Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 235,000 $ 19,000
Prepaid expenses 0 2,000
Total Current Assets 235,000 21,000
Fixed Assets, net 3,000 4,000
Total Other Assets 3,000 4,000
TOTAL ASSETS 238,000 25,000
Current Liabilities:    
Accounts payable 2,061,000 2,100,000
Accrued interest 3,867,000 3,800,000
Accrued expenses 100,000 219,000
Line of credit 31,000 31,000
Warrant liability 528,000 417,000
Settlement note payable 691,000 691,000
Demand notes payable 190,000 452,000
Convertible debentures, net of discount of $708,000 and $794,000, current portion 10,036,000 10,350,000
Convertible debentures 844,000 889,000
Total Current Liabilities 18,348,000 18,949,000
Long term liabilities:    
Total liabilities 18,348,000 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 March 31, 2017 and December 31, 2016, respectively 1,000 1,000
Series H – 25,000 and 25,000 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 0 0
Series I – 1,666,667 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 2,000 2,000
Common stock - $0.001 par value; 150,000,000 shares authorized; and 122,912,868 and 31,265,475 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 123,000 31,000
Additional paid-in capital 108,897,000 105,860,000
Accumulated deficit (126,964,000) (124,649,000)
Noncontrolling interest (169,000) (169,000)
Total Stockholders' Deficit (18,110,000) (18,924,000)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 238,000 $ 25,000

Source

v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue:    
License revenues $ 0 $ 0
TOTAL REVENUE 0 0
Cost of License Revenue 0 0
Gross profit 0 0
Operating Expenses:    
Research and development 144,000 225,000
Selling, general and administrative 1,394,000 3,676,000
Total operating expenses 1,538,000 3,901,000
Loss from Operations (1,538,000) (3,901,000)
Other income (expense)    
Change in value of warrant and derivative liabilities 2,743,000 31,496,000
Interest expense/income (3,520,000) (1,646,000)
Total Other Income (Expense) (777,000) 29,850,000
Income/(loss) before minority interest and provision for income taxes (2,315,000) 25,949,000
Less: Net income/(loss) attributable to the noncontrolling interests 0 0
Income/(loss) before provision for income taxes (2,315,000) 25,949,000
Provision for income taxes 0 0
Net income/(loss) $ (2,315,000) $ 25,949,000
Income per share - Basic $ (0.04) $ 1.49
Income per share - Diluted $ (0.04) $ 1.49
Weighted Average Common Shares Outstanding - Basic 57,553,979 17,415,189
Weighted Average Common Shares Outstanding - Diluted 57,553,979 17,415,189

Source

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ (2,315,000) $ 25,949,000
Adjustments to reconcile net 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 873,000 3,124,000
Amortization of debt discounts 814,000 807,000
Non-cash interest expense 2,197,000 473,000
Change in value of warrant and derivative liabilities (2,743,000) (31,496,000)
Changes in operating assets and liabilities:    
Other assets 0 0
Accounts payable and accrued expenses 523,000 976,000
Net cash used in operating activities (650,000) (167,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 866,000 150,000
Repayment of note payable 0 0
Net cash provided by financing activities 866,000 150,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 216,000 (17,000)
CASH AND CASH EQUIVALENTS - Beginning of period 19,000 47,000
CASH AND CASH EQUIVALENTS - End of period 235,000 30,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock upon conversion of convertible notes 1,864,000 0
Issuance of common stock upon conversion of accrued interest $ 442,000 $ 20,000

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