Financials

v3.20.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 274,000 $ 479,000
Prepaid expenses and other current assets 55,000 96,000
Total current assets 329,000 575,000
Property and equipment, net of accumulated depreciation of $82,000 and $80,000 at March 31, 2020 and December 31, 2019, respectively 21,000 23,000
Other assets 2,000 2,000
Total assets 352,000 600,000
Current liabilities:    
Accounts payable-license agreements 1,314,000 1,255,000
Accounts payable and accrued expenses 649,000 557,000
Accrued expenses and accounts payable-related parties 5,000 7,000
Convertible debentures, net of discounts of $86,000 and $153,000 at March 31, 2020 and December 31, 2019, respectively 983,000 1,050,000
Total current liabilities 2,951,000 2,869,000
Commitments and contingencies
Stockholders' deficit    
Common stock, $.001 par value: 500,000,000 shares authorized, 314,972,209 and 310,111,536 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 314,972 310,111
Additional paid-in capital 116,641,028 116,209,889
Accumulated deficit (119,555,000) (118,789,000)
Total stockholders' deficit (2,599,000) (2,269,000)
Total liabilities and stockholders' deficit $ 352,000 $ 600,000
v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]    
Revenues $ 0 $ 0
Costs and Expenses    
Operating expenses 532,000 478,000
Research and development expenses 70,000 151,000
Loss from operations (602,000) (629,000)
Other expense    
Interest and financing expense (164,000) (1,653,000)
Net loss $ (766,000) $ (2,282,000)
Net loss per common share, basic and diluted $ (0.00) $ (0.01)
Weighted average common shares outstanding, basic and diluted 311,063,681 265,880,777
v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net Loss $ (766,000) $ (2,282,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 121,000 99,000
Amortization of debt discount and of interest expense 152,000 1,632,000
Depreciation and amortization 2,000 1,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 41,000 (457,000)
Accounts payable and accrued expenses 92,000 (100,000)
Accounts payable - license agreements 59,000 68,000
Accounts payable and accrued expenses - related parties (2,000) (30,000)
Net cash used in operating activities (301,000) (1,069,000)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 35,000 668,000
Net proceeds from exercise of warrants and options 61,000 172,000
Net cash provided by financing activities 96,000 840,000
Net increase (decrease) in cash (205,000) (229,000)
Cash, beginning of period 479,000 1,153,000
Cash, end of period 274,000 924,000
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 219,000 1,836,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 35,000 $ 668,000