Financials

v3.20.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 933,457 $ 2,783,719
Accounts receivable 168,823 143,429
Inventory, net 228,771 242,630
Current portion of mortgage note receivable 39,061 39,061
Prepaid insurance and services 174,082 137,069
Prepaid clinical expenses 553,065 612,161
Total current assets 2,097,259 3,958,069
FURNITURE AND EQUIPMENT, NET 61,055 13,546
RIGHT-TO-USE LEASE ASSET, NET 46,766 51,017
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 80,981 90,596
TOTAL ASSETS 2,286,061 4,113,228
CURRENT LIABILITIES    
Current portion of lease liability 16,716 16,385
Accounts payable and accrued expenses 3,935,585 3,124,735
Total current liabilities 3,952,301 3,141,120
LONG-TERM LEASE LIABILITY 31,770 36,126
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 121,564,990 shares issued and outstanding, at March 31, 2020 and December 31, 2019 12,155 12,155
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized
Additional paid-in capital 26,044,060 26,044,060
Accumulated deficit (27,754,225) (25,120,233)
Total stockholders' equity (deficit) (1,698,010) 935,982
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 2,286,061 $ 4,113,228
v3.20.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
REVENUES    
Revenues $ 325,734 $ 220,826
EXPENSES    
Personnel 469,705 409,999
Cost of products sold (exclusive of direct and indirect overhead and handling costs) 26,433 20,550
Research and development 2,059,606 1,342,763
Repairs and maintenance 1,802 1,684
Professional fees 219,536 214,975
Office and other 178,362 102,642
Board of Director fees and costs 7,349 33,085
Depreciation 3,118 1,484
Freight and shipping 1,863 1,434
Total operating expenses 2,967,774 2,128,616
LOSS FROM OPERATIONS (2,642,040) (1,907,790)
OTHER INCOME    
Investment and other 8,048 3,624
LOSS BEFORE INCOME TAXES (2,633,992) (1,904,166)
PROVISION FOR INCOME TAXES
NET LOSS $ (2,633,992) $ (1,904,166)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.02) $ (0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 121,086,101 90,759,324
v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,633,992) $ (1,904,166)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,118 1,484
Accrued stock compensation to employees 2,470 7,300
Accrued stock compensation to non-employees 4,750 24,090
Increase or decrease in:    
Accounts receivable (25,394) 5,248
Inventory 13,859 3,278
Prepaid clinical expenses 59,096
Prepaid insurance and services (37,013)
Other current assets (9,615) (28,716)
Other 226 460
Accounts payable and accrued expenses 803,630 665,789
Total adjustments 824,742 678,933
NET CASH USED IN OPERATING ACTIVITIES (1,809,250) (1,225,233)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of furniture and equipment (50,627) (1,324)
Proceeds from mortgage note receivable 9,615 9,216
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (41,012) 7,892
CASH FLOWS FROM FINANCING ACTIVITIES    
Collection of stock subscription receivable 130,062
Other (15,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 115,062
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,850,262) (1,102,279)
CASH AND CASH EQUIVALENTS, beginning of period 2,783,719 2,217,412
CASH AND CASH EQUIVALENTS, end of period 933,457 1,115,133
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Capitalization of right-to-use asset and lease liability $ 64,231