Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 592,720 $ 349,186
Prepaid expenses and other current assets 54,597 50,596
Total current assets 647,317 399,782
Property and equipment, net of accumulated depreciation of $27,302 and $60,242 at March 31, 2016 and December 31, 2015, respectively 16,532 21,798
Other assets 6,480 6,480
Total assets 670,329 428,060
Current liabilities:    
Accounts payable-license agreements 636,876 590,001
Accounts payable and accrued expenses 226,832 207,334
Accrued expenses and accounts payable-related parties 174,603 190,750
Convertible debentures, net of discounts of $451,113 and $100,833 at March 31, 2016 and December 31, 2015, respectively 237,002 222,195
Total current liabilities $ 1,275,313 $ 1,210,280
Commitments and contingencies
Stockholder's deficit    
Common stock, $.001 par value: 300,000,000 shares authorized 188,720,626 and 183,831,577 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively $ 188,721 $ 183,832
Additional paid-in capital 101,687,839 100,308,100
Accumulated deficit (102,481,544) (101,274,152)
Total stockholders' deficit (604,984) (782,220)
Total liabilities and stockholders' deficit $ 670,329 $ 428,060