Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 1,096,000 $ 576,000
Prepaid expenses 0 0
Total Current Assets 1,096,000 576,000
Intangible assets 253,777,000 253,777,000
Loan costs 126,000 0
Deposits 9,000 9,000
Fixed assets, net 6,000 6,000
Total Other Assets 253,918,000 253,792,000
TOTAL ASSETS 255,014,000 254,368,000
Current Liabilities:    
Accounts payable 1,887,000 2,546,000
Accrued expenses 178,000 102,000
Line of credit 31,000 31,000
Convertible debentures, net of discount of $905,000 6,856,000 0
Total Current Liabilities 8,952,000 2,679,000
Total liabilities 8,952,000 2,679,000
Stockholders' Deficit:    
Common stock - $0.001 par value; 750,000,000 shares authorized; and 50,117,977 and 50,117,977 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 50,000 50,000
Additional paid-in capital 534,849,000 521,305,000
Accumulated deficit (288,670,000) (269,499,000)
Noncontrolling interest (169,000) (169,000)
Total Stockholders' Deficit 246,062,000 251,689,000
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 255,014,000 254,368,000
Series C    
Stockholders' Deficit:    
Convertible preferred stock - $0.001 par value; 15,000,000 shares authorized: 1,000 1,000
Series J    
Stockholders' Deficit:    
Convertible preferred stock - $0.001 par value; 15,000,000 shares authorized: $ 1,000 $ 1,000

Source

v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue:        
Product revenues $ 0 $ 0 $ 0 $ 0
License revenues 0 0 0 0
TOTAL REVENUE 0 0 0 0
Cost of License Revenue 0 0 0 0
Gross profit 0 0 0 0
Operating Expenses:        
Research and development 3,251,000 241,000 6,724,000 385,000
Selling, general and administrative 1,906,000 1,044,000 5,593,000 2,438,000
Total operating expenses 5,157,000 1,285,000 12,317,000 2,823,000
Loss from Operations (5,157,000) (1,285,000) (12,317,000) (2,823,000)
Other income (expense)        
Interest expense (3,924,000) (1,178,000) (6,855,000) (4,698,000)
Total other income (expense) (3,924,000) (1,178,000) (6,855,000) (4,698,000)
Loss before minority interest and provision for income taxes (9,081,000) (2,463,000) (19,172,000) (7,521,000)
Plus: net (income) loss attributable to the noncontrolling interest 0 0 0 0
Loss before provision for income taxes (9,081,000) (2,463,000) (19,172,000) (7,521,000)
Provision for income taxes 0 0 0 0
Net loss $ (9,081,000) $ (2,463,000) $ (19,172,000) $ (7,521,000)
Loss per share        
Basic $ 50,117,977 $ 479,053 $ 50,117,977 $ 335,450
Diluted $ 50,117,977 $ 479,053 $ 50,117,977 $ 335,450
Weighted Average Shares Outstanding – basic and diluted        
Basic (0.18) (5.14) (0.38) (22.42)
Diluted (0.18) (5.14) (0.38) (22.42)

Source

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (19,172,000) $ (7,521,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,000 1,000
Stock compensation expense for options and warrants issued to employees and non-employees 6,489,000 1,524,000
Amortization of debt discounts 6,855,000 1,376,000
Note Allonge 0 100,000
Non-cash interest expense 0 2,197,000
Amortization of loan costs 407,000 0
Changes in operating assets and liabilities:    
Other assets 0 0
Accounts payable and accrued expenses (581,000) 1,282,000
Net cash used in operating activities (6,000,000) (1,041,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of fixed assets (2,000) 0
Net cash used by investing activities (2,000) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 7,055,000 1,061,000
Loan costs (533,000) 0
Repayment of note payable 0 0
Net cash provided by financing activities 6,522,000 1,061,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 520,000 20,000
CASH AND CASH EQUIVALENTS - Beginning of period 576,000 19,000
CASH AND CASH EQUIVALENTS - End of period 1,096,000 39,000
Supplemental disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Issuance of common stock upon conversion of convertible notes 0 2,025,000
Issuance of common stock upon conversion of accrued interest $ 0 $ 486,000

Source