v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 8,121 $ 371,048
Prepaid expenses 85,267 124,693
Other current assets 48,321 35,936
Total Assets 141,709 531,677
Current Liabilities:    
Accounts payable 289,032 201,824
Accrued expenses 861,418 821,244
Accrued interest 334,474 248,746
Accrued interest - related parties 26,554 13,310
Accrued compensation 649,943 626,758
Accrued compensation - related party 19,439 19,262
Advances payable 600,000 100,000
Notes payable, net of debt discount of $0 and $89,326, as of September 30, 2018 and December 31, 2017, respectively 1,763,000 1,173,674
Notes payable - related parties 150,000 150,000
Convertible notes payable, net of debt discount of $0 and $34,173 as of September 30, 2018 and December 31, 2017, respectively 835,000 800,827
Convertible notes payable - related parties, net of debt discount of $0 and $28,356 as of September 30, 2018 and December 31, 2017, respectively 225,000 196,644
Derivative liabilities 287,400 628,200
Accrued dividend payable 112,703 108,562
Total Liabilities 6,210,963 5,089,051
Commitments and contingencies
Stockholders' Deficiency:    
Common Stock, $0.001 par value, 200,000,000 shares authorized, 25,780,549 and 25,349,236 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively 25,781 25,349
Additional paid-in capital 10,014,940 9,969,520
Accumulated deficit (16,110,625) (14,552,887)
Total Stockholders' Deficiency (6,069,254) (4,557,374)
Total Liabilities and Stockholders' Deficiency 141,709 531,677
Convertible Preferred Stock Series A    
Stockholders' Deficiency:    
Convertible Preferred Stock $ 650 $ 644

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v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Operating Expenses:        
Research and development $ 56,459 $ 152,658 $ 165,997 $ 422,903
Research and development - related party 72,527 200,000 375,151 600,000
General and administrative 359,660 202,480 1,031,517 662,455
Total Operating Expenses 488,646 555,138 1,572,665 1,685,358
Loss From Operations (488,646) (555,138) (1,572,665) (1,685,358)
Other (Expense) Income:        
Interest expense (30,923) (33,445) (124,774) (144,112)
Interest expense - related parties (756) (756) (49,244) (2,244)
Amortization of debt discount (49,502) (173,099) (339,133)
Amortization of debt discount - related parties (18,904) (28,356) (30,040)
Change in fair value of derivative liabilities 115,500 149,200 390,400 452,880
Loss on exchange of notes payable for preferred shares (725,355)
Total Other Income (Expense) 83,821 46,593 14,927 (788,004)
Net Loss (404,825) (508,545) (1,557,738) (2,473,362)
Dividend attributable to Series A preferred stockholders (110,666) (74,261) (327,626) (150,630)
Net Loss Applicable to Common Stockholders $ (295,361) $ (582,806) $ (1,885,364) $ (2,623,992)
Net Loss Per Common Share - Basic and Diluted $ (0.01) $ (0.02) $ (0.07) $ (0.10)
Weighted Average Common Shares Outstanding - Basic and Diluted 27,580,598 26,807,466 27,456,267 26,751,525

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows From Operating Activities:    
Net loss $ (1,557,738) $ (2,473,362)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liabilities (390,400) (452,880)
Amortization of debt discount 201,455 369,173
Loss on exchange of notes payable for preferred shares 725,355
Depreciation 407
Stock-based compensation:    
Warrants 44,634
Changes in operating assets and liabilities:    
Prepaid expenses 39,426 17,386
Other current assets (12,385) 44,621
Accounts payable 87,208 35,337
Accrued expenses 40,173 42,064
Accrued expenses - related parties 100,000
Accrued interest 85,728 75,042
Accrued interest - related parties 13,244 2,244
Accrued compensation 80,362 95,742
Net Cash Used in Operating Activities (1,412,927) (1,374,237)
Cash Flows From Financing Activities:    
Proceeds from issuance of notes payable 500,000 135,000
Proceeds from issuance of notes payable - related party 225,000
Proceeds from issuance of preferred stock - Series A 50,000 1,050,705
Proceeds from cash advance 500,000
Net Cash Provided by Financing Activities 1,050,000 1,410,705
Net (Decrease) Increase In Cash (362,927) 36,468
Cash - Beginning of Period 371,048 3,735
Cash - End of Period 8,121 40,203
Supplemental Disclosures of Cash Flow Information:    
Cash paid for: Interest 18,030
Non-cash investing and financing activities:    
Preferred stock issued in exchange for notes and advances payable 2,118,355
Reduction of additional paid-in capital for public offering issuance costs that were previously paid (54,543)
Accrual of earned preferred stock dividends 327,626 (150,630)
Common stock issued in connection with payment of Series A Convertible Preferred Stock dividends in-kind 323,484
Stock issued in connection with issuances and extensions of notes payable 143,438
Warrants and conversion options issued in connection with issuance and extension of notes payable $ 49,600 $ 67,080

Source