Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Current Assets:      
Cash $ 371,048 $ 3,735 $ 6,944
Prepaid expenses 124,693 136,631 71,882
Other current assets 35,936 70,330 134,736
Total Current Assets 531,677 210,696 213,562
Property, plant and equipment, net   407 1,267
Total Assets 531,677 211,103 214,829
Current Liabilities:      
Accounts payable 201,824 219,094 119,862
Accrued expenses 821,244 875,211 441,485
Accrued expenses - related party     207,955
Accrued interest 248,746 257,401 25,138
Accrued interest - related parties 13,310 10,310 6,674
Accrued compensation 626,758 507,162 324,672
Accrued compensation - related party 19,262 19,177  
Advances payable 100,000 302,426 450,000
Notes payable, net of debt discount of $89,326, $49,050 and $41,600 as of December 31, 2017, 2016 and 2015, respectively 1,173,674 1,813,950 708,400
Notes payable - related parties, net of debt discount of $0, $2,300 and $19,300 as of December 31, 2017, 2016 and 2015, respectively 150,000 147,700 180,700
Convertible notes payable, current portion, net of debt discount of $34,173, $256,280 and $214,550 as of December 31, 2017, 2016 and 2015, respectively 800,827 1,126,220 180,450
Convertible notes payable - related parties, net of debt discount of $28,356, $0 and $0 as of December 31, 2017, 2016 and 2015, respectively 196,644 0 0
Derivative liabilities 628,200 1,175,400 3,279,600
Accrued dividend payable 108,562    
Total Current Liabilities 5,089,051 6,454,052 5,924,936
Convertible notes payable, non-current portion, net of debt discount of $0, $0 and $288,832 at December 31, 2017, 2016 and 2015, respectively     43,668
Accrued interest, non-current portion     4,474
Total Liabilities 5,089,051 6,454,052 5,973,078
Commitments and contingencies (Note 11)
Stockholders' Deficiency:      
Convertible Preferred Stock, $0.001 par value, 10,000,000 shares authorized; Series A Convertible Preferred Stock, 1,335,000 shares designated, 643,790, 0 and 0 shares issued and outstanding as of December 31, 2017, 2016 and 2015, respectively; and liquidation preference of $4,936,987, $0 and $0 as of December 31, 2017, 2016 and 2015, respectively 644    
Common Stock, $0.001 par value, 200,000,000 shares authorized, 25,349,236, 24,679,256 and 23,929,256 shares issued and outstanding as of December 31, 2017, 2016 and 2015, respectively 25,349 24,679 23,929
Additional paid-in capital 9,969,520 5,202,749 4,720,417
Accumulated deficit (14,552,887) (11,470,377) (10,502,595)
Total Stockholders' Deficiency (4,557,374) (6,242,949) (5,758,249)
Total Liabilities and Stockholders' Deficiency $ 531,677 $ 211,103 $ 214,829

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating Expenses:      
Research and development $ 637,318 $ 554,185 $ 392,925
Research and development - related parties 839,538 812,638 829,970
Selling, general and administrative 815,947 951,783 1,097,580
Total Operating Expenses 2,292,803 2,318,606 2,320,475
Loss From Operations (2,292,803) (2,318,606) (2,320,475)
Other (Expense) Income:      
Interest expense (174,970) (243,425) (32,612)
Interest expense - related parties (3,000) (3,000) (3,000)
Amortization of debt discount (389,218) (1,238,351) (340,668)
Amortization of debt discount - related parties (48,944) (35,000) (15,600)
Change in fair value of derivative liabilities 590,173 2,870,600 208,250
Loss on exchange of notes payable for preferred shares (725,355)    
Loss on exchange of warrants for common shares (38,393)    
Total Other (Expense) Income (789,707) 1,350,824 (183,630)
Net Loss (3,082,510) (967,782) (2,504,105)
Dividend attributable to Series A preferred stockholders (240,559)    
Net Loss Applicable to Common Stockholders (in shares) $ (3,323,069) $ (967,782) $ (2,504,105)
Net Loss Per Common Share - Basic and Diluted (in dollars per share) $ (0.12) $ (0.04) $ (0.10)
Weighted Average Common Shares Outstanding - Basic and Diluted (in shares) 26,774,860 26,193,639 25,718,570

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities:      
Net loss $ (3,082,510) $ (967,782) $ (2,504,105)
Adjustments to reconcile net loss to net cash used in operating activities:      
Change in fair value of derivative liabilities (590,173) (2,870,600) (208,250)
Amortization of debt discount 438,162 1,273,351 356,268
Loss on exchange of notes payable for equity 725,355    
Loss on exchange of warrants for common shares 38,393    
Depreciation 407 860 860
Stock-based compensation:      
Common stock     100,000
Warrants 44,719 114,759 35,884
Changes in operating assets and liabilities:      
Prepaid expenses (23,105) (39,949) 156,474
Other current assets 34,394 64,406 (108,662)
Def financing costs     (152,932)
Accounts payable (17,270) 99,232 323,853
Accrued expenses (134,671) 410,703  
Accrued expenses - related parties   (7,955)  
Accrued interest 155,804 242,789  
Accrued interest - related parties 3,000 3,636  
Accrued compensation 119,681 182,490  
Net Cash Used In Operating Activities (2,287,814) (1,494,060) (2,000,610)
Cash Flows From Financing Activities:      
Proceeds from issuance of notes payable 135,000 1,503,000 1,577,500
Proceeds from issuance of notes payable - related party 225,000    
Repayment of note payable - related party   (50,000)  
Payment of debt issuance costs   (44,575) (39,426)
Deferred financing costs   (20,000)  
Proceeds from issuance of preferred stock - Series A 2,295,127    
Proceeds from cash advances   102,426 450,000
Net Cash Provided By Financing Activities 2,655,127 1,490,851 1,988,074
Net Increase (Decrease) In Cash 367,313 (3,209) (12,536)
Cash - Beginning of Year 3,735 6,944 19,480
Cash - End of Year 371,048 3,735 6,944
Non-cash investing and financing activities:      
Preferred stock issued in exchange for notes and advances payable 2,291,480    
Reduction of additional paid-in capital for public offering issuance costs that were previously paid (54,543)    
Accrual of earned preferred stock dividends (240,559)    
Common stock issued in connection with payment of Series A Convertible Preferred Stock dividends in-kind 132,173    
Common stock issued in connection with exchange of warrants 62,500    
Stock issued in connection with issuances and extensions of notes payable 237,188 187,500 71,400
Warrants and conversion options issued in connection with issuance and extension of notes payable $ 67,080 761,600 650,150
Accrual of deferred financing costs     159,574
Advances payable exchanged for a convertible note   250,000  
Elimination of liability due to related party in connection with revision of contract terms and recorded as an increase to additional paid-in capital   200,000  
Accrued interest converted into convertible note   15,000  
Warrants issued in connection with deferred financing costs   $ 4,800  
Reclassification of warrants to derivative liabilities     $ 482,300

Source