Financials

v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2014
Dec. 31, 2013
ASSETS    
Cash $ 3,314,322 $ 4,137,068
Other current assets 53,690 56,930
Total current assets 3,368,012 4,193,998
Property and Equipment, net of accumulated depreciation of $40,267 and $33,355 at June 30, 2014 and December 31, 2013 respectively 28,859 35,771
Other assets 5,830 5,830
Total assets 3,402,701 4,235,599
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIENCY)    
Accounts payable-license agreements 343,907 185,450
Accounts payable-other 97,628 184,597
Accrued expenses and accounts payable-related parties 428,353 662,028
Accrued expenses-other 123,857 128,208
Total current liabilities 993,745 1,160,283
Commitments and contingencies      
Stockholder's equity (deficiency)    
Common stock, $.001 par value: 300,000,000 shares authorized 180,603,764 and 176,242,817 shares issued and outstanding at June 30, 2014 and December 31, 2013 respectively 180,604 176,243
Additional paid-in capital 97,679,081 95,937,936
Accumulated deficit (95,450,729) (93,038,863)
Total stockholders' equity 2,408,956 3,075,316
Total liabilities and stockholders' equity $ 3,402,701 $ 4,235,599
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Income Statement [Abstract]        
Revenues, Rental $ 60,000 $ 0 $ 60,000 $ 0
Costs and Expenses:        
Operating expenses 924,628 1,541,866 1,849,615 2,754,750
Research and development expenses 142,964 430,202 594,951 759,257
Loss before other income (expense) (1,007,592) (1,972,068) (2,384,566) (3,514,007)
Other income (expense)        
Other income (loss) 0 4,950 (26,500) (23,895)
Interest and financing expense 0 0 0 (260)
Gain (loss) due to change in fair value of derivative liabilities 0 0 0 (220,614)
Gain on extinguishment of derivative liabilities 0 0 0 3,441,752
Gain on disposition of equipment 0 46,968 0 46,968
Settlement of litigation and debt 0 0 0 (67,294)
Net loss before provision for income taxes (1,007,592) (1,920,150) (2,411,066) (337,350)
Provision for income taxes 800 800 800 800
Net loss $ (1,008,392) $ (1,920,950) $ (2,411,866) $ (338,150)
Net loss per common share, basic and diluted $ (0.01) $ (0.01) $ (0.01) $ 0.00
Weighted average common shares outstanding, basic and diluted 180,560,764 159,896,258 179,954,724 155,084,826
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Net loss $ (2,411,866) $ (338,150)
Adjustments to reconcile net loss to net cash used in operating activities:    
Settlement of litigation and debt 0 67,294
Stock based compensation expense 437,222 922,730
Issuance of common stock for services 0 49,000
Change in fair value of derivative liabilities 0 220,614
Gain on extinguishment of derivative liability 0 (3,441,752)
Gain on disposition of assets 0 (46,968)
Depreciation and amortization 6,912 8,040
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 3,240 (66,685)
Accounts payable and accrued expenses (91,320) (164,776)
Accounts payable - license agreements 158,457 77,083
Accounts payable and accrued expenses - related parties (233,675) (97,551)
Net cash used in operating activities (2,131,030) (2,811,121)
Cash flows from investing activities    
Purchase of equipment 0 (7,573)
Proceeds from sale of equipment 0 21,500
Net cash used in investing activities 0 13,927
Cash flows from financing activities    
Net proceeds from exercise of warrants and options 1,308,284 5,701,139
Net cash provided by financing activities 1,308,284 5,701,139
Net (decrease) increase in cash (822,746) 2,903,945
Cash, beginning of period 4,137,068 1,601,791
Cash, end of period 3,314,322 4,505,736
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0 260
Cash paid during the year for: Income taxes $ 0 $ 0