Financials

v3.5.0.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 154,000 $ 47,000
Prepaid expenses 2,000 2,000
Total Current Assets 156,000 49,000
Fixed Assets, net 4,000 5,000
Total Other Assets 4,000 5,000
TOTAL ASSETS 160,000 54,000
Current Liabilities:    
Accounts payable 1,814,000 893,000
Accrued interest 3,480,000 2,391,000
Accrued expenses 597,000 4,326,000
Line of credit 31,000 31,000
Warrant liability 184,000 44,531,000
Settlement note payable 691,000 691,000
Demand notes payable 452,000 452,000
Convertible debentures, current portion, net of discount of $1,596,000 and $900,000 8,678,000 6,820,000
Convertible debentures 1,039,000 1,039,000
Total Current Liabilities 16,966,000 61,174,000
Long term liabilities:    
Convertible debt, net of discount of $470,000 and $2,536,000 400,000 714,000
Total long term liabilities 400,000 714,000
Total liabilities 17,366,000 61,888,000
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 September 30, 2016 and December 31, 2015, respectively 1,000 1,000
Series H – 25,000 and 25,000 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 0 0
Series I – 1,666,667 and 1,666,667 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 2,000 2,000
Common stock - $0.001 par value; 150,000,000 shares authorized; 28,218,365 and 2,400,000 shares issued and outstanding at September 30, 2016 and December 31, 2015 28,000 2,000
Additional paid-in capital 104,752,000 84,012,000
Accumulated deficit (121,820,000) (145,682,000)
Noncontrolling interest (169,000) (169,000)
Total Stockholders' Deficit (17,206,000) (61,834,000)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 160,000 $ 54,000

Source

v3.5.0.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue:        
Product revenues $ 0 $ 0 $ 0 $ 0
License revenues 0 0 0 27,000
TOTAL REVENUE 0 0 0 27,000
Cost of License Revenue 0 0 0 0
Gross profit 0 0 0 27,000
Operating Expenses:        
Research and development 250,000 225,000 725,000 475,000
Selling, general and administrative 2,280,000 2,552,000 7,827,000 5,571,000
Total operating expenses 2,530,000 2,777,000 8,552,000 6,046,000
Loss from Operations (2,530,000) (2,777,000) (8,552,000) (6,019,000)
Other income (expense)        
Change in value of warrant and derivative liabilities 436,000 2,809,000 37,195,000 20,683,000
Interest expense (1,536,000) (1,724,000) (4,781,000) (10,012,000)
Total Other Income (Expense) (1,100,000) 1,085,000 32,414,000 10,671,000
Income/(loss) before minority interest and provision for income taxes (3,630,000) (1,692,000) 23,862,000 4,652,000
Plus: net (income) loss attributable to the noncontrolling interest 0 0 0 0
Income/(loss) before provision for income taxes (3,630,000) (1,692,000) 23,862,000 4,652,000
Provision for income taxes 0 0 0 0
Net income/(loss) $ (3,630,000) $ (1,692,000) $ 23,862,000 $ 4,652,000
Weighted Average Common Shares Outstanding - Basic 27,462,111 2,400,000 22,656,666 2,392,683
Weighted Average Common Shares Outstanding - Diluted 27,462,111 2,400,000 22,656,666 4,764,753
Income per share - Basic $ 0.13 $ 0.71 $ 1.05 $ 1.94
Income per share - Diluted $ 0.13 $ 0.71 $ 1.05 $ 0.98

Source

v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 23,862,000 $ 4,652,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 1,000 1,000
Amortization of intangible assets 0 0
Stock compensation expense for options and warrants issued to employees and non-employees 5,812,000 1,820,000
Non-cash interest expense 1,697,000 7,717,000
Amortization of debt discounts 1,625,000 1,732,000
Change in value of warrant and derivative liabilities (37,195,000) (20,683,000)
Changes in operating assets and liabilities:    
Accounts receivable 0 0
Other assets 0 25,000
Accounts payable and accrued expenses 2,403,000 1,023,000
Net cash used in operating activities (1,795,000) (3,713,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of note payable 0 0
Proceeds from notes payable 1,902,000 2,900,000
Net cash provided by financing activities 1,902,000 2,900,000
Minority Interest 0 0
NET DECREASE IN CASH AND CASH EQUIVALENTS 107,000 (813,000)
CASH AND CASH EQUIVALENTS - Beginning of period 47,000 855,000
CASH AND CASH EQUIVALENTS - End of period 154,000 42,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Common stock issued upon conversion of convertible notes 1,794,000 0
Common stock issued upon conversion of accrued interest and penalty $ 346,000 $ 247,000

Source