Financials

v3.3.0.814
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 1,301,122 $ 252,145
Investment in trading securities 39,930
Prepaid expenses & other $ 411,464 158,849
Total Current Assets 1,712,586 450,924
Property & equipment, net 5,712 11,727
Intangible assets, net 328,295 357,540
Total Assets 2,046,593 820,191
Current Liabilities:    
Convertible notes payable - short term, net (see Note 4) 4,330,274 2,123,416
Accounts payable 1,672,185 1,064,480
Derivative liabilities 1,385,695 1,354,319
Accrued expenses & other 1,569,444 1,074,611
Total Current Liabilities 8,957,598 5,616,826
Stockholders' Equity (Deficit):    
Common stock Class A - $0.001 par value, 100,000,000 shares authorized, 30,366,011 and 29,197,497 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively 30,367 29,199
Additional paid-in capital 24,246,736 24,034,203
Accumulated deficit (31,194,268) (28,866,683)
Total Stockholders' Deficit (6,911,005) (4,796,635)
Total Liabilities and Stockholders' Deficit 2,046,593 820,191
Series A Preferred Stock [Member]    
Stockholders' Equity (Deficit):    
Preferred stock Series A; $0.001 par value, 3,500,000 shares designated; 462,922 and 949,477 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively (preference in liquidation of $394,032 at September 30, 2015) Preferred stock Series B; $0.001 par value, 12,000,000 shares designated 5,694,571 shares issued and outstanding at September 30, 2015 and December 31, 2014 (preference in liquidation of $5,521,222 at September 30, 2015) 465 951
Series B Preferred Stock [Member]    
Stockholders' Equity (Deficit):    
Preferred stock Series A; $0.001 par value, 3,500,000 shares designated; 462,922 and 949,477 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively (preference in liquidation of $394,032 at September 30, 2015) Preferred stock Series B; $0.001 par value, 12,000,000 shares designated 5,694,571 shares issued and outstanding at September 30, 2015 and December 31, 2014 (preference in liquidation of $5,521,222 at September 30, 2015) $ 5,695 $ 5,695
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Operating Expenses:        
General and administrative $ 492,974 $ 824,874 $ 1,773,996 $ 2,667,109
Research and development 291,618 641,445 576,824 1,232,939
Total Operating Expenses 784,592 1,466,319 2,350,820 3,900,048
Loss from Operations $ (784,592) (1,466,319) $ (2,350,820) (3,900,048)
Other Income (Expense):        
Loss on disposition of intangible/fixed assets $ (13,005) (29,596)
Loss on sale of trading securities $ (11,946) (302,116)
Unrealized gain on trading securities 7,986 236,143
Gain (loss) on revaluation of derivative liabilities $ 1,130,351 $ 501,966 856,327 (205,001)
Interest and other expense, net (240,851) (39,467) (398,775) (40,075)
Total Other Income (Expense), net 889,500 449,494 453,592 (340,645)
Income (Loss) Before Provision for Income Taxes $ 104,908 $ (1,016,825) $ (1,897,228) $ (4,240,693)
Provision for Income Taxes
Net Income (Loss) $ 104,908 $ (1,016,825) $ (1,897,228) $ (4,240,693)
Preferred Stock Dividends (142,840) (135,053) (430,357) (415,006)
Net Loss Attributable to Common Stockholders $ (37,932) $ (1,151,878) $ (2,327,585) $ (4,655,699)
Net loss per common share - Basic and Diluted $ (0.00) $ (0.04) $ (0.08) $ (0.16)
Weighted Average Shares Used in per Share Calculation - Basic and Diluted 29,847,803 29,109,320 29,502,276 28,452,768
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,897,228) $ (4,240,693)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 35,260 29,652
Amortization of issuance costs $ 220,656 19,112
Fair value of common stock issued for consulting 178,160
Share-based compensation related to employee stock options $ 169,641 330,854
Loss on intangible and fixed asset dispositions 29,596
Net loss on sale of trading securities $ 11,946 302,116
Change in unrealized gain (loss) on trading securities (7,986) (236,143)
(Gain) loss on revaluation and modification of derivative warrant liability (856,327) 205,001
(Increase) decrease in:    
Prepaid expenses & other (101,167) (54,946)
Increase (decrease) in:    
Accounts payable 607,705 357,060
Accrued expenses & other 108,050 218,262
Net Cash Used in Operating Activities (1,709,450) (2,861,969)
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 2,980,005 $ 1,372,500
Proceeds from other short-term financing 365,000
Notes payable issuance costs (207,548) $ (99,655)
Repayment of notes payable $ (415,000)
Proceeds from the exercise of stock warrants $ 90,375
Proceeds from sale of common stock, net 203,055
Net Cash Provided by Financing Activities $ 2,722,457 1,566,275
Net Increase (Decrease) in Cash and Cash Equivalents 1,048,977 (1,083,406)
Cash and Cash Equivalents, Beginning of Period 252,145 1,143,175
Cash and Cash Equivalents, End of Period $ 1,301,122 $ 59,769
Supplemental Cash Flow Disclosures:    
Interest expense paid in cash
Tax paid $ 1,912 $ 1,412
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 $ (376,977) (340,046)
Series A Preferred Stock dividends (44,492) (57,791)
Conversion of Series A Preferred Stock dividend to Common Stock $ (8,888) (17,170)
Conversion of Series A Preferred Stock to Common Stock (1,254)
Conversion of Series B preferred shares to Common Stock $ (1,254)
Fair value of warrants issued with Convertible Notes $ (358,255)
Fair value of warrants issued to Convertible Notes placement agents (39,108)
Fair value of embedded derivative liability in Convertible Notes $ (490,340)