Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash $ 1,638 $ 6,944
Prepaid expenses 114,610 71,882
Other current assets 145,510 134,736
Total Current Assets 261,758 213,562
Property and equipment, net 622 1,267
Deferred financing costs 20,000  
Total Assets 282,380 214,829
Current Liabilities:    
Accounts payable and accrued expenses, current portion 955,584 586,485
Accounts payable and accrued expenses - related parties 209,554 214,629
Accrued compensation 516,161 324,672
Derivative liabilities 3,332,900 3,279,600
Notes payable, net of debt discount of $73,600 and $41,600 at September 30, 2016 and December 31, 2015, respectively 1,739,400 708,400
Notes payable - related parties, net of debt discount of $11,100 and $19,300 at September 30, 2016 and December 31, 2015, respectively 138,900 180,700
Convertible notes payable, current portion, net of debt discount of $366,346 and $214,550 at September 30, 2016 and December 31, 2015, respectively 1,001,154 180,450
Advances payable 200,000 450,000
Total Current Liabilities 8,093,653 5,924,936
Convertible notes payable, non-current portion, net of debt discount of $0 and $288,832 at September 30, 2016 and December 31, 2015, respectively   43,668
Accounts payable and accrued expenses, non-current portion   4,474
Total Liabilities 8,093,653 5,973,078
Commitments and contingencies
Stockholders' Deficiency:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at September 30, 2016 and December 31, 2015
Common stock, $0.001 par value; 200,000,000 shares authorized; 24,429,256 and 23,929,256 shares issued and outstanding at September 30, 2016 and December 31, 2015 24,429 23,929
Additional paid-in capital 4,991,473 4,720,417
Accumulated deficit (12,827,175) (10,502,595)
Total Stockholders' Deficiency (7,811,273) (5,758,249)
Total Liabilities and Stockholders' Deficiency $ 282,380 $ 214,829

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenues
Operating Expenses        
Research and development 133,866 118,551 357,454 295,770
Research and development - related party 205,957 200,000 604,777 600,000
Selling, general and administrative 261,914 230,587 814,351 807,365
Total Operating Expenses 601,737 549,138 1,776,582 1,703,135
Loss From Operations (601,737) (549,138) (1,776,582) (1,703,135)
Other Income (Expense)        
Change in fair value of derivative liabilities 324,350 3,200 695,200 115,900
Interest expense (62,905) (9,074) (181,462) (15,830)
Amortization of debt discount (463,060) (118,425) (1,061,736) (197,925)
Total Other Expense (201,615) (124,299) (547,998) (97,855)
Net Loss $ (803,352) $ (673,437) $ (2,324,580) $ (1,800,990)
Net Loss Per Share        
- Basic and Diluted (in dollars per share) $ (0.03) $ (0.03) $ (0.09) $ (0.07)
Weighted Average Number of Common Shares Outstanding        
- Basic and Diluted (in shares) 26,066,157 25,670,917 26,066,157 25,639,208

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows From Operating Activities    
Net loss $ (2,324,580) $ (1,800,990)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liabilities (695,200) (115,900)
Amortization of debt discount 1,061,736 197,925
Depreciation 645 645
Stock-based compensation:    
Common stock   40,000
Warrants 115,589 16,759
Changes in operating assets and liabilities:    
Prepaid expenses (42,728) (28,033)
Other current assets (10,774) (74,680)
Accounts payable and accrued expenses 551,581 305,660
Net Cash Used in Operating Activities (1,343,731) (1,458,614)
Cash Flows From Financing Activities    
Proceeds from issuance of notes payable 1,453,000 995,000
Repayment of note payable, related party (50,000)  
Payment of debt issuance costs (44,575)  
Deferred financing costs (20,000)  
Proceeds from cash advances   450,000
Net Cash Provided by Financing Activities 1,338,425 1,445,000
Net Decrease In Cash (5,306) (13,614)
Cash - Beginning 6,944 19,480
Cash - Ending 1,638 5,866
Non-cash investing and financing transactions:    
Warrants and conversion options issued in connection with issuance of notes payable 948,500 362,200
Deferring financing costs   100,000
Advance exchanged for a convertible note payable 250,000
Shares issued in connection with extension of notes payable $ 200,000

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