Financials

v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Dec. 31, 2013
ASSETS    
Cash $ 2,641,734 $ 4,137,068
Accounts receivable 60,000 0
Other current assets 49,326 56,930
Total current assets 2,751,060 4,193,998
Property and Equipment, net of accumulated depreciation of $43,723 and $33,355 at September 30, 2014 and December 31, 2013, respectively 25,403 35,771
Other assets 5,830 5,830
Total assets 2,782,293 4,235,599
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts payable-license agreements 326,094 185,450
Accounts payable-other 46,962 184,597
Accrued expenses and accounts payable-related parties 327,374 662,028
Accrued expenses-other 123,986 128,208
Total current liabilities 824,416 1,160,283
Stockholder's equity    
Common stock, $.001 par value: 300,000,000 shares authorized 180,953,764 and 176,242,817 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively 180,954 176,243
Additional paid-in capital 97,943,426 95,937,936
Accumulated deficit (96,166,503) (93,038,863)
Total stockholders' equity 1,957,877 3,075,316
Total liabilities and stockholders' equity $ 2,782,293 $ 4,235,599
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]        
Revenues $ 180,000 $ 0 $ 240,000 $ 0
Costs and Expenses:        
Operating expenses (749,680) (1,750,766) (2,599,295) (4,505,526)
Research and development expenses (146,094) (563,559) (741,045) (1,322,816)
Loss before other income (expense) (715,774) (2,314,325) (3,100,340) (5,828,342)
Other income (expense)        
Other income (loss) 0 0 (26,500) (23,895)
Interest and financing expense 0 0 0 (260)
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 6,000 0 52,968
Settlement of litigation and debt 0 0 0 (67,294)
Net loss before provision for income taxes (715,774) (2,308,325) (3,126,840) (2,645,685)
Provision for income taxes 0 0 800 800
Net loss $ (715,774) $ (2,308,325) $ (3,127,640) $ (2,646,485)
Net loss per common share, basic and diluted $ 0.00 $ (0.01) $ (0.02) $ (0.02)
Weighted average common shares outstanding, basic and diluted 180,695,547 165,168,368 180,204,377 158,515,065
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities    
Net loss $ (3,127,640) $ (2,646,485)
Adjustments to reconcile net loss to net cash used in operating activities:    
Settlement of litigation and debt 0 67,294
Stock based compensation expense 596,917 1,832,567
Issuance of common stock for services 0 49,000
Change in fair value of derivative liabilities 0 220,614
Gain on extinguishment of derivative liabilities 0 (3,441,752)
Gain on disposition of assets 0 (52,968)
Depreciation and amortization 10,368 11,943
Changes in operating assets and liabilities:    
Accounts receivable (60,000) 0
Prepaid expenses and other current assets 7,604 14,551
Other assets 0 4,500
Accounts payable and accrued expenses (141,857) (150,269)
Accounts payable - license agreements 140,644 (117,118)
Accounts payable and accrued expenses - related parties (334,654) (142,384)
Net cash used in operating activities (2,908,618) (4,350,507)
Cash flows from investing activities    
Purchase of equipment 0 (7,573)
Proceeds from sale of equipment 0 27,500
Net cash provided by investing activities 0 19,927
Cash flows from financing activities    
Net proceeds from exercise of warrants and options 1,413,284 6,553,100
Net cash provided by financing activities 1,413,284 6,553,100
Net (decrease) increase in cash (1,495,334) 2,222,520
Cash, beginning of period 4,137,068 1,601,791
Cash, end of period 2,641,734 3,824,311
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