Financials

v3.4.0.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 41,172 $ 290,847
Prepaid expenses and other 97,042 218,155
Total Current Assets 138,214 509,002
Property & equipment, net 9,845 11,049
Intangible assets, net 308,799 318,547
Total Assets 456,858 838,598
Current Liabilities:    
Convertible notes payable - short term, net (see Note 4) 5,036,979 4,349,449
Accounts payable 1,298,248 1,219,867
Derivative liabilities 1,992,776 1,526,060
Accrued expenses & other 1,583,583 1,603,605
Total Current Liabilities $ 9,911,586 $ 8,698,981
Commitments & Contingencies
Stockholders' Deficit:    
Preferred stock Series A; $0.001 par value, 3,500,000 shares designated 140,069 and 150,611 shares issued and outstanding at March 31, 2016 andDecember 31, 2015, respectively (preference in liquidation of $119,192 at March 31, 2016) $ 142 $ 152
Preferred stock Series B; $0.001 par value, 12,000,000 shares designated 5,382,071 shares issued and outstanding at March 31, 2016 and December 31, 2015 (preference in liquidation of $5,477,440 at March 31, 2016) 5,382 5,382
Common stock - Class A - $0.001 par value, 100,000,000 shares authorized, 33,219,792 and 32,908,503 shares issued and outstandingat March 31, 2016 and December 31, 2015, respectively 33,221 32,910
Additional paid-in capital 24,816,404 24,705,547
Accumulated deficit (34,309,877) (32,604,374)
Total Stockholders' Deficit (9,454,728) (7,860,383)
Total Liabilities and Stockholders' Deficit $ 456,858 $ 838,598
v3.4.0.3
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating Expenses:    
General and administrative $ 492,311 $ 678,636
Research and development 189,660 182,405
Total Operating Expenses 681,971 861,041
Loss from Operations (681,971) $ (861,041)
Other Income (Expense):    
Other income 2,485
Loss on debt extinguishment (1,017,148)
Gain on settlement of accounts payable $ 21,406 $ 0
Loss on sale of trading securities (11,946)
Unrealized gain on trading securities 7,986
Gain on revaluation and modification of derivative liabilities $ 501,670 368,007
Interest and other expense (339,076) (77,102)
Total Other Income (Expense), net (890,663) 286,945
Net Loss (1,572,634) (574,096)
Preferred Stock Dividends (132,869) (142,895)
Net Loss Attributable to Common Stockholders $ (1,705,503) $ (716,991)
Net Loss per Common Share - Basic and Diluted $ (0.05) $ (0.02)
Weighted Average Shares Used in per Share Calculation - Basic and Diluted 33,060,322 29,224,959
v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,572,634) $ (574,096)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 10,952 12,818
Amortization of issuance costs and discounts on convertible notes 265,175 $ 31,674
Accretion of interests related to convertible notes 64,719
Share-based compensation related to employee stock options 22,206 $ 98,222
Gain on accounts payable settlement (21,406)
Loss on debt extinguishment $ 1,017,148
Net loss on sale of trading securities $ 11,946
Change in unrealized loss on trading securities (7,986)
Gain on revaluation and modification of derivative liabilities $ (501,670) (368,007)
(Increase) decrease in:    
Prepaid expenses and other 74,795 $ 12,798
Deferred issuance costs on convertible notes 57,955
Increase (decrease) in:    
Accounts payable 121,193 $ 355,841
Accrued expenses & other 67,752 36,579
Net Cash Used by Operating Activities $ (393,815) (390,211)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of investments 35,970
Net Cash Provided by Investing Activities 35,970
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible notes payable - short term $ 150,000 200,000
Notes payable issuance costs $ (5,860) (1,940)
Repayment of notes payable (10,000)
Net Cash Provided by Financing Activities $ 144,140 188,060
Net change in Cash and Cash Equivalents (249,675) (166,181)
Cash and Cash Equivalents, Beginning of Period 290,847 252,145
Cash and Cash Equivalents, End of Period $ 41,172 $ 85,964
Supplemental Cash Flow Disclosures:    
Interest expense paid in cash
Tax paid $ 1,662
Supplemental Non-Cash Disclosure:    
Series B Preferred Stock dividends 129,889 $ 123,564
Series A Preferred Stock dividends 2,935 $ 18,111
Accounts payable settled in Common Stock 21,406
Conversion of Series A Preferred Stock dividend to Common Stock 46 $ 1,220
Conversion of Series A Preferred Stock to Common Stock 10 $ 75
Conversion of Convertible Notes 67,500
Fair value of embedded derivative liability in Convertible Notes 33,911
Fair value of embedded derivative liability in Convertible Notes $ 945,951