Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 39,000 $ 19,000
Prepaid expenses 0 2,000
Total Current Assets 39,000 21,000
Fixed assets, net 3,000 4,000
Total Other Assets 3,000 4,000
TOTAL ASSETS 42,000 25,000
Current Liabilities:    
Accounts payable 2,347,000 2,100,000
Accrued interest 4,339,000 3,800,000
Accrued expenses 57,000 219,000
Line of credit 31,000 31,000
Warrant liability 964,000 417,000
Settlement note payable 691,000 691,000
Demand notes payable 190,000 452,000
Convertible debentures, net of discount of $215,000 and $794,000, current portion 10,663,000 10,350,000
Convertible debentures 844,000 889,000
Total Current Liabilities 20,126,000 18,949,000
Stockholders' Deficit:    
Convertible preferred stock - $0.001 par value; 15,000,000 shares authorized: Series C - 96,230 and 96,230 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 1,000 1,000
Series H – 25,000 and 25,000 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 0 0
Series I – 1,666,667 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 2,000 2,000
Common stock - $0.001 par value; 750,000,000 shares authorized; and 496,441 and 104,218 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 0 0
Additional paid-in capital 109,876,000 105,891,000
Accumulated deficit (129,794,000) (124,649,000)
Noncontrolling interest (169,000) (169,000)
Total Stockholders' Deficit (20,084,000) (18,924,000)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 42,000 $ 25,000

Source

v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue:        
Product revenues $ 0 $ 0 $ 0 $ 0
License revenues 0 0 0 0
Total revenue 0 0 0 0
Cost of product revenue 0 0 0 0
Gross profit 0 0 0 0
Operating Expenses:        
Research and development 241,000 250,000 385,000 475,000
Selling, general and administrative expenses 1,044,000 1,871,000 2,438,000 5,547,000
Total operating expenses 1,285,000 2,121,000 2,823,000 6,022,000
Loss from Operations (1,285,000) (2,121,000) (2,823,000) (6,022,000)
Other income (expense)        
Change in value of warrant and derivative liabilities (367,000) 5,263,000 2,376,000 36,759,000
Interest expense (1,178,000) (1,599,000) (4,698,000) (3,245,000)
Total other income (expense) (1,545,000) 3,664,000 (2,322,000) 33,514,000
Income (loss) before minority interest and provision for income taxes (2,830,000) 1,543,000 (5,145,000) 27,492,000
Plus: net (income) loss attributable to the noncontrolling interest 0 0 0 0
Income before provision for income taxes (2,830,000) 1,543,000 (5,145,000) 27,492,000
Provision for income taxes 0 0 0 0
Net income (loss) $ (2,830,000) $ 1,543,000 $ (5,145,000) $ 27,492,000
Weighted Average Common Shares Outstanding - Basic 479,053 77,785 335,450 67,918
Weighted Average Common Shares Outstanding - Diluted 479,053 84,690 335,450 67,918
Net income (loss) per share - Basic $ (5.91) $ 19.84 $ (15.34) $ 404.78
Net income (loss) per share - Diluted $ (5.91) $ 18.22 $ (15.34) $ 404.78

Source

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss)/income $ (5,145,000) $ 27,492,000
Adjustments to reconcile net (loss)/income to net cash used in operating activities:    
Depreciation 1,000 0
Stock compensation expense for options and warrants issued to employees and non-employees 1,524,000 4,051,000
Amortization of debt discounts 1,376,000 972,000
Note allonge 100,000 0
Non-cash interest expense 2,197,000 1,504,000
Change in value of warrant and derivative liabilities (2,376,000) (36,759,000)
Changes in operating assets and liabilities:    
Other assets 0 0
Accounts payable and accrued expenses 1,282,000 1,508,000
Net cash used in operating activities (1,041,000) (1,232,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of fixed assets 0 0
Net cash used by investing activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 1,061,000 1,540,000
Repayment of note payable 0 0
Net cash provided by financing activities 1,061,000 1,540,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 20,000 308,000
CASH AND CASH EQUIVALENTS - Beginning of period 19,000 47,000
CASH AND CASH EQUIVALENTS - End of period 39,000 355,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock upon conversion of convertible notes 2,025,000 1,429,000
Issuance of common stock upon conversion of accrued interest $ 486,000 $ 270,000

Source