Financials

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 2,539 $ 371,048
Prepaid expenses 94,167 124,693
Other current assets 34,839 35,936
Total Assets 131,545 531,677
Current Liabilities:    
Accounts payable 263,098 201,824
Accrued expenses 900,648 821,244
Accrued expenses - related party 17,015
Accrued interest 291,552 248,746
Accrued interest - related parties 14,798 13,310
Accrued compensation 620,870 626,758
Accrued compensation - related party 19,390 19,262
Advances payable 100,000 100,000
Notes payable, net of debt discount of $0 and $89,326, as of June 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 June 30, 2018 and December 31, 2017, respectively 835,000 800,827
Convertible notes payable - related parties, net of debt discount of $9,863 and $28,356 as of March 31, 2018 and December 31, 2017, respectively 225,000 196,644
Derivative liabilities 402,900 628,200
Accrued dividend payable 325,521 108,562
Total Liabilities 5,928,792 5,089,051
Commitments and contingencies
Stockholders' Deficiency:    
Common Stock, $0.001 par value, 200,000,000 shares authorized, 25,349,236 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectfully 25,349 25,349
Additional paid-in capital 9,802,554 9,969,520
Accumulated deficit (15,625,800) (14,552,887)
Total Stockholders' Deficiency (5,797,247) (4,557,374)
Total Liabilities and Stockholders' Deficiency 131,545 531,677
Convertible Preferred Stock Series A    
Stockholders' Deficiency:    
Convertible Preferred Stock $ 650 $ 644

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating Expenses:        
Research and development $ 31,922 $ 138,571 $ 109,538 $ 270,245
Research and development - related party 77,485 200,000 302,624 400,000
General and administrative 314,500 308,053 671,857 459,975
Total Operating Expenses 423,907 646,624 1,084,019 1,130,220
Loss From Operations (423,907) (646,624) (1,084,019) (1,130,220)
Other (Expense) Income:        
Interest expense (30,586) (36,941) (60,851) (110,667)
Interest expense - related parties (748) (748) (1,488) (1,488)
Amortization of debt discount (35,125) (115,251) (173,099) (289,631)
Amortization of debt discount - related parties (9,863) (8,836) (28,356) (11,136)
Change in fair value of derivative liabilities 139,500 177,500 274,900 303,680
Loss on exchange of notes payable for preferred shares (191,190) (725,355)
Total Other Income (Expense) 63,178 (175,466) 11,106 (834,597)
Net Loss (360,729) (822,090) (1,072,913) (1,964,817)
Dividend attributable to Series A preferred stockholders (109,464) (56,305) (216,960) (76,369)
Net Loss Applicable to Common Stockholders $ (470,193) $ (878,395) $ (1,289,873) $ (2,041,186)
Net Loss Per Common Share - Basic and Diluted $ (0.02) $ (0.03) $ (0.05) $ (0.08)
Weighted Average Common Shares Outstanding - Basic and Diluted 27,393,071 26,723,091 27,393,071 26,723,091

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows From Operating Activities:    
Net loss $ (1,072,913) $ (1,964,817)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liabilities (274,900) (303,680)
Amortization of debt discount 201,455 300,767
Loss on exchange of notes payable for preferred shares 725,355
Depreciation 407
Stock-based compensation:    
Warrants 44,283
Changes in operating assets and liabilities:    
Prepaid expenses 30,526 (56,202)
Other current assets 1,097 17,345
Accounts payable 61,274 36,497
Accrued expenses 79,403 (171,321)
Accrued expenses - related parties 17,015 93,752
Accrued interest 42,806 41,599
Accrued interest - related parties 1,488 1,488
Accrued compensation (5,760) 87,660
Net Cash Used in Operating Activities (918,509) (1,146,867)
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 50,000 800,693
Net Cash Provided by Financing Activities 550,000 1,160,693
Net (Decrease) Increase In Cash (368,509) 13,826
Cash - Beginning of Period 371,048 3,735
Cash - End of Period 2,539 17,561
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 (216,960) (76,369)
Stock issued in connection with issuances and extensions of notes payable 120,000
Warrants and conversion options issued in connection with issuance and extension of notes payable $ 49,600 $ 21,880

Source