Financials

v3.21.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 27,555,000 $ 5,297,000
Prepaid expenses 88,000 364,000
Total current assets 27,643,000 5,661,000
Current Liabilities:    
Accounts payable 2,377,000 2,243,000
Accrued expenses 856,000 1,296,000
Accrued interest 0 4,838,000
Convertible notes payable (net of discount of $4,519,000 at December 31, 2020) 0 26,303,000
Line of credit 31,000 31,000
Derivative liability 362,000 383,000
Total current liabilities 3,626,000 35,094,000
Stockholders' Deficit:    
Common stock, par value $0.001, 2,000,000,000 shares authorized, 20,517,431 and 5,218,122 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 21,000 5,000
Common stock issuable 25,956,000 0
Additional paid-in capital 623,287,000 566,356,000
Accumulated deficit (625,079,000) (595,628,000)
Noncontrolling interest (169,000) (169,000)
Total stockholders' deficit 24,017,000 (29,433,000)
Total liabilities and stockholders' deficit 27,643,000 5,661,000
Series C    
Stockholders' Deficit:    
Convertible preferred stock 1,000 1,000
Series J    
Stockholders' Deficit:    
Convertible preferred stock 0 2,000
Series K    
Stockholders' Deficit:    
Convertible preferred stock $ 0 $ 0

Source

v3.21.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenues $ 0 $ 0
Operating Expenses:    
Research and development 1,640,000 324,000
Selling, general and administrative (including $14,296,000 of stock compensation to officers and directors in 2021) 27,362,000 746,000
Loss from operations 29,002,000 1,070,000
Other Income (Expense):    
Change in fair value of derivative liability (21,000) 0
Interest expense 696,000 638,000
Total other expense, net 675,000 638,000
Net loss $ (29,677,000) $ (1,708,000)
Net loss per common share - basic and diluted $ (1.83) $ (0.41)
Weighted average common shares outstanding - basic and diluted 16,239,938 4,122,178

Source

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (29,677,000) $ (1,708,000)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Change in fair value of derivative liability (21,000) 0
Stock based compensation - consultants and research and development 9,807,000 0
Stock based compensation - officers and board of directors 14,296,000 0
Convertible notes payable issued for consulting services 720,000 0
Changes in Operating Assets and Liabilities:    
Prepaid expenses 276,000 63,000
Accounts payable and accrued liabilities 219,000 784,000
Accrued interest 696,000 638,000
Net cash used in operating activities (3,684,000) (223,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 24,679,000 0
Proceeds from exercise of warrants 58,000 0
Proceeds from notes payable 1,205,000 200,000
Net cash provided by financing activities 25,942,000 200,000
Net increase (decrease) in cash 22,258,000 (23,000)
Cash at beginning of period 5,297,000 28,000
Cash at end of period 27,555,000 5,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Common stock issued upon conversion of notes payable and accrued interest 38,806,000 162,000
Extinguishment of unamortized debt discount and adjustment to accumulated deficit upon adoption of ASU 2020-06 4,519,000 0
Convertible notes payable issued for consulting services $ 1,525,000 $ 0

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