Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
REVENUES        
REVENUES: $ 0 $ 0 $ 0 $ 0
COSTS AND EXPENSES:        
General and Administrative 204,138 191,278 404,669 383,846
Professional fees and Consulting expense 1,163,264 504,007 1,290,728 664,808
Research and Development 162,710 346,500 475,271 555,573
Total Costs and Expenses 1,530,112 1,041,785 2,170,668 1,604,227
LOSS FROM OPERATIONS (1,530,112) (1,041,785) (2,170,668) (1,604,227)
OTHER INCOME (EXPENSE):        
Other Income 0 34,963 0 34,963
Amortization of Debt Discount (507,187) (446,069) (949,118) (964,969)
Financing Costs (13,500) (387,980) (67,500) (422,180)
Deferred financing costs 0 0 0 (19,575)
Finance costs paid in stock (9,000) 0 (45,000) 0
Interest expense (600) 0 (1,200) 0
Interest expense - related parties (233,441) (168,807) (453,561) (320,874)
Total Other Income (Expense) (763,728) (967,893) (1,516,379) (1,692,635)
NET LOSS $ (2,293,840) $ (2,009,678) $ (3,687,047) $ (3,296,862)
BASIC AND DILUTED LOSS PER SHARE $ (0.02) $ (0.02) $ (0.03) $ (0.03)
WEIGHTED AVERAGE BASIC AND DILUTED SHARES OUTSTANDING 132,729,908 130,440,688 132,562,271 130,002,515