Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 27,502 $ 290,847
Prepaid expenses and other 61,912 218,155
Total Current Assets 89,414 509,002
Property and equipment, net 8,551 11,049
Intangible assets, net 289,301 318,547
Total Assets 387,266 838,598
Current Liabilities:    
Convertible notes payable - short term, net (see Note 4) 5,535,235 4,349,449
Note payable - short term 100,000 0
Accounts payable 1,322,715 1,219,867
Derivative liabilities 826,390 1,526,060
Deferred revenue 183,333 0
Accrued expenses and other 2,351,515 1,603,605
Total Current Liabilities 10,319,188 8,698,981
Commitments & Contingencies
Stockholders' Deficit:    
Preferred stock Series A; $0.001 par value, 3,500,000 shares designated 77,450 and 150,611 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively (preference in liquidation of $65,925 at September 30, 2016) 79 152
Preferred stock Series B; $0.001 par value, 12,000,000 shares designated 5,382,071 shares issued and outstanding at September 30, 2016 and December 31, 2015 (preference in liquidation of $5,737,362 at September 30, 2016) 5,382 5,382
Common stock - Class A - $0.001 par value, 100,000,000 shares authorized, 33,648,780 and 32,908,503 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 33,860 32,910
Additional paid-in capital 24,954,234 24,705,547
Accumulated deficit (34,925,477) (32,604,374)
Total Stockholders' Deficit (9,931,922) (7,860,383)
Total Liabilities and Stockholders' Deficit $ 387,266 $ 838,598
v3.5.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Jun. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Operating Expenses:        
General and administrative $ 341,457 $ 492,974 $ 1,273,468 $ 1,773,996
Research and development (21,836) 291,618 407,491 576,824
Total Operating Expenses 319,621 784,592 1,680,959 2,350,820
Loss from Operations (319,621) (784,592) (1,680,959) (2,350,820)
Other Income (Expense):        
Gain (loss) on debt extinguishment 0 0 (995,735) 0
Gain on settlement of accounts payable 84,482 0 105,888 0
Loss on sale of trading securities 0 0 0 (11,946)
Unrealized gain on trading securities 0 0 0 7,986
Gain (loss) on revaluation and modification of derivative liabilities 832,138 1,130,351 1,713,693 856,327
Interest and other expense (212,892) (240,851) (1,065,514) (398,775)
Total Other Income (Expense), net 703,728 889,500 (241,668) 453,592
Net Income (Loss) 384,107 104,908 (1,922,627) (1,897,228)
Preferred Stock Dividends (132,709) (142,840) (398,476) (430,357)
Net (Income) Loss Attributable to Common Stockholders $ 251,398 $ (37,932) $ (2,321,103) $ (2,327,585)
Net (Income) Loss per Common Share - Basic $ 0.01 $ 0 $ (0.07) $ (0.08)
Net (Income) Loss per Common Share - Diluted $ 0 $ 0 $ (0.07) $ (.08)
Weighted Average Shares Used in per Share Calculation - Basic 33,710,993 29,847,803 33,399,421 29,502,276
Weighted Average Shares Used in per Share Calculation - Diluted 76,241,569 29,847,803 33,399,421 29,502,276
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,922,627) $ (1,897,228)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 33,037 35,260
Amortization of issuance costs and discounts on convertible notes 552,712 220,656
Accretion of interests related to convertible notes 181,706 0
Share-based compensation related to stock options 31,343 169,641
Fair value of warrants 22,576 0
Gain on accounts payable settlement (105,888) 0
Loss on debt extinguishment 995,735 0
Net loss on sale of trading securities 0 11,946
Change in unrealized loss on trading securities 0 (7,986)
Gain on revaluation and modification of derivative liabilities (1,713,693) (856,327)
(Increase) decrease in:    
Prepaid expenses and other 51,602 (101,167)
Deferred issuance costs on convertible notes 116,278 0
Increase (decrease) in:    
Accounts payable 230,142 607,705
Deferred revenue 183,333 0
Accrued expenses and other 579,862 108,050
Net Cash Used by Operating Activities (763,882) (1,709,450)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of investments 0 35,970
Purchase of equipment (1,293) 0
Net Cash Provided by Investing Activities (1,293) 35,970
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from other short - term financing 100,000 365,000
Proceeds from issuance of convertible notes payable - short term 410,000 2,980,005
Notes payable issuance costs (8,170) (207,548)
Repayment of notes payable 0 (415,000)
Net Cash Provided by Financing Activities 501,830 2,722,457
Net change in Cash and Cash Equivalents (263,345) 1,048,977
Cash and Cash Equivalents, Beginning of Period 290,847 252,145
Cash and Cash Equivalents, End of Period 27,502 1,301,122
Supplemental Cash Flow Disclosures:    
Interest expense paid in cash 0 0
Tax paid 1,662 1,912
Supplemental Non-Cash Disclosure:    
Series B Preferred Stock dividends 389,810 376,977
Series A Preferred Stock dividends 7,584 44,492
Accounts Payable settled in Common Stock 21,406 8,889
Series A Preferred Stock dividend issued upon conversion to Common Stock 1,082 0
Conversion of Series A Preferred Stock dividend to Common Stock 80 528
Conversion of Convertible Notes 175,922 10
Fair value of warrants issued with Convertible Notes 0 358,255
Fair value of warrants issued to Convertible Notes placement agents 0 39,108
Fair value of embedded derivative liability in 2016 Convertible Notes 83,343 0
Fair value of embedded derivative liability in 2015 Convertible Notes 0 490,340
Fair value of embedded derivative liability in 2014 Convertible Notes $ 945,951 $ 0