Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 355,000 $ 47,000
Prepaid expenses 2,000 2,000
Total Current Assets 357,000 49,000
Fixed Assets, net 5,000 5,000
Total Other Assets 5,000 5,000
TOTAL ASSETS 362,000 54,000
Current Liabilities:    
Accounts payable 1,574,000 893,000
Accrued interest 2,853,000 2,391,000
Accrued expenses 674,000 4,326,000
Line of credit 31,000 31,000
Warrant liability 492,000 33,266,000
Settlement note payable 691,000 691,000
Demand notes payable 363,000 452,000
Convertible debentures, current portion, net of discount of $1,952,000 and $1,682,000 7,949,000 6,820,000
Convertible debentures 1,039,000 1,039,000
Total Current Liabilities 15,666,000 49,909,000
Long term liabilities:    
Convertible debt, net of discount of $767,000 and $1,097,000 528,000 714,000
Total long term liabilities 528,000 714,000
Total liabilities 16,194,000 50,623,000
Stockholders' Deficit:    
Convertible preferred stock - $0.001 par value; 15,000,000 shares authorized: Series C - 96,230 and 96,230 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 1,000 1,000
Series H – 25,000 and 25,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 0 0
Series I – 1,666,667 and 1,666,667 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 2,000 2,000
Common stock - $0.001 par value; 150,000,000 shares authorized; 25,8889,940 and 2,400,000 shares issued and outstanding at June 30, 2016 and December 31, 2015 26,000 2,000
Additional paid-in capital 102,498,000 84,012,000
Accumulated deficit (118,190,000) (134,417,000)
Noncontrolling interest (169,000) (169,000)
Total Stockholders' Deficit (15,832,000) (50,569,000)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 362,000 $ 54,000