Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 2,870,000 $ 576,000
Prepaid expenses 0 0
Total Current Assets 2,870,000 576,000
Intangible assets 253,777,000 253,777,000
Loan costs 670,000 0
Deposits 9,000 9,000
Fixed assets, net 7,000 6,000
Total Other Assets 254,463,000 253,792,000
TOTAL ASSETS 257,333,000 254,368,000
Current Liabilities:    
Accounts payable 1,830,000 2,546,000
Accrued expenses 283,000 102,000
Line of credit 31,000 31,000
Convertible debentures, net of discount of $4,829,000 2,932,000 0
Total Current Liabilities 5,076,000 2,679,000
Total liabilities 5,076,000 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 March 31, 2018 and December 31, 2017, respectively 50,000 50,000
Additional paid-in capital 531,963,000 521,305,000
Accumulated deficit (279,589,000) (269,499,000)
Noncontrolling interest (169,000) (169,000)
Total Stockholders' Deficit 252,257,000 251,689,000
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 257,333,000 254,368,000
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

v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue:    
License revenues $ 0 $ 0
TOTAL REVENUE 0 0
Cost of License Revenue 0 0
Gross profit 0 0
Operating Expenses:    
Research and development 3,473,000 144,000
Selling, general and administrative 3,687,000 1,394,000
Total operating expenses 7,160,000 1,538,000
Loss from Operations (7,160,000) (1,538,000)
Other income (expense)    
Interest expense/income (2,931,000) (3,520,000)
Total Other Income (Expense) (2,931,000) (3,520,000)
Loss before minority interest and provision for income taxes (10,091,000) (5,058,000)
Less: Loss attributable to the noncontrolling interests 0 0
Loss before provision for income taxes (10,091,000) (5,058,000)
Provision for income taxes 0 0
Net loss $ (10,091,000) $ (5,058,000)
Loss per share    
Basic $ (0.20) $ (26.36)
Diluted $ (0.20) $ (26.36)
Weighted Average Shares Outstanding – basic and diluted    
Basic 50,117,977 191,847
Diluted 50,117,977 191,847

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,091,000) $ (5,058,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,000 1,000
Stock compensation expense for options and warrants issued to employees and non-employees 3,060,000 873,000
Amortization of debt discounts 2,665,000 814,000
Non-cash interest expense 266,000 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 (534,000) 523,000
Net cash used in operating activities (4,226,000) (650,000)
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 7,055,000 866,000
Loan costs (533,000) 0
Repayment of note payable 0 0
Net cash provided by financing activities 6,522,000 866,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,294,000 216,000
CASH AND CASH EQUIVALENTS - Beginning of period 576,000 19,000
CASH AND CASH EQUIVALENTS - End of period 2,870,000 235,000
Supplemental disclosures:    
Issuance of common stock upon conversion of convertible notes 0 1,864,000
Issuance of common stock upon conversion of accrued interest $ 0 $ 442,000

Source