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 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues:        
REVENUES: $ 0 $ 0 $ 0 $ 0
COSTS AND EXPENSES:        
General and Administrative 195,481 225,047 600,150 608,893
Professional fees and Consulting expense 355,941 343,320 1,646,669 1,008,128
Research and Development 125,695 219,938 600,966 775,511
Total Costs and Expenses 677,117 788,305 2,847,785 2,392,532
LOSS FROM OPERATIONS (677,117) (788,305) (2,847,785) (2,392,532)
OTHER INCOME (EXPENSE):        
Other Income 0 0 0 34,963
Amortization of Debt Discount (170,757) (450,006) (1,119,875) (1,414,975)
Finance Costs (27,000) (27,000) (94,500) (430,326)
Finance Costs paid in stocks and warrants - related party (18,000) (21,600) (63,000) (60,030)
Interest expense (600) (600) (1,800) (1,800)
Interest expense - related parties (246,907) (187,088) (700,469) (506,761)
Total Other Income (Expense) (463,264) (686,294) (1,979,644) (2,378,929)
NET LOSS $ (1,140,381) $ (1,474,599) $ (4,827,429) $ (4,771,461)
BASIC AND DILUTED LOSS PER SHARE $ (0.01) $ (0.01) $ (0.04) $ (0.04)
WEIGHTED AVERAGE BASIC AND DILUTED SHARES OUTSTANDING 133,507,211 131,497,317 132,879,550 130,506,258