Financials

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 42,042 $ 252,145
Investment in trading securities   39,930
Prepaid expenses & other $ 132,281 158,849
Total Current Assets 174,323 450,924
Property and equipment, net 6,651 11,727
Intangible assets, net 338,043 357,540
Total Assets 519,017 820,191
Current Liabilities:    
Convertible notes payable - short term (see Note 4) 2,713,416 2,123,416
Accounts payable 1,671,111 1,064,480
Derivative warrant liability 1,628,343 1,354,319
Accrued expenses & other 1,402,851 1,074,611
Total Current Liabilities 7,415,721 5,616,826
Stockholders' Equity (Deficit):    
Common stock - Class A - $0.001 par value, 100,000,000 shares authorized, 29,527,187 and 29,197,497 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively. 29,528 29,199
Additional paid-in capital 24,223,596 24,034,203
Accumulated deficit (31,156,336) (28,866,683)
Total Stockholders' Deficit (6,896,704) (4,796,635)
Total Liabilities and Stockholders' Deficit 519,017 820,191
Series A Preferred Stock [Member]    
Stockholders' Equity (Deficit):    
Preferred stock Series A; $0.001 par value, 3,500,000 shares designated 811,148 and 949,477 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively; Series B; $0.001 par value, 12,000,000 shares designated 5,694,571 shares issued and outstanding at June 30, 2015 and December 31, 2014 813 951
Series B Preferred Stock [Member]    
Stockholders' Equity (Deficit):    
Preferred stock Series A; $0.001 par value, 3,500,000 shares designated 811,148 and 949,477 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively; Series B; $0.001 par value, 12,000,000 shares designated 5,694,571 shares issued and outstanding at June 30, 2015 and December 31, 2014 $ 5,695 $ 5,695
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Operating Expenses:        
General and administrative $ 602,386 $ 947,387 $ 1,281,022 $ 1,842,235
Research and development 102,801 266,907 285,206 591,494
Total Operating Expenses 705,187 1,214,294 1,566,228 2,433,729
Loss from Operations $ (705,187) (1,214,294) $ (1,566,228) (2,433,729)
Other Income (Expense):        
Loss on disposition of intangible assets   (16,591)   (16,591)
Loss on sale of trading securities   (118,518) $ (11,946) (302,116)
Unrealized gain on trading securities   94,404 7,986 236,143
Loss on revaluation of derivative warrant liability $ (642,031) (642,047) (274,024) (706,967)
Interest and other expense, net (80,822) (282) (157,924) (608)
Total Other Expense, net (722,853) (683,034) (435,908) (790,139)
Loss Before Provision for Income Taxes $ (1,428,040) $ (1,897,328) $ (2,002,136) $ (3,223,868)
Provision for Income Taxes        
Net Loss $ (1,428,040) $ (1,897,328) $ (2,002,136) $ (3,223,868)
Preferred Stock Dividend (144,622) (134,159) (287,517) (279,953)
Net Loss Attributable to Common Stockholders $ (1,572,662) $ (2,031,487) $ (2,289,653) $ (3,503,821)
Net loss per common share - Basic and Diluted $ (0.05) $ (0.07) $ (0.08) $ (0.12)
Weighted Average Shares Used in per Share Calculation - Basic and Diluted 29,430,742 28,947,241 29,328,418 28,117,277
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jul. 02, 2015
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net loss   $ (1,428,040) $ (1,897,328) $ (2,002,136) $ (3,223,868)  
Adjustments to reconcile net loss to net cash used by operating activities            
Depreciation and amortization       24,573 $ 15,313  
Amortization of issuance costs       $ 60,486    
Fair value of common stock issued for consulting         $ 178,160  
Share-based compensation related to employee stock options       $ 150,570 236,953  
Loss on intangible asset dispositions         16,591  
Net loss on sale of trading securities       $ 11,946 302,116  
Change in unrealized gain (loss) on trading securities       (7,986) (236,143)  
Loss on revaluation and modification of derivative warrant liability       274,024 706,967  
(Increase) decrease in:            
Prepaid expenses & other       20,897 (103,818)  
Increase (decrease) in:            
Accounts payable       606,631 586,100  
Accrued expenses & other       79,737 (26,278)  
Net Cash Used in Operating Activities       (781,258) (1,547,907)  
CASH FLOWS FROM INVESTING ACTIVITIES:            
Proceeds from sale of investments       $ 35,970 568,852  
Cash paid for intangible assets         (350,000)  
Cash paid for purchase of property and equipment         (6,564)  
Net Cash Provided by Investing Activities       $ 35,970 $ 212,288  
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds from issuance of convertible notes payable - short term       600,000    
Notes payable issuance costs       (54,815)    
Repayment of notes payable $ (3,542)     $ (10,000)    
Proceeds from the exercise of stock warrants         $ 90,375  
Proceeds from sale of common stock, net         203,055  
Net Cash Provided by Financing Activities       $ 535,185 293,430  
Net Decrease in Cash and Cash Equivalents       (210,103) (1,042,189)  
Cash and Cash Equivalents, Beginning of Period $ 42,042     252,145 1,143,175 $ 1,143,175
Cash and Cash Equivalents, End of Period   $ 42,042 $ 100,986 $ 42,042 $ 100,986 $ 252,145
Supplemental Cash Flow Disclosures:            
Interest expense paid in cash            
Tax paid         $ 1,683  
Supplemental Non-Cash Disclosure:            
Fair value of warrants modified in connection with Series B financing         (114,923)  
Fair value of warrants issued to Series B placement agents         (12,738)  
Series B Preferred Stock dividends accrued       $ (248,503) (225,219)  
Series A Preferred Stock dividend       (34,685) (38,666)  
Conversion of Series A Preferred Stock dividend to Common Stock       $ (4,329) (16,068)  
Conversion of Series A preferred shares to Common Stock         (1,254)  
Conversion of preferred shares and accrued dividends to Common Stock         $ (1,254)  
Series B Preferred Stock [Member]            
Supplemental Non-Cash Disclosure:            
Conversion of Series A Preferred Stock dividend to Common Stock       $ (1,220)    
Conversion of Series A preferred shares to Common Stock       (75)   $ (1,373)
Conversion of preferred shares and accrued dividends to Common Stock       $ (75)   $ (1,373)