Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 47,000 $ 855,000
Prepaid expenses 2,000 27,000
Total Current Assets 49,000 882,000
Fixed assets, net 5,000 6,000
Total Other Assets 5,000 6,000
TOTAL ASSETS 54,000 888,000
Current Liabilities:    
Accounts payable 893,000 412,000
Accrued interest 2,391,000 2,025,000
Accrued expenses 4,326,000 3,085,000
Line of credit 31,000 28,000
Warrant liability 33,266,000 21,581,000
Settlement note payable 691,000 691,000
Demand notes payable, net of discount of $-0- and $-0- 452,000 252,000
Convertible debentures, net of discount of $900,000 and $-0-, current portion 6,820,000 1,207,000
Convertible debentures 1,039,000 547,000
Total Current Liabilities 49,909,000 29,828,000
Long term liabilities:    
Convertible debentures, net of discount of $2,536,000 and $2,302,000 714,000 634,000
Total long term liabilities 714,000 634,000
Total liabilities 50,623,000 30,462,000
Convertible preferred stock - $0.001 par value; 15,000,000 shares authorized:    
Series C - 96,230 and 96,230 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 1,000 1,000
Series H - 25,000 and 25,000 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 0 0
Series I - 1,666,667 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 2,000 2,000
Common stock - $0.001 par value; 2,400,000 shares authorized; and 2,400,000 and 2,366,588 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 2,000 2,000
Additional paid-in capital 84,012,000 83,546,000
Accumulated deficit (134,417,000) (112,956,000)
Noncontrolling interest (169,000) (169,000)
Total Stockholders' Deficit (50,569,000) (29,574,000)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 54,000 $ 888,000