Financials

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 39,505,000 $ 5,297,000
Prepaid expenses 62,000 364,000
Total Current Assets 39,567,000 5,661,000
Current liabilities    
Accounts payable 1,497,000 2,243,000
Accrued expenses 906,000 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 842,000 383,000
Total current liabilities 3,276,000 35,094,000
Stockholders' Equity (Deficit):    
Common stock, par value $0.001, 2,000,000,000 shares authorized, 28,144,077 and 5,218,122 shares issued and outstanding as of June 30, 2021 and December 31, 2020 , respectively 28,000 5,000
Common stock issuable, 3,152,000 shares at June 30, 2021 10,716,000 0
Additional paid in capital 655,655,000 566,356,000
Accumulated deficit (629,940,000) (595,628,000)
Non Controlling Interest (169,000) (169,000)
Total stockholders' equity (deficit) 36,291,000 (29,433,000)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 39,567,000 5,661,000
Series J-1    
Stockholders' Equity (Deficit):    
Convertible Preferred stock 0 2,000
Series C    
Stockholders' Equity (Deficit):    
Convertible Preferred stock 1,000 1,000
Series K    
Stockholders' Equity (Deficit):    
Convertible Preferred stock $ 0 $ 0

Source

v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Condensed Consolidated Statements of Operations (Unaudited)        
Revenues $ 0 $ 0 $ 0 $ 0
Operating Expenses:        
Research and development 639,000 12,000 2,279,000 336,000
Selling, general and administrative (including $14,873,000 of stock compensation to officers and directors in 2021 during the six months ended June 30, 2021) 3,742,000 1,546,000 31,104,000 2,292,000
Loss from Operations 4,381,000 1,558,000 33,383,000 2,628,000
Other (Income) Expense        
Change in fair value of derivative liability 480,000 0 459,000 0
Settlement expense 0 11,206,000 0 11,206,000
Interest expense 0 4,658,000 696,000 5,296,000
Total Other Expense, net 480,000 15,864,000 1,155,000 16,502,000
Net Loss $ (4,861,000) $ (17,422,000) $ (34,538,000) $ (19,130,000)
Net loss per share Basic and diluted $ (0.15) $ (0.24) $ (1.39) $ (0.27)
Weighted average common shares outstanding Basic and diluted 33,516,428 71,899,937 24,925,908 70,978,579

Source

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (34,538,000) $ (19,130,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liability 459,000 0
Stock based compensation - consultants and research and development 10,134,000 0
Stock based compensation - officers and board of directors 14,873,000 147,000
Convertible notes payable issued for consulting services 720,000 0
Amortization of debt discount 0 1,000
Non-cash interest expense 0 3,955,000
Settlement expense 0 11,206,000
Effect of changes in assets and liabilities:    
Prepaid expenses 302,000 126,000
Accounts payable and accrued expenses (611,000) 61,000
Accrued interest 689,000 0
Net Cash Used in Operating Activities (7,972,000) (3,634,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 16,296,000 0
Proceeds from exercise of warrants 24,679,000 0
Proceeds from issuance of notes payable 1,205,000 4,457,000
Net Cash Provided by Financing Activities 42,180,000 4,457,000
Net Increase (Decrease) in Cash 34,208,000 823,000
Cash at Beginning of Period 5,297,000 28,000
Cash at End of Period 39,505,000 851,000
Cash paid during the year for:    
Interest 0 0
Income taxes paid 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued upon conversion of notes payable and accrued interest 38,799,000 200,000
Extinguishment of unamortized debt discount and adjustment to accumulated deficit upon adoption of ASU 2020-06 $ 4,745,000 $ 0

Source