Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.3.1.900
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
REVENUES    
REVENUES $ 0 $ 0
COSTS AND EXPENSES:    
General and Administrative 963,296 1,035,788
Professional Fees and Consulting Expense 1,059,633 754,893
Research and Development 1,033,351 1,971,175
Abandonment of Patent Applications Pending 0 1,391,281
Total Costs and Expenses 3,056,280 5,153,137
LOSS FROM OPERATIONS (3,056,280) (5,153,137)
OTHER INCOME (EXPENSE):    
Other Income 34,927 93,683
Other Expense 0 (118,466)
Fair Value Adjustment of Derivative Liability 0 8,418,982
Amortization of Bond Discount (1,866,842) (1,801,735)
Amortization of Deferred Finance Costs 0 (4,835)
Financing Costs (84,645) (73,964)
Finance Costs Paid in Stocks and Warrants (95,580) (164,108)
Interest Expense (720,711) (515,609)
Total Other Income (Expense) (2,732,851) 5,833,948
NET INCOME (LOSS) $ (5,789,131) $ 680,811
WEIGHTED AVERAGE BASIC SHARES OUTSTANDING 130,945,979 125,327,071
WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING 130,945,979 182,205,032