Financials

v2.4.1.9
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2015
Dec. 31, 2014
Current assets:    
Cash $ 1,414,363us-gaap_Cash $ 2,247,557us-gaap_Cash
Other current assets 49,124us-gaap_OtherAssetsCurrent 72,225us-gaap_OtherAssetsCurrent
Total current assets 1,463,487us-gaap_AssetsCurrent 2,319,782us-gaap_AssetsCurrent
Property and Equipment, net of accumulated depreciation of $50,393 and $47,180 at March 31, 2015 and December 31, 2014, respectively 31,647us-gaap_PropertyPlantAndEquipmentNet 21,946us-gaap_PropertyPlantAndEquipmentNet
Other assets 5,830us-gaap_OtherAssetsNoncurrent 5,830us-gaap_OtherAssetsNoncurrent
Total assets 1,500,964us-gaap_Assets 2,347,558us-gaap_Assets
Current liabilities    
Accounts payable-license agreements 417,032us-gaap_AccountsPayableCurrent 405,313us-gaap_AccountsPayableCurrent
Accounts payable and accrued expenses 181,107us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 175,228us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Accrued expenses and accounts payable-related parties 243,692us-gaap_AccountsPayableRelatedPartiesCurrent 259,507us-gaap_AccountsPayableRelatedPartiesCurrent
Convertible debentures, net of discounts of $57,934 and $105,542 at March 31, 2015 and December 31, 2014, respectively 133,906us-gaap_ConvertibleNotesPayableCurrent 139,098us-gaap_ConvertibleNotesPayableCurrent
Total current liabilities 975,737us-gaap_LiabilitiesCurrent 979,146us-gaap_LiabilitiesCurrent
Commitments and contingencies      
Stockholder's equity    
Common stock, $.001 par value: 300,000,000 shares authorized 181,338,244 and 181,028,244 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively 181,338us-gaap_CommonStockValue 181,028us-gaap_CommonStockValue
Additional paid-in capital 98,563,424us-gaap_AdditionalPaidInCapital 98,232,582us-gaap_AdditionalPaidInCapital
Accumulated deficit (98,219,535)us-gaap_RetainedEarningsAccumulatedDeficit (97,045,198)us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders' equity 525,227us-gaap_StockholdersEquity 1,368,412us-gaap_StockholdersEquity
Total liabilities and stockholders' equity $ 1,500,964us-gaap_LiabilitiesAndStockholdersEquity $ 2,347,558us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Income Statement [Abstract]    
Revenues $ 0us-gaap_Revenues $ 0us-gaap_Revenues
Operating expenses 855,452us-gaap_OperatingExpenses 924,987us-gaap_OperatingExpenses
Research and development expenses 272,777us-gaap_ResearchAndDevelopmentExpense 451,987us-gaap_ResearchAndDevelopmentExpense
Loss before other income (expense) (1,128,229)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments (1,376,974)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Other income (loss) 1,500us-gaap_OtherNonoperatingIncomeExpense (26,500)us-gaap_OtherNonoperatingIncomeExpense
Interest expense (47,608)us-gaap_InterestExpense 0us-gaap_InterestExpense
Net loss $ (1,174,337)us-gaap_NetIncomeLoss $ (1,403,474)us-gaap_NetIncomeLoss
Net loss per common share, basic and diluted $ (0.01)us-gaap_EarningsPerShareBasicAndDiluted $ (0.01)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average common shares outstanding, basic and diluted 181,253,911us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 160,958,284us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities    
Net loss $ (1,174,337)us-gaap_NetIncomeLoss $ (1,403,474)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 228,352us-gaap_ShareBasedCompensation 155,378us-gaap_ShareBasedCompensation
Amortization of debt discounts 47,608us-gaap_AmortizationOfDebtDiscountPremium 0us-gaap_AmortizationOfDebtDiscountPremium
Depreciation and amortization 3,213us-gaap_DepreciationAndAmortization 3,456us-gaap_DepreciationAndAmortization
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 23,101us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 25,307us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable and accrued expenses 5,879us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (215,264)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Accounts payable - license agreements 11,719us-gaap_IncreaseDecreaseInAccountsPayable 79,238us-gaap_IncreaseDecreaseInAccountsPayable
Accounts payable and accrued expenses - related parties (15,815)us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties (13,340)us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties
Net cash used in operating activities (870,280)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (1,368,699)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities    
Purchase of equipment (12,914)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment 0us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (12,914)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 0us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities    
Net proceeds from exercise of warrants and options 50,000us-gaap_ProceedsFromStockOptionsExercised 1,308,284us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by financing activities 50,000us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 1,308,284us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net decrease in cash (833,194)us-gaap_CashPeriodIncreaseDecrease (60,415)us-gaap_CashPeriodIncreaseDecrease
Cash and cash equivalents, beginning of period 2,247,557us-gaap_Cash 4,137,068us-gaap_Cash
Cash and cash equivalents, end of period 1,414,363us-gaap_Cash 4,076,653us-gaap_Cash
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0us-gaap_InterestPaidNet 0us-gaap_InterestPaidNet
Cash paid during the year for: Income taxes 0us-gaap_IncomeTaxesPaidNet 0us-gaap_IncomeTaxesPaidNet
Non-cash investing and financing activities    
Common stock issued on conversion of convertible debentures $ 52,800us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities $ 0us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities