current liabilities 0 5,000
Convertible debentures, net of discounts of $47,000 and $92,000 at December 31, 2017 and 2016, respectively 533,000 348,000
Total current liabilities 2,164,000 1,544,000
Commitments and contingencies 0 0
Stockholders' deficit    
Common stock, $0.001 par value: 500,000,000 shares authorized, 234,076,907 shares issued and outstanding, and 300,000,000 shares authorized, 199,045,026 shares issued and outstanding at December 31, 2017 and 2016, respectively 234,077 199,045
Additional paid-in capital 108,000,923 103,716,955
Accumulated deficit (110,109,000) (105,274,000)
Total stockholders' deficit (1,874,000) (1,358,000)
Total liabilities and stockholders' deficit $ 290,000 $ 186,000
v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]    
Revenues $ 50,000 $ 0
Operating expenses 2,938,000 2,103,000
Research and development expenses 243,000 279,000
Loss before other income (expense) (3,131,000) (2,382,000)
Other income 0 2,000
Interest and financing expense (1,704,000) (1,617,000)
Loss on disposition of equipment 0 (3,000)
Net Loss $ (4,835,000) $ (4,000,000)
Net loss per common share, basic and diluted $ (0.02) $ (0.02)
Weighted average common shares outstanding, basic and diluted 217,790,405 192,831,810
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from Operating Activities    
Net loss $ (4,835,000) $ (4,000,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 888,000 442,000
Issuance of common stock for services 0 48,000
Amortization of debt discount 1,661,000 1,594,000
Accrued interest 52,000 23,000
Loss on disposition of assets 0 3,000
Depreciation and amortization 19,000 7,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (6,000) 24,000
Accounts payable and accrued expenses 497,000 69,000
Accounts payable - license agreements 47,000 215,000
Accounts payable and accrued expenses - related parties (104,000) (56,000)
Deposits and other current liabilities (5,000) 5,000
Net cash used in operating activities (1,786,000) (1,626,000)
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    
Net proceeds from private sale of restricted common stock 38,000 0
Net proceeds from issuance of convertible notes and warrants 1,469,000 1,418,000
Net proceeds from exercise of warrants and options 396,000 0
Net cash provided by financing activities 1,903,000 1,418,000
Net decrease in cash 68,000 (213,000)
Cash, beginning of period 136,000 349,000
Cash, end of period 204,000 136,000
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 1,528,000 1,491,000
Deposit exchanged to convertible note payable 0 25,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,469,000 $ 1,443,000