0001493152-16-009771.txt : 20160513 0001493152-16-009771.hdr.sgml : 20160513 20160513165618 ACCESSION NUMBER: 0001493152-16-009771 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160513 DATE AS OF CHANGE: 20160513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RespireRx Pharmaceuticals Inc. CENTRAL INDEX KEY: 0000849636 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 330303583 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-16467 FILM NUMBER: 161649186 BUSINESS ADDRESS: STREET 1: 126 VALLEY ROAD STREET 2: SUITE C CITY: GLEN ROCK STATE: NJ ZIP: 07452 BUSINESS PHONE: (201) 444-4947 MAIL ADDRESS: STREET 1: 126 VALLEY ROAD STREET 2: SUITE C CITY: GLEN ROCK STATE: NJ ZIP: 07452 FORMER COMPANY: FORMER CONFORMED NAME: CORTEX PHARMACEUTICALS INC/DE/ DATE OF NAME CHANGE: 19920703 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2016

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 1-16467

 

RESPIRERX PHARMACEUTICALS INC.

(Exact name of registrant as specified in its charter)

 

Delaware   33-0303583
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification Number)

 

126 Valley Road, Suite C

Glen Rock, New Jersey 07452

(Address of principal executive offices)

 

(201) 444-4947

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [  ] Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

 

As of May 9, 2016, the Company had 640,958,608 shares of common stock, $0.001 par value, issued and outstanding.

 

 

 

 
 

 

RESPIRERX PHARMACEUTICALS INC.
AND SUBSIDIARY

 

TABLE OF CONTENTS

 

    Page
Number
PART I - FINANCIAL INFORMATION  
     
Item 1. Condensed Consolidated Financial Statements   4
     
Condensed Consolidated Balance Sheets - March 31, 2016 (Unaudited) and December 31, 2015   4
     
Condensed Consolidated Statements of Operations (Unaudited) - Three Months Ended March 31, 2016 and 2015   5
     
Condensed Consolidated Statement of Stockholders’ Deficiency (Unaudited) - Three Months Ended March 31, 2016   6
     
Condensed Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 31, 2016 and 2015   7
     
Notes to Condensed Consolidated Financial Statements (Unaudited) - Three Months Ended March 31, 2016 and 2015   8
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   41
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk   57
     
Item 4. Controls and Procedures   57
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings   58
     
Item 1A. Risk Factors   58
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   58
     
Item 3. Defaults Upon Senior Securities   59
     
Item 4. Mine Safety Disclosures   59
     
Item 5. Other Information   59
     
Item 6. Exhibits   59
     
SIGNATURES   60

 

2
 

 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q of RespireRx Pharmaceuticals Inc. (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and we intend that such forward-looking statements be subject to the safe harbor created thereby. These might include statements regarding the Company’s financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future product demand, supply, manufacturing, costs, marketing and pricing factors are all forward-looking statements.

 

In some cases, forward-looking statements may be identified by words including “anticipates,” “believes,” “intends,” “estimates,” “expects,” “plans,” and similar expressions include, but are not limited to, statements regarding (i) future research plans, expenditures and results, (ii) potential collaborative arrangements, (iii) the potential utility of our proposed products, and (iv) the need for, and availability of, additional financing.

 

The forward-looking statements included herein are based on current expectations that involve a number of risks and uncertainties. These forward-looking statements are based on assumptions regarding our business and technology, which involve judgments with respect to, among other things, future scientific, economic and competitive conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the assumptions underlying the forward-looking statements are reasonable, actual results may differ materially from those set forth in the forward-looking statements. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved.

 

Factors that could cause or contribute to such differences include, but are not limited to, regulatory policies or changes thereto, available cash, research and development results, competition from other similar businesses, and market and general economic factors. This discussion should be read in conjunction with the condensed consolidated financial statements (unaudited) and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, including the section entitled “Item 1A. Risk Factors.” The Company does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

 

3
 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

RESPIRERX PHARMACEUTICALS INC.

AND SUBSIDIARY

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   March 31, 2016   December 31, 2015 
   (Unaudited)     
ASSETS          
Current assets:          
Cash and cash equivalents  $6,053   $53,199 
Deferred financing costs   -    3,429 
Prepaid expenses, including current portion of long-term prepaid insurance of $14,945 at March 31, 2016 and December 31, 2015   76,509    29,144 
           
Total current assets   82,562    85,772 
Equipment, net of accumulated depreciation of $10,514 and $8,776 at March 31, 2016 and December 31, 2015, respectively   10,382    12,121 
Long-term prepaid insurance, net of current portion of $14,945 at March 31, 2016 and December 31, 2015   44,213    47,949 
           
Total assets  $137,157   $145,842 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY          
Current liabilities:          
Accounts payable and accrued expenses, including $136,392 and $111,688 payable to related parties at March 31, 2016 and December 31, 2015, respectively  $1,769,340   $1,434,429 
Accrued compensation and related expenses   1,019,509    710,409 
10% convertible notes payable, including accrued interest of $77,330 and $61,388, net of unamortized discounts of $222,443 and $342,932 at March 31, 2016 and December 31, 2015, respectively   434,387    297,956 
Note payable to Samyang, including accrued interest of $183,218 and $171,257 at March 31, 2016 and December 31, 2015, respectively   590,939    561,568 
Notes payable to officers, including accrued interest of $1,729   106,929    - 
Other short-term note payable, including accrued interest of $8   -    3,689 
           
Total current liabilities   3,921,104    3,008,051 
           
Commitments and contingencies (Note 8)          
           
Stockholders’ deficiency:          
Series B convertible preferred stock, $0.001 par value; $0.6667 per share liquidation preference; aggregate liquidation preference $25,001; shares authorized: 37,500; shares issued and outstanding: 37,500; common shares issuable upon conversion at 0.09812 per share: 3,679   21,703    21,703 
Series G 1.5% cumulative mandatorily convertible preferred stock, $0.001 par value, $1,000 per share stated value and liquidation preference; aggregate liquidation preference (including dividends) $259,547 and $258,566 at March 31, 2016 and December 31, 2015, respectively; shares authorized: 1,700; shares issued and outstanding: 259.5 and 258.6 at March 31, 2016 and December 31, 2015, respectively; common shares issuable upon conversion at 303,030.3 common shares per Series G share: 78,650,575 shares, including 2,371,791 shares issuable for dividends of $7,827 at March 31, 2016, and 78,353,485 shares, including 2,074,698 shares issuable for dividends of $6,847 at December 31, 2015   259,547    258,566 
Common stock, $0.001 par value; shares authorized: 1,400,000,000; shares issued and outstanding: 498,622,133 and 489,846,883 at March 31, 2016 and December 31, 2015, respectively   498,622    489,847 
Additional paid-in capital   146,397,967    144,647,529 
Accumulated deficit   (150,961,786)   (148,279,854)
           
Total stockholders’ deficiency   (3,783,947)   (2,862,209)
           
Total liabilities and stockholders’ deficiency  $137,157   $145,842 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

4
 

 

RESPIRERX PHARMACEUTICALS INC.

AND SUBSIDIARY

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended March 31, 
   2016   2015 
Grant revenues  $-   $74,534 
           
Operating expenses:          
General and administrative, including $1,163,411 and $10,000 to related parties for the three months ended March 31, 2016 and 2015, respectively   1,499,640    229,900 
Research and development, including $417,960 and $76,290 to related parties for the three months ended March 31, 2016 and 2015, respectively   917,136    440,792 
           
Total operating expenses   2,416,776    670,692 
           
Loss from operations   (2,416,776)   (596,158)
           
Gain on settlement with former management   -    92,550 
Interest expense, including $98,366 and $0 to related parties for the three months ended March 31, 2016 and 2015, respectively   (246,765)   (228,534)
Foreign currency transaction (loss) gain   (17,410)   4,190 
           
Net loss   (2,680,951)   (727,952)
           
Adjustments related to Series G 1.5% Convertible Preferred Stock:          
Dividends on Series G 1.5% Convertible Preferred Stock   (981)   (3,198)
           
Net loss attributable to common stockholders  $(2,681,932)  $(731,150)
           
Net loss per common share - basic and diluted  $(0.01)  $(0.00)
           
Weighted average common shares outstanding - basic and diluted   495,932,569    238,705,800 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

5
 

 

RESPIRERX PHARMACEUTICALS INC.

AND SUBSIDIARY

 

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

(Unaudited)

 

Three Months Ended March 31, 2016

 

   Series B   Series G 1.5%                     
   Convertible   Convertible                     
   Preferred Stock   Preferred Stock   Common Stock   Additional       Total 
   Shares   Amount    Shares   Amount   Shares   Par Value   Paid-in
Capital
   Accumulated
Deficit
   Stockholders’
Deficiency
 
Balance, December 31, 2015   37,500   $21,703    258.6   $258,566    489,846,883   $489,847   $144,647,529   $(148,279,854)  $(2,862,209)
Sale of common stock units in private placement   -    -    -    -    8,775,250    8,775    185,860    -    194,635 
Costs incurred in connection with sale of common stock units   -    -    -    -    -    -    (3,429)   -    (3,429)
Fair value of common stock options issued as compensation   -    -    -    -    -    -    1,471,371    -    1,471,371 
Fair value of common stock warrants issued as additional consideration in connection with loans from officers   -    -    -    -    -    -    96,636    -    96,636 
Dividends on Series G 1.5% Convertible Preferred Stock   -    -    0.9    981    -    -    -    (981)   - 
Net loss   -    -    -    -    -    -    -    (2,680,951)   (2,680,951)
Balance, March 31, 2016   37,500   $21,703    259.5   $259,547    498,622,133   $498,622   $146,397,967   $(150,961,786)  $(3,783,947)

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

6
 

 

RESPIRERX PHARMACEUTICALS INC.

AND SUBSIDIARY

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Three Months Ended March 31, 
   2016   2015 
Cash flows from operating activities:          
Net loss  $(2,680,951)  $(727,952)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation expense   1,739    1,902 
Amortization of discounts related to convertible notes payable   120,490    165,997 
Amortization of capitalized financing costs   -    37,098 
Fair value of warrants issued as additional consideration in connection with loans from officers   96,636    - 
 Gain on settlement with former management   -    (92,550)
Stock-based compensation expense included in -          
General and administrative expenses   1,030,831    - 
Research and development expenses   440,540    72,000 
Foreign currency transaction loss (gain)   17,410    (4,190)
Changes in operating assets and liabilities:          
(Increase) decrease in -          
Grant receivable   -    19,417 
Prepaid expenses   (43,629)   5,256 
Increase (decrease) in -          
Accounts payable and accrued expenses   334,911    327,379 
Accrued compensation and related expenses   309,100    (7,500)
Accrued interest payable   29,623    24,691 
Unearned grant revenue   -    (21,951)
           
Net cash used in operating activities   (343,300)   (200,403)
           
Cash flows from investing activities:          
Purchases of equipment   -    (2,497)
           
Net cash used in investing activities   -    (2,497)
           
Cash flows from financing activities:          
Proceeds from sale of common stock units   194,635    - 
Proceeds from convertible note and warrant financing   -    210,000 
Proceeds from issuance of note payable to officers   105,200    - 
Principal paid on other short-term notes payable   (3,681)   - 
Cash payments made for deferred costs incurred in connection with convertible note and warrant financing   -    (15,700)
           
Net cash provided by financing activities   296,154    194,300 
           
Cash and cash equivalents:          
Net decrease   (47,146)   (8,600)
Balance at beginning of period   53,199    162,752 
           
Balance at end of period  $6,053   $154,152 
           
Supplemental disclosures of cash flow information:          
Cash paid for -          
Interest  $8   $750 
Income taxes  $-   $- 
           
Non-cash financing activities:          
Dividends on Series G 1.5% Convertible Preferred Stock  $981   $3,198 
Deferred financing costs charged to additional paid-in capital  $3,429   $- 
Short-term note payable issued in connection with financing of insurance policy premium  $-   $36,125 
Stated value of Series G 1.5% Convertible Preferred Stock converted into common stock  $-   $25,324 
Fair value of common stock options issued in connection with settlement with former management  $-   $25,450 
Fair value of common stock warrants issued to investors in connection with the convertible note and warrant financing  $-   $112,557 
Fair value of common stock warrants issued to placement agents in connection with the convertible note and warrant financing  $-   $12,726 
Fair value of beneficial conversion feature of convertible notes payable issued to investors in connection with the convertible note and warrant financing  $-   $97,443 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

7
 

 

RESPIRERX PHARMACEUTICALS INC.

AND SUBSIDIARY

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

Three Months Ended March 31, 2016 and 2015

 

1. Basis of Presentation

 

The condensed consolidated financial statements of RespireRx Pharmaceuticals Inc. (“RespireRx”) and its wholly-owned subsidiary, Pier Pharmaceuticals, Inc. (“Pier”) (collectively referred to herein as the “Company,” unless the context indicates otherwise), at March 31, 2016 and for the three months ended March 31, 2016 and 2015, are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) have been made that are necessary to present fairly the consolidated financial position of the Company as of March 31, 2016, the results of its consolidated operations for the three months ended March 31, 2016 and 2015, and its consolidated cash flows for the three months ended March 31, 2016 and 2015. Consolidated operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The consolidated balance sheet at December 31, 2015 has been derived from the Company’s audited consolidated financial statements at such date.

 

The condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and other information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC.

 

2. Organization and Business

 

Organization

 

RespireRx was formed in 1987 under the name Cortex Pharmaceuticals, Inc. to engage in the discovery, development and commercialization of innovative pharmaceuticals for the treatment of neurological and psychiatric disorders. On December 16, 2015, the Company filed a Certificate of Amendment to its Second Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to amend the Company’s Second Restated Certificate of Incorporation to change the name of the Company from Cortex Pharmaceuticals, Inc. to RespireRx Pharmaceuticals Inc.

 

In 2011, prior management conducted a re-evaluation of RespireRx’s strategic focus and determined that clinical development in the area of respiratory disorders, particularly sleep apnea and drug-induced respiratory depression, provided the most cost-effective opportunities for potential rapid development and commercialization of RespireRx’s compounds. Accordingly, RespireRx narrowed its clinical focus at that time and sidelined other avenues of scientific inquiry. This re-evaluation provided the impetus for RespireRx’s acquisition of Pier in August 2012.

 

The Company underwent a change in management in March 2013, and since then the Company’s current management has continued to implement this strategic focus, including seeking the capital to fund such efforts. As a result of the Company’s scientific discoveries and the acquisition of strategic, exclusive license agreements, management believes that the Company is now a leader in developing drugs for respiratory disorders, particularly sleep apneas and drug-induced respiratory depression.

 

Business

 

Since its formation in 1987, RespireRx has been engaged in the research and clinical development of a class of proprietary compounds known as ampakines, which act to enhance the actions of the excitatory neurotransmitter glutamate at AMPA glutamate receptors. Several ampakines, in both oral and injectable form, are being developed by the Company for the treatment of a variety of breathing disorders. In clinical studies, select ampakines have shown preliminary efficacy in central sleep apnea and in the control of respiratory depression produced by opioids, without altering their analgesic effects. In animal models of orphan disorders, such as Pompe Disease, spinal cord damage and perinatal respiratory distress, it has been demonstrated that certain ampakines improve breathing function. The Company’s compounds belong to a new class of ampakines that do not display the undesirable side effects previously reported in animal models of earlier generations.

 

8
 

 

RespireRx owns patents and patent applications for certain families of chemical compounds, including ampakines, which claim the chemical structures and their use in the treatment of various disorders. These patents cover, among other compounds, the Company’s lead ampakines CX1739 and CX1942, and extend through at least 2028.

 

On May 8, 2007, RespireRx entered into a license agreement, as subsequently amended, with the University of Alberta granting RespireRx exclusive rights to method of treatment patents held by the University of Alberta claiming the use of ampakines for the treatment of various respiratory disorders. These patents, along with RespireRx’s own patents claiming chemical structures, comprise RespireRx’s principal intellectual property supporting RespireRx’s research and clinical development program in the use of ampakines for the treatment of respiratory disorders. RespireRx has completed pre-clinical studies indicating that several of its ampakines, including CX717, CX1739 and CX1942, were efficacious in treating drug induced respiratory depression caused by opioids or certain anesthetics without offsetting the analgesic effects of the opioids or the anesthetic effects of the anesthetics. In two clinical Phase 2 studies, one of which was published in a peer-reviewed journal, CX717, a predecessor compound to CX1739 and CX1942, antagonized the respiratory depression produced by fentanyl, a potent narcotic, without affecting the analgesia produced by this drug. In addition, RespireRx has conducted a Phase 2A clinical study in which patients with sleep apnea were administered CX1739, RespireRx’s lead clinical compound. The results suggested that CX1739 might have use as a treatment for central sleep apnea (“CSA”) and mixed sleep apnea, but not obstructive sleep apnea (“OSA”).

 

In order to expand RespireRx’s respiratory disorders program, RespireRx acquired 100% of the issued and outstanding equity securities of Pier effective August 10, 2012 pursuant to an Agreement and Plan of Merger. Pier was formed in June 2007 (under the name SteadySleep Rx Co.) as a clinical stage pharmaceutical company to develop a pharmacologic treatment for OSA and had been engaged in research and clinical development activities since formation.

 

Through the merger, RespireRx gained access to an Exclusive License Agreement (as amended, the “License Agreement”) that Pier had entered into with the University of Illinois on October 10, 2007. The License Agreement covered certain patents and patent applications in the United States and other countries claiming the use of certain compounds referred to as cannabinoids, of which dronabinol is a specific example, for the treatment of sleep-related breathing disorders (including sleep apnea). Dronabinol is a synthetic derivative of the naturally occurring substance in the cannabis plant, otherwise known as Δ9-THC (Δ9-tetrahydrocannabinol). Pier’s business plan was to determine whether dronabinol would significantly improve subjective and objective clinical measures in patients with OSA. In addition, Pier intended to evaluate the feasibility and comparative efficacy of a proprietary formulation of dronabinol.

 

The License Agreement granted Pier, among other provisions, exclusive rights: (i) to practice certain patents and patent applications, as defined in the License Agreement, that were then held by the University of Illinois; (ii) to identify, develop, make, have made, import, export, lease, sell, have sold or offer for sale any related licensed products; and (iii) to grant sub-licenses of the rights granted in the License Agreement, subject to the provisions of the License Agreement. Pier was required under the License Agreement, among other terms and conditions, to pay the University of Illinois a license fee, royalties, patent costs and certain milestone payments.

 

Prior to the merger, Pier conducted a 21 day, randomized, double-blind, placebo-controlled, dose escalation Phase 2 clinical study in 22 patients with OSA, in which dronabinol produced a statistically significant reduction in the Apnea-Hypopnea Index, the primary therapeutic end-point, and was observed to be safe and well tolerated. The University of Illinois and three other research centers are currently investigating dronabinol in a potentially pivotal, six week, double-blind, placebo-controlled Phase 2B clinical trial in 120 patients with OSA. The University of Illinois has indicated that it expects the final data collection under this clinical trial to be completed in May 2016. The Company is not managing or funding this ongoing clinical trial. This clinical trial is fully funded by the National Heart, Lung and Blood Institute of the National Institutes of Health.

 

Dronabinol is a Schedule III, controlled generic drug with a relatively low abuse potential that is approved by the U.S. Food and Drug Administration (the “FDA”) for the treatment of AIDS-related anorexia and chemotherapy-induced emesis. The use of dronabinol for the treatment of OSA is a novel indication for an already approved drug and, as such, the Company believes that it would only require approval by the FDA of a supplemental new drug application.

 

9
 

 

The License Agreement was terminated effective March 21, 2013, due to the Company’s failure to make a required payment. Subsequently, current management opened negotiations with the University of Illinois, and as a result, the Company entered into a new license agreement (the “2014 License Agreement”) with the University of Illinois on June 27, 2014, the material terms of which were similar to the License Agreement that was terminated on March 21, 2013.

 

The Company filed an Investigational New Drug (“IND”) application with the FDA in September 2015 to conduct a double-blind, placebo-controlled, dose-ascending Phase 2A clinical trial in approximately 18 subjects to determine the ability of orally administered CX1739, the Company’s proprietary lead ampakine, to prevent the respiratory depression produced by remifentanil, a potent opioid, without altering remifentanil’s analgesic properties. The clinical protocol was designed to evaluate the safety and efficacy of three escalating doses of CX1739 versus placebo when administered prior to remifentanil, with respiration, analgesia and a number of other clinical measures being taken after administration of both drugs. The commencement of this clinical trial was subject to resolution of two deficiencies raised by the FDA in its clinical hold letter issued in November 2015. These issues were satisfactorily resolved in early 2016, and the FDA removed the clinical hold on the Company’s IND for CX1739 on February 25, 2016, thus allowing for the initiation of the clinical trial. During March 2016, upon receiving unconditional approval from the Institutional Review Board (“IRB”) of the Duke Clinical Research Unit, this Phase 2A clinical trial at Duke University School of Medicine was initiated. The Company expects to incur approximately $750,000 of direct costs in 2016 with respect to this clinical trial (of which approximately $163,000 was incurred during the three months ended March 31, 2016), to complete the final data collection with respect to the clinical trial by the end of May 2016, and to issue a report on the results of the clinical trial during the third quarter of 2016. Subsequent to March 31, 2016, the Company paid Duke University an upfront advance for clinical trial costs of $111,654.

 

Going Concern

 

The Company’s condensed consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred net losses of $2,680,951 for the three months ended March 31, 2016 and $5,961,892 for the fiscal year ended December 31, 2015, and negative operating cash flows of $343,300 for the three months ended March 31, 2016 and $1,296,100 for the fiscal year ended December 31, 2015. The Company also had a stockholders’ deficiency of $3,783,947 at March 31, 2016, and expects to continue to incur net losses and negative operating cash flows for at least the next few years. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern, and the Company’s independent registered public accounting firm, in their report on the Company’s consolidated financial statements for the year ended December 31, 2015, has expressed substantial doubt about the Company’s ability to continue as a going concern.

 

The Company is currently, and has for some time, been in significant financial distress. It has limited cash resources and current assets and has no ongoing source of sustainable revenue. Management is continuing to address various aspects of the Company’s operations and obligations, including, without limitation, debt obligations, financing requirements, intellectual property, licensing agreements, legal and patent matters and regulatory compliance, and has continued to raise new debt and equity capital to fund the Company’s business activities from both related and unrelated parties, as described at Notes 4 and 6.

 

The Company is continuing its efforts to raise additional capital in order to be able to pay its liabilities and fund its business activities on a going forward basis, including a recent increase in the Company’s research and development activities. The Company regularly evaluates various measures to satisfy the Company’s liquidity needs, including developing agreements with collaborative partners and, when necessary, seeking to exchange or restructure the Company’s outstanding securities. As a result of the Company’s current financial situation, the Company has limited access to external sources of debt and equity financing. Accordingly, there can be no assurances that the Company will be able to secure additional financing in the amounts necessary to fully fund its operating and debt service requirements. If the Company is unable to access sufficient cash resources, the Company may be forced to discontinue its operations entirely and liquidate.

 

3. Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The accompanying condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the financial statements of RespireRx and its wholly-owned subsidiary, Pier. Intercompany balances and transactions have been eliminated in consolidation.

 

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Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts may differ from those estimates.

 

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company limits its exposure to credit risk by investing its cash with high quality financial institutions. The Company’s cash balances may periodically exceed federally insured limits. The Company has not experienced a loss in such accounts to date.

 

Cash Equivalents

 

The Company considers all highly liquid short-term investments with maturities of less than three months when acquired to be cash equivalents.

 

Fair Value of Financial Instruments

 

The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers into and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required.

 

Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives.

 

Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange based derivatives, mutual funds, and fair-value hedges.

 

Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded, non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models.

 

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

 

The carrying amount of financial instruments (consisting of cash, cash equivalents, grants receivable and accounts payable) is considered by the Company to be representative of the respective fair values of these instruments due to the short-term nature of those instruments. With respect to the note payable to Samyang and the convertible notes payable, management does not believe that the credit markets have materially changed for these types of borrowings since the original borrowing date.

 

Deferred Financing Costs

 

Costs incurred in connection with ongoing debt and equity financings, including legal fees, are deferred until the related financing is either completed or abandoned.

 

Costs related to abandoned debt or equity financings are charged to operations in the period of abandonment. Costs related to completed debt financings are presented as a direct deduction from the carrying amount of the related debt liability (see “Capitalized Financing Costs” below). Costs related to completed equity financings are charged directly to additional paid-in capital.

 

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Capitalized Financing Costs

 

Through December 31, 2015, costs related to completed debt financings were capitalized on the balance sheet and amortized over the term of the related debt agreements. Amortization of these costs was calculated on the straight-line basis, which approximated the effective interest method, and was charged to interest expense in the consolidated statements of operations.

 

Pursuant to Accounting Standards Update No. 2015-03 (ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30), effective January 1, 2016, the Company is required to present debt issuance costs related to a debt liability in its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation for debt discounts. The Company is required to apply the new accounting guidance on a retrospective basis, wherein the balance sheet of each individual period presented is adjusted to reflect the period-specific effects of applying the new guidance, and is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., the debt issuance cost asset and the debt liability).

 

As the Company did not have any capitalized financing costs on its consolidated balance sheet at December 31, 2015 or at March 31, 2016, the implementation of ASU 2015-03 did not have any impact on the Company’s financial statements as presented herein.

 

Series G 1.5% Convertible Preferred Stock

 

The Series G 1.5% Convertible Preferred Stock (including accrued dividends) issued in 2014 is mandatorily convertible into common stock at a fixed conversion rate on April 17, 2016 (if not converted earlier) and provides no right to receive a cash payment. Additionally, the Series G 1.5% Convertible Preferred Stock includes no participatory or reset rights, or other protections (other than normal anti-dilution rights) based on subsequent events, including equity transactions. Accordingly, the Company has determined that the Series G 1.5% Convertible Preferred Stock should be categorized in stockholders’ equity (deficiency), and that there are no derivatives embedded in such security that would require identification, bifurcation and valuation. The Company did not issue any warrants to investors in conjunction with the Series G 1.5% Convertible Preferred Stock financing.

 

On March 18, 2014 and April 17, 2014, the Company issued 753.22 shares and 175.28 shares, respectively, of Series G 1.5% Convertible Preferred Stock at a purchase price of $1,000 per share. Each share of Series G 1.5% Convertible Preferred Stock has a stated value of $1,000 per share and is convertible into shares of common stock at a fixed price of $0.0033 per share of common stock. On March 18, 2014 and April 17, 2014, the per share fair value of the common stock into which the Series G 1.5% Convertible Preferred Stock was convertible, determined by reference to the closing market prices of the Company’s common stock on such closing dates, was $0.04 per share and $0.0348 per share, respectively, which was greater than the effective purchase price of such common shares of $0.0033 per share.

 

The Company accounted for the beneficial conversion features in accordance with Accounting Standards Codification (“ASC”) 470-20, Accounting for Debt with Conversion and Other Options. The Company calculated a deemed dividend on the Series G 1.5% Convertible Preferred Stock of $8,376,719 in March 2014 and $1,673,127 in April 2014, which equals the amount by which the estimated fair value of the common stock issuable upon conversion of the issued Series G 1.5% Convertible Preferred Stock exceeded the proceeds from such issuances. The deemed dividend on the Series G 1.5% Convertible Preferred Stock was amortized on the straight-line basis from the respective issuance dates through the earliest conversion date of June 16, 2014, in accordance with ASC 470-20. The difference between the amortization of the deemed dividend calculated based on the straight-line method and the effective yield method was not material.

 

Dr. Arnold S. Lippa, Ph.D., the Chairman of the Company’s Board of Directors and then Chief Executive Officer, purchased 250 shares for $250,000, representing 33.2% of the 753.22 shares of Series G 1.5% Convertible Preferred Stock sold in the initial closing of such financing on March 18, 2014. The second (and final) closing of such financing consisted entirely of Series G 1.5% Convertible Preferred Stock sold to unaffiliated investors. Accordingly, Dr. Lippa purchased 26.9% of the entire amount of Series G 1.5% Convertible Preferred Stock sold in the financing. Dr. Lippa had been an officer and director of the Company for approximately one year when he purchased the 250 shares of Series G 1.5% Convertible Preferred Stock, and his investment, which was only a portion of the first closing, was made on the same terms and conditions as those provided to the other unaffiliated investors who made up the majority of the financing. Dr. Lippa did not control, directly or indirectly, 10% or more of the Company’s voting equity securities at the time of his investment. The proportionate share of the deemed dividend attributable to Dr. Lippa’s investment in the Series G 1.5% Convertible Preferred Stock in March 2014 was $2,780,303. On April 18, 2014, the shares of Series G 1.5% Convertible Preferred Stock originally purchased by Dr. Lippa were transferred to the Arnold Lippa Family Trust of 2007. On April 15, 2015, these shares of Series G 1.5% Convertible Preferred Stock, plus accrued dividends of $4,120, were converted into 77,006,072 shares of common stock.

 

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10% Convertible Notes Payable

 

Original Issuance of Notes and Warrants

 

The convertible notes sold to investors in 2014 and 2015 have an interest rate of 10% per annum and are convertible into common stock at a fixed price of $0.035 per share. The convertible notes have no reset rights or other protections based on subsequent equity transactions, equity-linked transactions or other events. The warrants issued in connection with the sale of the convertible notes are exercisable at a fixed price of $0.035 per share, provide no right to receive a cash payment, and include no reset rights or other protections based on subsequent equity transactions, equity-linked transactions or other events. The Company has determined that there are no embedded derivatives to be identified, bifurcated and valued in connection with this financing.

 

On November 5, 2014, the Company sold an aggregate principal amount of $238,500 of its 10% convertible notes payable due September 15, 2015, which were subject to extension to September 15, 2016, at the option of the Company, subject to the issuance of additional warrants, and warrants to purchase shares of common stock exercisable into a fixed number of shares of common stock of the Company calculated as the principal amount of each convertible note divided by $0.035 (reflecting 100% warrant coverage). The warrants do not have any cashless exercise provisions and, when issued, were exercisable through September 30, 2015 at a fixed price of $0.035 per share. The shares of common stock issuable upon conversion of the notes payable and the exercise of the warrants are not subject to any registration rights.

 

On December 9, 2014, December 31, 2014, and February 2, 2015, the Company sold an additional $46,000, $85,000 and $210,000, respectively, of principal amount of the convertible notes and warrants to various accredited investors. The Company terminated this financing, which had generated aggregate gross proceeds of $579,500, and in connection with which the Company had issued 16,557,142 warrants, effective February 18, 2015.

 

The closing market prices of the Company’s common stock on the transaction closing dates of November 5, 2014, December 9, 2014, December 31, 2014 and February 2, 2015 were $0.0524 per share, $0.0411 per share, $0.0451 per share and $0.043 per share, respectively, as compared to the fixed conversion price of the convertible notes and the fixed exercise price of the warrants of $0.035 per share. Accordingly, the Company has accounted for the beneficial conversion features with respect to the sale of the convertible notes and the issuance of the warrants in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes to be representative of their fair value. The Company determined the fair value of the warrants based on the Black-Scholes option-pricing model. The relative fair value method generated respective fair values for each of the convertible notes and the warrants of approximately 50% for the convertible notes and approximately 50% for the warrants. Once these values were determined, the fair value of the warrants of $289,106 and the fair value of the beneficial conversion feature of $290,394 (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. As a result, this aggregate debt discount reduced the carrying value of the convertible notes to zero at each issuance date. The excess amount generated from this calculation was not recorded, as the carrying value of a promissory note cannot be reduced below zero. The aggregate debt discount was amortized as interest expense over the original term of the promissory notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

 

The cash fees paid to placement agents and for legal costs incurred from November 5, 2014 through February 2, 2015 with respect to this financing were deferred and capitalized as deferred offering costs and were amortized to interest expense over the original term of the convertible notes through September 15, 2015 on the straight-line method. The placement agent warrants were considered as an additional cost of the offering and were included in deferred offering costs at fair value. The difference between the amortization of the deferred offering costs calculated based on the straight-line method and the effective yield method was not material.

 

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Extension of Notes and Original Warrants, and Issuance of New Warrants

 

On August 13, 2015, the Company elected to extend the maturity date of the convertible notes to September 15, 2016. As a consequence of this election, under the terms of the convertible notes, the Company was required to issue to note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the convertible notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the convertible notes (an aggregate amount of $579,500), plus any accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the 16,557,142 original warrants issued to the investors. In connection with the extension of the maturity date of the convertible notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original warrants to September 15, 2016, so that they were coterminous with the new maturity date of the convertible notes.

 

The Company reviewed the guidance in ASC 405-20, Extinguishment of Liabilities, and determined that the convertible notes had not been extinguished. The Company therefore concluded that the guidance in ASC 470-50, Modifications and Extinguishments, should be applied, which states that if the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the fees shall be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the interest method.

 

The Company deferred the debt modification costs related to the modification of the convertible notes and the issuance of the New Warrants (consisting of the fair value of the New Warrants) over the remaining term of the extended notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

The Company deferred the debt modification costs related to the extension of the original warrants (consisting of the fair value of the extension of the original warrants) over the remaining term of the extended convertible notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

The closing market price of the Company’s common stock on the extension date of September 15, 2015 was $0.031 per share, as compared to the fixed conversion price of the convertible notes and the fixed exercise price of both the original warrants and the New Warrants of $0.035 per share. The Company has accounted for the beneficial conversion features with respect to the extension of the convertible notes and the extension of the original warrants and the issuance of the New Warrants in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes, plus the accrued interest thereon, to be representative of their fair value. The Company determined the fair value of the 8,903,684 New Warrants and the fair value of extending the 16,557,142 original warrants based on the Black-Scholes option-pricing model. The relative fair value method generated respective fair values for each of the convertible notes, including accrued interest, and the New Warrants and extension of the original warrants, of approximately 55% for the convertible notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original warrants. Once these values were determined, the fair value of the New Warrants and extension of the original warrants of $277,918 and the fair value of the beneficial conversion feature of $206,689 (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. The aggregate debt discount was amortized as interest expense over the extended term of the promissory notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

 

Equipment

 

Equipment is recorded at cost and depreciated on a straight-line basis over their estimated useful lives, which range from three to five years.

 

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Long-Term Prepaid Insurance

 

Long-term prepaid insurance represents the premium paid in March 2014 for directors and officer’s insurance tail coverage, which is being amortized on a straight-line basis over the policy period of six years. The amount amortizable in the ensuing twelve month period is recorded as a current asset in the Company’s consolidated balance sheet at each reporting date.

 

Impairment of Long-Lived Assets

 

The Company reviews its long-lived assets, including long-term prepaid insurance, for impairment whenever events or changes in circumstances indicate that the total amount of an asset may not be recoverable, but at least annually. An impairment loss is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. The Company has not deemed any long-lived assets as impaired at March 31, 2016.

 

Stock-Based Compensation

 

The Company periodically issues common stock and stock options to officers, directors, Scientific Advisory Board members and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date of each grant.

 

The Company accounts for stock-based payments to officers and directors by measuring the cost of services received in exchange for equity awards based on the grant date fair value of the awards, with the cost recognized as compensation expense on the straight-line basis in the Company’s financial statements over the vesting period of the awards. The Company accounts for stock-based payments to Scientific Advisory Board members and consultants by determining the value of the stock compensation based upon the measurement date at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.

 

Stock grants, which are generally subject to time-based vesting, are measured at the grant date fair value and charged to operations ratably over the vesting period.

 

Stock options granted to members of the Company’s Scientific Advisory Board and to outside consultants are revalued each reporting period until vested to determine the amount to be recorded as an expense in the respective period. As the stock options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the value on the date of vesting.

 

The fair value of stock options granted as stock-based compensation is determined utilizing the Black-Scholes option-pricing model, and is affected by several variables, the most significant of which are the life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock over the term of the equity award. Estimated volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of common stock is determined by reference to the quoted market price of the Company’s common stock.

 

Stock options and warrants issued to non-employees as compensation for services to be provided to the Company or in settlement of debt are accounted for based upon the fair value of the services provided or the estimated fair value of the stock option or warrant, whichever can be more clearly determined. Management utilizes the Black-Scholes option-pricing model to determine the fair value of the stock options and warrants issued by the Company. The Company recognizes this expense over the period in which the services are provided.

 

For stock options granted during the three months ended March 31, 2016, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.23 %
Expected dividend yield     0 %
Expected volatility     201 %
Expected life     4.4 to 5 years  

 

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For stock options granted during the three months ended March 31, 2015, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.3 %
Expected dividend yield     0 %
Expected volatility      249 %
Expected life     5 years  

 

The Company recognizes the fair value of stock-based compensation in general and administrative costs and in research and development costs, as appropriate, in the Company’s consolidated statements of operations. The Company issues new shares of common stock to satisfy stock option and warrant exercises. There were no stock options exercised during the three months ended March 31, 2016 and 2015.

 

Income Taxes

 

The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, the Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities.

 

The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made.

 

Pursuant to Internal Revenue Code Sections 382 and 383, use of the Company’s net operating loss and credit carryforwards may be limited if a cumulative change in ownership of more than 50% occurs within any three-year period since the last ownership change. The Company may have had a change in control under these Sections. However, the Company does not anticipate performing a complete analysis of the limitation on the annual use of the net operating loss and tax credit carryforwards until the time that it anticipates it will be able to utilize these tax attributes.

 

As of March 31, 2016, the Company did not have any unrecognized tax benefits related to various federal and state income tax matters and does not anticipate any material amount of unrecognized tax benefits within the next 12 months.

 

The Company is subject to U.S. federal income taxes and income taxes of various state tax jurisdictions. As the Company’s net operating losses have yet to be utilized, all previous tax years remain open to examination by Federal authorities and other jurisdictions in which the Company currently operates or has operated in the past.

 

The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. As of March 31, 2016, the Company had not recorded any liability for uncertain tax positions. In subsequent periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense.

 

Foreign Currency Transactions

 

The note payable to Samyang, which is denominated in a foreign currency (the South Korean Won), is translated into the Company’s functional currency (the United States Dollar) at the exchange rate on the balance sheet date. The foreign currency exchange gain or loss resulting from translation is recognized in the related consolidated statements of operations.

 

Research Grants

 

The Company recognizes revenues from research grants as earned based on the percentage-of-completion method of accounting and issues invoices for contract amounts billed based on the terms of the grant agreement. Amounts recorded under research grants in excess of amounts earned are classified as unearned grant revenue liability in the Company’s consolidated balance sheet. Grant receivable reflects contractual amounts due and payable under the grant agreement. The payment of grants receivable are based on progress reports provided to the grant provider by the Company. The research grant was completed in April 2015. The Company has filed all required progress reports.

 

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Research grants are generally funded and paid through government or institutional programs. Amounts received under research grants are nonrefundable, regardless of the success of the underlying research project, to the extent that such amounts are expended in accordance with the approved grant project. During the three months ended March 31, 2016 and 2015, the Company had research grant revenues of $0 and $74,534, respectively. At March 31, 2016 and December 31, 2015, the Company did not have any grants receivable or unearned grant revenues.

 

Research and Development Costs

 

Research and development costs consist primarily of fees paid to consultants and outside service providers and organizations (including research institutes at universities), patent fees and costs, and other expenses relating to the acquisition, design, development and clinical testing of the Company’s treatments and product candidates.

 

Research and development costs incurred by the Company under research grants are expensed as incurred over the life of the underlying contracts, unless the terms of the contract indicate that a different expensing schedule is more appropriate.

 

The Company reviews the status of its research and development contracts on a quarterly basis.

 

License Agreements

 

Obligations incurred with respect to mandatory payments provided for in license agreements are recognized ratably over the appropriate period, as specified in the underlying license agreement, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Obligations incurred with respect to milestone payments provided for in license agreements are recognized when it is probable that such milestone will be reached, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Payments of such liabilities are made in the ordinary course of business.

 

Patent Costs

 

Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, all patent costs, including patent-related legal and filing fees, are expensed as incurred.

 

Comprehensive Income (Loss)

 

Components of comprehensive income or loss, including net income or loss, are reported in the financial statements in the period in which they are recognized. Comprehensive income or loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income (loss) and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). The Company did not have any items of comprehensive income (loss) for the three months ended March 31, 2016 and 2015.

 

Earnings per Share

 

The Company’s computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., warrants and options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

 

Net income (loss) attributable to common stockholders consists of net income or loss, as adjusted for actual and deemed preferred stock dividends declared, amortized or accumulated.

 

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Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all warrants and stock options outstanding are anti-dilutive.

 

At March 31, 2016 and 2015, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    March 31,  
    2016     2015  
Series B convertible preferred stock     3,679       3,679  
Series G 1.5% convertible preferred stock     78,650,575       257,760,939  
10% convertible notes payable     18,766,564       17,034,702  
Common stock warrants     180,274,428       32,106,094  
Common stock options     421,823,581       26,216,668  
Total     699,518,827       333,122,082  

 

Reclassifications

 

Certain comparative figures in 2015 have been reclassified to conform to the current year’s presentation. These reclassifications were immaterial, both individually and in the aggregate.

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Based on the FASB’s Exposure Draft Update issued on April 29, 2015, and approved in July 2015, Revenue from Contracts With Customers (Topic 606): Deferral of the Effective Date, ASU 2014-09 is now effective for reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2014-09 is not expected to have any impact on the Company’s financial statement presentation or disclosures.

 

In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have any impact on the Company’s financial statement presentation and disclosures.

 

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In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s financial statement presentation or disclosures.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

 

4. Notes Payable

 

10% Convertible Notes Payable

 

On November 5, 2014, the Company entered into a Convertible Note and Warrant Purchase Agreement (the “Purchase Agreement”) with various accredited, non-affiliated investors (each, a “Purchaser”), pursuant to which the Company sold an aggregate principal amount of $238,500 of its (i) 10% Convertible Notes due September 15, 2015 (each a “Note”, and together, the “Notes”) and (ii) Warrants to purchase shares of common stock (the “Warrants”) as described below. On December 9, 2014, December 31, 2014, and February 2, 2015, the Company sold an additional $46,000, $85,000 and $210,000, respectively, of principal amount of the Notes and Warrants to various accredited investors. This private placement, which generated aggregate gross proceeds of $579,500, was terminated effective February 18, 2015. Unless otherwise provided for in the Notes, the outstanding principal balance of each Note and all accrued and unpaid interest, compounded annually at 10%, when issued, was due and payable in full on September 15, 2015.

 

At any time, each Purchaser could elect, at its option and in its sole discretion, to convert the outstanding principal amount into a fixed number of shares of the Company’s common stock equal to the quotient obtained by dividing the outstanding principal amount, plus any accrued and unpaid interest, by $0.035. In the case of a Qualified Financing (as defined in the Purchase Agreement), the outstanding principal amount and accrued and unpaid interest under the Notes would automatically convert into common stock at a common stock equivalent price of $0.035. In the case of an Acquisition (as defined in the Purchase Agreement), the Company could elect to either: (i) convert the outstanding principal amount and all accrued and unpaid interest under the Notes into shares of common stock or (ii) accelerate the maturity date of the Notes to the date of closing of the Acquisition. Each Warrant to purchase shares of common stock was exercisable into a fixed number of shares of common stock of the Company calculated as each Purchaser’s investment amount divided by $0.035. The Warrants were originally exercisable through September 15, 2015 at a fixed price of $0.035 per share and did not have any cashless exercise provisions. The shares of common stock issuable upon conversion of the Notes and exercise of the Warrants were not subject to any registration rights.

 

Placement agent fees, brokerage commissions, and similar payments were made in the form of cash and warrants to qualified referral sources in connection with the sale of the Notes and Warrants. In connection with the initial closing on November 5, 2014, fees of $16,695 were paid in cash, based on 7% of the aggregate principal amount of the Notes issued to such referral sources, and the fees paid in warrants (the “Placement Agent Warrants”) consisted of 477,000 warrants, reflecting warrants for that number of shares equal to 7% of the number of shares of common stock into which the corresponding Notes are convertible. In connection with the second closing, fees of $700 were paid in cash and 20,000 Placement Agent Warrants were issued. In connection with the third closing, fees of $3,500 were paid in cash and 100,000 Placement Agent Warrants were issued. In connection with the fourth closing, fees of $14,700 were paid in cash and 420,000 Placement Agent Warrants were issued. The Placement Agent Warrants have cashless exercise provisions and were exercisable through September 15, 2015 at a fixed price of $0.035 per share. The warrants issued to the placement agent and/or its designees or affiliates in connection with the 2014 closings of the Purchase Agreement, to purchase 597,000 shares of the Company’s common stock, were valued pursuant to the Black-Scholes option-pricing model at $19,986, $614 and $3,340, respectively. The warrants issued to the placement agent and/or its designees or affiliates in connection with the February 2, 2015 closing of the Purchase Agreement, to purchase 420,000 shares of the Company’s common stock, were valued pursuant to the Black-Scholes option-pricing model at $12,726. Total financing costs relating to all closings of the Notes aggregated $129,776, consisting of $93,110 paid in cash and $36,666 paid in the form of Placement Agent Warrants, and were being amortized as additional interest expense over the original term of the Notes through September 15, 2015. During the three months ended March 31, 2016 and 2015, $0 and $37,098, respectively, was charged to interest expense with respect to the amortization of capitalized financing costs.

 

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Aurora Capital LLC, a related party as described at Note 7, was the placement agent for this financing, and Aurora and its designees and/or affiliates received aggregate fees in connection with this financing in the form of $33,425 in cash and Placement Agent Warrants to purchase 955,000 shares of common stock in connection with the four closings.

 

The Notes and Warrants were offered and sold without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as provided in Rule 506 of Regulation D promulgated thereunder. The Notes and Warrants and the shares of common stock issuable upon conversion of the Notes and exercise of the Warrants were not registered under the Securities Act or any other applicable securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

 

The Company used the Black-Scholes option-pricing model to estimate the fair value of the Warrants to purchase 16,557,142 shares of the Company’s common stock sold to investors in connection with the four closings at a fixed exercise price of $0.035 per share. The Company considered the face value of the Notes to be representative of their fair value. The Company applied the relative fair value method to allocate the proceeds from the borrowing to the Notes and the Warrants. Consequently, approximately 50% of the proceeds of the borrowing of $290,394 were attributed to the debt instrument. The 50% value attributed to the Warrants of $289,106 was amortized as additional interest expense over the original term of the Notes. During the three months ended March 31, 2016 and 2015, $0 and $82,667, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the Warrants. The carrying value of the Notes was further reduced by a discount for a beneficial conversion feature of $290,394. The value attributed to the beneficial conversion feature was amortized as additional interest expense over the original term of the Notes. During the three months ended March 31, 2016 and 2015, $0 and $83,320, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the beneficial conversion feature.

 

On August 13, 2015, the Company, pursuant to the terms of the Notes, gave the Note holders written notice, thirty days in advance of the September 15, 2015 maturity date of the Notes, of the Company’s election to extend the maturity date of the Notes to September 15, 2016. As a consequence of this election, under the terms of the Notes, the Company was required to issue to Note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the Notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the Notes (an aggregate amount of $579,500), plus accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the 16,557,142 Warrants originally sold to investors. In connection with the extension of the maturity date of the Notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original Warrants to September 15, 2016, so that they were coterminous with the new maturity date of the Notes.

 

The Company used the Black-Scholes option-pricing model to estimate the fair value of the New Warrants to purchase 8,903,684 shares of the Company’s common stock and the fair value of extending the termination date of the 16,557,142 original Warrants sold to investors. The Company considered the face value of the Notes, plus the accrued interest thereon, to be representative of their fair value. The relative fair value method generated respective fair values for each of the Notes, including accrued interest, and the New Warrants and extension of the original Warrants, of approximately 55% for the Notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original Warrants. The 45% value attributed to the New Warrants and extension of the original Warrants of $277,918 was amortized as additional interest expense over the extended term of the Notes. During the three months ended March 31, 2016 and 2015, $69,100 and $0, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the New Warrants and extension of the original Warrants. The carrying value of the Notes was further reduced by a discount for a beneficial conversion feature of $206,689. The value attributed to the beneficial conversion feature was amortized as additional interest expense over the extended term of the Notes. During the three months ended March 31, 2016 and 2015, $51,390 and $0, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the beneficial conversion feature.

 

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The 10% Convertible Notes Payable consist of the following at March 31, 2016 and December 31, 2015:

 

   

March 31, 2016

   

December 31, 2015

 
Principal amount of notes payable   $ 579,500     $ 579,500  
Add accrued interest payable     77,330       61,388  
      656,830       640,888  
Less unamortized costs:                
Stock warrant discounts     (127,569 )     (196,669 )
Beneficial conversion feature discounts     (94,874 )     (146,263 )
Capitalized financing costs     -       -  
    $ 434,387     $ 297,956  

 

None of the 10% Convertible Notes Payable had been converted into shares of the Company’s common stock through March 31, 2016. As of March 31, 2016, the 10% Convertible Notes Payable were convertible into 18,766,564 shares of the Company’s common stock, including 2,209,421 shares attributable to accrued interest of $77,330 payable as of such date. As of December 31, 2015, the 10% Convertible Notes Payable were convertible into 18,311,079 shares of the Company’s common stock, including 1,753,936 shares attributable to accrued interest of $61,388 payable as of such date. Subsequent to March 31, 2016, the Company entered into exchange transactions with certain of the holders of the 10% Convertible Notes Payable, as described at Note 10.

 

Effective September 14, 2015, placement agent warrants previously issued in connection with the four closings of the Note and Warrant financing in December 2014 through February 2015, representing the right to acquire a total of 1,017,000 shares of common stock, were exercised on a cashless basis, resulting in the net issuance of 47,109 shares of common stock. The gross exercise price of the placement agent warrants that were exercised on a cashless basis was $35,595.

 

Note Payable to Samyang

 

On June 25, 2012, the Company borrowed 465,000,000 Won (the currency of South Korea, equivalent to approximately $400,000 United States Dollars) from and executed a secured note payable to SY Corporation Co., Ltd., formerly known as Samyang Optics Co. Ltd. (“Samyang”), an approximately 20% common stockholder of the Company at that time. Samyang was a significant stockholder and a related party at the time of the transaction, but was not considered a significant stockholder or related party at March 31, 2016. The note accrues simple interest at the rate of 12% per annum and had a maturity date of June 25, 2013. The Company has not made any payments on the promissory note. At June 30, 2013 and subsequently, the promissory note was outstanding and in technical default, although Samyang has not issued a notice of default or a demand for repayment. The Company believes that Samyang is in default of its obligations under its January 2012 license agreement, as amended, with the Company, but the Company has not yet issued a notice of default. The Company is continuing efforts towards a comprehensive resolution of the aforementioned matters involving Samyang.

 

The promissory note is secured by collateral that represents a lien on certain patents owned by the Company, including composition of matter patents for certain of the Company’s high impact ampakine compounds and the low impact ampakine compounds CX2007 and CX2076, and other related compounds. The security interest does not extend to the Company’s patents for its ampakine compounds CX1739 and CX1942, or to the patent for the use of ampakine compounds for the treatment of respiratory depression.

 

Note payable to Samyang consists of the following at March 31, 2016 and December 31, 2015:

 

   

March 31, 2016

   

December 31, 2015

 
Principal amount of note payable   $ 399,774     $ 399,774  
Accrued interest payable     183,218       171,257  
Foreign currency transaction adjustment     7,947       (9,463 )
    $ 590,939     $ 561,568  

 

Interest expense with respect to this promissory note was $11,961 and $11,993 for the three months ended March 31, 2016 and 2015, respectively.

 

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Advances and Notes Payable to Officers

 

On June 16, 2015, Dr. Arnold S. Lippa, the Chairman of the Company’s Board of Directors and then Chief Executive Officer, advanced $40,000 to the Company for working capital purposes. Such advance was due on demand with interest at 10% per annum. On September 3, 2015, the Company repaid the working capital advance, including accrued interest of $877, from the proceeds from the August and September 2015 closings of the private placement of its units of common stock and warrants.

 

On January 29, 2016, Dr. Lippa, the Chairman of the Company’s Board of Directors and then Chief Scientific Officer, advanced $52,600 to the Company for working capital purposes under a demand promissory note with interest at 10% per annum. The note was secured by the assets of the Company. In connection with the loan, Dr. Lippa was issued a fully vested warrant to purchase 3,350,319 shares of the Company’s common stock at an exercise price of $0.0157 per share, which was the closing market price of the Company’s common stock on the date of grant. The warrant expires on January 29, 2019 and may be exercised on a cashless basis. The aggregate grant date fair value of the warrant, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $48,245, and was charged to interest expense as additional consideration for the loan during the three months ended March 31, 2016.

 

On February 2, 2016, Dr. James S. Manuso, the Company’s Chief Executive Officer, advanced $52,600 to the Company for working capital purposes under a demand promissory note with interest at 10% per annum. The note was secured by the assets of the Company. In connection with the loan, Dr. Manuso was issued a fully vested warrant to purchase 2,630,000 shares of the Company’s common stock at an exercise price of $0.02 per share, which was the closing market price of the Company’s common stock on the date of grant. The warrant expires on February 2, 2019 and may be exercised on a cashless basis. The aggregate grant date fair value of the warrant, as calculated pursuant to the Black-Scholes option pricing model, was determined to be $48,392, and was charged to interest expense as additional consideration for the loan during the three months ended March 31, 2016.

 

Other Short-Term Notes Payable

 

Other short-term notes payable at December 31, 2015 consisted of a premium financing agreement with respect to an insurance policy. The premium financing agreement dated March 14, 2015 was payable, with interest at 5.08% per annum, in ten monthly installments of $3,697 through February 14, 2016.

 

5. Settlements

 

Effective January 29, 2015, the Company executed a settlement agreement with its former Vice President and Chief Financial Officer, as amended on February 4, 2015, that resulted in the settlement of potential claims for a total cash payment of $26,000 to be paid on or before June 30, 2015 (of which $6,000 was paid on execution and $1,500 was paid in March 2015), plus the issuance of a stock option to purchase 500,000 shares of common stock exercisable at $0.0512 (the closing market price on the date of grant) per share for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at $25,450. In addition to other provisions, the settlement agreement included mutual releases. The Company owed $18,500 at March 31, 2015 for the remaining balance of the cash portion of the settlement. The settlement resulted in the Company recognizing a gain of $92,550 during the three months ended March 31, 2015. On June 29, 2015, the settlement agreement was further amended, resulting in a cash payment of $3,000 against the outstanding balance, an extension of the $15,500 remaining balance due through December 31, 2015, subject to a further partial cash payment of $3,000, which was paid on September 28, 2015, plus the issuance of a stock option to purchase 50,000 shares of common stock exercisable at $0.018 per share (the closing market price on the date of grant) for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at $840. Accordingly, during the three months ended March 31, 2015 and the year ended December 31, 2015, the Company recorded a net gain of $92,550 and $91,710, respectively, with respect to the settlement, as amended, with its former Vice President and Chief Financial Officer. In December 2015, the remaining balance due of $12,500, plus accrued interest of $775, was paid as scheduled.

 

On April 8, 2015, the Company entered into a Settlement Agreement with one of its patent law firms to settle amounts due to such firm for services rendered and costs incurred with respect to foreign associates and outside vendors aggregating $194,736. Pursuant to the terms of the Settlement Agreement, the law firm received a cash payment of $15,000, non-qualified stock options to purchase 2,520,442 shares of common stock exercisable at $0.0476 per share for a period of five years, and a short-term unsecured note payable in the principal amount of $59,763. The stock options were valued pursuant to the Black-Scholes option-pricing model at $119,217, based on the closing price of the Company’s common stock on April 8, 2015 of $0.0476 per share. The note payable bears interest at 10% per annum, which accrues and is payable at maturity, and is due at the earlier of (i) the closing of a transaction for the sale of the Company’s capital stock that results in net proceeds to the Company of at least $2,000,000, or (ii) December 31, 2015. In addition to various other provisions, the Settlement Agreement provides that the Company will have the option to pay for one-half of invoices for future legal services (excluding costs with respect to foreign associates and outside vendors) in the form of stock options. The Settlement Agreement also includes a release of the lien previously filed by the law firm against certain of the Company’s patents and patent applications relating to its ampakine technology in the United States Patent and Trademark Office, as well as for mutual releases. The Company paid the note payable in December 2015 as scheduled.

 

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During the year ended December 31, 2015, the Company executed agreements with four current professional service providers (including the Company’s patent law firm referred to above) that resulted in the partial settlement of amounts owed to them by the Company. Obligations in the amount of $916,827 were settled for $15,000 in cash, the issuance of a short-term note payable in the amount of $59,763 as described above, the issuance of 9,064,286 shares of common stock valued at $158,625 ($0.0175 per share), which was the then closing market price of the Company’s common stock, and the issuance of stock options to purchase an aggregate of 31,618,470 shares of common stock exercisable, in each case, at the closing market price of the Company’s common stock on the date of issuance of the stock options. Options for 2,520,442 shares were exercisable at $0.0476 per share for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at an aggregate of $119,217 ($0.0473 per share). Options for 29,098,028 shares were exercisable at $0.0175 per share for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at an aggregate of $488,847 ($0.0168 per share). The negotiated agreements resulted in the Company recognizing a gain of $75,375 during the year ended December 31, 2015.

 

The Company continues to explore ways to reduce its indebtedness, and might in the future enter additional settlements of potential claims, including, without limitation, those by other former executives or third party creditors.

 

6. Stockholders’ Deficiency

 

Preferred Stock

 

The Company has authorized a total of 5,000,000 shares of preferred stock, par value $0.001 per share. As of March 31, 2016 and December 31, 2015, 1,250,000 shares were designated as 9% Cumulative Convertible Preferred Stock (non-voting, “9% Preferred Stock”); 37,500 shares were designated as Series B Convertible Preferred Stock (non-voting, “Series B Preferred Stock”); 205,000 shares were designated as Series A Junior Participating Preferred Stock (non-voting, “Series A Junior Participating Preferred Stock”); and 1,700 shares were designated as Series G 1.5% Convertible Preferred Stock. Accordingly, as of March 31, 2016, 3,505,800 shares of preferred stock were undesignated and may be issued with such rights and powers as the Board of Directors may designate.

 

There were no shares of 9% Preferred Stock or Series A Junior Participating Preferred Stock outstanding as of March 31, 2016 and December 31, 2015.

 

Series B Preferred Stock outstanding as of March 31, 2016 and December 31, 2015 consisted of 37,500 shares issued in a May 1991 private placement. Each share of Series B Preferred Stock is convertible into approximately 0.09812 shares of common stock at an effective conversion price of $6.795 per share of common stock, which is subject to adjustment under certain circumstances. As of March 31, 2016 and December 31, 2015, the shares of Series B Preferred Stock outstanding are convertible into 3,679 shares of common stock. The Company may redeem the Series B Preferred Stock for $25,001, equivalent to $0.6667 per share, an amount equal to its liquidation preference, at any time upon 30 days prior notice.

 

Series G 1.5% Convertible Preferred Stock

 

On March 18, 2014, the Company entered into Securities Purchase Agreements with various accredited investors (the “Initial Purchasers”), pursuant to which the Company sold an aggregate of 753.22 shares of its Series G 1.5% Convertible Preferred Stock for a purchase price of $1,000 per share, or an aggregate purchase price of $753,220. This financing represented the initial closing on the private placement (the “Series G Private Placement”). The Initial Purchasers in this tranche of the Series G Private Placement consisted of (i) Dr. Arnold S. Lippa, the Chairman of the Company’s Board of Directors and then Chief Executive Officer, who invested $250,000 for 250 shares of Series G 1.5% Convertible Preferred Stock, and (ii) new, non-affiliated, accredited investors. Neither the Series G 1.5% Convertible Preferred Stock nor the underlying shares of common stock have any registration rights.

 

The placement agents and selected dealers in connection with the initial tranche of the Series G Private Placement received cash fees totaling $3,955 as compensation and an obligation of the Company to issue warrants to acquire 12,865,151 shares of common stock, totaling approximately 5.6365% of the shares of common stock into which the Series G 1.5% Convertible Preferred Stock may convert, issuable upon completion of all closings of the Series G Private Placement and exercisable for five years, at a fixed price of $0.00396, which is 120% of the conversion price at which the Series G 1.5% Convertible Preferred Stock may convert into the Company’s common stock. The warrants issuable to the placement agents and selected dealers in connection with the initial tranche of the Series G Private Placement were valued pursuant to the Black-Scholes option-pricing model at $443,848.

 

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The Series G 1.5% Convertible Preferred Stock has a stated value of $1,000 per share and a stated dividend at the rate per share (as a percentage of the Stated Value per share) of 1.5% per annum, compounded quarterly, payable quarterly within 15 calendar days of the end of each fiscal quarter of the Company, in duly authorized, validly issued, fully paid and non-assessable shares of Series G 1.5% Convertible Preferred Stock, which may include fractional shares of Series G 1.5% Convertible Preferred Stock.

 

The Series G 1.5% Convertible Preferred Stock became convertible, beginning 60 days after the last share of Series G 1.5% Convertible Preferred Stock was issued in the Series G Private Placement, at the option of the holder, into common stock at the applicable conversion price, at a rate determined by dividing the Stated Value of the shares of Series G 1.5% Convertible Preferred Stock to be converted by the conversion price, subject to adjustments for stock dividends, splits, combinations and similar events as described in the form of Certificate of Designation. In addition, the Company has the right to require the holders of the Series G 1.5% Convertible Preferred Stock to convert such shares into common stock under certain enumerated circumstances as set forth in the Certificate of Designation.

 

Upon either (i) a Qualified Public Offering (as defined in the Certificate of Designation) or (ii) the affirmative vote of the holders of a majority of the Stated Value of the Series G 1.5% Convertible Preferred Stock issued and outstanding, all outstanding shares of Series G 1.5% Convertible Preferred Stock, plus all accrued or declared, but unpaid, dividends thereon, would have been mandatorily converted into such number of shares of common stock determined by dividing the Stated Value of such Series G 1.5% Convertible Preferred Stock (together with the amount of any accrued or declared, but unpaid, dividends thereon) by the Conversion Price (as defined in the Certificate of Designation).

 

To the extent not earlier converted, the remaining outstanding shares of Series G 1.5% Convertible Preferred Stock were automatically and mandatorily redeemable by conversion into shares of common stock on April 17, 2016, the two year anniversary of the date that the last shares of Series G 1.5% Convertible Preferred Stock were issued in the Series G Private Placement, at the Conversion Price of $0.0033 per share. Information with respect to the conversion of the outstanding shares of Series G 1.5% Convertible Preferred Stock into shares of common stock on April 17, 2016 is set forth below.

 

Except as described in the Certificate of Designation, holders of the Series G 1.5% Convertible Preferred Stock voted together with holders of the Company common stock on all matters, on an as-converted to common stock basis, and not as a separate class or series (subject to limited exceptions).

 

In the event of any liquidation or winding up of the Company prior to and in preference to any Junior Securities (including common stock), the holders of the Series G 1.5% Convertible Preferred Stock would have been entitled to receive in preference to the holders of the Company common stock a per share amount equal to the Stated Value, plus any accrued and unpaid dividends thereon.

 

Purchasers in the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock executed written consents in favor of (i) approving and adopting an amendment to the Company’s certificate of incorporation that increases the number of authorized shares of the Company to 1,405,000,000, 1,400,000,000 of which are shares of common stock and 5,000,000 of which are shares of preferred stock, and (ii) approving and adopting the Cortex Pharmaceuticals, Inc. 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan.

 

The shares of Series G 1.5% Convertible Preferred Stock were offered and sold without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as provided in Rule 506(b) of Regulation D promulgated thereunder. The shares of Series G 1.5% Convertible Preferred Stock and the Company’s common stock issuable upon conversion of the shares of Series G 1.5% Convertible Preferred Stock have not been registered under the Securities Act or any other applicable securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

 

On April 17, 2014, the Company entered into Securities Purchase Agreements with various accredited investors (together with the Initial Purchasers as defined above, the “Purchasers”), pursuant to which the Company sold an aggregate of an additional 175.28 shares of its Series G 1.5% Convertible Preferred Stock, for a purchase price of $1,000 per share, or an aggregate purchase price of $175,280. This was the second and final closing on the Series G Private Placement, in which a total of 928.5 shares of Series G 1.5% Convertible Preferred Stock were sold for an aggregate purchase price of $928,500. The Purchasers in the second and final tranche of the Series G Private Placement consisted of new, non-affiliated, accredited investors and non-management investors who had also invested in the first closing of the Series G Private Placement. One of the investors in this second and final closing of the Series G Private Placement was an affiliate of an associated person of Aurora, a related party (see Note 7). Neither the Series G 1.5% Convertible Preferred Stock nor the underlying shares of common stock have any registration rights.

 

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The placement agents and selected dealers in connection with the second tranche of the Series G Private Placement received cash fees of $3,465 as compensation and an obligation of the Company to issue warrants to acquire 6,386,120 shares of common stock, totaling approximately 12% of the shares of common stock into which the Series G 1.5% Convertible Preferred Stock may convert, issuable upon completion of all closings of the Series G Private Placement and exercisable for five years, at a fixed price of $0.00396, which is 120% of the conversion price at which the Series G 1.5% Convertible Preferred Stock may convert into the Company’s common stock. The warrants issuable to the placement agents and selected dealers in connection with the second closing of the Series G Private Placement were valued pursuant to the Black-Scholes option-pricing model at $220,321.

 

As the stated value of the Series G 1.5% Convertible Preferred Stock is $1,000 per share, and the fixed conversion price is $0.0033, each share of Series G 1.5% Convertible Preferred Stock was convertible into 303,030.3 shares of common stock. The aggregate of 928.5 shares of Series G 1.5% Convertible Preferred Stock sold in all of the closings of the Series G Private Placement were initially convertible into a total of 281,363,634 shares of common stock.

 

The Company recorded a dividend on the Series G 1.5% Convertible Preferred Stock of $981 and $3,198 for the three months ended March 31, 2016 and 2015, respectively, which was paid through the issuance of an additional 0.9 shares and 3.2 shares, respectively, of Series G 1.5% Convertible Preferred Stock.

 

The warrants that the placement agents and selected dealers received in connection with all closings of the Series G Private Placement, which were issued effective April 17, 2014, represent the right to acquire 19,251,271 shares of common stock exercisable for five years at a fixed price of $0.00396, which is 120% of the conversion price at which the Series G 1.5% Convertible Preferred Stock may convert into the Company’s common stock.

 

Aurora, a related party (see Note 7), was one of the placement agents for this financing, and Aurora and its designees and/or affiliates received fees in connection with this financing in the form of cash of $2,800 and warrants to purchase 10,427,029 shares of common stock during the year ended December 31, 2014. Both Dr. Arnold S. Lippa and Jeff E. Margolis, officers and directors of the Company since March 22, 2013, have indirect ownership interests in Aurora through interests held in its members, and Jeff E. Margolis is also an officer of Aurora.

 

Effective August 25, 2015, a placement agent warrant issued on April 17, 2014 in conjunction with the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock, representing the right to acquire a total of 2,412,878 shares of common stock, was exercised in part (50%, or 1,206,439 shares) on a cashless basis, resulting in the net issuance of 1,087,001 shares of common stock. The gross exercise price of the placement agent warrant that was exercised on a cashless basis was $4,778.

 

During the three months ended March 31, 2015, 25.323705 shares of Series G 1.5% Convertible Preferred Stock, including 0.323705 dividend shares, were converted into 7,673,850 shares of common stock on a cashless basis. During the three months ended June 30, 2015, an aggregate of 538.208190 shares of Series G 1.5% Convertible Preferred Stock, including 8.728190 dividend shares, were converted into 163,093,392 shares of common stock on a cashless basis. During the three months ended September 30, 2015, an aggregate of 57.506190 shares of Series G 1.5% Convertible Preferred Stock, including 1.206190 dividend shares, were converted into 17,426,119 shares of common stock on a cashless basis. There were no conversions of Series G 1.5% Convertible Preferred Stock into shares of common stock during the three months ended December 31, 2015. Accordingly, during the year ended December 31, 2015, 621.038085 shares of Series G 1.5% Convertible Preferred Stock, including 10.258085 dividend shares, were converted into 188,193,359 shares of common stock on a cashless basis.

 

As of March 31, 2016, the remaining outstanding shares of Series G 1.5% Convertible Preferred Stock were convertible into 78,650,575 shares of the Company’s common stock, including 2,371,791 shares attributable to the 1.5% dividend on such shares of $7,827 accrued as of such date. As of December 31, 2015, the remaining outstanding shares of Series G 1.5% Convertible Preferred Stock were convertible into 78,353,485 shares of the Company’s common stock, including 2,074,698 shares attributable to the 1.5% dividend on such shares of $6,847 accrued as of such date.

 

25
 

 

On April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (including accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

Common Stock

 

As discussed above, the holders of the Series G 1.5% Convertible Preferred Stock approved and adopted an amendment to increase the number of authorized shares of the Company to 1,405,000,000, 1,400,000,000 of which are shares of common stock and 5,000,000 of which are shares of preferred stock. The Company also sought, and on April 17, 2014 obtained by written consent, sufficient votes of the holders of its common stock, voting as a separate class, to effect this amendment. A certificate of Amendment to the Company’s Certificate of Incorporation to effect the increase in the authorized shares was filed with the Secretary of State of the State of Delaware on April 17, 2014.

 

On September 18, 2014, Dr. John Greer, Ph.D., was appointed to the position of Chairman of the Company’s Scientific Advisory Board. Dr. Greer is Professor of Physiology and Alberta Innovates - Health Solutions Senior Scientist with the Neuroscience and Mental Health Institute at the University of Alberta, holds two grants regarding research into neuromuscular control of breathing, and is the inventor on the method of treatment patents licensed by the Company with respect to ampakines. In connection with the appointment of Dr. Greer as Chairman of the Company’s Scientific Advisory Board on September 18, 2014, the Board of Directors awarded 2,000,000 shares of common stock of the Company to Dr. Greer (through his wholly-owned consulting company, Progress Scientific, Inc.), vesting 25% upon appointment, 25% on September 30, 2014, 25% on December 31, 2014, and 25% on March 31, 2015. The stock award was valued at $0.066 per share, which was the closing price of the Company’s common stock on September 18, 2014. This stock award was made under the Company’s 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan. During the period September 18, 2014 through December 31, 2014, the Company recorded charges to operations of $99,000 with respect to this stock award. During the three months ended March 31, 2015, the Company recorded a final charge to operations of $33,000 with respect to this stock award.

 

Effective October 15, 2014, Richard Purcell was appointed as the Company’s Senior Vice President of Research and Development. In conjunction with his appointment, the Company agreed to issue to Mr. Purcell 2,000,000 shares of the Company’s common stock, with 25% of such stock grant vesting and issuable every three months after the date of his appointment (i.e., on January 15, 2015, April 15, 2015, July 15, 2015 and October 15, 2015), subject to Mr. Purcell’s continued relationship with the Company on each of the vesting dates. The stock grant was made under the Company’s 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan. Based on the Company’s closing stock price on October 15, 2014 of $0.078 per share, during the three months ended March 31, 2015, the Company recorded a charge to operations of $39,000 with respect to this stock award.

 

On August 28, 2015, the Company entered into a Second Amended and Restated Common Stock and Warrant Purchase Agreement (the “Purchase Agreement”) with various accredited investors (each, a “Purchaser”, and together with purchasers in subsequent closings in the private placement, the “Purchasers”), pursuant to which the Company sold units for aggregate cash consideration of $721,180, with each unit consisting of (i) one share of the Company’s common stock, representing an aggregate of 34,292,917 shares of common stock, and (ii) one warrant to purchase two additional shares of common stock, representing an aggregate of 68,585,834 warrants. This financing represented the initial closing of a private placement of up to $3,000,000. On September 28, 2015, the Company completed a second closing of the Purchase Agreement with various additional Purchasers, pursuant to which the Company sold units for aggregate cash consideration of $218,530, with each unit consisting of (i) one share of the Company’s common stock, representing an aggregate of 10,391,349 shares of common stock, and (ii) one warrant to purchase two additional shares of common stock, representing an aggregate of 20,782,698 Warrants. On November 2, 2015, the Company completed a third closing of the Purchase Agreement with various Purchasers, pursuant to which the Company sold units for aggregate cash consideration of $255,000, with each unit consisting of (i) one share of the Company’s common stock, representing an aggregate of 12,125,536 shares of common stock, and (ii) one warrant to purchase two additional shares of common stock, representing an aggregate of 24,251,072 Warrants. This third closing brought the aggregate amount raised under this private placement as of November 2, 2015 to $1,194,710.

 

The unit price in each closing of the private placement was $0.02103 (the “Per Unit Price”). The Warrants are exercisable through September 30, 2020 and may be exercised at a price of $0.02103 for each share of Common Stock to be acquired upon exercise. The Purchasers consisted of non-affiliated investors, other than Dr. James S. Manuso, the current President and Chief Executive Officer of the Company, who invested $250,000 in the initial closing of the private placement, and one other investor who invested $301,180 in the private placement and became an affiliate of the Company by virtue of his aggregate stock holdings in the Company. The Warrants do not contain any cashless exercise provisions or reset rights.

 

26
 

 

No registration rights were granted to any Purchaser in this private placement with respect to (i) the shares of common stock issued as part of the units, (ii) the warrants, or (iii) the shares of common stock issuable upon exercise of the warrants.

 

Placement agent fees, brokerage commissions, and similar payments were made in the form of cash and warrants to qualified referral sources in connection with certain sales of the shares of common stock and warrants, while other sales, including the sale to Dr. James S. Manuso, did not result in any fees or commissions. Accordingly, the amount of such fees, on a percentage basis, varies in each closing. The fees paid to such referral sources for the initial closing in cash totaled $47,118, or 6.5% of the aggregate amount paid for the units sold. The fees paid in warrants for the initial closing to such referral sources (the warrants paid to qualified referral sources are referred to herein as the “Placement Agent Warrants”) consist of warrants for 2,240,517 shares of common stock, or that number of shares equal to 6.5% of the number of shares of common stock issued as part of the units, but not the shares underlying the warrants. In connection with the second closing, fees paid to referral sources in cash totaled $18,603, or 8.5% of the aggregate amount paid for the units sold, and 884,594 Placement Agent Warrants were issued, or warrants for that number of shares equal to 8.5% of the number of shares of common stock issued as part of the units, but not the shares underlying the Warrants. In connection with the third closing, fees paid to referral sources in cash totaled $25,500, or 10% of the aggregate amount paid for the units sold, and 1,212,553 Placement Agent Warrants were issued, or warrants for that number of shares equal to 10% of the number of shares of common stock issued as part of the units, but not the shares underlying the Warrants. Placement Agent Warrants are exercisable until September 30, 2020 at the Per Unit Price. The Placement Agent Warrants have cashless exercise provisions. One of the placement agents that received Placement Agent Warrants is Aurora. Both Arnold S. Lippa and Jeff E. Margolis, officers and directors of the Company, have indirect ownership interests in Aurora through interests held in its members, and Jeff E. Margolis is also an officer of Aurora. As a result, both Arnold S. Lippa and Jeff E. Margolis, or entities in which they have interests, will receive a portion of the Placement Agent Warrants awarded in this private placement.

 

In addition to the above described placement agent fees, brokerage commissions, and similar payments that were made in the form of cash and warrants to qualified referral sources, the Company also paid $10,164 in cash to other professionals for services related to the three closings.

 

The shares of common stock and warrants were offered and sold without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as provided in Rule 506(b) of Regulation D promulgated thereunder. None of the shares of common stock issued as part of the units, the warrants, the common stock issuable upon exercise of the warrants, the Placement Agent Warrants or the shares of common stock issuable upon exercise of the Placement Agent Warrants have been registered under the Securities Act or any other applicable securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

 

On January 8, 2016, the Company initiated a new equity private placement, consisting of units of common stock and warrants, up to an aggregate of $2,500,000, with each unit consisting of (i) one share of common stock, and (ii) one warrant to purchase two additional shares of common stock. During the three months ended March 31, 2016, the Company entered into purchase agreements with five accredited and three non-accredited, non-affiliated investors, pursuant to which an aggregate of 8,775,250 shares of common stock and an aggregate of 17,550,500 warrants were sold, generating gross proceeds of $194,635.

 

The unit price in the private placement closings was $0.02218. The warrants are exercisable at $0.0244, for each share of common stock to be acquired, and expire on February 28, 2021. The warrants have cashless exercise provisions and contain certain “blocker” provisions limiting the percentage of shares of the Company’s common stock that the purchaser can beneficially own upon conversion to not more than 4.99% of the issued and outstanding shares immediately after giving effect to the warrant exercise.

 

In the case of an acquisition in which the Company is not the surviving entity, the holder of the warrant would receive from any surviving entity or successor to the Company, in exchange for the warrant, a new warrant from the surviving entity or successor to the Company, substantially in the form of the existing warrant and with an exercise price adjusted to reflect the nearest equivalent exercise price of common stock (or other applicable equity interest) of the surviving entity that would reflect the economic value of the warrant, but in the surviving entity.

 

27
 

 

No registration rights were granted to the purchasers in the private placement with respect to (i) the shares of common stock issued as part of the units, (ii) the warrants, or (iii) the shares of common stock issuable upon exercise of the warrants.

 

No placement agent fees, brokerage commissions, finder’s fees or similar payments were made in the form of cash or warrants to qualified referral sources in connection with the sale of the shares of common stock and warrants. The Company paid $3,429 in cash to other professionals for services related to the seven closings.

 

See Note 5 for information with respect to the issuance of common stock in connection with the settlement of debt obligations.

 

Information with respect to the issuance of common stock upon the exercise of common stock purchase warrants issued to placement agents in connection with the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock is provided above at “Series G 1.5% Convertible Preferred Stock.”

 

Common Stock Warrants

 

Information with respect to the issuance and exercise of common stock purchase warrants with respect to placement agents in connection with the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock is provided above at “Series G 1.5% Convertible Preferred Stock.” Information with respect to the issuance and exercise of common stock purchase warrants in connection with the 10% Convertible Note Payable and Warrant Purchase Agreement is provided at Note 4.

 

A summary of warrant activity for the three months ended March 31, 2016 is presented below.

 

   Number of
Shares
   Weighted
Average
Exercise Price
   Weighted
Average
Remaining
Contractual
Life (in Years)
 
Warrants outstanding at December 31, 2015   156,743,609   $0.02185      
Issued   23,530,819    0.02267      
Exercised   -    -      
Expired   -    -      
Warrants outstanding at March 31, 2016   180,274,428   $0.02196    3.81 
                
Warrants exercisable at December 31, 2015   156,743,609   $0.02185      
Warrants exercisable at March 31, 2016   180,274,428   $0.02196    3.81 

 

The exercise prices of common stock warrants outstanding and exercisable are as follows at March 31, 2016:

 

Exercise Price   Warrants Outstanding
(Shares)
   Warrants Exercisable
(Shares)
   Expiration Date
$0.00396    13,325,514    13,325,514   April 17, 2019
$0.01570    3,350,319    3,350,319   January 29, 2019
$0.20000    2,630,000    2,630,000   February 4, 2019
$0.02103    117,957,268    117,957,268   September 30, 2020
$0.02440    17,550,500    17,550,500   February 28, 2021
$0.03500    25,460,827    25,460,827   September 15, 2016
      180,274,428    180,274,428    

 

Based on a fair market value of $0.0227 per share on March 31, 2016, the intrinsic value of exercisable in-the-money common stock warrants was $477,262 as of March 31, 2016.

 

28
 

 

A summary of warrant activity for the three months ended March 31, 2015 is presented below.

 

   Number of
Shares
   Weighted
Average
Exercise Price
   Weighted
Average
Remaining
Contractual
Life (in Years)
 
Warrants outstanding at December 31, 2014   25,686,096   $0.01744      
Issued   6,419,998    0.03500      
Exercised   -    -      
Expired   -    -      
Warrants outstanding at March 31, 2015   32,106,094   $0.02095    2.08 
                
Warrants exercisable at December 31, 2014   25,686,096   $0.01744      
Warrants exercisable at March 31, 2015   32,106,094   $0.02095    2.08 

 

The exercise prices of common stock warrants outstanding and exercisable are as follows at March 31, 2015:

 

Exercise Price   Warrants Outstanding
(Shares)
   Warrants Exercisable
(Shares)
   Expiration Date
$0.00396    14,531,953    14,531,953   April 17, 2019
$0.03500    17,574,141    17,574,141   September 15, 2016
      32,106,094    32,106,094    

 

Based on a fair market value of $0.0491 per share on March 31, 2015, the intrinsic value of exercisable in-the-money common stock warrants was $903,768 as of March 31, 2015.

 

Stock Options

 

In connection with the initial closing of the Series G Private Placement completed on March 18, 2014, the stockholders of the Company holding a majority of the votes to be cast on the issue approved the adoption of the Company’s 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan (the “2014 Plan”), which had been previously adopted by the Board of Directors of the Company, subject to stockholder approval. The Plan permits the grant of options and restricted stock with respect to up to 105,633,002 shares of common stock, in addition to stock appreciation rights and phantom stock, to directors, officers, employees, consultants and other service providers of the Company.

 

On June 30, 2015, the Board of Directors adopted the 2015 Stock and Stock Option Plan (the “2015 Plan”). The 2015 Plan provides for, among other things, the issuance of either or any combination of restricted shares of common stock and non-qualified stock options to purchase up to 150,000,000 shares of the Company’s common stock for periods up to ten years to management, members of the Board of Directors, consultants and advisors. The Company does not intend to present the 2015 Plan to stockholders for approval. On August 18, 2015, the Board of Directors increased the number of shares that may be issued under the 2015 Plan to 250,000,000 shares of the Company’s common stock. On March 31, 2016, the Board of Directors further increased the number of shares that may be issued under the 2015 Plan to 500,000,000 shares of the Company’s common stock.

 

On June 30, 2015, the Board of Directors of the Company awarded stock options to purchase a total of 55,000,000 shares of common stock, consisting of options for 15,000,000 shares to each of the Company’s then three executive officers, Dr. Arnold S. Lippa, Jeff E. Margolis and Robert N. Weingarten, and options for 2,000,000 shares to each of five other individuals who are members of management, the Company’s Scientific Advisory Board, or independent members of the Board of Directors. The stock options were awarded as partial compensation for those individuals through December 31, 2015. The stock options vested 50% on June 30, 2015 (at issuance), 25% on September 30, 2015 and 25% on December 31, 2015, and will expire on June 30, 2022. The exercise price of the stock options was established on the grant date at $0.025 per share, as compared to the closing market price of the Company’s common stock on such date of $0.0175 per share, reflecting an exercise price premium of $0.0075 per share or 42.9%. These awards were made under the Company’s 2015 Plan. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $946,000.

 

29
 

 

On August 18, 2015, the Company entered into an employment agreement with Dr. James S. Manuso to be its new President and Chief Executive Officer. In connection therewith, and in addition to other provisions, the Board of Directors of the Company awarded Dr. Manuso stock options to purchase a total of 85,081,300 shares of common stock, of which options for 80,000,000 shares were granted pursuant to the Company’s 2015 Plan and options for 5,081,300 shares were granted pursuant to the Company’s 2014 Plan. The stock options vested 50% on August 18, 2015 (at issuance), 25% on February 18, 2016, and will vest 25% on August 18, 2016, and will expire on August 18, 2025. The exercise price of the stock options was established on the grant date at $0.0197 per share, which is equal to the simple average of the most recent four full trading weeks, weekly Volume Weighted Average Prices (“VWAPs”) of the Company’s common stock price immediately preceding the date of grant as reported by OTC IQ, as compared to the closing market price of the Company’s common stock on August 18, 2015 of $0.0216 per share. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $1,786,707. During the three months ended March 31, 2016, the Company recorded a charge to operations of $222,727, with respect to these stock options. See Note 8 for additional information with respect to other provisions of the employment agreement.

 

On August 18, 2015, the Company also entered into employment agreements with Dr. Arnold S. Lippa, its new Chief Scientific Officer, Robert N. Weingarten, its Vice President and Chief Financial Officer, and Jeff E. Margolis, its Vice President, Treasurer and Secretary. In connection therewith, and in addition to other provisions, the Board of Directors of the Company awarded to each of those officers stock options to purchase a total of 10,000,000 shares of common stock pursuant to the Company’s 2015 Plan. The stock options vested 25% on December 31, 2015, 25% on March 31, 2016, and will vest 25% on June 30, 2016 and 25% on September 30, 2016, and will expire on August 18, 2022. The exercise price of the stock options was established on the grant date at $0.0197 per share, which is equal to the simple average of the most recent four full trading weeks, weekly VWAPs of the Company’s common stock price immediately preceding the date of grant as reported by OTC IQ, as compared to the closing market price of the Company’s common stock on August 18, 2015 of $0.0216 per share. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $609,000. During the three months ended March 31, 2016, the Company recorded a charge to operations of $135,831, with respect to these stock options. See Note 8 for additional information with respect to other provisions of the employment agreements.

 

Additionally, on August 18, 2015, the Board of Directors of the Company awarded stock options for 3,000,000 shares of common stock to each of seven other individuals who are members of management, the Company’s Scientific Advisory Board, independent members of the Board of Directors, or outside service providers pursuant to the Company’s 2015 Plan, representing stock options for a total of 21,000,000 shares of common stock. The stock options vested 25% on December 31, 2015, 25% on March 31, 2016, and will vest 25% on June 30, 2016 and 25% on September 30, 2016, and will expire on August 18, 2020 as to stock options for 9,000,000 shares of common stock and August 18, 2022 as to stock options for 12,000,000 shares of common stock. The exercise price of the stock options was established on the grant date at $0.0197 per share, which is equal to the simple average of the most recent four full trading weeks, weekly VWAPs of the Company’s common stock price immediately preceding the date of grant as reported by OTC IQ, as compared to the closing market price of the Company’s common stock on August 18, 2015 of $0.0216 per share. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $430,800. During the three months ended March 31, 2016, the Company recorded a charge to operations of $110,702, with respect to these stock options.

 

On December 11, 2015, the Company entered into a consulting agreement for investor relations services, which provided for the payment of a fee for such services through the granting of non-qualified stock options to purchase a total of 2,857,143 shares of common stock pursuant to the Company’s 2015 Plan. The stock options will vest in equal installments on the last day of each month during the term of the consulting agreement, ranging from December 11, 2015 through March 31, 2016, and will expire on December 11, 2020. The exercise price of the stock options was established on the grant date at $0.021 per share, which was the closing market price of the Company’s common stock on the date of grant. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $58,286. During the three months ended March 31, 2016, the Company recorded a charge to operations of $50,286, with respect to these stock options.

 

On March 31, 2016, the Board of Directors of the Company awarded stock options for a total of 170,000,000 shares of common stock in various quantities to twelve individuals who are members of management, the Company’s Scientific Advisory Board, independent members of the Board of Directors, or outside service providers pursuant to the Company’s 2015 Plan. The stock options vested 25% on March 31, 2016, and will vest 25% on June 30, 2016, 25% on September 30, 2016 and 25% on December 31, 2016, and will expire on March 31, 2021. The exercise price of the stock options was established on the grant date at $0.0227 per share, which was the closing market price of the Company’s common stock on such date. The aggregate grant date fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was $3,774,000. During the three months ended March 31, 2016, the Company recorded a charge to operations of $951,825 with respect to these stock options.

 

30
 

 

See Note 5 for information with respect to the issuance of common stock options in connection with the settlement of debt obligations.

 

Information with respect to common stock awards issued to officers and directors as compensation is provided above under “Common Stock.”

 

A summary of stock option activity for the three months ended March 31, 2016 is presented below.

 

   Number of Shares   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Life (in Years)
 
Options outstanding at December 31, 2015   251,823,581   $0.0241      
Granted   170,000,000    0.0227      
Expired   -    -      
Forfeited   -    -      
Options outstanding at March 31, 2016   421,823,581   $0.0235    6.07 
                
Options exercisable at December 31, 2015   168,890,074   $0.0262      
Options exercisable at March 31, 2016   247,928,256   $0.0247    5.46 

 

Total deferred compensation expense for the outstanding value of 173,895,324 unvested stock options was approximately $3,637,000 at March 31, 2016, which is being recognized subsequent to March 31, 2016 over a weighted-average period of approximately 8.2 months.

 

The exercise prices of common stock options outstanding and exercisable were as follows at March 31, 2016:

 

Exercise Price     Options
Outstanding
(Shares)
    Options
Exercisable
(Shares)
    Expiration Date
$ 0.0175       29,148,028       29,148,028     June 30, 2020
$ 0.0197       9,000,000       4,500,000     August 18, 2020
$ 0.0197       42,000,000       21,000,000     August 18, 2022
$ 0.0197       85,081,300       63,810,975     August 18, 2025
$ 0.0210       2,857,143       2,857,143     December 11, 2020
$ 0.0227       170,000,000       42,875,000     March 31, 2021
$ 0.0250       55,000,000       55,000,000     June 30, 2022
$ 0.0400       2,400,000       2,400,000     March 13, 2019
$ 0.0400       1,250,000       1,250,000     April 14, 2019
$ 0.0430       1,100,000       1,100,000     March 14, 2024
$ 0.0476       2,520,442       2,520,442     April 8, 2020
$ 0.0490       800,000       800,000     February 28, 2024
$ 0.0500       15,000,000       15,000,000     July 17, 2019
$ 0.0512       500,000       500,000     January 29, 2020
$ 0.0600       3,083,334       3,083,334     July 17, 2022
$ 0.0600       2,083,334       2,083,334     August 10, 2022
          421,823,581       247,928,256      

 

Based on a fair market value of $0.0227 per share on March 31, 2016, the intrinsic value of exercisable in-the-money common stock options was $424,360 as of March 31, 2016.

 

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A summary of stock option activity for the three months ended March 31, 2015 is presented below.

 

    Number of
Shares
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Options outstanding at December 31, 2014     25,716,668     $ 0.0500          
Granted     500,000       0.0510          
Expired     -       -          
Forfeited     -       -          
Options outstanding at March 31, 2015     26,216,668     $ 0.0500       5.20  
                         
Options exercisable at December 31, 2014     25,716,668     $ 0.0500          
Options exercisable at March 31, 2015     26,216,668     $ 0.0500       5.20  

 

The exercise prices of common stock options outstanding and exercisable were as follows at March 31, 2015:

 

Exercise Price     Options
Outstanding
(Shares)
    Options
Exercisable
(Shares)
    Expiration Date
$ 0.0400       2,400,000       2,400,000     March 13, 2019
$ 0.0400       1,250,000       1,250,000     April 14, 2019
$ 0.0430       1,100,000       1,100,000     March 14, 2024
$ 0.0490       800,000       800,000     February 28, 2024
$ 0.0500       15,000,000       15,000,000     July 17, 2019
$ 0.0510       500,000       500,000     January 29, 2020
$ 0.0600       3,083,334       3,083,334     July 17, 2022
$ 0.0600       2,083,334       2,083,334     August 10, 2022
          26,216,668       26,216,668      

 

Based on a fair market value of $0.0491 per share on March 31, 2015, the intrinsic value of exercisable in-the-money common stock options was $40,005 as of March 31, 2015.

 

For the three months ended March 31, 2016 and 2015, stock-based compensation costs included in the condensed consolidated statements of operations consisted of general and administrative expenses of $1,030,831 and $0, respectively, and research and development expenses of $440,540 and $72,000, respectively.

 

Pier Contingent Stock Consideration

 

In connection with the merger transaction with Pier effective August 10, 2012, RespireRx issued 58,417,893 newly issued shares of its common stock with an aggregate fair value of $3,271,402 ($0.056 per share), based upon the closing price of RespireRx’s common stock on August 10, 2012. The shares of common stock were distributed to stockholders, convertible note holders, warrant holders, option holders, and certain employees and vendors of Pier in satisfaction of their interests and claims. The common stock issued by RespireRx represented approximately 41% of the 144,041,556 common shares outstanding immediately following the closing of the transaction.

 

Pursuant to the terms of the transaction, RespireRx agreed to issue additional contingent consideration, consisting of up to 18,314,077 shares of common stock, to Pier’s former security holders and certain other creditors and service providers (the “Pier Stock Recipients”) that received RespireRx’s common stock as part of the Pier transaction if certain of RespireRx’s stock options and warrants outstanding immediately prior to the closing of the merger were subsequently exercised. In the event that such contingent shares were issued, the ownership percentage of the Pier Stock Recipients, following their receipt of such additional shares, could not exceed their ownership percentage as of the initial transaction date.

 

The stock options and warrants outstanding at June 30, 2012 were all out-of-the-money on August 10, 2012. During late July and early August 2012, shortly before completion of the merger, the Company issued options to officers and directors at that time to purchase a total of 7,361,668 shares of common stock exercisable for ten years at $0.06 per share. By October 1, 2012, these options, as well as the options and warrants outstanding at June 30, 2012, were also out-of-the-money and continued to be out-of-the-money through March 31, 2016.

 

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There were no stock options or warrants exercised subsequent to August 10, 2012 that triggered additional contingent consideration, and the only remaining stock options outstanding that could still trigger the additional contingent consideration generally remained out-of-the-money through March 31, 2016. As of March 31, 2016, due to the expirations and forfeitures of RespireRx stock options and warrants occurring since August 10, 2012, 2,111,445 contingent shares of common stock remained issuable under the Pier merger agreement.

 

The Company concluded that the issuance of any of the contingent shares to the Pier Stock Recipients was remote, as a result of the large spread between the exercise prices of these stock options and warrants as compared to the common stock trading range, the subsequent expiration or forfeiture of most of the options and warrants, the Company’s distressed financial condition and capital requirements, and that these stock options and warrants have generally remained out-of-the-money (and increasingly so) through March 31, 2016. Accordingly, the Company considered the fair value of the contingent consideration to be immaterial and therefore did not ascribe any value to such contingent consideration. If any such shares are ultimately issued to the former Pier stockholders, the Company will recognize the fair value of such shares as a charge to operations at that time.

 

Reserved and Unreserved Shares of Common Stock

 

At March 31, 2016, the Company had 1,400,000,000 shares of common stock authorized and 498,622,133 shares of common stock issued and outstanding. Furthermore, as of March 31, 2016, the Company had reserved an aggregate of 3,679 shares for issuance upon conversion of the Series B Preferred Stock; 180,274,428 shares for issuance upon exercise of warrants; 421,823,581 shares for issuance upon exercise of outstanding stock options; 20,551,702 shares to cover equity grants available for future issuance pursuant to the 2014 Plan; 103,507,142 shares to cover equity grants available for future issuance pursuant to the 2015 Plan; 78,650,575 shares for issuance upon conversion of the Series G 1.5% Convertible Preferred Stock; 18,766,564 shares for issuance upon conversion of the 10% Convertible Notes; and 2,111,445 shares issuable as contingent shares pursuant to the Pier merger. Accordingly, as of March 31, 2016, the Company had an aggregate of 825,689,116 shares of common stock reserved for issuance and 75,688,751 shares of common stock unreserved and available for future issuance. The Company expects to satisfy its future common stock commitments through the issuance of authorized but unissued shares of common stock.

 

7. Related Party Transactions

 

Dr. Arnold S. Lippa and Jeff E. Margolis, officers and directors of the Company since March 22, 2013, have indirect ownership interests and managing memberships in Aurora Capital LLC (“Aurora”) through interests held in its members, and Jeff. E. Margolis is also an officer of Aurora. Aurora is a boutique investment banking firm specializing in the life sciences sector that is also a full service brokerage firm.

 

On March 31, 2013, the Company accrued $85,000 as reimbursement for legal fees incurred by Aurora in conjunction with the removal of the Company’s prior Board of Directors on March 22, 2013, which amount has been included in accounts payable and accrued expenses at March 31, 2016 and December 31, 2015.

 

On June 30, 2015, the Board of Directors of the Company awarded cash bonuses totaling $215,000, including an aggregate of $195,000 to certain of the Company’s executive officers and an aggregate of $20,000 to the independent members of the Company’s Board of Directors. The cash bonuses awarded to executive officers were as follows: Dr. Arnold S. Lippa - $75,000; Jeff E. Margolis - $60,000; and Robert N. Weingarten - $60,000. The cash bonuses awarded to the two independent members of the Company’s Board of Directors were as follows: James E. Sapirstein - $10,000; and Kathryn MacFarlane - $10,000. The cash bonuses totaling $215,000 were awarded as partial compensation for services rendered by such persons from January 1, 2015 through June 30, 2015, and are included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016 and December 31, 2015.

 

On June 30, 2015, the Board of Directors also established cash compensation arrangements for certain of the Company’s executive officers at the following monthly rates: Dr. Arnold S. Lippa - $12,500; Jeff E. Margolis - $10,000; and Robert N. Weingarten - $10,000. In addition, the Company established quarterly cash board fees for the two independent members of the Company’s Board of Directors as follows: James E. Sapirstein - $5,000; and Kathryn MacFarlane - $5,000. This compensation was payable in arrears and commenced on July 1, 2015. These compensation arrangements have been extended through December 31, 2016. On August 18, 2015, the cash compensation arrangements for these executive officers were further revised as described below.

 

Both the cash bonuses and the cash monthly compensation will be accrued but not paid until such time as the Board of Directors of the Company determines that sufficient capital has been raised by the Company or is otherwise available to fund the Company’s operations on an ongoing basis.

 

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Effective August 18, 2015, Company entered into new employment agreements with Dr. Arnold S. Lippa, Robert N. Weingarten and Jeff E. Margolis which superseded the compensation arrangements previously established for those officers on June 30, 2015, excluding the cash bonuses referred to above. See Note 8 for additional information with respect to the employment agreements entered into on August 18, 2015.

 

During the three months ended March 31, 2016 and 2015, the Company charged $0 and $10,000, respectively, to operations for consulting services rendered by an entity controlled by family members of Dr. Arnold S. Lippa.

 

See Notes 4 and 6 for a description of other transactions between the Company and Aurora.

 

See Note 4 for a description of advances and notes payable to officers.

 

8. Commitments and Contingencies

 

Pending or Threatened Legal Actions and Claims

 

By letter dated November 11, 2014, a former director of the Company, who joined the Company’s Board of Directors on August 10, 2012 in conjunction with the Pier transaction and who resigned from the Company’s Board of Directors on September 28, 2012, asserted a claim for unpaid consulting compensation of $24,000.

 

By letter dated February 5, 2016, the Company received a demand from a law firm representing a professional services vendor of the Company alleging that approximately $146,000 is due and owing for unpaid services rendered.

 

The Company is periodically the subject of various pending and threatened legal actions and claims. In the opinion of management of the Company, adequate provision has been made in the Company’s condensed consolidated financial statements at March 31, 2016 and December 31, 2015 with respect to such matters, including, specifically, the matters noted below. The Company intends to vigorously defend itself in the event that either of the matters described above results in the filing of a lawsuit.

 

Significant agreements and contracts are summarized as follows:

 

Employment and Consulting Agreements

 

Richard Purcell was appointed as the Company’s Senior Vice President of Research and Development effective October 15, 2014. Mr. Purcell provides his services to the Company on a month-to-month basis through his consulting firm, DNA Healthlink, Inc., through which the Company has contracted for his services, for a monthly cash fee of $12,500. Additional information with respect to shares of common stock issued to Mr. Purcell is provided at Note 6. Cash compensation expense pursuant to this agreement totaled $37,500 for the three months ended March 31, 2016 and 2015, and is included in research and development expenses in the Company’s condensed consolidated statements of operations for such periods.

 

On August 18, 2015, the Company entered into an employment agreement with Dr. James S. Manuso, Ph.D., to be its new President and Chief Executive Officer. Pursuant to the agreement, which is for an initial term of three years, Dr. Manuso is to receive an initial annual base salary of $375,000, subject to certain conditions, which will increase to $450,000 annually upon the first anniversary of his contract, again subject to certain conditions being met. Dr. Manuso will also be eligible to receive bonuses ranging from $100,000 to $300,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Dr. Manuso was granted stock options to acquire 85,081,300 shares of common stock of the Company and is eligible to receive additional awards under the Company’s Plans in the discretion of the Board of Directors. Dr. Manuso had also agreed to purchase newly issued securities of the Company in an amount of $250,000, which was accomplished by Dr. Manuso’s participation in the first closing of the unit offering of common stock and warrants on August 28, 2015, as described at Note 6. Dr. Manuso will also receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $16,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. He will also be reimbursed for business expenses. Additional information with respect to the stock options granted to Dr. Manuso is provided at Note 6. The payment obligation associated with the first year base salary is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to this agreement totaled $256,460 for the period August 18, 2015 through March 31, 2016, including $110,400 for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Dr. Manuso was also appointed to the Company’s Board of Directors and elected as Vice Chairman of the Board of Directors. Dr. Manuso will not receive any additional compensation for serving as Vice Chairman and on the Board of Directors.

 

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On August 18, 2015, concurrently with the hiring of Dr. James S. Manuso as its new President and Chief Executive Officer, the Company accepted the resignation of Dr. Arnold S. Lippa, as President and Chief Executive Officer. Dr. Lippa continues to serve as the Company’s Executive Chairman and a member of the Board of Directors. Also on August 18, 2015, Dr. Lippa was named Chief Scientific Officer of the Company, and the Company entered into an employment agreement with Dr. Lippa in that capacity. Pursuant to the agreement, which is for an initial term of three years, Dr. Lippa is to receive an initial annual base salary of $300,000, subject to certain conditions, which will increase to $375,000 annually upon the first anniversary of his contract, again subject to certain conditions being met. Dr. Lippa will also be eligible to receive bonuses ranging from $75,000 to $150,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Dr. Lippa was granted stock options to acquire 10,000,000 shares of common stock of the Company and is eligible to receive additional awards under the Company’s Plans at the discretion of the Board of Directors. Dr. Lippa will also receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $12,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. He will also be reimbursed for business expenses. Additional information with respect to the stock options granted to Dr. Lippa is provided at Note 6. The payment obligation associated with the first year base salary is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to this agreement totaled $198,839 for the period August 18, 2015 through March 31, 2016, including $80,400 for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in research and development expenses in the Company’s condensed consolidated statement of operations. Cash compensation accrued to Dr. Lippa under a prior superseded arrangement, while still serving as the Company’s President and Chief Executive Officer, totaled $19,758 for the period July 1, 2015 through August 17, 2015 and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Dr. Lippa will not receive any additional compensation for serving as Executive Chairman and on the Board of Directors.

 

On August 18, 2015, the Company also entered into employment agreements with Jeff E. Margolis, in his continuing role as Vice President, Secretary and Treasurer, and Robert N. Weingarten, in his continuing role as Vice President and Chief Financial Officer. Pursuant to the agreements, which are for initial terms of one year, Mr. Margolis and Mr. Weingarten are each to receive an initial annual base salary of $195,000, subject to certain conditions, and each will also be eligible to receive bonuses ranging from $65,000 to $125,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Mr. Margolis and Mr. Weingarten each were granted stock options to acquire 10,000,000 shares of common stock of the Company and both are eligible to receive additional awards under the Company’s Plans at the discretion of the Board of Directors. Mr. Margolis and Mr. Weingarten will also each receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $9,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. Both will also be reimbursed for business expenses. Additional information with respect to the stock options granted to Mr. Margolis and Mr. Weingarten is provided at Note 6. The payment obligations associated with both of their first year base salaries is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to these agreements totaled $267,840 ($133,920 each) for the period August 18, 2015 through March 31, 2016, including $108,300 ($54,150 each) for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Cash compensation accrued to Mr. Margolis and Mr. Weingarten under prior superseded arrangements totaled $31,612 ($15,806 each) for the period July 1, 2015 through August 17, 2015 and is also included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Mr. Margolis and Mr. Weingarten also continue to serve as Directors of the Company, but will not receive any additional compensation for serving on the Board of Directors.

 

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University of California, Irvine License Agreements

 

The Company entered into a series of license agreements in 1993 and 1998 with the University of California, Irvine (“UCI”) that granted the Company proprietary rights to certain chemical compounds that acted as ampakines and to their therapeutic uses. These agreements granted the Company, among other provisions, exclusive rights: (i) to practice certain patents and patent applications, as defined in the license agreement, that were then held by UCI; (ii) to identify, develop, make, have made, import, export, lease, sell, have sold or offer for sale any related licensed products; and (iii) to grant sub-licenses of the rights granted in the license agreements, subject to the provisions of the license agreements. The Company was required, among other terms and conditions, to pay UCI a license fee, royalties, patent costs and certain additional payments.

 

Under such license agreements, the Company was required to make minimum annual royalty payments of approximately $70,000. The Company was also required to spend a minimum of $250,000 per year to advance the ampakine compounds until the Company began to market an ampakine compound. The commercialization provisions in the agreements with UCI required the Company to file for regulatory approval of an ampakine compound before October 2012. In March 2011, UCI agreed to extend the required date for filing regulatory approval of an ampakine compound to October 2015. During December 2012, the Company informed UCI that it would be unable to make the annual payment due to a lack of funds. The Company believes that this notice, along with its subsequent failure to make its minimum annual payment obligation, constituted a default and termination of the license agreements.

 

On April 15, 2013, the Company received a letter from UCI indicating that the license agreements between UCI and the Company had been terminated due to the Company’s failure to make certain payments required to maintain the agreements. Since the patents covered in these license agreements had begun to expire and the therapeutic uses described in these patents were no longer germane to the Company’s new focus on respiratory disorders, the loss of these license agreements is not expected to have a material impact on the Company’s current drug development programs. In the opinion of management, the Company has made adequate provision for any liability relating to this matter in its consolidated financial statements at March 31, 2016 and December 31, 2015.

 

University of Alberta License Agreement

 

On May 8, 2007, the Company entered into a license agreement, as amended, with the University of Alberta granting the Company exclusive rights to practice patents held by the University of Alberta claiming the use of ampakines for the treatment of various respiratory disorders. The Company agreed to pay the University of Alberta a licensing fee and a patent issuance fee, which were paid, and prospective payments consisting of a royalty on net sales, sublicense fee payments, maintenance payments and milestone payments. The prospective maintenance payments commence on the enrollment of the first patient into the first Phase 2B clinical trial and increase upon the successful completion of the Phase 2B clinical trial. As the Company does not at this time anticipate scheduling a Phase 2B clinical trial in the near term, no maintenance payments to the University of Alberta are currently due and payable, nor are any maintenance payments expected to be due in the near future in connection with the license agreement.

 

Transactions with Biovail Laboratories International SRL

 

In March 2010, the Company entered into an asset purchase agreement with Biovail Laboratories International SRL (“Biovail”). Pursuant to the asset purchase agreement, Biovail acquired the Company’s interests in CX717, CX1763, CX1942 and the injectable dosage form of CX1739, as well as certain of its other ampakine compounds and related intellectual property for use in the field of respiratory depression or vaso-occlusive crises associated with sickle cell disease. The agreement provided the Company with the right to receive milestone payments in an aggregate amount of up to $15,000,000 plus the reimbursement of certain related expenses, conditioned upon the occurrence of particular events relating to the clinical development of certain assets that Biovail acquired. None of these events occurred.

 

36
 

 

As part of the transaction, Biovail licensed back to the Company certain exclusive and irrevocable rights to some acquired ampakine compounds, other than CX717, an injectable dosage form of CX1739, CX1763 and CX1942, for use outside of the field of respiratory depression or vaso-occlusive crises associated with sickle cell disease. Accordingly, following the transaction with Biovail, the Company retained its rights to develop and commercialize the non-acquired ampakine compounds as a potential treatment for neurological diseases and psychiatric disorders. Additionally, the Company retained its rights to develop and commercialize the ampakine compounds as a potential treatment for sleep apnea disorders, including an oral dosage form of ampakine CX1739.

 

In September 2010, Biovail’s parent corporation, Biovail Corporation, combined with Valeant Pharmaceuticals International in a merger transaction and the combined company was renamed “Valeant Pharmaceuticals International, Inc.” (“Valeant”). Following the merger, Valeant and Biovail conducted a strategic and financial review of their product pipeline and, as a result, in November 2010, Biovail announced its intent to exit from the respiratory depression project acquired from the Company in March 2010.

 

Following that announcement, the Company entered into discussions with Biovail regarding the future of the respiratory depression project. In March 2011, the Company entered into a new agreement with Biovail to reacquire the ampakine compounds, patents and rights that Biovail had acquired from the Company in March 2010. The new agreement provided for potential future payments of up to $15,150,000 by the Company based upon the achievement of certain developments, including New Drug Application submissions and approval milestones. Biovail is also eligible to receive additional payments of up to $15,000,000 from the Company based upon the Company’s net sales of an intravenous dosage form of the compounds for respiratory depression.

 

At any time following the completion of Phase 1 clinical studies and prior to the end of Phase 2A clinical studies, Biovail retains an option to co-develop and co-market intravenous dosage forms of an ampakine compound as a treatment for respiratory depression and vaso-occlusive crises associated with sickle cell disease. In such an event, the Company would be reimbursed for certain development expenses to date and Biovail would share in all such future development costs with the Company. If Biovail makes the co-marketing election, the Company would owe no further milestone payments to Biovail and the Company would be eligible to receive a royalty on net sales of the compound by Biovail or its affiliates and licensees.

 

University of Illinois 2014 Exclusive License Agreement

 

On June 27, 2014, the Company entered into an Exclusive License Agreement (the “2014 License Agreement”) with the University of Illinois, the material terms of which were similar to a License Agreement between the parties that had been previously terminated on March 21, 2013. The 2014 License Agreement became effective on September 18, 2014, upon the completion of certain conditions set forth in the 2014 License Agreement, including: (i) the payment by the Company of a $25,000 licensing fee, (ii) the payment by the Company of outstanding patent costs aggregating $15,840, and (iii) the assignment to the University of Illinois of rights the Company held in certain patent applications, all of which conditions were fulfilled.

 

The 2014 License Agreement granted the Company (i) exclusive rights to several issued and pending patents in numerous jurisdictions and (ii) the non-exclusive right to certain technical information that is generated by the University of Illinois in connection with certain clinical trials as specified in the 2014 License Agreement, all of which relate to the use of cannabinoids for the treatment of sleep related breathing disorders. The Company is developing dronabinol (Δ9-tetrahydrocannabinol), a cannabinoid, for the treatment of OSA, the most common form of sleep apnea.

 

The 2014 License Agreement provides for various commercialization and reporting requirements commencing on June 30, 2015. In addition, the 2014 License Agreement provides for various royalty payments, including a royalty on net sales of 4%, payment on sub-licensee revenues of 12.5%, and a minimum annual royalty beginning in 2015 of $100,000, which is due and payable on December 31 of each year beginning on December 31, 2015. The 2015 minimum annual royalty of $100,000 was paid as scheduled in December 2015. In the year after the first application for market approval is submitted to the FDA and until approval is obtained, the minimum annual royalty will increase to $150,000. In the year after the first market approval is obtained from the FDA and until the first sale of a product, the minimum annual royalty will increase to $200,000. In the year after the first commercial sale of a product, the minimum annual royalty will increase to $250,000. During the three months ended March 31, 2016 and 2015, the Company recorded a charge to operations of $25,000 with respect to its minimum annual royalty obligation, which is included in research and development expenses in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2016 and 2015.

 

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The 2014 License Agreement also provides for certain one-time milestone payments. A payment of $75,000 is due within five days after any one of the following: (a) dosing of the first patient with a product in a Phase 2 human clinical study anywhere in the world that is not sponsored by the University of Illinois, (b) dosing of the first patient in a Phase 2 human clinical study anywhere in the world with a low dose of dronabinol, or (c) dosing of the first patient in a Phase 1 human clinical study anywhere in the world with a proprietary reformulation of dronabinol. A payment of $350,000 is due within five days after dosing of the first patient with a product in a Phase 3 human clinical trial anywhere in the world. A payment of $500,000 is due within five days after the first new drug application filing with the FDA or a foreign equivalent for a product. A payment of $1,000,000 is due within 12 months after the first commercial sale of a product.

 

Research Contract with the University of Alberta

 

On January 12, 2016, the Company entered into a Research Contract with the University of Alberta in order to test the efficacy of ampakines at a variety of dosage and formulation levels in the potential treatment of Pompe Disease, apnea of prematurity and spinal cord injury, as well as to conduct certain electrophysiological studies to explore the ampakine mechanism of action for central respiratory depression. The Company agreed to pay the University of Alberta total consideration of approximately CAD$146,000 (currently approximately US$112,000), consisting of approximately CAD$85,000 (currently approximately US$66,000) of personnel funding in cash in four installments during 2016, to provide approximately CAD$21,000 (currently approximately US$16,000) in equipment, to pay patent costs of CAD$20,000 (currently approximately US$15,000), and to underwrite additional budgeted costs of CAD$20,000 (currently approximately US$15,000). As of March 31, 2016, CAD$85,000 (currently approximately US$66,000) was payable through September 1, 2016 under this agreement. The conversion to US dollars above utilizes an exchange rate of US$0.77 for every CAD$1.00.

 

The University of Alberta will receive matching funds through a grant from the Canadian Institutes of Health Research in support of the research. The Company will retain the rights to research results and any patentable intellectual property generated by the research. Dr. John Greer, Chairman of the Company’s Scientific Advisory Board and faculty member of the Department of Physiology, Perinatal Research Centre and Women & Children’s Health Research Institute, and Alberta Innovates - Health Sciences Senior Scientist with the Neuroscience and Mental Health Institute at the University of Alberta, will collaborate on this research. The studies are expected to be completed in 2016.

 

National Institute of Drug Abuse Agreement

 

On January 19, 2016, the Company announced that that it has reached an agreement with the Medications Development Program of the National Institute of Drug Abuse (“NIDA”) to conduct research on the Company’s ampakine compounds CX717 and CX1739. The agreement was entered into as of October 19, 2015, and on January 14, 2016, the Company and NIDA approved the proposed protocols, allowing research activities to commence. NIDA will evaluate the compounds using pharmacologic, pharmacokinetic and toxicologic protocols to determine the potential effectiveness of the ampakines for the treatment of drug abuse and addiction. Initial studies will focus on cocaine and methamphetamine addiction and abuse, and will be contracted to outside testing facilities and/or government laboratories, with all costs to be paid by NIDA. The Company will provide NIDA with supplies of CX717 and CX1739 and will work with the NIDA staff to refine the protocols and dosing parameters. The Company will retain all intellectual property, as well as proprietary and commercialization rights to these compounds.

 

Duke University Clinical Trial Agreement

 

On January 27, 2015, the Company entered into a Clinical Study and Research Agreement (the “Agreement”) with Duke University to develop and conduct a protocol for a program of clinical study and research at a total cost of $50,579, which was completed in March 2015 and charged to research and development expenses during the three months ended March 31, 2015. On October 30, 2015, the Agreement was amended to provide for additional services with respect to the Company’s Phase 2A clinical trial of CX1739 at a cost of $558,268, which services are expected to be provided in 2016. During the three months ended March 31, 2016, the Company charged $151,150 to research and development expenses with respect to work conducted pursuant to the amended Agreement.

 

Sharp Clinical Services, Inc. Agreement

 

On August 31, 2015, the Company entered into an agreement with Sharp Clinical Services, Inc. to provide packaging, labeling, distribution and analytical services for the Company with respect to CX1739 at a budgeted cost of $109,833, of which the remainder of such services of $45,041 is expected to be provided in 2016.

 

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The following table sets forth the Company’s principal cash obligations and commitments for the next five fiscal years as of March 31, 2016 aggregating $3,075,319 at March 31, 2016. Amounts included in the 2016 column represent amounts contractually due at March 31, 2016 during the remainder of the 2016 fiscal year ending December 31, 2016.

 

       Payments Due By Year 
   Total   2016   2017   2018   2019   2020 
Research and development contracts  $73,101   $73,101   $   $   $   $ 
Clinical trial agreements   518,772    518,772                 
License agreements   475,000    75,000    100,000    100,000    100,000    100,000 
Employment and consulting agreements*   2,120,100    800,250    754,200    565,650         
Total  $3,186,973   $1,467,123   $854,200   $665,650   $100,000   $100,000 

 

*The payment of such amounts is subject to the Company reaching certain financing milestones, as described above.

 

10. Subsequent Events

 

Series G 1.5% Convertible Preferred Stock

 

On April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (including accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

Additional Closings of 2016 Private Placement

 

As described at Note 6, on January 8, 2016, the Company initiated a new equity private placement, consisting of units of common stock and warrants, up to an aggregate of $2,500,000, with each unit consisting of (i) one share of common stock, and (ii) one warrant to purchase two additional shares of common stock. During the three months ended March 31, 2016, the Company entered into purchase agreements with five accredited and three non-accredited, non-affiliated investors, pursuant to which an aggregate of 8,775,250 shares of common stock and an aggregate of 17,550,500 warrants were sold, generating gross proceeds of $194,635. During the period from April 1, 2016 through May 9, 2016, the Company entered into purchase agreements with two accredited, non-affiliated investors, pursuant to which an aggregate of 2,479,712 shares of common stock and an aggregate of 4,959,424 warrants were sold, generating gross proceeds of $55,000.

 

The unit price in the closings of the private placement was $0.02218. The warrants are exercisable at $0.0244, for each share of common stock to be acquired, and expire on February 28, 2021. The warrants include cashless exercise provisions and contain certain “blocker” provisions limiting the percentage of shares of the Company’s common stock that the purchaser can beneficially own upon conversion to not more than 4.99% of the issued and outstanding shares immediately after giving effect to the warrant exercise.

 

No registration rights were granted to the purchaser in the private placement with respect to (i) the shares of common stock issued as part of the units, (ii) the warrants, or (iii) the shares of common stock issuable upon exercise of the warrants.

 

Unit Exchange Agreements and Warrant Exercises

 

As described at Note 6, the Company entered into a unit offering with various accredited investors during the period from August 28, 2015 through November 2, 2015, for the sale of units, with each unit consisting of one share of the Company’s common stock and one warrant to purchase two additional shares of common stock. The warrants issued in this unit offering are exercisable through September 30, 2020 at a per unit price of $0.02103 for each share of common stock to be acquired upon exercise. Dr. James S. Manuso, the Company’s President and Chief Executive Officer, invested $250,000 in this unit offering. The shares of common stock issued in the unit offering and issuable upon exercise of the warrants were not subject to any registration rights.

 

During the period from April 1, 2016 through May 9, 2016, the Company entered into Unit Exchange Agreements with various accredited investors, including two affiliates, one of whom was Dr. Manuso, and the other of whom was a non-officer/director affiliate, both as described below. The Unit Exchange Agreements were substantially similar, and provided for the investors to exchange (i) existing warrants to purchase an aggregate of 56,320,496 shares of the Company’s common stock, plus (ii) an aggregate of $422,404 in cash, in return for (i) an aggregate of 28,160,248 shares of the Company’s common stock, and (ii) new warrants to purchase an aggregate of 28,160,248 shares of the Company’s common stock with an exercise price of $0.015 per share. The new warrants have the same expiration date as the original warrants (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share.

 

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The Company entered into a Unit Exchange Agreement with Dr. Manuso effective April 7, 2016, pursuant to which Dr. Manuso exchanged a warrant to purchase 23,775,558 shares of the Company’s common stock that was originally issued to him in the Company’s August 28, 2015 unit offering, plus $178,317 in cash, in return for 11,887,779 shares of the Company’s common stock and the issuance of a new warrant to purchase 11,887,779 shares of the Company’s common stock. The new warrant has the same expiration date as the original warrant (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share. The closing market price of the Company’s common stock on April 7, 2016 was $0.0239 per share.

 

The Company entered into Unit Exchange Agreements with a non-officer/director affiliate (and his affiliate) effective May 4, 2016, pursuant to which this affiliate exchanged warrants to purchase 28,642,892 shares of the Company’s common stock that were originally issued to the affiliate in the Company’s August 28, 2015 unit offering, plus $214,822 in cash, in return for 14,321,446 shares of the Company’s common stock and the issuance of new warrants to purchase 14,321,446 shares of the Company’s common stock. The new warrants have the same expiration date as the original warrants (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share. The closing market price of the Company’s common stock on May 4, 2016 was $0.018 per share.

 

10% Convertible Note Exchange Agreements and Warrant Exercises

 

As described at Note 4, on November 5, 2014, December 9, 2014, December 31, 2014 and February 2, 2015, the Company entered into purchase agreements with various accredited, non-affiliated investors, pursuant to which the Company sold an aggregate principal amount of $579,500 of its 10% convertible notes originally due September 15, 2015 and warrants to purchase shares of common stock. The convertible notes were convertible into a fixed number of shares of the Company’s common stock equal to the quotient obtained by dividing the outstanding principal amount, plus any accrued and unpaid interest, by $0.035. Each warrant to purchase shares of common stock was exercisable into a fixed number of shares of common stock of the Company calculated as each investor’s investment amount divided by $0.035. The warrants were originally exercisable through September 15, 2015 at a fixed price of $0.035 per share and did not have any cashless exercise provisions. The shares of common stock issuable upon conversion of the notes and exercise of the warrants were not subject to any registration rights.

 

Also as described at Note 4, on August 13, 2015, pursuant to the terms of the notes, the Company elected to extend the maturity date of the notes to September 15, 2016. As a consequence of this election, under the terms of the notes, the Company was required to issue to note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the notes (an aggregate amount of $579,500), plus accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the original 16,557,142 warrants issued to the investors. In connection with the extension of the maturity date of the notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original warrants to September 15, 2016, so that they were coterminous with the new maturity date of the notes.

 

During the period from April 1, 2016 through May 9, 2016, the Company entered into Note Exchange Agreements with various accredited investors, including one non-officer/director affiliate, as described below, representing an aggregate of $303,500 of principal amount of the 10% convertible notes. The Note Exchange Agreements were substantially similar, and provided for the investors to exchange their notes, original warrants and New Warrants (collectively, the “Exchanged Securities”), plus cash, in exchange for shares of the Company’s common stock. In the aggregate, $344,493 of principal amount (including accrued interest of $40,993) of the 10% convertible notes, original warrants to purchase 8,671,428 shares of the Company’s common stock and New Warrants to purchase 4,634,042 shares of the Company’s common stock, plus an aggregate of $232,846 in cash, were exchanged for 32,990,233 shares of the Company’s common stock. All of the Exchanged Securities were cancelled as a result of the respective exchange transactions. The Company entered into one Note Exchange Agreement with a non-officer/director affiliate effective May 4, 2016, pursuant to which this affiliate exchanged $28,498 of principal amount (including accrued interest of $3,498) of the 10% convertible notes, original warrants to purchase 714,286 shares of the Company’s common stock and New Warrants to purchase 382,837 shares of the Company’s common stock, plus $19,200 in cash, in return for 2,725,579 shares of the Company’s common stock.

 

The Company performed an evaluation of subsequent events through the date of filing of these financial statements with the SEC. Other than the above, there were no material subsequent events which affected the amounts or disclosures in the condensed consolidated financial statements.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Overview

 

Since its formation in 1987, RespireRx Pharmaceuticals Inc. (“RespireRx”) has been engaged in the research and clinical development of a class of compounds referred to as ampakines, which act to enhance the actions of the excitatory neurotransmitter glutamate at AMPA glutamate receptors. Several ampakines, in both oral and injectable form, are being developed by the Company for the treatment of a variety of breathing disorders. In clinical studies, select ampakines have shown preliminary efficacy in central sleep apnea and in the control of respiratory depression produced by opioids, without altering their analgesic effects. In animal models of orphan disorders, such as Pompe Disease, spinal cord damage and perinatal respiratory distress, it has been demonstrated that certain ampakines improve breathing function. The Company’s compounds belong to a new class of ampakines that do not display the undesirable side effects previously reported in animal models of earlier generations

 

In 2011, prior management conducted a re-evaluation of RespireRx’s strategic focus and determined that clinical development in the area of respiratory disorders, particularly sleep apnea and drug-induced respiratory depression, provided the most cost-effective opportunities for potential rapid development and commercialization of RespireRx’s compounds. Accordingly, RespireRx narrowed its clinical focus at that time and sidelined other avenues of scientific inquiry. This re-evaluation provided the impetus for RespireRx’s acquisition of Pier Pharmaceuticals, Inc. (“Pier”) in August 2012. RespireRx and its wholly-owned subsidiary, Pier, are collectively referred to herein as the “Company.”

 

The Company underwent a change in management in March 2013, and since then the Company’s current management has continued to implement this strategic focus, including seeking the capital to fund such efforts. As a result of the Company’s scientific discoveries and the acquisition of strategic, exclusive license agreements, management believes that the Company is now a leader in developing drugs for respiratory disorders, particularly sleep apneas and drug-induced respiratory depression.

 

The Company owns patents and patent applications for certain families of chemical compounds, including ampakines, which claim the chemical structures and their use in the treatment of various disorders. These patents cover, among other compounds, the Company’s lead ampakines CX1739 and CX1942, and extend through at least 2028.

 

On May 8, 2007, RespireRx entered into a license agreement, as subsequently amended, with the University of Alberta granting RespireRx exclusive rights to method of treatment patents held by the University of Alberta claiming the use of ampakines for the treatment of various respiratory disorders. These patents, along with RespireRx’s own patents claiming chemical structures, comprise RespireRx’s principal intellectual property supporting RespireRx’s research and clinical development program in the use of ampakines for the treatment of respiratory disorders. RespireRx has completed preclinical studies indicating that several of its ampakines, including CX717, CX1739 and CX1942, were efficacious in treating drug induced respiratory depression caused by opioids or certain anesthetics without offsetting the analgesic effects of the opioids or the anesthetic effects of the anesthetics. In two clinical Phase 2 studies, one of which was published in a peer-reviewed journal, CX717, a predecessor compound to CX1739 and CX1942, antagonized the respiratory depression produced by fentanyl, a potent narcotic, without affecting the analgesia produced by this drug. In addition, RespireRx has conducted a Phase 2A clinical study in which patients with sleep apnea were administered CX1739, RespireRx’s lead clinical compound. The results suggested that CX1739 might have use as a treatment for central sleep apnea (“CSA”) and mixed sleep apnea, but not obstructive sleep apnea (“OSA”).

 

In order to expand RespireRx’s respiratory disorders program, RespireRx acquired 100% of the issued and outstanding equity securities of Pier effective August 10, 2012 pursuant to an Agreement and Plan of Merger. Pier was formed in June 2007 (under the name SteadySleep Rx Co.) as a clinical stage pharmaceutical company to develop a pharmacologic treatment for the respiratory disorder known as OSA and had been engaged in research and clinical development activities since formation.

 

Through the merger, RespireRx gained access to an Exclusive License Agreement (as amended, the “License Agreement”) that Pier had entered into with the University of Illinois on October 10, 2007. The License Agreement covered certain patents and patent applications in the United States and other countries claiming the use of certain compounds referred to as cannabinoids, of which dronabinol is a specific example, for the treatment of sleep-related breathing disorders (including sleep apnea). Dronabinol is a synthetic derivative of the naturally occurring substance in the cannabis plant, otherwise known as Δ9-THC (Δ9-tetrahydrocannabinol). Pier’s business plan was to determine whether dronabinol would significantly improve subjective and objective clinical measures in patients with OSA. In addition, Pier intended to evaluate the feasibility and comparative efficacy of a proprietary formulation of dronabinol.

 

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The License Agreement granted Pier, among other provisions, exclusive rights: (i) to practice certain patents and patent applications, as defined in the License Agreement, that were then held by the University of Illinois; (ii) to identify, develop, make, have made, import, export, lease, sell, have sold or offer for sale any related licensed products; and (iii) to grant sub-licenses of the rights granted in the License Agreement, subject to the provisions of the License Agreement. Pier was required under the License Agreement, among other terms and conditions, to pay the University of Illinois a license fee, royalties, patent costs and certain milestone payments.

 

Prior to the merger, Pier conducted a 21 day, randomized, double-blind, placebo-controlled, dose escalation Phase 2 clinical study in 22 patients with OSA, in which dronabinol produced a statistically significant reduction in the Apnea-Hypopnea Index, the primary therapeutic end-point, and was observed to be safe and well tolerated. The University of Illinois and three other research centers are currently investigating dronabinol in a potentially pivotal, six week, double-blind, placebo-controlled Phase 2B clinical trial in 120 patients with OSA. The University of Illinois has indicated that it expects the final data collection under this clinical trial to be completed in May 2016. The Company is not managing or funding this ongoing clinical trial. This clinical trial is fully funded by the National Heart, Lung and Blood Institute of the National Institutes of Health.

 

Dronabinol is a Schedule III, controlled generic drug with a relatively low abuse potential that is approved by the U.S. Food and Drug Administration (the “FDA”) for the treatment of AIDS-related anorexia and chemotherapy-induced emesis. The use of dronabinol for the treatment of OSA is a novel indication for an already approved drug and, as such, the Company believes that it would only require approval by the FDA of a supplemental new drug application.

 

The License Agreement was terminated effective March 21, 2013, due to the Company’s failure to make a required payment. Subsequently, current management opened negotiations with the University of Illinois, and as a result, the Company ultimately entered into a new license agreement (the “2014 License Agreement”) with the University of Illinois on June 27, 2014, the material terms of which were similar to the License Agreement that was terminated on March 21, 2013.

 

The Company filed an Investigational New Drug (“IND”) application with the FDA in September 2015 to conduct a double-blind, placebo-controlled, dose-ascending Phase 2A clinical trial in approximately 18 subjects to determine the ability of orally administered CX1739, the Company’s proprietary lead ampakine, to prevent the respiratory depression produced by remifentanil, a potent opioid, without altering remifentanil’s analgesic properties. The clinical protocol was designed to evaluate the safety and efficacy of three escalating doses of CX1739 versus placebo when administered prior to remifentanil, with respiration, analgesia and a number of other clinical measures being taken after administration of both drugs. The commencement of this clinical trial was subject to resolution of two deficiencies raised by the FDA in its clinical hold letter issued in November 2015. These issues were satisfactorily resolved in early 2016, and the FDA removed the clinical hold on the Company’s IND for CX1739 on February 25, 2016, thus allowing for the initiation of the clinical trial. During March 2016, upon receiving unconditional approval from the Institutional Review Board (“IRB”) of the Duke Clinical Research Unit, this Phase 2A clinical trial at Duke University School of Medicine was initiated. The Company expects to incur approximately $750,000 of direct costs in 2016 with respect to this clinical trial (of which approximately $163,000 was incurred during the three months ended March 31, 2016), to complete the final data collection with respect to the clinical trial by the end of May 2016, and to issue a report on the results of the clinical trial during the third quarter of 2016. Subsequent to March 31, 2016, the Company paid Duke University an upfront advance for clinical trial costs of $111,654.

 

Recent Developments

 

Series G 1.5% Convertible Preferred Stock

 

On April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (including accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

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Additional Closings of 2016 Private Placement

 

On January 8, 2016, the Company initiated a new equity private placement, consisting of units of common stock and warrants, up to an aggregate of $2,500,000, with each unit consisting of (i) one share of common stock, and (ii) one warrant to purchase two additional shares of common stock. During the three months ended March 31, 2016, the Company entered into purchase agreements with five accredited and three non-accredited, non-affiliated investors, pursuant to which an aggregate of 8,775,250 shares of common stock and an aggregate of 17,550,500 warrants were sold, generating gross proceeds of $194,635. During the period from April 1, 2016 through May 9, 2016, the Company entered into purchase agreements with two accredited, non-affiliated investors, pursuant to which an aggregate of 2,479,712 shares of common stock and an aggregate of 4,959,424 warrants were sold, generating gross proceeds of $55,000.

 

The unit price in the closings of the private placement was $0.02218. The warrants are exercisable at $0.0244, for each share of common stock to be acquired, and expire on February 28, 2021. The warrants include cashless exercise provisions and contain certain “blocker” provisions limiting the percentage of shares of the Company’s common stock that the purchaser can beneficially own upon conversion to not more than 4.99% of the issued and outstanding shares immediately after giving effect to the warrant exercise.

 

No registration rights were granted to the purchaser in the private placement with respect to (i) the shares of common stock issued as part of the units, (ii) the warrants, or (iii) the shares of common stock issuable upon exercise of the warrants.

 

Unit Exchange Agreements and Warrant Exercises

 

The Company entered into a unit offering with various accredited investors during the period from August 28, 2015 through November 2, 2015, for the sale of units, with each unit consisting of one share of the Company’s common stock and one warrant to purchase two additional shares of common stock. The warrants issued in this unit offering are exercisable through September 30, 2020 at a per unit price of $0.02103 for each share of common stock to be acquired upon exercise. Dr. James S. Manuso, the Company’s President and Chief Executive Officer, invested $250,000 in this unit offering. The shares of common stock issued in the unit offering and issuable upon exercise of the warrants were not subject to any registration rights.

 

During the period from April 1, 2016 through May 9, 2016, the Company entered into Unit Exchange Agreements with various accredited investors, including two affiliates, one of whom was Dr. Manuso, and the other of whom was a non-officer/director affiliate, both as described below. The Unit Exchange Agreements were substantially similar, and provided for the investors to exchange (i) existing warrants to purchase an aggregate of 56,320,496 shares of the Company’s common stock, plus (ii) an aggregate of $422,404 in cash, in return for (i) an aggregate of 28,160,248 shares of the Company’s common stock, and (ii) new warrants to purchase an aggregate of 28,160,248 shares of the Company’s common stock with an exercise price of $0.015 per share. The new warrants have the same expiration date as the original warrants (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share.

 

The Company entered into a Unit Exchange Agreement with Dr. Manuso effective April 7, 2016, pursuant to which Dr. Manuso exchanged a warrant to purchase 23,775,558 shares of the Company’s common stock that was originally issued to him in the Company’s August 28, 2015 unit offering (which was cancelled as a result of the exchange transaction), plus $178,317 in cash, in return for 11,887,779 shares of the Company’s common stock and the issuance of a new warrant to purchase 11,887,779 shares of the Company’s common stock. The new warrant has the same expiration date as the original warrant (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share. The closing market price of the Company’s common stock on April 7, 2016 was $0.0239 per share.

 

The Company entered into Unit Exchange Agreements with a non-officer/director affiliate (and his affiliate) effective May 4, 2016, pursuant to which this affiliate exchanged warrants to purchase 28,642,892 shares of the Company’s common stock that were originally issued to the affiliate in the Company’s August 28, 2015 unit offering, plus $214,822 in cash, in return for 14,321,446 shares of the Company’s common stock and the issuance of new warrants to purchase 14,321,446 shares of the Company’s common stock. The new warrants have the same expiration date as the original warrants (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share. The closing market price of the Company’s common stock on May 4, 2016 was $0.018 per share.

 

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10% Convertible Note Exchange Agreements and Warrant Exercises

 

On November 5, 2014, December 9, 2014, December 31, 2014 and February 2, 2015, the Company entered into purchase agreements with various accredited, non-affiliated investors, pursuant to which the Company sold an aggregate principal amount of $579,500 of its 10% convertible notes originally due September 15, 2015 and warrants to purchase shares of common stock. The convertible notes were convertible into a fixed number of shares of the Company’s common stock equal to the quotient obtained by dividing the outstanding principal amount, plus any accrued and unpaid interest, by $0.035. Each warrant to purchase shares of common stock was exercisable into a fixed number of shares of common stock of the Company calculated as each investor’s investment amount divided by $0.035. The warrants were originally exercisable through September 15, 2015 at a fixed price of $0.035 per share and did not have any cashless exercise provisions. The shares of common stock issuable upon conversion of the notes and exercise of the warrants were not subject to any registration rights.

 

On August 13, 2015, pursuant to the terms of the notes, the Company elected to extend the maturity date of the notes to September 15, 2016. As a consequence of this election, under the terms of the notes, the Company was required to issue to note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the notes (an aggregate amount of $579,500), plus accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the original 16,557,142 warrants issued to the investors. In connection with the extension of the maturity date of the notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original warrants to September 15, 2016, so that they were coterminous with the new maturity date of the notes.

 

During the period from April 1, 2016 through May 9, 2016, the Company entered into Note Exchange Agreements with various accredited investors, including one non-officer/director affiliate, as described below, representing an aggregate of $303,500 of principal amount of the 10% convertible notes. The Note Exchange Agreements were substantially similar, and provided for the investors to exchange their notes, original warrants and New Warrants (collectively, the “Exchanged Securities”), plus cash, in exchange for shares of the Company’s common stock. In the aggregate, $344,493 of principal amount (including accrued interest of $40,993) of the 10% convertible notes, original warrants to purchase 8,671,428 shares of the Company’s common stock and New Warrants to purchase 4,634,042 shares of the Company’s common stock, plus an aggregate of $232,846 in cash, were exchanged for 32,990,233 shares of the Company’s common stock. All of the Exchanged Securities were cancelled as a result of the respective exchange transactions. The Company entered into one Note Exchange Agreement with a non-officer/director affiliate effective May 4, 2016, pursuant to which this affiliate exchanged $28,498 of principal amount (including accrued interest of $3,498) of the 10% convertible notes, original warrants to purchase 714,286 shares of the Company’s common stock and New Warrants to purchase 382,837 shares of the Company’s common stock, plus $19,200 in cash, in return for 2,725,579 shares of the Company’s common stock.

 

Going Concern

 

The Company’s condensed consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred net losses of $2,680,951 for the three months ended March 31, 2016 and $5,961,892 for the fiscal year ended December 31, 2015, and negative operating cash flows of $343,300 for the three months ended March 31, 2016 and $1,296,100 for the fiscal year ended December 31, 2015. The Company also had a stockholders’ deficiency of $3,783,947 at March 31, 2016, and expects to continue to incur net losses and negative operating cash flows for at least the next few years. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern, and the Company’s independent registered public accounting firm, in their report on the Company’s consolidated financial statements for the year ended December 31, 2015, has expressed substantial doubt about the Company’s ability to continue as a going concern.

 

The Company is currently, and has for some time, been in significant financial distress. It has limited cash resources and current assets and has no ongoing source of sustainable revenue. Management is continuing to address various aspects of the Company’s operations and obligations, including, without limitation, debt obligations, financing requirements, intellectual property, licensing agreements, legal and patent matters and regulatory compliance, and has continued to raise new debt and equity capital to fund the Company’s business activities from both related and unrelated parties.

 

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The Company is continuing its efforts to raise additional capital in order to be able to pay its liabilities and fund its business activities on a going forward basis, including a recent increase in the Company’s research and development activities. The Company regularly evaluates various measures to satisfy the Company’s liquidity needs, including developing agreements with collaborative partners and, when necessary, seeking to exchange or restructure the Company’s outstanding securities. As a result of the Company’s current financial situation, the Company has limited access to external sources of debt and equity financing. Accordingly, there can be no assurances that the Company will be able to secure additional financing in the amounts necessary to fully fund its operating and debt service requirements. If the Company is unable to access sufficient cash resources, the Company may be forced to discontinue its operations entirely and liquidate.

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Based on the FASB’s Exposure Draft Update issued on April 29, 2015, and approved in July 2015, Revenue from Contracts With Customers (Topic 606): Deferral of the Effective Date, ASU 2014-09 is now effective for reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2014-09 is not expected to have any impact on the Company’s financial statement presentation or disclosures.

 

In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have any impact on the Company’s financial statement presentation and disclosures.

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s financial statement presentation or disclosures.

 

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Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

 

Concentration of Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company limits its exposure to credit risk by investing its cash with high credit quality financial institutions.

 

The Company’s research and development efforts and potential products rely on licenses from research institutions and if the Company loses access to these technologies or applications, its business could be substantially impaired.

 

Under a patent license agreement with The Governors of the University of Alberta, the Company has exclusive rights to the use of certain ampakine compounds to prevent and treat respiratory depression induced by opioid analgesics, barbiturates and anesthetic and sedative agents.

 

On May 8, 2007, the Company entered into a license agreement, as subsequently amended, with the University of Alberta granting the Company exclusive rights to practice patents held by the University of Alberta claiming the use of ampakines for the treatment of various respiratory disorders. The Company agreed to pay the University of Alberta a licensing fee and a patent issuance fee, which were paid, and prospective payments consisting of a royalty on net sales, sublicense fee payments, maintenance payments and milestone payments. The prospective maintenance payments commence on the enrollment of the first patient into the first Phase 2B clinical trial and increase upon the successful completion of the Phase 2B clinical trial. As the Company does not at this time anticipate scheduling a Phase 2B clinical trial, no maintenance payments are currently due and payable to the University of Alberta. In addition, no other prospective payments are currently due and payable to the University of Alberta.

 

Through the merger with Pier, the Company gained access to the License Agreement that Pier had entered into with the University of Illinois on October 10, 2007. The Pier License Agreement covered certain patents and patent applications in the United States and other countries claiming the use of certain compounds referred to as cannabinoids for the treatment of sleep related breathing disorders (including sleep apnea), of which dronabinol is a specific example of one type of cannabinoid. Dronabinol is a synthetic derivative of the naturally occurring substance in the cannabis plant, otherwise known as Δ9-THC (Δ9-tetrahydrocannabinol). Dronabinol is currently approved by the FDA and is sold generically for use in refractory chemotherapy-induced nausea and vomiting, as well as for anorexia in patients with AIDS. Pier’s business plan was to determine whether dronabinol would significantly improve subjective and objective clinical measures in patients with OSA. In addition, Pier intended to evaluate the feasibility and comparative efficacy of a proprietary formulation of dronabinol. The Pier License Agreement was terminated effective March 21, 2013 due to the Company’s failure to make a required payment and on June 27, 2014, the Company entered into the 2014 License Agreement with the University of Illinois, the material terms of which were similar to the Pier License Agreement that had been terminated. If the Company is unable to comply with the terms of the 2014 License Agreement, such as an inability to make the payments required thereunder, the Company would be at risk of the 2014 License Agreement being terminated.

 

Critical Accounting Policies and Estimates

 

The Company prepared its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The preparation of these condensed consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management periodically evaluates the estimates and judgments made. Management bases its estimates and judgments on historical experience and on various factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates as a result of different assumptions or conditions.

 

The following critical accounting policies affect the more significant judgments and estimates used in the preparation of the Company’s consolidated financial statements.

 

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Series G 1.5% Convertible Preferred Stock

 

The Company accounted for the beneficial conversion features associated with the Series G 1.5% Convertible Preferred Stock in accordance with Accounting Standards Codification (“ASC”) 470-20, Accounting for Debt with Conversion and Other Options. The Company calculated a deemed dividend on the Series G 1.5% Convertible Preferred Stock of $8,376,719 in March 2014 and $1,673,127 in April 2014, which equals the amount by which the estimated fair value of the common stock issuable upon conversion of the issued Series G 1.5% Convertible Preferred Stock exceeded the proceeds from such issuances. The deemed dividend on the Series G 1.5% Convertible Preferred Stock was amortized on the straight-line basis from the respective issuance dates through the earliest conversion date of June 16, 2014, in accordance with ASC 470-20. The difference between the amortization of the deemed dividend calculated based on the straight-line method and the effective yield method was not material.

 

10% Convertible Notes Payable

 

The Company accounted for the beneficial conversion features with respect to the sale of the convertible notes and the issuance of the warrants in 2014 and 2015 in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes to be representative of their fair value. The Company determined the fair value of the warrants based on the Black-Scholes option-pricing model. The relative fair value method generated respective fair values for each of the convertible notes and the warrants of approximately 50% for the convertible notes and approximately 50% for the warrants. Once these values were determined, the fair value of the warrants and the fair value of the beneficial conversion feature (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. As a result, this aggregate debt discount reduced the carrying value of the convertible notes to zero at each issuance date. The excess amount generated from this calculation was not recorded, as the carrying value of a convertible note cannot be reduced below zero. The aggregate debt discount was amortized as interest expense over the original term of the convertible notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

 

The cash fees paid to placement agents and for legal costs incurred from November 5, 2014 through February 2, 2015 with respect to this financing were deferred and capitalized as deferred offering costs and were amortized to interest expense over the original term of the convertible notes through September 15, 2015 on the straight-line method. The placement agent warrants were considered as an additional cost of the offering and were included in deferred offering costs at fair value. The difference between the amortization of the deferred offering costs calculated based on the straight-line method and the effective yield method was not material.

 

On August 13, 2015, the Company elected to extend the maturity date of the convertible notes to September 15, 2016. As a consequence of this election, under the terms of the convertible notes, the Company was required to issue to convertible note holders additional warrants (the “New Warrants”). In connection with the extension of the maturity date of the convertible notes, the Board of Directors of the Company determined to extend the termination date of the original warrants, so that they were coterminous with the new maturity date of the convertible notes.

 

The Company reviewed the guidance in ASC 405-20, Extinguishment of Liabilities, and determined that the notes had not been extinguished. The Company therefore concluded that the guidance in ASC 470-50, Modifications and Extinguishments, should be applied, which states that if the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the fees shall be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the interest method.

 

The Company deferred the debt modification costs related to the modification of the convertible notes and the issuance of the New Warrants (consisting of the fair value of the New Warrants) over the remaining term of the extended notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

The Company deferred the debt modification costs related to the extension of the original warrants (consisting of the fair value of the extension of the original warrants) over the remaining term of the extended convertible notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

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The closing market price of the Company’s common stock on the extension date of September 15, 2015 was $0.031 per share, as compared to the fixed conversion price of the convertible notes and the fixed exercise price of both the original warrants and the New Warrants of $0.035 per share. The Company has accounted for the beneficial conversion features with respect to the extension of the convertible notes and the extension of the original warrants and the issuance of the New Warrants in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes, plus the accrued interest thereon, to be representative of their fair value. The relative fair value method generated respective fair values for each of the convertible notes, including accrued interest, and the New Warrants and extension of the original warrants, of approximately 55% for the convertible notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original warrants. Once these values were determined, the fair value of the New Warrants and extension of the original warrants and the fair value of the beneficial conversion feature (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. The aggregate debt discount was amortized as interest expense over the extended term of the promissory notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

 

Research Grants

 

The Company recognizes revenues from research grants as earned based on the percentage-of-completion method of accounting and issues invoices for contract amounts billed based on the terms of the grant agreement. Amounts recorded under research grants in excess of amounts earned are classified as unearned grant revenue liability in the Company’s consolidated balance sheet. Grant receivable reflects contractual amounts due and payable under the grant agreement. The payment of grants receivable are based on progress reports provided to the grant provider by the Company. The research grant was completed in April 2015. The Company has filed all required progress reports.

 

Research grants are generally funded and paid through government or institutional programs. Amounts received under research grants are nonrefundable, regardless of the success of the underlying research project, to the extent that such amounts are expended in accordance with the approved grant project.

 

Stock-Based Compensation

 

The Company periodically issues common stock and stock options to officers, directors, Scientific Advisory Board members and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date of each grant.

 

The Company accounts for stock-based payments to officers and directors by measuring the cost of services received in exchange for equity awards based on the grant date fair value of the awards, with the cost recognized as compensation expense on the straight-line basis in the Company’s financial statements over the vesting period of the awards. The Company accounts for stock-based payments to Scientific Advisory Board members and consultants by determining the value of the stock compensation based upon the measurement date at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.

 

Stock grants, which are generally subject to time-based vesting, are measured at the grant date fair value and charged to operations ratably over the vesting period.

 

Stock options granted to members of the Company’s Scientific Advisory Board and to outside consultants are revalued each reporting period until vested to determine the amount to be recorded as an expense in the respective period. As the stock options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the value on the date of vesting.

 

The fair value of stock options is determined utilizing the Black-Scholes option-pricing model, and is affected by several variables, the most significant of which are the life of the equity award, the exercise price of the security as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock over the term of the equity award. Estimated volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of common stock is determined by reference to the quoted market price of the Company’s common stock.

 

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Stock options and warrants issued to non-employees as compensation for services to be provided to the Company or in settlement of debt are accounted for based upon the fair value of the services provided or the estimated fair value of the stock option or warrant, whichever can be more clearly determined. Management utilizes the Black-Scholes option-pricing model to determine the fair value of the stock options and warrants issued by the Company. The Company recognizes this expense over the period in which the services are provided.

 

The Company recognizes the fair value of stock-based compensation in general and administrative costs and in research and development costs, as appropriate, in the Company’s condensed consolidated statements of operations. The Company issues new shares of common stock to satisfy stock option exercises.

 

Research and Development Costs

 

Research and development costs consist primarily of fees paid to consultants and outside service providers and organizations (including research institutes at universities), patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company’s treatments and product candidates.

 

Research and development costs incurred by the Company under research grants are expensed as incurred over the life of the underlying contracts, unless the terms of the contract indicate that a different expensing schedule is more appropriate.

 

The Company reviews the status of its research and development contracts on a quarterly basis.

 

License Agreements

 

Obligations incurred with respect to mandatory payments provided for in license agreements are recognized ratably over the appropriate period, as specified in the underlying license agreement, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Obligations incurred with respect to milestone payments provided for in license agreements are recognized when it is probable that such milestone will be reached, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Payments of such liabilities are made in the ordinary course of business.

 

Patent Costs

 

Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, all patent costs, including patent-related legal and filing fees, are expensed as incurred.

 

Results of Operations

 

The Company’s condensed consolidated statements of operations as discussed herein are presented below.

 

   Three Months Ended March 31, 
   2016   2015 
         
Grant revenues  $-   $74,534 
           
Operating expenses:          
General and administrative   1,499,640    229,900 
Research and development   917,136    440,792 
Total operating expenses   2,416,776    670,692 
Loss from operations   (2,416,776)   (596,158)
Gain on settlement with former management   -    92,550 
Interest expense   (246,765)   (228,534)
Foreign currency transaction (loss) gain   (17,410)   4,190 
Net loss   (2,680,951)   (727,952)
Adjustments related to Series G 1.5% Convertible Preferred Stock:          
Dividends on Series G 1.5% Convertible Preferred Stock   (981)   (3,198)
           
Net loss attributable to common stockholders  $(2,681,932)  $(731,150)
           
Net loss per common share - basic and diluted  $(0.01)  $(0.00)
           
Weighted average common shares outstanding - basic and diluted   495,932,569    238,705,800 

 

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Three Months Ended March 31, 2016 and 2015

 

Revenues. During the three months ended March 31, 2016 and 2015, the Company had research grant revenues of $0 and $74,534, respectively. The research grant revenues during the three months ended March 31, 2015 were related to a contract with the National Institute on Drug Abuse entered into on September 18, 2014 and completed in early 2015.

 

General and Administrative. For the three months ended March 31, 2016, general and administrative expenses were $1,499,640, an increase of $1,269,740, as compared to $229,900 for the three months ended March 31, 2015. The increase in general and administrative expenses for the three months ended March 31, 2016, as compared to the three months ended March 31, 2015, is primarily due to an increase in stock-based compensation of $1,030,831, and an increase in salaries, employee benefits and board fees of $229,406.

 

Stock-based compensation costs included in general and administrative expenses were $1,030,831 for the three months ended March 31, 2016, as compared to $0 for the three months ended March 31, 2015, reflecting an increase of $1,030,831. The increase in stock-based compensation reflects the amortization of costs relating to stock options granted to members of management, the Company’s Board of Directors and to outside consultants. Salaries, employee benefits and board fees included in general and administrative expenses were $229,406 for the three months ended March 31, 2016, as compared to $0 for the three months ended March 31, 2015, reflecting an increase of $229,406. The net change reflects the Company’s shift in compensation philosophy for its officers and directors beginning in mid-2015 from entirely stock-based compensation to a combination of stock-based compensation and compensation payable in cash.

 

Research and Development. For the three months ended March 31, 2016, research and development expenses were $917,136, an increase of $476,344, as compared to $440,792 for the three months ended March 31, 2015. The increase in research and development expenses for the three months ended March 31, 2016, as compared to the three months ended March 31, 2015, is primarily a result of an increase in stock-based compensation of $368,540, an increase in salaries and employee benefits of $50,873, and an increase in patent related legal fees of $31,501.

 

Stock-based compensation costs included in research and development expenses were $440,540 for the three months ended March 31, 2016, as compared to $72,000 for the three months ended March 31, 2015, reflecting an increase of $368,540. The increase in stock-based compensation reflects the amortization of costs relating to stock options granted to members of management and to outside consultants engaged in research and development activities. Salaries and employee benefits included in research and development expenses were $80,400 for the three months ended March 31, 2016, as compared to $29,527 for the three months ended March 31, 2015, reflecting an increase of $50,873. The net change reflects the Company’s shift in compensation philosophy for its officers beginning in mid-2015 from entirely stock-based compensation to a combination of stock-based compensation and compensation payable in cash.

 

Gain on Settlement with Former Management. During the three months ended March 31, 2015, the Company recorded a gain of $92,550 as a result of a settlement agreement with its former Vice President and Chief Financial Officer that resulted in the settlement of potential claims. In conjunction with such settlement agreement, the Company paid a total of $26,000 (including $775 of interest) in cash and issued stock options to purchase 500,000 shares of common stock exercisable at $0.512 per share for a period of five years, which were valued pursuant to the Black-Scholes option-pricing model at $25,450.

 

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Interest Expense. During the three months ended March 31, 2016, interest expense was $246,765 (including $98,366 to related parties), an increase of $18,231, as compared to $228,534 (including $0 to related parties) for the three months ended March 31, 2015. The net increase in interest expense of $18,231 consists of an increase of $96,636 attributable to the fair value of fully vested warrants issued to the Company’s Chief Executive Officer and Chief Scientific Officer in connection with working capital loans made by them to the Company during the three months ended March 31, 2016, offset primarily by a decrease of $82,604 in the amortization of debt discounts and capitalized financing costs associated with the convertible note financing and subsequent extension. The amortization of debt discounts and capitalized financing costs charged to interest expense during the three months ended March 31, 2016 aggregated $120,490, as compared to $203,094 during the three months ended March 31, 2015.

 

Foreign Currency Transaction (Loss) Gain. Foreign currency transaction loss was $17,410 for the three months ended March 31, 2016, as compared to a foreign currency transaction gain of $4,190 for the three months ended March 31, 2015. The foreign currency transaction (loss) gain relates to the $399,774 loan from SY Corporation Co., Ltd., formerly known as Samyang Optics Co. Ltd., made in June 2012, which is denominated in the South Korean Won.

 

Net Loss. For the three months ended March 31, 2016, the Company incurred a net loss of $2,680,951, as compared to a net loss of $727,952 for the three months ended March 31, 2015.

 

Dividends on Series G 1.5% Convertible Preferred Stock. For the three months ended March 31, 2016, dividends accrued on the shares of Series G 1.5% Convertible Preferred Stock issued in the March 18, 2014 and the April 17, 2014 closings were $981. For the three months ended March 31, 2015, dividends accrued on the shares of Series G 1.5% Convertible Preferred Stock issued in the March 18, 2014 and April 17, 2014 closings were $3,198. The decrease in dividends accrued on the shares of Series G 1.5% Convertible Preferred Stock of $2,217 is due to conversions of Series G 1.5% Convertible Preferred Stock into common stock that have occurred since issuance in 2014. On April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (including accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

Net Loss Attributable to Common Stockholders. For the three months ended March 31, 2016, the Company incurred a net loss attributable to common stockholders of $2,681,932, as compared to a net loss attributable to common stockholders of $731,150 for the three months ended March 31, 2015.

 

Liquidity and Capital Resources - March 31, 2016

 

The Company’s condensed consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred net losses of $2,680,951 for the three months ended March 31, 2016 and $5,961,892 for the fiscal year ended December 31, 2015, and negative operating cash flows of $343,300 for the three months ended March 31, 2016 and $1,296,100 for the fiscal year ended December 31, 2015, had a stockholders’ deficiency of $3,783,947 at March 31, 2016, and expects to continue to incur net losses and negative operating cash flows for at least the next few years. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern, and the Company’s independent registered public accounting firm, in their report on the Company’s consolidated financial statements for the year ended December 31, 2015, has expressed substantial doubt about the Company’s ability to continue as a going concern.

 

At March 31, 2016, the Company had a working capital deficit of $3,838,542, as compared to a working capital deficit of $2,922,279 at December 31, 2015, reflecting an increase in the working capital deficit of $916,263 for the three months ended March 31, 2016. The increase in the working capital deficit during the three months ended March 31, 2016 is comprised primarily of an increase in total current liabilities of $913,053. The increase in total current liabilities of $913,053 consists of a net increase in notes payable of $269,042, including an increase in notes payable to officers of $106,929, and an increase in accounts payable and accrued liabilities of $644,011, including an increase in accrued compensation of $309,100.

 

At March 31, 2016, the Company had cash aggregating $6,053, as compared to $53,199 at December 31, 2015, reflecting a decrease in cash of $47,146 for the three months ended March 31, 2016. The decrease in cash during the three months ended March 31, 2016 was primarily the result of cash utilized in operating activities.

 

The Company is currently, and has for some time, been in significant financial distress. It has limited cash resources and current assets and has no ongoing source of revenue. Management is continuing to address numerous aspects of the Company’s operations and obligations, including, without limitation, debt obligations, financing requirements, intellectual property, licensing agreements, legal and patent matters and regulatory compliance, and has continued to raise new debt and equity capital to fund the Company’s business activities.

 

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To meet minimum operating needs, from June 2013 through March 2014, the Chairman of the Company’s Board of Directors and then Chief Executive Officer advanced short-term loans to the Company aggregating $150,000 for working capital purposes. In March and April 2014, the Company completed a private placement by selling 928.5 shares of its Series G 1.5% Convertible Preferred Stock for gross proceeds of $928,500 and repaid the aggregate advances. The Company’s Chairman and then Chief Executive Officer invested $250,000 in the Series G 1.5% Convertible Preferred Stock private placement. During November and December 2014, the Company sold short-term convertible notes and warrants in an aggregate principal amount of $369,500 to various accredited investors and an additional $210,000 of such short-term convertible notes and warrants in February 2015. The Company terminated this financing, which generated aggregate gross proceeds of $579,500, effective February 18, 2015. In June 2015, the Company’s Chairman and then Chief Executive Officer advanced $40,000 to the Company in the form of a short-term loan for working capital purposes. In August through November 2015, the Company completed three closings of a private placement by selling 56,809,802 units of its common stock and warrants for gross proceeds of $1,194,710 and repaid the short-term loan of $40,000 plus accrued interest of $877. The Company’s current President and Chief Executive Officer invested $250,000 in the August 2015 closing of this private placement.

 

On August 13, 2015, the Company elected to extend the maturity date of the convertible notes with an aggregate principal amount of $579,500 to September 15, 2016. As a consequence of this election, under the terms of the notes, the Company was required to issue to convertible note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the convertible notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the convertible notes (an aggregate amount of $579,500), plus any accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the 16,557,142 original warrants issued to the investors. In connection with the extension of the maturity date of the convertible notes, the Board of Directors of the Company determined to extend the termination date of the 16,557,142 original warrants to September 15, 2016, so that they were coterminous with the new maturity date of the notes.

 

On January 8, 2016, the Company initiated a new private placement of common stock and warrants that generated gross proceeds of $194,635 during the three months ended March 31, 2016. During the three months ended March 31, 2016, the Company’s Chief Executive Officer and Chief Scientific Officer each advanced $52,600 to the Company for working capital purposes under secured demand promissory notes payable aggregating $105,200, with interest at 10% per annum. As additional consideration for making the loans, the Company’s Chief Executive Officer and Chief Scientific Officer received warrants to purchase shares of common stock, as described at Note 4 to the Condensed Consolidated Financial Statements for the three months ended March 31, 2016 and 2015. Subject to completion of a subsequent financing transaction, the Company currently expects to repay these loans during the three months ended September 30, 2016.

 

Subsequent to March 31, 2016, the Company entered into various financing and exchange transactions to raise additional working capital and relieve short-term debt obligations, as described above at “Recent Developments,” which included the exchange of $303,500 of the $579,500 principal amount of the 10% convertible notes due September 15, 2016. In addition, on April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (including accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

The Company is continuing its efforts to raise additional capital in order to be able to pay its liabilities and fund its business activities on a going forward basis, including a recent increase in the Company’s research and development activities. The Company regularly evaluates various measures to satisfy the Company’s liquidity needs, including developing agreements with collaborative partners and, when necessary, seeking to exchange or restructure the Company’s outstanding securities. As a result of the Company’s current financial situation, the Company has limited access to external sources of debt and equity financing. Accordingly, there can be no assurances that the Company will be able to secure additional financing in the amounts necessary to fully fund its operating and debt service requirements. If the Company is unable to access sufficient cash resources, the Company may be forced to discontinue its operations entirely and liquidate.

 

Operating Activities. For the three months ended March 31, 2016, operating activities utilized cash of $343,300, as compared to utilizing cash of $200,403 for the three months ended March 31, 2015, to support the Company’s ongoing research and development activities.

 

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Investing Activities. For the three months ended March 31, 2016, the Company had no investing activities. For the three months ended March 31, 2015, investing activities utilized cash of $2,497 for the acquisition of equipment.

 

Financing Activities. For the three months ended March 31, 2016, financing activities generated cash of $296,154, consisting primarily of $194,635 in proceeds from the common stock and warrant unit financing and $105,200 in proceeds from officer loans. For the three months ended March 31, 2015, financing activities generated cash of $194,300, consisting $210,000 in proceeds from the convertible note and warrant financing offset by the payment of financing costs of $15,700 relating to the convertible note and warrant financing.

 

Principal Commitments

 

Employment Agreements

 

On August 18, 2015, the Company entered into an employment agreement with Dr. James S. Manuso to be its new President and Chief Executive Officer. Pursuant to the agreement, which is for an initial term of three years, Dr. Manuso is to receive an initial annual base salary of $375,000, subject to certain conditions, which will increase to $450,000 annually upon the first anniversary of his contract, again subject to certain conditions being met. Dr. Manuso will also be eligible to receive bonuses ranging from $100,000 to $300,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Dr. Manuso was granted stock options to acquire 85,081,300 shares of common stock of the Company and is eligible to receive additional awards under the Company’s Plans in the discretion of the Board of Directors. Dr. Manuso had also agreed to purchase newly issued securities of the Company in an amount of $250,000, which was accomplished by Dr. Manuso’s participation in the first closing of the unit offering of common stock and warrants on August 28, 2015. Dr. Manuso will also receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $16,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. He will also be reimbursed for business expenses. The payment obligation associated with the first year base salary is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to this agreement totaled $256,460 for the period August 18, 2015 through March 31, 2016, including $110,400 for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Dr. Manuso was also appointed to the Company’s Board of Directors and elected as Vice Chairman of the Board of Directors. Dr. Manuso will not receive any additional compensation for serving as Vice Chairman and on the Board of Directors.

 

On August 18, 2015, concurrently with the hiring of Dr. James S. Manuso as its new President and Chief Executive Officer, the Company accepted the resignation of Dr. Arnold S. Lippa, as President and Chief Executive Officer. Dr. Lippa continues to serve as the Company’s Executive Chairman and a member of the Board of Directors. Also on August 18, 2015, Dr. Lippa was named Chief Scientific Officer of the Company, and the Company entered into an employment agreement with Dr. Lippa in that capacity. Pursuant to the agreement, which is for an initial term of three years, Dr. Lippa is to receive an initial annual base salary of $300,000, subject to certain conditions, which will increase to $375,000 annually upon the first anniversary of his contract, again subject to certain conditions being met. Dr. Lippa will also be eligible to receive bonuses ranging from $75,000 to $150,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Dr. Lippa was granted stock options to acquire 10,000,000 shares of common stock of the Company and is eligible to receive additional awards under the Company’s Plans at the discretion of the Board of Directors. Dr. Lippa will also receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $12,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. He will also be reimbursed for business expenses. The payment obligation associated with the first year base salary is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to this agreement totaled $198,839 for the period August 18, 2015 through March 31, 2016, including $80,400 for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in research and development expenses in the Company’s condensed consolidated statement of operations. Cash compensation accrued to Dr. Lippa under a prior superseded arrangement, while still serving as the Company’s President and Chief Executive Officer, totaled $19,758 for the period July 1, 2015 through August 17, 2015 and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Dr. Lippa will not receive any additional compensation for serving as Executive Chairman and on the Board of Directors.

 

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On August 18, 2015, the Company also entered into employment agreements with Jeff E. Margolis, in his continuing role as Vice President, Secretary and Treasurer, and Robert N. Weingarten, in his continuing role as Vice President and Chief Financial Officer. Pursuant to the agreements, which are for initial terms of one year, Mr. Margolis and Mr. Weingarten are each to receive an initial annual base salary of $195,000, subject to certain conditions, and each will also be eligible to receive bonuses ranging from $65,000 to $125,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Mr. Margolis and Mr. Weingarten each were granted stock options to acquire 10,000,000 shares of common stock of the Company and both are eligible to receive additional awards under the Company’s Plans at the discretion of the Board of Directors. Mr. Margolis and Mr. Weingarten will also each receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $9,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. Both will also be reimbursed for business expenses. The payment obligations associated with both of their first year base salaries is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to these agreements totaled $267,840 ($133,920 each) for the period August 18, 2015 through March 31, 2016, including $108,300 ($54,150 each) for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Cash compensation accrued to Mr. Margolis and Mr. Weingarten under prior superseded arrangements totaled $31,612 ($15,806 each) for the period July 1, 2015 through August 17, 2015 and is also included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Mr. Margolis and Mr. Weingarten also continue to serve as Directors of the Company, but will not receive any additional compensation for serving on the Board of Directors.

 

University of Alberta License Agreement

 

On May 8, 2007, the Company entered into a license agreement, as amended, with the University of Alberta granting the Company exclusive rights to practice patents held by the University of Alberta claiming the use of ampakines for the treatment of various respiratory disorders. The Company agreed to pay the University of Alberta a licensing fee and a patent issuance fee, which were paid, and prospective payments consisting of a royalty on net sales, sublicense fee payments, maintenance payments and milestone payments. The prospective maintenance payments commence on the enrollment of the first patient into the first Phase 2B clinical trial and increase upon the successful completion of the Phase 2B clinical trial. As the Company does not at this time anticipate scheduling a Phase 2B clinical trial in the near term, no maintenance payments to the University of Alberta are currently due and payable, nor are any maintenance payments expected to be due in the near future in connection with the license agreement.

 

University of Illinois 2014 Exclusive License Agreement

 

On June 27, 2014, the Company entered into an Exclusive License Agreement (the “2014 License Agreement”) with the University of Illinois, the material terms of which were similar to a License Agreement between the parties that had been previously terminated on March 21, 2013. The 2014 License Agreement became effective on September 18, 2014, upon the completion of certain conditions set forth in the 2014 License Agreement, including: (i) the payment by the Company of a $25,000 licensing fee, (ii) the payment by the Company of outstanding patent costs aggregating $15,840, and (iii) the assignment to the University of Illinois of rights the Company held in certain patent applications, all of which conditions were fulfilled.

 

The 2014 License Agreement granted the Company (i) exclusive rights to several issued and pending patents in numerous jurisdictions and (ii) the non-exclusive right to certain technical information that is generated by the University of Illinois in connection with certain clinical trials as specified in the 2014 License Agreement, all of which relate to the use of cannabinoids for the treatment of sleep related breathing disorders. The Company is developing dronabinol (Δ9-tetrahydrocannabinol), a cannabinoid, for the treatment of OSA, the most common form of sleep apnea.

 

54
 

 

The 2014 License Agreement provides for various commercialization and reporting requirements commencing on June 30, 2015. In addition, the 2014 License Agreement provides for various royalty payments, including a royalty on net sales of 4%, payment on sub-licensee revenues of 12.5%, and a minimum annual royalty beginning in 2015 of $100,000, which is due and payable on December 31 of each year beginning on December 31, 2015. The 2015 minimum annual royalty of $100,000 was paid as scheduled in December 2015. In the year after the first application for market approval is submitted to the FDA and until approval is obtained, the minimum annual royalty will increase to $150,000. In the year after the first market approval is obtained from the FDA and until the first sale of a product, the minimum annual royalty will increase to $200,000. In the year after the first commercial sale of a product, the minimum annual royalty will increase to $250,000. During the three months ended March 31, 2016 and 2015, the Company recorded a charge to operations of $25,000 with respect to its minimum annual royalty obligation, which is included in research and development expenses in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2016 and 2015.

 

The 2014 License Agreement also provides for certain one-time milestone payments. A payment of $75,000 is due within five days after any one of the following: (a) dosing of the first patient with a product in a Phase 2 human clinical study anywhere in the world that is not sponsored by the University of Illinois, (b) dosing of the first patient in a Phase 2 human clinical study anywhere in the world with a low dose of dronabinol, or (c) dosing of the first patient in a Phase 1 human clinical study anywhere in the world with a proprietary reformulation of dronabinol. A payment of $350,000 is due within five days after dosing of the first patient with a product in a Phase 3 human clinical trial anywhere in the world. A payment of $500,000 is due within five days after the first new drug application filing with the FDA or a foreign equivalent for a product. A payment of $1,000,000 is due within 12 months after the first commercial sale of a product.

 

Research Contract with the University of Alberta

 

On January 12, 2016, the Company entered into a Research Contract with the University of Alberta in order to test the efficacy of ampakines at a variety of dosage and formulation levels in the potential treatment of Pompe Disease, apnea of prematurity and spinal cord injury, as well as to conduct certain electrophysiological studies to explore the ampakine mechanism of action for central respiratory depression. The Company agreed to pay the University of Alberta total consideration of approximately CAD$146,000 (currently approximately US$112,000), consisting of approximately CAD$85,000 (currently approximately US$66,000) of personnel funding in cash in four installments during 2016, to provide approximately CAD$21,000 (currently approximately US$16,000) in equipment, to pay patent costs of CAD$20,000 (currently approximately US$15,000), and to underwrite additional budgeted costs of CAD$20,000 (currently approximately US$15,000). As of March 31, 2016, CAD$85,000 (currently approximately US$66,000) was payable through September 1, 2016 under this agreement. The conversion to US dollars above utilizes an exchange rate of US$0.77 for every CAD$1.00.

 

The University of Alberta will receive matching funds through a grant from the Canadian Institutes of Health Research in support of the research. The Company will retain the rights to research results and any patentable intellectual property generated by the research. Dr. John Greer, Chairman of the Company’s Scientific Advisory Board and faculty member of the Department of Physiology, Perinatal Research Centre and Women & Children’s Health Research Institute, and Alberta Innovates - Health Sciences Senior Scientist with the Neuroscience and Mental Health Institute at the University of Alberta, will collaborate on this research. The studies are expected to be completed in 2016.

 

Duke University Clinical Trial Agreement

 

On January 27, 2015, the Company entered into a Clinical Study and Research Agreement (the “Agreement”) with Duke University to develop and conduct a protocol for a program of clinical study and research at a total cost of $50,579, which was completed in March 2015 and charged to research and development expenses during the three months ended March 31, 2015. On October 30, 2015, the Agreement was amended to provide for additional services with respect to the Company’s Phase 2A clinical trial of CX1739 at a cost of $558,268, which services are expected to be provided in 2016. During the three months ended March 31, 2016 the Company charged $151,150 to research and development expenses with respect to work conducted pursuant to the amended Agreement.

 

55
 

 

Sharp Clinical Services, Inc. Agreement

 

On August 31, 2015, the Company entered into an agreement with Sharp Clinical Services, Inc. to provide packaging, labeling, distribution and analytical services for the Company with respect to CX1739 at a budgeted cost of $109,833, of which the remainder of such services of $45,041 is expected to be provided in 2016.

 

The following table sets forth the Company’s principal cash obligations and commitments for the next five fiscal years as of March 31, 2016 aggregating $3,075,319 at March 31, 2016. Amounts included in the 2016 column represent amounts contractually due at March 31, 2016 during the remainder of the 2016 fiscal year ending December 31, 2016.

 

       Payments Due By Year 
   Total   2016   2017   2018   2019   2020 
Research and development contracts  $73,101   $73,101   $   $   $   $ 
Clinical trial agreements   518,772    518,772                 
License agreements   475,000    75,000    100,000    100,000    100,000    100,000 
Employment and consulting agreements*   2,120,100    800,250    754,200    565,650         
Total  $3,186,973   $1,467,123   $854,200   $665,650   $100,000   $100,000 

 

*The payment of such amounts is subject to the Company reaching certain financing milestones, as described above.

 

Off-Balance Sheet Arrangements

 

At March 31, 2016, the Company did not have any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

 

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

(a) Evaluation of Disclosure Controls and Procedures

 

The Company maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to ensure that information required to be disclosed in the reports that the Company files with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, to allow for timely decisions regarding required disclosures.

 

The Company carried out an evaluation, under the supervision and with the participation of its management, consisting of its principal executive officer and principal financial officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based upon that evaluation, the Company’s principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to the Company’s management, consisting of the Company’s principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. The Company failed to complete and file various periodic reports in 2012, 2013 and 2014 in a timely manner because the Company’s accounting and financial staff had resigned by October 26, 2012 and its financial and accounting systems had been shut-down at December 31, 2012.

 

Current management, which joined the Company in March and April 2013, has been focusing on developing replacement controls and procedures that are adequate to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to the Company’s management, consisting of the Company’s principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. Current management has instituted a program to reestablish the Company’s accounting and financial staff and install new accounting and internal control systems, and has retained accounting personnel, established accounting and internal control systems, addressed the preparation of delinquent financial statements, and worked diligently to bring delinquent SEC filings current as promptly as reasonably possible under the circumstances. The Company is now current in its SEC periodic reporting obligations, but as of the date of the filing of this Quarterly Report on Form 10-Q, the Company had not yet completed the process to establish adequate internal controls over financial reporting.

 

The Company’s management, consisting of its principal executive officer and principal financial officer, does not expect that its disclosure controls and procedures or its internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Furthermore, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Management believes that the financial statements included in this report fairly present, in all material respects, the Company’s financial condition, results of operations and cash flows for the periods presented.

 

(b) Changes in Internal Controls over Financial Reporting

 

The Company’s management, consisting of its principal executive officer and principal financial officer, has determined that no change in the Company’s internal control over financial reporting (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Securities Exchange Act of 1934) occurred during or subsequent to the end of the period covered in this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

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PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

By letter dated November 11, 2014, a former director of the Company, who joined the Company’s Board of Directors on August 10, 2012 in conjunction with the Pier transaction and who resigned from the Company’s Board of Directors on September 28, 2012, asserted a claim for unpaid consulting compensation of $24,000.

 

By letter dated February 5, 2016, the Company received a demand from a law firm representing a professional services vendor of the Company alleging that approximately $146,000 is due and owing for unpaid services rendered.

 

The Company is periodically the subject of various pending and threatened legal actions and claims. In the opinion of management of the Company, adequate provision has been made in the Company’s condensed consolidated financial statements at March 31, 2016 and December 31, 2015 with respect to such matters, including, specifically, the matters noted below. The Company intends to vigorously defend itself in the event that either of the matters described above results in the filing of a lawsuit.

 

ITEM 1A. RISK FACTORS

 

As of the date of this filing, there have been no material changes to the Risk Factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC on March 29, 2016 (the “2015 Form 10-K”). The Risk Factors set forth in the 2015 Form 10-K should be read carefully in connection with evaluating the Company’s business and in connection with the forward-looking statements contained in this Quarterly Report on Form 10-Q. Any of the risks described in the 2015 Form 10-K could materially adversely affect the Company’s business, financial condition or future results and the actual outcome of matters as to which forward-looking statements are made. These are not the only risks that the Company faces. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

On January 8, 2016, the Company initiated a new equity private placement, consisting of units of common stock and warrants, up to an aggregate of $2,500,000, with each unit consisting of (i) one share of common stock, and (ii) one warrant to purchase two additional shares of common stock. During the three months ended March 31, 2016, the Company entered into purchase agreements with five accredited and three non-accredited, non-affiliated investors, pursuant to which an aggregate of 8,775,250 shares of common stock and an aggregate of 17,550,500 warrants were sold, generating gross proceeds of $194,635. During the period from April 1, 2016 through May 9, 2016, the Company entered into purchase agreements with two accredited, non-affiliated investors, pursuant to which an aggregate of 2,479,712 shares of common stock and an aggregate of 4,959,424 warrants were sold, generating gross proceeds of $55,000.

 

The unit price in the private placement closings was $0.02218. The warrants are exercisable at $0.0244, for each share of common stock to be acquired, and expire on February 28, 2021. The warrants have cashless exercise provisions and contain certain “blocker” provisions limiting the percentage of shares of the Company’s common stock that the purchaser can beneficially own upon conversion to not more than 4.99% of the issued and outstanding shares immediately after giving effect to the warrant exercise. The purchasers were accredited, non-affiliated investors.

 

The offer and sale of the shares of common stock and the warrants in the private placement were made in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act as provided in Rule 506(b) of Regulation D promulgated thereunder.

 

On March 31, 2016, the Board of Directors of the Company awarded stock options for a total of 170,000,000 shares of common stock in various quantities to twelve individuals who are members of management, the Company’s Scientific Advisory Board, independent members of the Board of Directors, or outside service providers pursuant to the Company’s 2015 Plan. The stock options vested 25% on March 31, 2016, and will vest 25% on June 30, 2016, 25% on September 30, 2016 and 25% on December 31, 2016, and will expire on March 31, 2021. The exercise price of the stock options was established on the grant date at $0.0227 per share, which was the closing market price of the Company’s common stock on such date. The aggregate grant date fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was $3,774,000. During the three months ended March 31, 2016, the Company recorded a charge to operations of $951,825 with respect to these stock options.

 

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On April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (including accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

Additional information with respect to the transactions described above is provided in the Notes to the Condensed Consolidated Financial Statements for the three months ended March 31, 2016 and 2015.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

On June 25, 2012, the Company borrowed 465,000,000 Won (the currency of South Korea, equivalent to approximately $400,000 United States Dollars) from and executed a secured note payable to SY Corporation Co., Ltd., formerly known as Samyang Optics Co. Ltd. (“Samyang”), an approximately 20% common stockholder of the Company at that time. Samyang was a significant stockholder and a related party at the time of the transaction, but was not considered a significant stockholder or related party at March 31, 2016. The note accrues simple interest at the rate of 12% per annum and had a maturity date of June 25, 2013. The Company has not made any payments on the promissory note. At June 30, 2013 and subsequently, the promissory note was outstanding and in technical default, although Samyang has not issued a notice of default or a demand for repayment. The Company believes that Samyang is in default of its obligations under its January 2012 license agreement, as amended, with the Company, but the Company has not yet issued a notice of default. The Company is continuing efforts towards a comprehensive resolution of the aforementioned matters involving Samyang.

 

Note payable to Samyang consists of the following at March 31, 2016 and December 31, 2015:

 

   

March 31, 2016

   

December 31, 2015

 
Principal amount of note payable   $ 399,774     $ 399,774  
Accrued interest payable     183,218       171,257  
Foreign currency transaction adjustment     7,947       (9,463 )
    $ 590,939     $ 561,568  

 

Interest expense with respect to this promissory note was $11,961 and $11,993 for the three months ended March 31, 2016 and 2015, respectively.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

Not applicable.

 

ITEM 6. EXHIBITS

 

A list of exhibits required to be filed as part of this report is set forth in the Index to Exhibits, which is presented elsewhere in this document, and is incorporated herein by reference.

 

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SIGNATURES

 

In accordance with the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  RESPIRERX PHARMACEUTICALS INC.
  (Registrant)
   
Date: May 13, 2016 By: /s/ JAMES S. MANUSO
    James S. Manuso
    President and Chief Executive Officer
     
Date: May 13, 2016 By: /s/ ROBERT N. WEINGARTEN
    Robert N. Weingarten
    Vice President and Chief Financial Officer

 

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INDEX TO EXHIBITS

 

The following documents are filed as part of this report:

 

Exhibit Number   Description of Document
     
10.1   Form of Purchase Agreement (including the Form of Warrant), incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 11, 2016.
     
10.2   Form of Demand Promissory Note, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on February 3, 2016.
     
10.3   Form of Warrant, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on February 3, 2016.
     
10.4   Amended and Restated RespireRx Pharmaceuticals Inc. 2015 Stock and Stock Option Plan, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on April 6, 2016.
     
10.5   Form of Unit Exchange Agreement (including the Form of Warrant), incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on April 11, 2016.
     
10.6   Form of Note Exchange Agreement, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on April 11, 2016.
     
99.1   Agreement between the Company and the Medications Development Program of the National Institute of Drug Abuse, incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 19, 2016.
     
31.1*   Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2*   Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1*   Officer’s Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2*   Officer’s Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS**   XBRL Instance Document
     
101.SCH**   XBRL Taxonomy Extension Schema Document
     
101.CAL**   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB**   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE**   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.DEF**   XBRL Taxonomy Extension Definition Linkbase Document

 

* Filed herewith.

** In accordance with Regulation S-T, the XBRL related information on Exhibit No. 101 to this Quarterly Report on Form 10-Q shall be deemed “furnished” herewith not “filed.”

 

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EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, James S. Manuso, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of RespireRx Pharmaceuticals Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 13, 2016 By: /s/ JAMES S. MANUSO
    James S. Manuso
    Chief Executive Officer

 

 
 

 

EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Robert N. Weingarten, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of RespireRx Pharmaceuticals Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 13, 2016 By: /s/ ROBERT N. WEINGARTEN
    Robert N. Weingarten
    Chief Financial Officer

 

 
 

 

EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, James S. Manuso, the Chief Executive Officer of RespireRx Pharmaceuticals Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

  (i) The Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
     
  (ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

Date: May 13, 2016 By: /s/ JAMES S. MANUSO
    James S. Manuso
    Chief Executive Officer

 

 
 

 

EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Robert N. Weingarten, the Chief Financial Officer of RespireRx Pharmaceuticals Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

  (i) The Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
     
  (ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

Date: May 13, 2016 By: /s/ ROBERT N. WEINGARTEN
    Robert N. Weingarten
    Chief Financial Officer

 

 
 

 

 

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Document and Entity Information - shares
3 Months Ended
Mar. 31, 2016
May. 09, 2016
Document And Entity Information    
Entity Registrant Name RespireRx Pharmaceuticals Inc.  
Entity Central Index Key 0000849636  
Document Type 10-Q  
Document Period End Date Mar. 31, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   640,958,608
Trading Symbol RSPI  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2016  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 6,053 $ 53,199
Deferred financing costs 3,429
Prepaid expenses, including current portion of long-term prepaid insurance of $14,945 at March 31, 2016 and December 31, 2015 $ 76,509 29,144
Total current assets 82,562 85,772
Equipment, net of accumulated depreciation of $10,514 and $8,776 at March 31, 2016 and December 31, 2015, respectively 10,382 12,121
Long-term prepaid insurance, net of current portion of $14,945 at March 31, 2016 and December 31, 2015 44,213 47,949
Total assets 137,157 145,842
Current liabilities:    
Accounts payable and accrued expenses, including $136,392 and $111,688 payable to related parties at March 31, 2016 and December 31, 2015, respectively 1,769,340 1,434,429
Accrued compensation and related expenses 1,019,509 710,409
10% convertible notes payable, including accrued interest of $77,330 and $61,388, net of unamortized discounts of $222,443 and $342,932 at March 31, 2016 and December 31, 2015, respectively 434,387 297,956
Note payable to Samyang, including accrued interest of $183,218 and $171,257 at March 31, 2016 and December 31, 2015, respectively 590,939 $ 561,568
Notes payable to officers, including accrued interest of $1,729 $ 106,929
Other short-term note payable, including accrued interest of $8 $ 3,689
Total current liabilities $ 3,921,104 $ 3,008,051
Commitments and contingencies (Note 8)
Stockholders’ deficiency:    
Common stock, $0.001 par value; shares authorized: 1,400,000,000; shares issued and outstanding: 498,622,133 and 489,846,883 at March 31, 2016 and December 31, 2015, respectively $ 498,622 $ 489,847
Additional paid-in capital 146,397,967 144,647,529
Accumulated deficit (150,961,786) (148,279,854)
Total stockholders’ deficiency (3,783,947) (2,862,209)
Total liabilities and stockholders’ deficiency 137,157 145,842
Series B Convertible Preferred Stock [Member]    
Stockholders’ deficiency:    
Preferred stock value 21,703 21,703
Series G 1.5% Cumulative Mandatorily Convertible Preferred Stock [Member]    
Stockholders’ deficiency:    
Preferred stock value $ 259,547 $ 258,566
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Long term prepaid insurance $ 14,945 $ 14,945
Equipment, accumulated depreciation 10,514 8,776
Long-term prepaid insurance current portion 14,945 14,945
Accounts payable and accrued expenses to related party $ 136,392 $ 111,688
Percentage of convertible notes payable 10.00% 10.00%
Accrued interest $ 77,330 $ 61,388
Unamortized discount 222,443 342,932
Accrued interest on note payable to samyang 183,218 171,257
Accrued interest on notes payable to officers $ 1,729  
Accrued interest on short-term note payable, accrued interest   $ 8
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Common stock shares issuable upon conversion of series G 78,650,575 78,353,485
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 1,400,000,000 1,400,000,000
Common stock, shares issued 498,622,133 489,846,883
Common stock, shares outstanding 498,622,133 489,846,883
Series B Convertible Preferred Stock [Member]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, liquidation preference per share $ 0.6667 $ 0.6667
Preferred stock, liquidation preference value $ 25,001 $ 25,001
Preferred stock, shares authorized 37,500 37,500
Preferred stock, shares issued 37,500 37,500
Preferred stock, shares outstanding 37,500 37,500
Preferred stock shares issuable upon conversion, Per share $ 0.09812 $ 0.09812
Common stock shares issuable upon conversion of series G 3,679 3,679
Series G 1.5% Cumulative Mandatorily Convertible Preferred Stock [Member]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, liquidation preference per share $ 1,000 $ 1,000
Preferred stock, liquidation preference value $ 1,000 $ 1,000
Preferred stock, shares authorized 1,700 1,700
Preferred stock, shares issued 259.5 258.6
Preferred stock, shares outstanding 259.5 258.6
Percentage of dividend on convertible preferred stock 1.50% 1.50%
Preferred stock, aggregate liquidation preference value including dividend $ 259,547 $ 258,566
Number of common shares issuable for conversion of Series G per share 303,030.3 303,030.3
Common stock shares issuable upon conversion in series G 78,650,575 78,353,485
Common stock issuable upon conversion due to 1.5% dividend 2,371,791 2,074,698
Amount of accrued preferred stock dividends $ 7,827 $ 6,847
On 10% Convertible Notes Payable [Member]    
Accrued interest 77,330 61,388
Unamortized discount $ 222,443 $ 342,932
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Income Statement [Abstract]    
Grant revenues $ 74,534
Operating expenses:    
General and administrative, including $1,163,411 and $10,000 to related parties for the three months ended March 31, 2016 and 2015, respectively $ 1,499,640 229,900
Research and development, including $417,960 and $76,290 to related parties for the three months ended March 31, 2016 and 2015, respectively 917,136 440,792
Total operating expenses 2,416,776 670,692
Loss from operations $ (2,416,776) (596,158)
Gain on settlement with former management 92,550
Interest expense, including $98,366 and $0 to related parties for the three months ended March 31, 2016 and 2015, respectively $ (246,765) (228,534)
Foreign currency transaction (loss) gain (17,410) 4,190
Net loss (2,680,951) (727,952)
Adjustments related to Series G 1.5% Convertible Preferred Stock:    
Dividends on Series G 1.5% Convertible Preferred Stock (981) (3,198)
Net loss attributable to common stockholders $ (2,681,932) $ (731,150)
Net loss per common share - basic and diluted $ (0.01) $ (0.00)
Weighted average common shares outstanding - basic and diluted 495,932,569 238,705,800
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Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
General and administrative expense to related parties $ 1,163,411 $ 10,000
Research and development expenses to related parties 417,960 76,290
Interest expense to related parties $ 98,366 $ 0
Percentage of dividend on convertible preferred stock 1.50%  
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Condensed Consolidated Statements of Stockholders’ Deficiency (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Series B Convertible Preferred Stock [Member]    
Balance beginning $ 21,703  
Balance beginning, shares 37,500  
Sale of common stock units in private placement  
Sale of common stock units in private placement, shares  
Costs incurred in connection with sale of common stock units  
Fair value of common stock options issued as compensation  
Fair value of common stock warrants issued as additional consideration in connection with loans from officers  
Dividend on Series G 1.5% Convertible Preferred Stock  
Dividend on Series G 1.5% Convertible Preferred Stock, shares  
Net loss  
Balance ending $ 21,703 $ 21,703
Balance ending, shares 37,500 37,500
Series G 1.5% Convertible Preferred Stock [Member]    
Balance beginning $ 258,566  
Balance beginning, shares 258.6  
Sale of common stock units in private placement  
Costs incurred in connection with sale of common stock units  
Fair value of common stock options issued as compensation  
Fair value of common stock warrants issued as additional consideration in connection with loans from officers  
Dividend on Series G 1.5% Convertible Preferred Stock $ 981  
Dividend on Series G 1.5% Convertible Preferred Stock, shares 0.9  
Net loss  
Balance ending $ 259,547 $ 258,566
Balance ending, shares 259.5 258.6
Common Stock [Member]    
Balance beginning $ 489,847  
Balance beginning, shares 489,846,883  
Sale of common stock units in private placement $ 8,775,250  
Sale of common stock units in private placement, shares 8,775  
Costs incurred in connection with sale of common stock units  
Fair value of common stock options issued as compensation  
Fair value of common stock warrants issued as additional consideration in connection with loans from officers  
Net loss  
Balance ending $ 498,622 $ 489,847
Balance ending, shares 498,622,133 489,846,883
Additional Paid-In Capital [Member]    
Balance beginning $ 144,647,529  
Sale of common stock units in private placement 185,860  
Costs incurred in connection with sale of common stock units (3,429)  
Fair value of common stock options issued as compensation 1,471,371  
Fair value of common stock warrants issued as additional consideration in connection with loans from officers $ 96,636  
Dividend on Series G 1.5% Convertible Preferred Stock  
Net loss  
Balance ending $ 146,397,967 $ 144,647,529
Accumulated Deficit [Member]    
Balance beginning $ (148,279,854)  
Sale of common stock units in private placement  
Costs incurred in connection with sale of common stock units  
Fair value of common stock options issued as compensation  
Fair value of common stock warrants issued as additional consideration in connection with loans from officers  
Dividend on Series G 1.5% Convertible Preferred Stock $ (981)  
Net loss (2,680,951)  
Balance ending (150,961,786) (148,279,854)
Balance beginning (2,862,209)  
Sale of common stock units in private placement 194,635  
Costs incurred in connection with sale of common stock units (3,429)  
Fair value of common stock options issued as compensation 1,471,371  
Fair value of common stock warrants issued as additional consideration in connection with loans from officers $ 96,636  
Dividend on Series G 1.5% Convertible Preferred Stock  
Net loss $ (2,680,951) (5,961,892)
Balance ending $ (3,783,947) $ (2,862,209)
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Condensed Consolidated Statements of Stockholders’ Deficiency (Parenthetical)
3 Months Ended
Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]  
Percentage of dividend on convertible preferred stock 1.50%
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (2,680,951) $ (727,952)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,739 1,902
Amortization of discounts related to convertible notes payable $ 120,490 165,997
Amortization of capitalized financing costs $ 37,098
Fair value of warrants issued as additional consideration in connection with loans from officers $ 96,636
Gain on settlement with former management $ (92,550)
Stock-based compensation expense included in - General and administrative expenses $ 1,030,831
Stock-based compensation expense included in - Research and development expenses 440,540 $ 72,000
Foreign currency transaction loss (gain) $ 17,410 (4,190)
(Increase) decrease in -    
Grant receivable 19,417
Prepaid expenses $ (43,629) 5,256
Increase (decrease) in -    
Accounts payable and accrued expenses 334,911 327,379
Accrued compensation and related expenses 309,100 (7,500)
Accrued interest payable $ 29,623 24,691
Unearned grant revenue (21,951)
Net cash used in operating activities $ (343,300) (200,403)
Cash flows from investing activities:    
Purchases of equipment (2,497)
Net cash used in investing activities $ (2,497)
Cash flows from financing activities:    
Proceeds from sale of common stock units $ 194,635
Proceeds from convertible note and warrant financing   $ 210,000
Proceeds from issuance of note payable to officers 105,200
Principal paid on other short-term notes payable $ (3,681)
Cash payments made for deferred costs incurred in connection with convertible note and warrant financing $ (15,700)
Net cash provided by financing activities $ 296,154 194,300
Cash and cash equivalents:    
Net decrease (47,146) (8,600)
Balance at beginning of period 53,199 162,752
Balance at end of period 6,053 154,152
Supplemental disclosures of cash flow information:    
Interest $ 8 $ 750
Income taxes
Non-cash financing activities:    
Dividends on Series G 1.5% Convertible Preferred Stock $ 981 $ 3,198
Deferred financing costs charged to additional paid-in capital $ 3,429
Short-term note payable issued in connection with financing of insurance policy premium $ 36,125
Stated value of Series G 1.5% Convertible Preferred Stock converted into common stock   25,324
Fair value of common stock options issued in connection with settlement with former management 25,450
Fair value of common stock warrants issued to investors in connection with the convertible note and warrant financing 112,557
Fair value of common stock warrants issued to placement agents in connection with the convertible note and warrant financing 12,726
Fair value of beneficial conversion feature of convertible notes payable issued to investors in connection with the convertible note and warrant financing $ 97,443
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)
3 Months Ended
Mar. 31, 2016
Percentage of dividend on convertible preferred stock 1.50%
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Basis of Presentation
3 Months Ended
Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. Basis of Presentation

 

The condensed consolidated financial statements of RespireRx Pharmaceuticals Inc. (“RespireRx”) and its wholly-owned subsidiary, Pier Pharmaceuticals, Inc. (“Pier”) (collectively referred to herein as the “Company,” unless the context indicates otherwise), at March 31, 2016 and for the three months ended March 31, 2016 and 2015, are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) have been made that are necessary to present fairly the consolidated financial position of the Company as of March 31, 2016, the results of its consolidated operations for the three months ended March 31, 2016 and 2015, and its consolidated cash flows for the three months ended March 31, 2016 and 2015. Consolidated operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The consolidated balance sheet at December 31, 2015 has been derived from the Company’s audited consolidated financial statements at such date.

 

The condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and other information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Business
3 Months Ended
Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business

2. Organization and Business

 

Organization

 

RespireRx was formed in 1987 under the name Cortex Pharmaceuticals, Inc. to engage in the discovery, development and commercialization of innovative pharmaceuticals for the treatment of neurological and psychiatric disorders. On December 16, 2015, the Company filed a Certificate of Amendment to its Second Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to amend the Company’s Second Restated Certificate of Incorporation to change the name of the Company from Cortex Pharmaceuticals, Inc. to RespireRx Pharmaceuticals Inc.

 

In 2011, prior management conducted a re-evaluation of RespireRx’s strategic focus and determined that clinical development in the area of respiratory disorders, particularly sleep apnea and drug-induced respiratory depression, provided the most cost-effective opportunities for potential rapid development and commercialization of RespireRx’s compounds. Accordingly, RespireRx narrowed its clinical focus at that time and sidelined other avenues of scientific inquiry. This re-evaluation provided the impetus for RespireRx’s acquisition of Pier in August 2012.

 

The Company underwent a change in management in March 2013, and since then the Company’s current management has continued to implement this strategic focus, including seeking the capital to fund such efforts. As a result of the Company’s scientific discoveries and the acquisition of strategic, exclusive license agreements, management believes that the Company is now a leader in developing drugs for respiratory disorders, particularly sleep apneas and drug-induced respiratory depression.

 

Business

 

Since its formation in 1987, RespireRx has been engaged in the research and clinical development of a class of proprietary compounds known as ampakines, which act to enhance the actions of the excitatory neurotransmitter glutamate at AMPA glutamate receptors. Several ampakines, in both oral and injectable form, are being developed by the Company for the treatment of a variety of breathing disorders. In clinical studies, select ampakines have shown preliminary efficacy in central sleep apnea and in the control of respiratory depression produced by opioids, without altering their analgesic effects. In animal models of orphan disorders, such as Pompe Disease, spinal cord damage and perinatal respiratory distress, it has been demonstrated that certain ampakines improve breathing function. The Company’s compounds belong to a new class of ampakines that do not display the undesirable side effects previously reported in animal models of earlier generations.

 

RespireRx owns patents and patent applications for certain families of chemical compounds, including ampakines, which claim the chemical structures and their use in the treatment of various disorders. These patents cover, among other compounds, the Company’s lead ampakines CX1739 and CX1942, and extend through at least 2028.

 

On May 8, 2007, RespireRx entered into a license agreement, as subsequently amended, with the University of Alberta granting RespireRx exclusive rights to method of treatment patents held by the University of Alberta claiming the use of ampakines for the treatment of various respiratory disorders. These patents, along with RespireRx’s own patents claiming chemical structures, comprise RespireRx’s principal intellectual property supporting RespireRx’s research and clinical development program in the use of ampakines for the treatment of respiratory disorders. RespireRx has completed pre-clinical studies indicating that several of its ampakines, including CX717, CX1739 and CX1942, were efficacious in treating drug induced respiratory depression caused by opioids or certain anesthetics without offsetting the analgesic effects of the opioids or the anesthetic effects of the anesthetics. In two clinical Phase 2 studies, one of which was published in a peer-reviewed journal, CX717, a predecessor compound to CX1739 and CX1942, antagonized the respiratory depression produced by fentanyl, a potent narcotic, without affecting the analgesia produced by this drug. In addition, RespireRx has conducted a Phase 2A clinical study in which patients with sleep apnea were administered CX1739, RespireRx’s lead clinical compound. The results suggested that CX1739 might have use as a treatment for central sleep apnea (“CSA”) and mixed sleep apnea, but not obstructive sleep apnea (“OSA”).

 

In order to expand RespireRx’s respiratory disorders program, RespireRx acquired 100% of the issued and outstanding equity securities of Pier effective August 10, 2012 pursuant to an Agreement and Plan of Merger. Pier was formed in June 2007 (under the name SteadySleep Rx Co.) as a clinical stage pharmaceutical company to develop a pharmacologic treatment for OSA and had been engaged in research and clinical development activities since formation.

 

Through the merger, RespireRx gained access to an Exclusive License Agreement (as amended, the “License Agreement”) that Pier had entered into with the University of Illinois on October 10, 2007. The License Agreement covered certain patents and patent applications in the United States and other countries claiming the use of certain compounds referred to as cannabinoids, of which dronabinol is a specific example, for the treatment of sleep-related breathing disorders (including sleep apnea). Dronabinol is a synthetic derivative of the naturally occurring substance in the cannabis plant, otherwise known as Δ9-THC (Δ9-tetrahydrocannabinol). Pier’s business plan was to determine whether dronabinol would significantly improve subjective and objective clinical measures in patients with OSA. In addition, Pier intended to evaluate the feasibility and comparative efficacy of a proprietary formulation of dronabinol.

 

The License Agreement granted Pier, among other provisions, exclusive rights: (i) to practice certain patents and patent applications, as defined in the License Agreement, that were then held by the University of Illinois; (ii) to identify, develop, make, have made, import, export, lease, sell, have sold or offer for sale any related licensed products; and (iii) to grant sub-licenses of the rights granted in the License Agreement, subject to the provisions of the License Agreement. Pier was required under the License Agreement, among other terms and conditions, to pay the University of Illinois a license fee, royalties, patent costs and certain milestone payments.

 

Prior to the merger, Pier conducted a 21 day, randomized, double-blind, placebo-controlled, dose escalation Phase 2 clinical study in 22 patients with OSA, in which dronabinol produced a statistically significant reduction in the Apnea-Hypopnea Index, the primary therapeutic end-point, and was observed to be safe and well tolerated. The University of Illinois and three other research centers are currently investigating dronabinol in a potentially pivotal, six week, double-blind, placebo-controlled Phase 2B clinical trial in 120 patients with OSA. The University of Illinois has indicated that it expects the final data collection under this clinical trial to be completed in May 2016. The Company is not managing or funding this ongoing clinical trial. This clinical trial is fully funded by the National Heart, Lung and Blood Institute of the National Institutes of Health.

 

Dronabinol is a Schedule III, controlled generic drug with a relatively low abuse potential that is approved by the U.S. Food and Drug Administration (the “FDA”) for the treatment of AIDS-related anorexia and chemotherapy-induced emesis. The use of dronabinol for the treatment of OSA is a novel indication for an already approved drug and, as such, the Company believes that it would only require approval by the FDA of a supplemental new drug application.

 

The License Agreement was terminated effective March 21, 2013, due to the Company’s failure to make a required payment. Subsequently, current management opened negotiations with the University of Illinois, and as a result, the Company entered into a new license agreement (the “2014 License Agreement”) with the University of Illinois on June 27, 2014, the material terms of which were similar to the License Agreement that was terminated on March 21, 2013.

 

The Company filed an Investigational New Drug (“IND”) application with the FDA in September 2015 to conduct a double-blind, placebo-controlled, dose-ascending Phase 2A clinical trial in approximately 18 subjects to determine the ability of orally administered CX1739, the Company’s proprietary lead ampakine, to prevent the respiratory depression produced by remifentanil, a potent opioid, without altering remifentanil’s analgesic properties. The clinical protocol was designed to evaluate the safety and efficacy of three escalating doses of CX1739 versus placebo when administered prior to remifentanil, with respiration, analgesia and a number of other clinical measures being taken after administration of both drugs. The commencement of this clinical trial was subject to resolution of two deficiencies raised by the FDA in its clinical hold letter issued in November 2015. These issues were satisfactorily resolved in early 2016, and the FDA removed the clinical hold on the Company’s IND for CX1739 on February 25, 2016, thus allowing for the initiation of the clinical trial. During March 2016, upon receiving unconditional approval from the Institutional Review Board (“IRB”) of the Duke Clinical Research Unit, this Phase 2A clinical trial at Duke University School of Medicine was initiated. The Company expects to incur approximately $750,000 of direct costs in 2016 with respect to this clinical trial (of which approximately $163,000 was incurred during the three months ended March 31, 2016), to complete the final data collection with respect to the clinical trial by the end of May 2016, and to issue a report on the results of the clinical trial during the third quarter of 2016. Subsequent to March 31, 2016, the Company paid Duke University an up front advance for clinical trial costs of $111,654.

 

Going Concern

 

The Company’s condensed consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred net losses of $2,680,951 for the three months ended March 31, 2016 and $5,961,892 for the fiscal year ended December 31, 2015, and negative operating cash flows of $343,300 for the three months ended March 31, 2016 and $1,296,100 for the fiscal year ended December 31, 2015. The Company also had a stockholders’ deficiency of $3,783,947 at March 31, 2016, and expects to continue to incur net losses and negative operating cash flows for at least the next few years. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern, and the Company’s independent registered public accounting firm, in their report on the Company’s consolidated financial statements for the year ended December 31, 2015, has expressed substantial doubt about the Company’s ability to continue as a going concern.

 

The Company is currently, and has for some time, been in significant financial distress. It has limited cash resources and current assets and has no ongoing source of sustainable revenue. Management is continuing to address various aspects of the Company’s operations and obligations, including, without limitation, debt obligations, financing requirements, intellectual property, licensing agreements, legal and patent matters and regulatory compliance, and has continued to raise new debt and equity capital to fund the Company’s business activities from both related and unrelated parties, as described at Notes 4 and 6.

 

The Company is continuing its efforts to raise additional capital in order to be able to pay its liabilities and fund its business activities on a going forward basis, including a recent increase in the Company’s research and development activities. The Company regularly evaluates various measures to satisfy the Company’s liquidity needs, including developing agreements with collaborative partners and, when necessary, seeking to exchange or restructure the Company’s outstanding securities. As a result of the Company’s current financial situation, the Company has limited access to external sources of debt and equity financing. Accordingly, there can be no assurances that the Company will be able to secure additional financing in the amounts necessary to fully fund its operating and debt service requirements. If the Company is unable to access sufficient cash resources, the Company may be forced to discontinue its operations entirely and liquidate.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The accompanying condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the financial statements of RespireRx and its wholly-owned subsidiary, Pier. Intercompany balances and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts may differ from those estimates.

 

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company limits its exposure to credit risk by investing its cash with high quality financial institutions. The Company’s cash balances may periodically exceed federally insured limits. The Company has not experienced a loss in such accounts to date.

 

Cash Equivalents

 

The Company considers all highly liquid short-term investments with maturities of less than three months when acquired to be cash equivalents.

 

Fair Value of Financial Instruments

 

The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers into and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required.

 

Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives.

 

Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange based derivatives, mutual funds, and fair-value hedges.

 

Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded, non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models.

 

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

 

The carrying amount of financial instruments (consisting of cash, cash equivalents, grants receivable and accounts payable) is considered by the Company to be representative of the respective fair values of these instruments due to the short-term nature of those instruments. With respect to the note payable to Samyang and the convertible notes payable, management does not believe that the credit markets have materially changed for these types of borrowings since the original borrowing date.

 

Deferred Financing Costs

 

Costs incurred in connection with ongoing debt and equity financings, including legal fees, are deferred until the related financing is either completed or abandoned.

 

Costs related to abandoned debt or equity financings are charged to operations in the period of abandonment. Costs related to completed debt financings are presented as a direct deduction from the carrying amount of the related debt liability (see “Capitalized Financing Costs” below). Costs related to completed equity financings are charged directly to additional paid-in capital.

 

Capitalized Financing Costs

 

Through December 31, 2015, costs related to completed debt financings were capitalized on the balance sheet and amortized over the term of the related debt agreements. Amortization of these costs was calculated on the straight-line basis, which approximated the effective interest method, and was charged to interest expense in the consolidated statements of operations.

 

Pursuant to Accounting Standards Update No. 2015-03 (ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30), effective January 1, 2016, the Company is required to present debt issuance costs related to a debt liability in its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation for debt discounts. The Company is required to apply the new accounting guidance on a retrospective basis, wherein the balance sheet of each individual period presented is adjusted to reflect the period-specific effects of applying the new guidance, and is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., the debt issuance cost asset and the debt liability).

 

As the Company did not have any capitalized financing costs on its consolidated balance sheet at December 31, 2015 or at March 31, 2016, the implementation of ASU 2015-03 did not have any impact on the Company’s financial statements as presented herein.

 

Series G 1.5% Convertible Preferred Stock

 

The Series G 1.5% Convertible Preferred Stock (including accrued dividends) issued in 2014 is mandatorily convertible into common stock at a fixed conversion rate on April 17, 2016 (if not converted earlier) and provides no right to receive a cash payment. Additionally, the Series G 1.5% Convertible Preferred Stock includes no participatory or reset rights, or other protections (other than normal anti-dilution rights) based on subsequent events, including equity transactions. Accordingly, the Company has determined that the Series G 1.5% Convertible Preferred Stock should be categorized in stockholders’ equity (deficiency), and that there are no derivatives embedded in such security that would require identification, bifurcation and valuation. The Company did not issue any warrants to investors in conjunction with the Series G 1.5% Convertible Preferred Stock financing.

 

On March 18, 2014 and April 17, 2014, the Company issued 753.22 shares and 175.28 shares, respectively, of Series G 1.5% Convertible Preferred Stock at a purchase price of $1,000 per share. Each share of Series G 1.5% Convertible Preferred Stock has a stated value of $1,000 per share and is convertible into shares of common stock at a fixed price of $0.0033 per share of common stock. On March 18, 2014 and April 17, 2014, the per share fair value of the common stock into which the Series G 1.5% Convertible Preferred Stock was convertible, determined by reference to the closing market prices of the Company’s common stock on such closing dates, was $0.04 per share and $0.0348 per share, respectively, which was greater than the effective purchase price of such common shares of $0.0033 per share.

 

The Company accounted for the beneficial conversion features in accordance with Accounting Standards Codification (“ASC”) 470-20, Accounting for Debt with Conversion and Other Options. The Company calculated a deemed dividend on the Series G 1.5% Convertible Preferred Stock of $8,376,719 in March 2014 and $1,673,127 in April 2014, which equals the amount by which the estimated fair value of the common stock issuable upon conversion of the issued Series G 1.5% Convertible Preferred Stock exceeded the proceeds from such issuances. The deemed dividend on the Series G 1.5% Convertible Preferred Stock was amortized on the straight-line basis from the respective issuance dates through the earliest conversion date of June 16, 2014, in accordance with ASC 470-20. The difference between the amortization of the deemed dividend calculated based on the straight-line method and the effective yield method was not material.

 

Dr. Arnold S. Lippa, Ph.D., the Chairman of the Company’s Board of Directors and then Chief Executive Officer, purchased 250 shares for $250,000, representing 33.2% of the 753.22 shares of Series G 1.5% Convertible Preferred Stock sold in the initial closing of such financing on March 18, 2014. The second (and final) closing of such financing consisted entirely of Series G 1.5% Convertible Preferred Stock sold to unaffiliated investors. Accordingly, Dr. Lippa purchased 26.9% of the entire amount of Series G 1.5% Convertible Preferred Stock sold in the financing. Dr. Lippa had been an officer and director of the Company for approximately one year when he purchased the 250 shares of Series G 1.5% Convertible Preferred Stock, and his investment, which was only a portion of the first closing, was made on the same terms and conditions as those provided to the other unaffiliated investors who made up the majority of the financing. Dr. Lippa did not control, directly or indirectly, 10% or more of the Company’s voting equity securities at the time of his investment. The proportionate share of the deemed dividend attributable to Dr. Lippa’s investment in the Series G 1.5% Convertible Preferred Stock in March 2014 was $2,780,303. On April 18, 2014, the shares of Series G 1.5% Convertible Preferred Stock originally purchased by Dr. Lippa were transferred to the Arnold Lippa Family Trust of 2007. On April 15, 2015, these shares of Series G 1.5% Convertible Preferred Stock, plus accrued dividends of $4,120, were converted into 77,006,072 shares of common stock.

 

10% Convertible Notes Payable

 

Original Issuance of Notes and Warrants

 

The convertible notes sold to investors in 2014 and 2015 have an interest rate of 10% per annum and are convertible into common stock at a fixed price of $0.035 per share. The convertible notes have no reset rights or other protections based on subsequent equity transactions, equity-linked transactions or other events. The warrants issued in connection with the sale of the convertible notes are exercisable at a fixed price of $0.035 per share, provide no right to receive a cash payment, and include no reset rights or other protections based on subsequent equity transactions, equity-linked transactions or other events. The Company has determined that there are no embedded derivatives to be identified, bifurcated and valued in connection with this financing.

 

On November 5, 2014, the Company sold an aggregate principal amount of $238,500 of its 10% convertible notes payable due September 15, 2015, which were subject to extension to September 15, 2016, at the option of the Company, subject to the issuance of additional warrants, and warrants to purchase shares of common stock exercisable into a fixed number of shares of common stock of the Company calculated as the principal amount of each convertible note divided by $0.035 (reflecting 100% warrant coverage). The warrants do not have any cashless exercise provisions and, when issued, were exercisable through September 30, 2015 at a fixed price of $0.035 per share. The shares of common stock issuable upon conversion of the notes payable and the exercise of the warrants are not subject to any registration rights.

 

On December 9, 2014, December 31, 2014, and February 2, 2015, the Company sold an additional $46,000, $85,000 and $210,000, respectively, of principal amount of the convertible notes and warrants to various accredited investors. The Company terminated this financing, which had generated aggregate gross proceeds of $579,500, and in connection with which the Company had issued 16,557,142 warrants, effective February 18, 2015.

 

The closing market prices of the Company’s common stock on the transaction closing dates of November 5, 2014, December 9, 2014, December 31, 2014 and February 2, 2015 were $0.0524 per share, $0.0411 per share, $0.0451 per share and $0.043 per share, respectively, as compared to the fixed conversion price of the convertible notes and the fixed exercise price of the warrants of $0.035 per share. Accordingly, the Company has accounted for the beneficial conversion features with respect to the sale of the convertible notes and the issuance of the warrants in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes to be representative of their fair value. The Company determined the fair value of the warrants based on the Black-Scholes option-pricing model. The relative fair value method generated respective fair values for each of the convertible notes and the warrants of approximately 50% for the convertible notes and approximately 50% for the warrants. Once these values were determined, the fair value of the warrants of $289,106 and the fair value of the beneficial conversion feature of $290,394 (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. As a result, this aggregate debt discount reduced the carrying value of the convertible notes to zero at each issuance date. The excess amount generated from this calculation was not recorded, as the carrying value of a promissory note cannot be reduced below zero. The aggregate debt discount was amortized as interest expense over the original term of the promissory notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

 

The cash fees paid to placement agents and for legal costs incurred from November 5, 2014 through February 2, 2015 with respect to this financing were deferred and capitalized as deferred offering costs and were amortized to interest expense over the original term of the convertible notes through September 15, 2015 on the straight-line method. The placement agent warrants were considered as an additional cost of the offering and were included in deferred offering costs at fair value. The difference between the amortization of the deferred offering costs calculated based on the straight-line method and the effective yield method was not material.

 

Extension of Notes and Original Warrants, and Issuance of New Warrants

 

On August 13, 2015, the Company elected to extend the maturity date of the convertible notes to September 15, 2016. As a consequence of this election, under the terms of the convertible notes, the Company was required to issue to note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the convertible notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the convertible notes (an aggregate amount of $579,500), plus any accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the 16,557,142 original warrants issued to the investors. In connection with the extension of the maturity date of the convertible notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original warrants to September 15, 2016, so that they were coterminous with the new maturity date of the convertible notes.

 

The Company reviewed the guidance in ASC 405-20, Extinguishment of Liabilities, and determined that the convertible notes had not been extinguished. The Company therefore concluded that the guidance in ASC 470-50, Modifications and Extinguishments, should be applied, which states that if the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the fees shall be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the interest method.

 

The Company deferred the debt modification costs related to the modification of the convertible notes and the issuance of the New Warrants (consisting of the fair value of the New Warrants) over the remaining term of the extended notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

The Company deferred the debt modification costs related to the extension of the original warrants (consisting of the fair value of the extension of the original warrants) over the remaining term of the extended convertible notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

The closing market price of the Company’s common stock on the extension date of September 15, 2015 was $0.031 per share, as compared to the fixed conversion price of the convertible notes and the fixed exercise price of both the original warrants and the New Warrants of $0.035 per share. The Company has accounted for the beneficial conversion features with respect to the extension of the convertible notes and the extension of the original warrants and the issuance of the New Warrants in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes, plus the accrued interest thereon, to be representative of their fair value. The Company determined the fair value of the 8,903,684 New Warrants and the fair value of extending the 16,557,142 original warrants based on the Black-Scholes option-pricing model. The relative fair value method generated respective fair values for each of the convertible notes, including accrued interest, and the New Warrants and extension of the original warrants, of approximately 55% for the convertible notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original warrants. Once these values were determined, the fair value of the New Warrants and extension of the original warrants of $277,918 and the fair value of the beneficial conversion feature of $206,689 (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. The aggregate debt discount was amortized as interest expense over the extended term of the promissory notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

 

Equipment

 

Equipment is recorded at cost and depreciated on a straight-line basis over their estimated useful lives, which range from three to five years.

 

 

Long-Term Prepaid Insurance

 

Long-term prepaid insurance represents the premium paid in March 2014 for directors and officer’s insurance tail coverage, which is being amortized on a straight-line basis over the policy period of six years. The amount amortizable in the ensuing twelve month period is recorded as a current asset in the Company’s consolidated balance sheet at each reporting date.

 

Impairment of Long-Lived Assets

 

The Company reviews its long-lived assets, including long-term prepaid insurance, for impairment whenever events or changes in circumstances indicate that the total amount of an asset may not be recoverable, but at least annually. An impairment loss is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. The Company has not deemed any long-lived assets as impaired at March 31, 2016.

 

Stock-Based Compensation

 

The Company periodically issues common stock and stock options to officers, directors, Scientific Advisory Board members and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date of each grant.

 

The Company accounts for stock-based payments to officers and directors by measuring the cost of services received in exchange for equity awards based on the grant date fair value of the awards, with the cost recognized as compensation expense on the straight-line basis in the Company’s financial statements over the vesting period of the awards. The Company accounts for stock-based payments to Scientific Advisory Board members and consultants by determining the value of the stock compensation based upon the measurement date at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.

 

Stock grants, which are generally subject to time-based vesting, are measured at the grant date fair value and charged to operations ratably over the vesting period.

 

Stock options granted to members of the Company’s Scientific Advisory Board and to outside consultants are revalued each reporting period until vested to determine the amount to be recorded as an expense in the respective period. As the stock options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the value on the date of vesting.

 

The fair value of stock options granted as stock-based compensation is determined utilizing the Black-Scholes option-pricing model, and is affected by several variables, the most significant of which are the life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock over the term of the equity award. Estimated volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of common stock is determined by reference to the quoted market price of the Company’s common stock.

 

Stock options and warrants issued to non-employees as compensation for services to be provided to the Company or in settlement of debt are accounted for based upon the fair value of the services provided or the estimated fair value of the stock option or warrant, whichever can be more clearly determined. Management utilizes the Black-Scholes option-pricing model to determine the fair value of the stock options and warrants issued by the Company. The Company recognizes this expense over the period in which the services are provided.

 

For stock options granted during the three months ended March 31, 2016, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.23 %
Expected dividend yield     0 %
Expected volatility     201 %
Expected life     4.4 to 5 years  

 

For stock options granted during the three months ended March 31, 2015, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.3 %
Expected dividend yield     0 %
Expected volatility      249 %
Expected life     5 years  

 

The Company recognizes the fair value of stock-based compensation in general and administrative costs and in research and development costs, as appropriate, in the Company’s consolidated statements of operations. The Company issues new shares of common stock to satisfy stock option and warrant exercises. There were no stock options exercised during the three months ended March 31, 2016 and 2015.

 

Income Taxes

 

The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, the Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities.

 

The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made.

 

Pursuant to Internal Revenue Code Sections 382 and 383, use of the Company’s net operating loss and credit carryforwards may be limited if a cumulative change in ownership of more than 50% occurs within any three-year period since the last ownership change. The Company may have had a change in control under these Sections. However, the Company does not anticipate performing a complete analysis of the limitation on the annual use of the net operating loss and tax credit carryforwards until the time that it anticipates it will be able to utilize these tax attributes.

 

As of March 31, 2016, the Company did not have any unrecognized tax benefits related to various federal and state income tax matters and does not anticipate any material amount of unrecognized tax benefits within the next 12 months.

 

The Company is subject to U.S. federal income taxes and income taxes of various state tax jurisdictions. As the Company’s net operating losses have yet to be utilized, all previous tax years remain open to examination by Federal authorities and other jurisdictions in which the Company currently operates or has operated in the past.

 

The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. As of March 31, 2016, the Company had not recorded any liability for uncertain tax positions. In subsequent periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense.

 

Foreign Currency Transactions

 

The note payable to Samyang, which is denominated in a foreign currency (the South Korean Won), is translated into the Company’s functional currency (the United States Dollar) at the exchange rate on the balance sheet date. The foreign currency exchange gain or loss resulting from translation is recognized in the related consolidated statements of operations.

 

Research Grants

 

The Company recognizes revenues from research grants as earned based on the percentage-of-completion method of accounting and issues invoices for contract amounts billed based on the terms of the grant agreement. Amounts recorded under research grants in excess of amounts earned are classified as unearned grant revenue liability in the Company’s consolidated balance sheet. Grant receivable reflects contractual amounts due and payable under the grant agreement. The payment of grants receivable are based on progress reports provided to the grant provider by the Company. The research grant was completed in April 2015. The Company has filed all required progress reports.

 

Research grants are generally funded and paid through government or institutional programs. Amounts received under research grants are nonrefundable, regardless of the success of the underlying research project, to the extent that such amounts are expended in accordance with the approved grant project. During the three months ended March 31, 2016 and 2015, the Company had research grant revenues of $0 and $74,534, respectively. At March 31, 2016 and December 31, 2015, the Company did not have any grants receivable or unearned grant revenues.

 

Research and Development Costs

 

Research and development costs consist primarily of fees paid to consultants and outside service providers and organizations (including research institutes at universities), patent fees and costs, and other expenses relating to the acquisition, design, development and clinical testing of the Company’s treatments and product candidates.

 

Research and development costs incurred by the Company under research grants are expensed as incurred over the life of the underlying contracts, unless the terms of the contract indicate that a different expensing schedule is more appropriate.

 

The Company reviews the status of its research and development contracts on a quarterly basis.

 

License Agreements

 

Obligations incurred with respect to mandatory payments provided for in license agreements are recognized ratably over the appropriate period, as specified in the underlying license agreement, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Obligations incurred with respect to milestone payments provided for in license agreements are recognized when it is probable that such milestone will be reached, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Payments of such liabilities are made in the ordinary course of business.

 

Patent Costs

 

Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, all patent costs, including patent-related legal and filing fees, are expensed as incurred.

 

Comprehensive Income (Loss)

 

Components of comprehensive income or loss, including net income or loss, are reported in the financial statements in the period in which they are recognized. Comprehensive income or loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income (loss) and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). The Company did not have any items of comprehensive income (loss) for the three months ended March 31, 2016 and 2015.

 

Earnings per Share

 

The Company’s computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., warrants and options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

 

Net income (loss) attributable to common stockholders consists of net income or loss, as adjusted for actual and deemed preferred stock dividends declared, amortized or accumulated.

 

Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all warrants and stock options outstanding are anti-dilutive.

 

At March 31, 2016 and 2015, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    March 31,  
    2016     2015  
Series B convertible preferred stock     3,679       3,679  
Series G 1.5% convertible preferred stock     78,650,575       257,760,939  
10% convertible notes payable     18,766,564       17,034,702  
Common stock warrants     180,274,428       32,106,094  
Common stock options     421,823,581       26,216,668  
Total     699,518,827       333,122,082  

 

Reclassifications

 

Certain comparative figures in 2015 have been reclassified to conform to the current year’s presentation. These reclassifications were immaterial, both individually and in the aggregate.

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Based on the FASB’s Exposure Draft Update issued on April 29, 2015, and approved in July 2015, Revenue from Contracts With Customers (Topic 606): Deferral of the Effective Date, ASU 2014-09 is now effective for reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2014-09 is not expected to have any impact on the Company’s financial statement presentation or disclosures.

 

In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have any impact on the Company’s financial statement presentation and disclosures.

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s financial statement presentation or disclosures.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

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Notes Payable
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Notes Payable

4. Notes Payable

 

10% Convertible Notes Payable

 

On November 5, 2014, the Company entered into a Convertible Note and Warrant Purchase Agreement (the “Purchase Agreement”) with various accredited, non-affiliated investors (each, a “Purchaser”), pursuant to which the Company sold an aggregate principal amount of $238,500 of its (i) 10% Convertible Notes due September 15, 2015 (each a “Note”, and together, the “Notes”) and (ii) Warrants to purchase shares of common stock (the “Warrants”) as described below. On December 9, 2014, December 31, 2014, and February 2, 2015, the Company sold an additional $46,000, $85,000 and $210,000, respectively, of principal amount of the Notes and Warrants to various accredited investors. This private placement, which generated aggregate gross proceeds of $579,500, was terminated effective February 18, 2015. Unless otherwise provided for in the Notes, the outstanding principal balance of each Note and all accrued and unpaid interest, compounded annually at 10%, when issued, was due and payable in full on September 15, 2015.

 

At any time, each Purchaser could elect, at its option and in its sole discretion, to convert the outstanding principal amount into a fixed number of shares of the Company’s common stock equal to the quotient obtained by dividing the outstanding principal amount, plus any accrued and unpaid interest, by $0.035. In the case of a Qualified Financing (as defined in the Purchase Agreement), the outstanding principal amount and accrued and unpaid interest under the Notes would automatically convert into common stock at a common stock equivalent price of $0.035. In the case of an Acquisition (as defined in the Purchase Agreement), the Company could elect to either: (i) convert the outstanding principal amount and all accrued and unpaid interest under the Notes into shares of common stock or (ii) accelerate the maturity date of the Notes to the date of closing of the Acquisition. Each Warrant to purchase shares of common stock was exercisable into a fixed number of shares of common stock of the Company calculated as each Purchaser’s investment amount divided by $0.035. The Warrants were originally exercisable through September 15, 2015 at a fixed price of $0.035 per share and did not have any cashless exercise provisions. The shares of common stock issuable upon conversion of the Notes and exercise of the Warrants were not subject to any registration rights.

 

Placement agent fees, brokerage commissions, and similar payments were made in the form of cash and warrants to qualified referral sources in connection with the sale of the Notes and Warrants. In connection with the initial closing on November 5, 2014, fees of $16,695 were paid in cash, based on 7% of the aggregate principal amount of the Notes issued to such referral sources, and the fees paid in warrants (the “Placement Agent Warrants”) consisted of 477,000 warrants, reflecting warrants for that number of shares equal to 7% of the number of shares of common stock into which the corresponding Notes are convertible. In connection with the second closing, fees of $700 were paid in cash and 20,000 Placement Agent Warrants were issued. In connection with the third closing, fees of $3,500 were paid in cash and 100,000 Placement Agent Warrants were issued. In connection with the fourth closing, fees of $14,700 were paid in cash and 420,000 Placement Agent Warrants were issued. The Placement Agent Warrants have cashless exercise provisions and were exercisable through September 15, 2015 at a fixed price of $0.035 per share. The warrants issued to the placement agent and/or its designees or affiliates in connection with the 2014 closings of the Purchase Agreement, to purchase 597,000 shares of the Company’s common stock, were valued pursuant to the Black-Scholes option-pricing model at $19,986, $614 and $3,340, respectively. The warrants issued to the placement agent and/or its designees or affiliates in connection with the February 2, 2015 closing of the Purchase Agreement, to purchase 420,000 shares of the Company’s common stock, were valued pursuant to the Black-Scholes option-pricing model at $12,726. Total financing costs relating to all closings of the Notes aggregated $129,776, consisting of $93,110 paid in cash and $36,666 paid in the form of Placement Agent Warrants, and were being amortized as additional interest expense over the original term of the Notes through September 15, 2015. During the three months ended March 31, 2016 and 2015, $0 and $37,098, respectively, was charged to interest expense with respect to the amortization of capitalized financing costs.

 

Aurora Capital LLC, a related party as described at Note 7, was the placement agent for this financing, and Aurora and its designees and/or affiliates received aggregate fees in connection with this financing in the form of $33,425 in cash and Placement Agent Warrants to purchase 955,000 shares of common stock in connection with the four closings.

 

The Notes and Warrants were offered and sold without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as provided in Rule 506 of Regulation D promulgated thereunder. The Notes and Warrants and the shares of common stock issuable upon conversion of the Notes and exercise of the Warrants were not registered under the Securities Act or any other applicable securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

 

The Company used the Black-Scholes option-pricing model to estimate the fair value of the Warrants to purchase 16,557,142 shares of the Company’s common stock sold to investors in connection with the four closings at a fixed exercise price of $0.035 per share. The Company considered the face value of the Notes to be representative of their fair value. The Company applied the relative fair value method to allocate the proceeds from the borrowing to the Notes and the Warrants. Consequently, approximately 50% of the proceeds of the borrowing of $290,394 were attributed to the debt instrument. The 50% value attributed to the Warrants of $289,106 was amortized as additional interest expense over the original term of the Notes. During the three months ended March 31, 2016 and 2015, $0 and $82,667, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the Warrants. The carrying value of the Notes was further reduced by a discount for a beneficial conversion feature of $290,394. The value attributed to the beneficial conversion feature was amortized as additional interest expense over the original term of the Notes. During the three months ended March 31, 2016 and 2015, $0 and $83,320, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the beneficial conversion feature.

 

On August 13, 2015, the Company, pursuant to the terms of the Notes, gave the Note holders written notice, thirty days in advance of the September 15, 2015 maturity date of the Notes, of the Company’s election to extend the maturity date of the Notes to September 15, 2016. As a consequence of this election, under the terms of the Notes, the Company was required to issue to Note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the Notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the Notes (an aggregate amount of $579,500), plus accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the 16,557,142 Warrants originally sold to investors. In connection with the extension of the maturity date of the Notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original Warrants to September 15, 2016, so that they were coterminous with the new maturity date of the Notes.

 

The Company used the Black-Scholes option-pricing model to estimate the fair value of the New Warrants to purchase 8,903,684 shares of the Company’s common stock and the fair value of extending the termination date of the 16,557,142 original Warrants sold to investors. The Company considered the face value of the Notes, plus the accrued interest thereon, to be representative of their fair value. The relative fair value method generated respective fair values for each of the Notes, including accrued interest, and the New Warrants and extension of the original Warrants, of approximately 55% for the Notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original Warrants. The 45% value attributed to the New Warrants and extension of the original Warrants of $277,918 was amortized as additional interest expense over the extended term of the Notes. During the three months ended March 31, 2016 and 2015, $69,100 and $0, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the New Warrants and extension of the original Warrants. The carrying value of the Notes was further reduced by a discount for a beneficial conversion feature of $206,689. The value attributed to the beneficial conversion feature was amortized as additional interest expense over the extended term of the Notes. During the three months ended March 31, 2016 and 2015, $51,390 and $0, respectively, was charged to interest expense from the amortization of debt discount related to the value attributed to the beneficial conversion feature.

 

The 10% Convertible Notes Payable consist of the following at March 31, 2016 and December 31, 2015:

 

    March 31, 2016     December 31, 2015  
Principal amount of notes payable   $ 579,500     $ 579,500  
Add accrued interest payable     77,330       61,388  
      656,830       640,888  
Less unamortized costs:                
Stock warrant discounts     (127,569 )     (196,669 )
Beneficial conversion feature discounts     (94,874 )     (146,263 )
Capitalized financing costs     -       -  
    $ 434,387     $ 297,956  

 

None of the 10% Convertible Notes Payable had been converted into shares of the Company’s common stock through March 31, 2016. As of March 31, 2016, the 10% Convertible Notes Payable were convertible into 18,766,564 shares of the Company’s common stock, including 2,209,421 shares attributable to accrued interest of $77,330 payable as of such date. As of December 31, 2015, the 10% Convertible Notes Payable were convertible into 18,311,079 shares of the Company’s common stock, including 1,753,936 shares attributable to accrued interest of $61,388 payable as of such date. Subsequent to March 31, 2016, the Company entered into exchange transactions with certain of the holders of the 10% Convertible Notes Payable, as described at Note 10.

 

Effective September 14, 2015, placement agent warrants previously issued in connection with the four closings of the Note and Warrant financing in December 2014 through February 2015, representing the right to acquire a total of 1,017,000 shares of common stock, were exercised on a cashless basis, resulting in the net issuance of 47,109 shares of common stock. The gross exercise price of the placement agent warrants that were exercised on a cashless basis was $35,595.

 

Note Payable to Samyang

 

On June 25, 2012, the Company borrowed 465,000,000 Won (the currency of South Korea, equivalent to approximately $400,000 United States Dollars) from and executed a secured note payable to SY Corporation Co., Ltd., formerly known as Samyang Optics Co. Ltd. (“Samyang”), an approximately 20% common stockholder of the Company at that time. Samyang was a significant stockholder and a related party at the time of the transaction, but was not considered a significant stockholder or related party at March 31, 2016. The note accrues simple interest at the rate of 12% per annum and had a maturity date of June 25, 2013. The Company has not made any payments on the promissory note. At June 30, 2013 and subsequently, the promissory note was outstanding and in technical default, although Samyang has not issued a notice of default or a demand for repayment. The Company believes that Samyang is in default of its obligations under its January 2012 license agreement, as amended, with the Company, but the Company has not yet issued a notice of default. The Company is continuing efforts towards a comprehensive resolution of the aforementioned matters involving Samyang.

 

The promissory note is secured by collateral that represents a lien on certain patents owned by the Company, including composition of matter patents for certain of the Company’s high impact ampakine compounds and the low impact ampakine compounds CX2007 and CX2076, and other related compounds. The security interest does not extend to the Company’s patents for its ampakine compounds CX1739 and CX1942, or to the patent for the use of ampakine compounds for the treatment of respiratory depression.

 

Note payable to Samyang consists of the following at March 31, 2016 and December 31, 2015:

 

    March 31, 2016     December 31, 2015  
Principal amount of note payable   $ 399,774     $ 399,774  
Accrued interest payable     183,218       171,257  
Foreign currency transaction adjustment     7,947       (9,463 )
    $ 590,939     $ 561,568  

 

Interest expense with respect to this promissory note was $11,961 and $11,993 for the three months ended March 31, 2016 and 2015, respectively.

 

Advances and Notes Payable to Officers

 

On June 16, 2015, Dr. Arnold S. Lippa, the Chairman of the Company’s Board of Directors and then Chief Executive Officer, advanced $40,000 to the Company for working capital purposes. Such advance was due on demand with interest at 10% per annum. On September 3, 2015, the Company repaid the working capital advance, including accrued interest of $877, from the proceeds from the August and September 2015 closings of the private placement of its units of common stock and warrants.

 

On January 29, 2016, Dr. Lippa, the Chairman of the Company’s Board of Directors and then Chief Scientific Officer, advanced $52,600 to the Company for working capital purposes under a demand promissory note with interest at 10% per annum. The note was secured by the assets of the Company. In connection with the loan, Dr. Lippa was issued a fully vested warrant to purchase 3,350,319 shares of the Company’s common stock at an exercise price of $0.0157 per share, which was the closing market price of the Company’s common stock on the date of grant. The warrant expires on January 29, 2019 and may be exercised on a cashless basis. The aggregate grant date fair value of the warrant, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $48,245, and was charged to interest expense as additional consideration for the loan during the three months ended March 31, 2016.

 

On February 2, 2016, Dr. James S. Manuso, the Company’s Chief Executive Officer, advanced $52,600 to the Company for working capital purposes under a demand promissory note with interest at 10% per annum. The note was secured by the assets of the Company. In connection with the loan, Dr. Manuso was issued a fully vested warrant to purchase 2,630,000 shares of the Company’s common stock at an exercise price of $0.02 per share, which was the closing market price of the Company’s common stock on the date of grant. The warrant expires on February 2, 2019 and may be exercised on a cashless basis. The aggregate grant date fair value of the warrant, as calculated pursuant to the Black-Scholes option pricing model, was determined to be $48,392, and was charged to interest expense as additional consideration for the loan during the three months ended March 31, 2016.

 

Other Short-Term Notes Payable

 

Other short-term notes payable at December 31, 2015 consisted of a premium financing agreement with respect to an insurance policy. The premium financing agreement dated March 14, 2015 was payable, with interest at 5.08% per annum, in ten monthly installments of $3,697 through February 14, 2016.

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Settlements
3 Months Ended
Mar. 31, 2016
Settlements  
Settlements

5. Settlements

 

Effective January 29, 2015, the Company executed a settlement agreement with its former Vice President and Chief Financial Officer, as amended on February 4, 2015, that resulted in the settlement of potential claims for a total cash payment of $26,000 to be paid on or before June 30, 2015 (of which $6,000 was paid on execution and $1,500 was paid in March 2015), plus the issuance of a stock option to purchase 500,000 shares of common stock exercisable at $0.0512 (the closing market price on the date of grant) per share for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at $25,450. In addition to other provisions, the settlement agreement included mutual releases. The Company owed $18,500 at March 31, 2015 for the remaining balance of the cash portion of the settlement. The settlement resulted in the Company recognizing a gain of $92,550 during the three months ended March 31, 2015. On June 29, 2015, the settlement agreement was further amended, resulting in a cash payment of $3,000 against the outstanding balance, an extension of the $15,500 remaining balance due through December 31, 2015, subject to a further partial cash payment of $3,000, which was paid on September 28, 2015, plus the issuance of a stock option to purchase 50,000 shares of common stock exercisable at $0.018 per share (the closing market price on the date of grant) for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at $840. Accordingly, during the three months ended March 31, 2015 and the year ended December 31, 2015, the Company recorded a net gain of $92,550 and $91,710, respectively, with respect to the settlement, as amended, with its former Vice President and Chief Financial Officer. In December 2015, the remaining balance due of $12,500, plus accrued interest of $775, was paid as scheduled.

 

On April 8, 2015, the Company entered into a Settlement Agreement with one of its patent law firms to settle amounts due to such firm for services rendered and costs incurred with respect to foreign associates and outside vendors aggregating $194,736. Pursuant to the terms of the Settlement Agreement, the law firm received a cash payment of $15,000, non-qualified stock options to purchase 2,520,442 shares of common stock exercisable at $0.0476 per share for a period of five years, and a short-term unsecured note payable in the principal amount of $59,763. The stock options were valued pursuant to the Black-Scholes option-pricing model at $119,217, based on the closing price of the Company’s common stock on April 8, 2015 of $0.0476 per share. The note payable bears interest at 10% per annum, which accrues and is payable at maturity, and is due at the earlier of (i) the closing of a transaction for the sale of the Company’s capital stock that results in net proceeds to the Company of at least $2,000,000, or (ii) December 31, 2015. In addition to various other provisions, the Settlement Agreement provides that the Company will have the option to pay for one-half of invoices for future legal services (excluding costs with respect to foreign associates and outside vendors) in the form of stock options. The Settlement Agreement also includes a release of the lien previously filed by the law firm against certain of the Company’s patents and patent applications relating to its ampakine technology in the United States Patent and Trademark Office, as well as for mutual releases. The Company paid the note payable in December 2015 as scheduled.

 

During the year ended December 31, 2015, the Company executed agreements with four current professional service providers (including the Company’s patent law firm referred to above) that resulted in the partial settlement of amounts owed to them by the Company. Obligations in the amount of $916,827 were settled for $15,000 in cash, the issuance of a short-term note payable in the amount of $59,763 as described above, the issuance of 9,064,286 shares of common stock valued at $158,625 ($0.0175 per share), which was the then closing market price of the Company’s common stock, and the issuance of stock options to purchase an aggregate of 31,618,470 shares of common stock exercisable, in each case, at the closing market price of the Company’s common stock on the date of issuance of the stock options. Options for 2,520,442 shares were exercisable at $0.0476 per share for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at an aggregate of $119,217 ($0.0473 per share). Options for 29,098,028 shares were exercisable at $0.0175 per share for a period of five years, and valued pursuant to the Black-Scholes option-pricing model at an aggregate of $488,847 ($0.0168 per share). The negotiated agreements resulted in the Company recognizing a gain of $75,375 during the year ended December 31, 2015.

 

The Company continues to explore ways to reduce its indebtedness, and might in the future enter additional settlements of potential claims, including, without limitation, those by other former executives or third party creditors.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Deficiency
3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Stockholders' Deficiency

6. Stockholders’ Deficiency

 

Preferred Stock

 

The Company has authorized a total of 5,000,000 shares of preferred stock, par value $0.001 per share. As of March 31, 2016 and December 31, 2015, 1,250,000 shares were designated as 9% Cumulative Convertible Preferred Stock (non-voting, “9% Preferred Stock”); 37,500 shares were designated as Series B Convertible Preferred Stock (non-voting, “Series B Preferred Stock”); 205,000 shares were designated as Series A Junior Participating Preferred Stock (non-voting, “Series A Junior Participating Preferred Stock”); and 1,700 shares were designated as Series G 1.5% Convertible Preferred Stock. Accordingly, as of March 31, 2016, 3,505,800 shares of preferred stock were undesignated and may be issued with such rights and powers as the Board of Directors may designate.

 

There were no shares of 9% Preferred Stock or Series A Junior Participating Preferred Stock outstanding as of March 31, 2016 and December 31, 2015.

 

Series B Preferred Stock outstanding as of March 31, 2016 and December 31, 2015 consisted of 37,500 shares issued in a May 1991 private placement. Each share of Series B Preferred Stock is convertible into approximately 0.09812 shares of common stock at an effective conversion price of $6.795 per share of common stock, which is subject to adjustment under certain circumstances. As of March 31, 2016 and December 31, 2015, the shares of Series B Preferred Stock outstanding are convertible into 3,679 shares of common stock. The Company may redeem the Series B Preferred Stock for $25,001, equivalent to $0.6667 per share, an amount equal to its liquidation preference, at any time upon 30 days prior notice.

 

Series G 1.5% Convertible Preferred Stock

 

On March 18, 2014, the Company entered into Securities Purchase Agreements with various accredited investors (the “Initial Purchasers”), pursuant to which the Company sold an aggregate of 753.22 shares of its Series G 1.5% Convertible Preferred Stock for a purchase price of $1,000 per share, or an aggregate purchase price of $753,220. This financing represented the initial closing on the private placement (the “Series G Private Placement”). The Initial Purchasers in this tranche of the Series G Private Placement consisted of (i) Dr. Arnold S. Lippa, the Chairman of the Company’s Board of Directors and then Chief Executive Officer, who invested $250,000 for 250 shares of Series G 1.5% Convertible Preferred Stock, and (ii) new, non-affiliated, accredited investors. Neither the Series G 1.5% Convertible Preferred Stock nor the underlying shares of common stock have any registration rights.

 

The placement agents and selected dealers in connection with the initial tranche of the Series G Private Placement received cash fees totaling $3,955 as compensation and an obligation of the Company to issue warrants to acquire 12,865,151 shares of common stock, totaling approximately 5.6365% of the shares of common stock into which the Series G 1.5% Convertible Preferred Stock may convert, issuable upon completion of all closings of the Series G Private Placement and exercisable for five years, at a fixed price of $0.00396, which is 120% of the conversion price at which the Series G 1.5% Convertible Preferred Stock may convert into the Company’s common stock. The warrants issuable to the placement agents and selected dealers in connection with the initial tranche of the Series G Private Placement were valued pursuant to the Black-Scholes option-pricing model at $443,848.

 

The Series G 1.5% Convertible Preferred Stock has a stated value of $1,000 per share and a stated dividend at the rate per share (as a percentage of the Stated Value per share) of 1.5% per annum, compounded quarterly, payable quarterly within 15 calendar days of the end of each fiscal quarter of the Company, in duly authorized, validly issued, fully paid and non-assessable shares of Series G 1.5% Convertible Preferred Stock, which may include fractional shares of Series G 1.5% Convertible Preferred Stock.

 

The Series G 1.5% Convertible Preferred Stock became convertible, beginning 60 days after the last share of Series G 1.5% Convertible Preferred Stock was issued in the Series G Private Placement, at the option of the holder, into common stock at the applicable conversion price, at a rate determined by dividing the Stated Value of the shares of Series G 1.5% Convertible Preferred Stock to be converted by the conversion price, subject to adjustments for stock dividends, splits, combinations and similar events as described in the form of Certificate of Designation. In addition, the Company has the right to require the holders of the Series G 1.5% Convertible Preferred Stock to convert such shares into common stock under certain enumerated circumstances as set forth in the Certificate of Designation.

 

Upon either (i) a Qualified Public Offering (as defined in the Certificate of Designation) or (ii) the affirmative vote of the holders of a majority of the Stated Value of the Series G 1.5% Convertible Preferred Stock issued and outstanding, all outstanding shares of Series G 1.5% Convertible Preferred Stock, plus all accrued or declared, but unpaid, dividends thereon, would have been mandatorily converted into such number of shares of common stock determined by dividing the Stated Value of such Series G 1.5% Convertible Preferred Stock (together with the amount of any accrued or declared, but unpaid, dividends thereon) by the Conversion Price (as defined in the Certificate of Designation).

 

To the extent not earlier converted, the remaining outstanding shares of Series G 1.5% Convertible Preferred Stock were automatically and mandatorily redeemable by conversion into shares of common stock on April 17, 2016, the two year anniversary of the date that the last shares of Series G 1.5% Convertible Preferred Stock were issued in the Series G Private Placement, at the Conversion Price of $0.0033 per share. Information with respect to the conversion of the outstanding shares of Series G 1.5% Convertible Preferred Stock into shares of common stock on April 17, 2016 is set forth below.

 

Except as described in the Certificate of Designation, holders of the Series G 1.5% Convertible Preferred Stock voted together with holders of the Company common stock on all matters, on an as-converted to common stock basis, and not as a separate class or series (subject to limited exceptions).

 

In the event of any liquidation or winding up of the Company prior to and in preference to any Junior Securities (including common stock), the holders of the Series G 1.5% Convertible Preferred Stock would have been entitled to receive in preference to the holders of the Company common stock a per share amount equal to the Stated Value, plus any accrued and unpaid dividends thereon.

 

Purchasers in the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock executed written consents in favor of (i) approving and adopting an amendment to the Company’s certificate of incorporation that increases the number of authorized shares of the Company to 1,405,000,000, 1,400,000,000 of which are shares of common stock and 5,000,000 of which are shares of preferred stock, and (ii) approving and adopting the Cortex Pharmaceuticals, Inc. 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan.

 

The shares of Series G 1.5% Convertible Preferred Stock were offered and sold without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as provided in Rule 506(b) of Regulation D promulgated thereunder. The shares of Series G 1.5% Convertible Preferred Stock and the Company’s common stock issuable upon conversion of the shares of Series G 1.5% Convertible Preferred Stock have not been registered under the Securities Act or any other applicable securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

 

On April 17, 2014, the Company entered into Securities Purchase Agreements with various accredited investors (together with the Initial Purchasers as defined above, the “Purchasers”), pursuant to which the Company sold an aggregate of an additional 175.28 shares of its Series G 1.5% Convertible Preferred Stock, for a purchase price of $1,000 per share, or an aggregate purchase price of $175,280. This was the second and final closing on the Series G Private Placement, in which a total of 928.5 shares of Series G 1.5% Convertible Preferred Stock were sold for an aggregate purchase price of $928,500. The Purchasers in the second and final tranche of the Series G Private Placement consisted of new, non-affiliated, accredited investors and non-management investors who had also invested in the first closing of the Series G Private Placement. One of the investors in this second and final closing of the Series G Private Placement was an affiliate of an associated person of Aurora, a related party (see Note 7). Neither the Series G 1.5% Convertible Preferred Stock nor the underlying shares of common stock have any registration rights.

 

The placement agents and selected dealers in connection with the second tranche of the Series G Private Placement received cash fees of $3,465 as compensation and an obligation of the Company to issue warrants to acquire 6,386,120 shares of common stock, totaling approximately 12% of the shares of common stock into which the Series G 1.5% Convertible Preferred Stock may convert, issuable upon completion of all closings of the Series G Private Placement and exercisable for five years, at a fixed price of $0.00396, which is 120% of the conversion price at which the Series G 1.5% Convertible Preferred Stock may convert into the Company’s common stock. The warrants issuable to the placement agents and selected dealers in connection with the second closing of the Series G Private Placement were valued pursuant to the Black-Scholes option-pricing model at $220,321.

 

As the stated value of the Series G 1.5% Convertible Preferred Stock is $1,000 per share, and the fixed conversion price is $0.0033, each share of Series G 1.5% Convertible Preferred Stock was convertible into 303,030.3 shares of common stock. The aggregate of 928.5 shares of Series G 1.5% Convertible Preferred Stock sold in all of the closings of the Series G Private Placement were initially convertible into a total of 281,363,634 shares of common stock.

 

The Company recorded a dividend on the Series G 1.5% Convertible Preferred Stock of $981 and $3,198 for the three months ended March 31, 2016 and 2015, respectively, which was paid through the issuance of an additional 0.9 shares and 3.2 shares, respectively, of Series G 1.5% Convertible Preferred Stock.

 

The warrants that the placement agents and selected dealers received in connection with all closings of the Series G Private Placement, which were issued effective April 17, 2014, represent the right to acquire 19,251,271 shares of common stock exercisable for five years at a fixed price of $0.00396, which is 120% of the conversion price at which the Series G 1.5% Convertible Preferred Stock may convert into the Company’s common stock.

 

Aurora, a related party (see Note 7), was one of the placement agents for this financing, and Aurora and its designees and/or affiliates received fees in connection with this financing in the form of cash of $2,800 and warrants to purchase 10,427,029 shares of common stock during the year ended December 31, 2014. Both Dr. Arnold S. Lippa and Jeff E. Margolis, officers and directors of the Company since March 22, 2013, have indirect ownership interests in Aurora through interests held in its members, and Jeff E. Margolis is also an officer of Aurora.

 

Effective August 25, 2015, a placement agent warrant issued on April 17, 2014 in conjunction with the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock, representing the right to acquire a total of 2,412,878 shares of common stock, was exercised in part (50%, or 1,206,439 shares) on a cashless basis, resulting in the net issuance of 1,087,001 shares of common stock. The gross exercise price of the placement agent warrant that was exercised on a cashless basis was $4,778.

 

During the three months ended March 31, 2015, 25.323705 shares of Series G 1.5% Convertible Preferred Stock, including 0.323705 dividend shares, were converted into 7,673,850 shares of common stock on a cashless basis. During the three months ended June 30, 2015, an aggregate of 538.208190 shares of Series G 1.5% Convertible Preferred Stock, including 8.728190 dividend shares, were converted into 163,093,392 shares of common stock on a cashless basis. During the three months ended September 30, 2015, an aggregate of 57.506190 shares of Series G 1.5% Convertible Preferred Stock, including 1.206190 dividend shares, were converted into 17,426,119 shares of common stock on a cashless basis. There were no conversions of Series G 1.5% Convertible Preferred Stock into shares of common stock during the three months ended December 31, 2015. Accordingly, during the year ended December 31, 2015, 621.038085 shares of Series G 1.5% Convertible Preferred Stock, including 10.258085 dividend shares, were converted into 188,193,359 shares of common stock on a cashless basis.

 

As of March 31, 2016, the remaining outstanding shares of Series G 1.5% Convertible Preferred Stock were convertible into 78,650,575 shares of the Company’s common stock, including 2,371,791 shares attributable to the 1.5% dividend on such shares of $7,827 accrued as of such date. As of December 31, 2015, the remaining outstanding shares of Series G 1.5% Convertible Preferred Stock were convertible into 78,353,485 shares of the Company’s common stock, including 2,074,698 shares attributable to the 1.5% dividend on such shares of $6,847 accrued as of such date.

 

On April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (included accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

Common Stock

 

As discussed above, the holders of the Series G 1.5% Convertible Preferred Stock approved and adopted an amendment to increase the number of authorized shares of the Company to 1,405,000,000, 1,400,000,000 of which are shares of common stock and 5,000,000 of which are shares of preferred stock. The Company also sought, and on April 17, 2014 obtained by written consent, sufficient votes of the holders of its common stock, voting as a separate class, to effect this amendment. A certificate of Amendment to the Company’s Certificate of Incorporation to effect the increase in the authorized shares was filed with the Secretary of State of the State of Delaware on April 17, 2014.

 

On September 18, 2014, Dr. John Greer, Ph.D., was appointed to the position of Chairman of the Company’s Scientific Advisory Board. Dr. Greer is Professor of Physiology and Alberta Innovates - Health Solutions Senior Scientist with the Neuroscience and Mental Health Institute at the University of Alberta, holds two grants regarding research into neuromuscular control of breathing, and is the inventor on the method of treatment patents licensed by the Company with respect to ampakines. In connection with the appointment of Dr. Greer as Chairman of the Company’s Scientific Advisory Board on September 18, 2014, the Board of Directors awarded 2,000,000 shares of common stock of the Company to Dr. Greer (through his wholly-owned consulting company, Progress Scientific, Inc.), vesting 25% upon appointment, 25% on September 30, 2014, 25% on December 31, 2014, and 25% on March 31, 2015. The stock award was valued at $0.066 per share, which was the closing price of the Company’s common stock on September 18, 2014. This stock award was made under the Company’s 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan. During the period September 18, 2014 through December 31, 2014, the Company recorded charges to operations of $99,000 with respect to this stock award. During the three months ended March 31, 2015, the Company recorded a final charge to operations of $33,000 with respect to this stock award.

 

Effective October 15, 2014, Richard Purcell was appointed as the Company’s Senior Vice President of Research and Development. In conjunction with his appointment, the Company agreed to issue to Mr. Purcell 2,000,000 shares of the Company’s common stock, with 25% of such stock grant vesting and issuable every three months after the date of his appointment (i.e., on January 15, 2015, April 15, 2015, July 15, 2015 and October 15, 2015), subject to Mr. Purcell’s continued relationship with the Company on each of the vesting dates. The stock grant was made under the Company’s 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan. Based on the Company’s closing stock price on October 15, 2014 of $0.078 per share, during the three months ended March 31, 2015, the Company recorded a charge to operations of $39,000 with respect to this stock award.

 

On August 28, 2015, the Company entered into a Second Amended and Restated Common Stock and Warrant Purchase Agreement (the “Purchase Agreement”) with various accredited investors (each, a “Purchaser”, and together with purchasers in subsequent closings in the private placement, the “Purchasers”), pursuant to which the Company sold units for aggregate cash consideration of $721,180, with each unit consisting of (i) one share of the Company’s common stock, representing an aggregate of 34,292,917 shares of common stock, and (ii) one warrant to purchase two additional shares of common stock, representing an aggregate of 68,585,834 warrants. This financing represented the initial closing of a private placement of up to $3,000,000. On September 28, 2015, the Company completed a second closing of the Purchase Agreement with various additional Purchasers, pursuant to which the Company sold units for aggregate cash consideration of $218,530, with each unit consisting of (i) one share of the Company’s common stock, representing an aggregate of 10,391,349 shares of common stock, and (ii) one warrant to purchase two additional shares of common stock, representing an aggregate of 20,782,698 Warrants. On November 2, 2015, the Company completed a third closing of the Purchase Agreement with various Purchasers, pursuant to which the Company sold units for aggregate cash consideration of $255,000, with each unit consisting of (i) one share of the Company’s common stock, representing an aggregate of 12,125,536 shares of common stock, and (ii) one warrant to purchase two additional shares of common stock, representing an aggregate of 24,251,072 Warrants. This third closing brought the aggregate amount raised under this private placement as of November 2, 2015 to $1,194,710.

 

The unit price in each closing of the private placement was $0.02103 (the “Per Unit Price”). The Warrants are exercisable through September 30, 2020 and may be exercised at a price of $0.02103 for each share of Common Stock to be acquired upon exercise. The Purchasers consisted of non-affiliated investors, other than Dr. James S. Manuso, the current President and Chief Executive Officer of the Company, who invested $250,000 in the initial closing of the private placement, and one other investor who invested $301,180 in the private placement and became an affiliate of the Company by virtue of his aggregate stock holdings in the Company. The Warrants do not contain any cashless exercise provisions or reset rights.

 

No registration rights were granted to any Purchaser in this private placement with respect to (i) the shares of common stock issued as part of the units, (ii) the warrants, or (iii) the shares of common stock issuable upon exercise of the warrants.

 

Placement agent fees, brokerage commissions, and similar payments were made in the form of cash and warrants to qualified referral sources in connection with certain sales of the shares of common stock and warrants, while other sales, including the sale to Dr. James S. Manuso, did not result in any fees or commissions. Accordingly, the amount of such fees, on a percentage basis, varies in each closing. The fees paid to such referral sources for the initial closing in cash totaled $47,118, or 6.5% of the aggregate amount paid for the units sold. The fees paid in warrants for the initial closing to such referral sources (the warrants paid to qualified referral sources are referred to herein as the “Placement Agent Warrants”) consist of warrants for 2,240,517 shares of common stock, or that number of shares equal to 6.5% of the number of shares of common stock issued as part of the units, but not the shares underlying the warrants. In connection with the second closing, fees paid to referral sources in cash totaled $18,603, or 8.5% of the aggregate amount paid for the units sold, and 884,594 Placement Agent Warrants were issued, or warrants for that number of shares equal to 8.5% of the number of shares of common stock issued as part of the units, but not the shares underlying the Warrants. In connection with the third closing, fees paid to referral sources in cash totaled $25,500, or 10% of the aggregate amount paid for the units sold, and 1,212,553 Placement Agent Warrants were issued, or warrants for that number of shares equal to 10% of the number of shares of common stock issued as part of the units, but not the shares underlying the Warrants. Placement Agent Warrants are exercisable until September 30, 2020 at the Per Unit Price. The Placement Agent Warrants have cashless exercise provisions. One of the placement agents that received Placement Agent Warrants is Aurora. Both Arnold S. Lippa and Jeff E. Margolis, officers and directors of the Company, have indirect ownership interests in Aurora through interests held in its members, and Jeff E. Margolis is also an officer of Aurora. As a result, both Arnold S. Lippa and Jeff E. Margolis, or entities in which they have interests, will receive a portion of the Placement Agent Warrants awarded in this private placement.

 

In addition to the above described placement agent fees, brokerage commissions, and similar payments that were made in the form of cash and warrants to qualified referral sources, the Company also paid $10,164 in cash to other professionals for services related to the three closings.

 

The shares of common stock and warrants were offered and sold without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as provided in Rule 506(b) of Regulation D promulgated thereunder. None of the shares of common stock issued as part of the units, the warrants, the common stock issuable upon exercise of the warrants, the Placement Agent Warrants or the shares of common stock issuable upon exercise of the Placement Agent Warrants have been registered under the Securities Act or any other applicable securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

 

On January 8, 2016, the Company initiated a new equity private placement, consisting of units of common stock and warrants, up to an aggregate of $2,500,000, with each unit consisting of (i) one share of common stock, and (ii) one warrant to purchase two additional shares of common stock. During the three months ended March 31, 2016, the Company entered into purchase agreements with five accredited and three non-accredited, non-affiliated investors, pursuant to which an aggregate of 8,775,250 shares of common stock and an aggregate of 17,550,500 warrants were sold, generating gross proceeds of $194,635.

 

The unit price in the private placement closings was $0.02218. The warrants are exercisable at $0.0244, for each share of common stock to be acquired, and expire on February 28, 2021. The warrants have cashless exercise provisions and contain certain “blocker” provisions limiting the percentage of shares of the Company’s common stock that the purchaser can beneficially own upon conversion to not more than 4.99% of the issued and outstanding shares immediately after giving effect to the warrant exercise.

 

In the case of an acquisition in which the Company is not the surviving entity, the holder of the warrant would receive from any surviving entity or successor to the Company, in exchange for the warrant, a new warrant from the surviving entity or successor to the Company, substantially in the form of the existing warrant and with an exercise price adjusted to reflect the nearest equivalent exercise price of common stock (or other applicable equity interest) of the surviving entity that would reflect the economic value of the warrant, but in the surviving entity.

 

No registration rights were granted to the purchasers in the private placement with respect to (i) the shares of common stock issued as part of the units, (ii) the warrants, or (iii) the shares of common stock issuable upon exercise of the warrants.

 

No placement agent fees, brokerage commissions, finder’s fees or similar payments were made in the form of cash or warrants to qualified referral sources in connection with the sale of the shares of common stock and warrants. The Company paid $3,429 in cash to other professionals for services related to the seven closings.

 

See Note 5 for information with respect to the issuance of common stock in connection with the settlement of debt obligations.

 

Information with respect to the issuance of common stock upon the exercise of common stock purchase warrants issued to placement agents in connection with the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock is provided above at “Series G 1.5% Convertible Preferred Stock.”

 

Common Stock Warrants

 

Information with respect to the issuance and exercise of common stock purchase warrants with respect to placement agents in connection with the Series G Private Placement of the Series G 1.5% Convertible Preferred Stock is provided above at “Series G 1.5% Convertible Preferred Stock.” Information with respect to the issuance and exercise of common stock purchase warrants in connection with the 10% Convertible Note Payable and Warrant Purchase Agreement is provided at Note 4.

 

A summary of warrant activity for the three months ended March 31, 2016 is presented below.

 

    Number of
Shares
    Weighted
Average
Exercise Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Warrants outstanding at December 31, 2015     156,743,609     $ 0.02185          
Issued     23,530,819       0.02267          
Exercised     -       -          
Expired     -       -          
Warrants outstanding at March 31, 2016     180,274,428     $ 0.02196       3.81  
                         
Warrants exercisable at December 31, 2015     156,743,609     $ 0.02185          
Warrants exercisable at March 31, 2016     180,274,428     $ 0.02196       3.81  

 

The exercise prices of common stock warrants outstanding and exercisable are as follows at March 31, 2016:

 

Exercise Price     Warrants Outstanding
(Shares)
    Warrants Exercisable
(Shares)
    Expiration Date
$ 0.00396       13,325,514       13,325,514     April 17, 2019
$ 0.01570       3,350,319       3,350,319     January 29, 2019
$ 0.20000       2,630,000       2,630,000     February 4, 2019
$ 0.02103       117,957,268       117,957,268     September 30, 2020
$ 0.02440       17,550,500       17,550,500     February 28, 2021
$ 0.03500       25,460,827       25,460,827     September 15, 2016
          180,274,428       180,274,428      

 

Based on a fair market value of $0.0227 per share on March 31, 2016, the intrinsic value of exercisable in-the-money common stock warrants was $477,262 as of March 31, 2016.

 

A summary of warrant activity for the three months ended March 31, 2015 is presented below.

 

    Number of
Shares
    Weighted
Average
Exercise Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Warrants outstanding at December 31, 2014     25,686,096     $ 0.01744          
Issued     6,419,998       0.03500          
Exercised     -       -          
Expired     -       -          
Warrants outstanding at March 31, 2015     32,106,094     $ 0.02095       2.08  
                         
Warrants exercisable at December 31, 2014     25,686,096     $ 0.01744          
Warrants exercisable at March 31, 2015     32,106,094     $ 0.02095       2.08  

 

The exercise prices of common stock warrants outstanding and exercisable are as follows at March 31, 2015:

 

Exercise Price     Warrants Outstanding
(Shares)
    Warrants Exercisable
(Shares)
    Expiration Date
$ 0.00396       14,531,953       14,531,953     April 17, 2019
$ 0.03500       17,574,141       17,574,141     September 15, 2016
          32,106,094       32,106,094      

 

Based on a fair market value of $0.0491 per share on March 31, 2015, the intrinsic value of exercisable in-the-money common stock warrants was $903,768 as of March 31, 2015.

 

Stock Options

 

In connection with the initial closing of the Series G Private Placement completed on March 18, 2014, the stockholders of the Company holding a majority of the votes to be cast on the issue approved the adoption of the Company’s 2014 Equity, Equity-Linked and Equity Derivative Incentive Plan (the “2014 Plan”), which had been previously adopted by the Board of Directors of the Company, subject to stockholder approval. The Plan permits the grant of options and restricted stock with respect to up to 105,633,002 shares of common stock, in addition to stock appreciation rights and phantom stock, to directors, officers, employees, consultants and other service providers of the Company.

 

On June 30, 2015, the Board of Directors adopted the 2015 Stock and Stock Option Plan (the “2015 Plan”). The 2015 Plan provides for, among other things, the issuance of either or any combination of restricted shares of common stock and non-qualified stock options to purchase up to 150,000,000 shares of the Company’s common stock for periods up to ten years to management, members of the Board of Directors, consultants and advisors. The Company does not intend to present the 2015 Plan to stockholders for approval. On August 18, 2015, the Board of Directors increased the number of shares that may be issued under the 2015 Plan to 250,000,000 shares of the Company’s common stock. On March 31, 2016, the Board of Directors further increased the number of shares that may be issued under the 2015 Plan to 500,000,000 shares of the Company’s common stock.

 

On June 30, 2015, the Board of Directors of the Company awarded stock options to purchase a total of 55,000,000 shares of common stock, consisting of options for 15,000,000 shares to each of the Company’s then three executive officers, Dr. Arnold S. Lippa, Jeff E. Margolis and Robert N. Weingarten, and options for 2,000,000 shares to each of five other individuals who are members of management, the Company’s Scientific Advisory Board, or independent members of the Board of Directors. The stock options were awarded as partial compensation for those individuals through December 31, 2015. The stock options vested 50% on June 30, 2015 (at issuance), 25% on September 30, 2015 and 25% on December 31, 2015, and will expire on June 30, 2022. The exercise price of the stock options was established on the grant date at $0.025 per share, as compared to the closing market price of the Company’s common stock on such date of $0.0175 per share, reflecting an exercise price premium of $0.0075 per share or 42.9%. These awards were made under the Company’s 2015 Plan. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $946,000.

 

On August 18, 2015, the Company entered into an employment agreement with Dr. James S. Manuso to be its new President and Chief Executive Officer. In connection therewith, and in addition to other provisions, the Board of Directors of the Company awarded Dr. Manuso stock options to purchase a total of 85,081,300 shares of common stock, of which options for 80,000,000 shares were granted pursuant to the Company’s 2015 Plan and options for 5,081,300 shares were granted pursuant to the Company’s 2014 Plan. The stock options vested 50% on August 18, 2015 (at issuance), 25% on February 18, 2016, and will vest 25% on August 18, 2016, and will expire on August 18, 2025. The exercise price of the stock options was established on the grant date at $0.0197 per share, which is equal to the simple average of the most recent four full trading weeks, weekly Volume Weighted Average Prices (“VWAPs”) of the Company’s common stock price immediately preceding the date of grant as reported by OTC IQ, as compared to the closing market price of the Company’s common stock on August 18, 2015 of $0.0216 per share. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $1,786,707. During the three months ended March 31, 2016, the Company recorded a charge to operations of $222,727, with respect to these stock options. See Note 8 for additional information with respect to other provisions of the employment agreement.

 

On August 18, 2015, the Company also entered into employment agreements with Dr. Arnold S. Lippa, its new Chief Scientific Officer, Robert N. Weingarten, its Vice President and Chief Financial Officer, and Jeff E. Margolis, its Vice President, Treasurer and Secretary. In connection therewith, and in addition to other provisions, the Board of Directors of the Company awarded to each of those officers stock options to purchase a total of 10,000,000 shares of common stock pursuant to the Company’s 2015 Plan. The stock options vested 25% on December 31, 2015, 25% on March 31, 2016, and will vest 25% on June 30, 2016 and 25% on September 30, 2016, and will expire on August 18, 2022. The exercise price of the stock options was established on the grant date at $0.0197 per share, which is equal to the simple average of the most recent four full trading weeks, weekly VWAPs of the Company’s common stock price immediately preceding the date of grant as reported by OTC IQ, as compared to the closing market price of the Company’s common stock on August 18, 2015 of $0.0216 per share. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $609,000. During the three months ended March 31, 2016, the Company recorded a charge to operations of $135,831, with respect to these stock options. See Note 8 for additional information with respect to other provisions of the employment agreements.

 

Additionally, on August 18, 2015, the Board of Directors of the Company awarded stock options for 3,000,000 shares of common stock to each of seven other individuals who are members of management, the Company’s Scientific Advisory Board, independent members of the Board of Directors, or outside service providers pursuant to the Company’s 2015 Plan, representing stock options for a total of 21,000,000 shares of common stock. The stock options vested 25% on December 31, 2015, 25% on March 31, 2016, and will vest 25% on June 30, 2016 and 25% on September 30, 2016, and will expire on August 18, 2020 as to stock options for 9,000,000 shares of common stock and August 18, 2022 as to stock options for 12,000,000 shares of common stock. The exercise price of the stock options was established on the grant date at $0.0197 per share, which is equal to the simple average of the most recent four full trading weeks, weekly VWAPs of the Company’s common stock price immediately preceding the date of grant as reported by OTC IQ, as compared to the closing market price of the Company’s common stock on August 18, 2015 of $0.0216 per share. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $430,800. During the three months ended March 31, 2016, the Company recorded a charge to operations of $110,702, with respect to these stock options.

 

On December 11, 2015, the Company entered into a consulting agreement for investor relations services, which provided for the payment of a fee for such services through the granting of non-qualified stock options to purchase a total of 2,857,143 shares of common stock pursuant to the Company’s 2015 Plan. The stock options will vest in equal installments on the last day of each month during the term of the consulting agreement, ranging from December 11, 2015 through March 31, 2016, and will expire on December 11, 2020. The exercise price of the stock options was established on the grant date at $0.021 per share, which was the closing market price of the Company’s common stock on the date of grant. The aggregate grant date fair value of these stock options calculated pursuant to the Black-Scholes option-pricing model was $58,286. During the three months ended March 31, 2016, the Company recorded a charge to operations of $50,286, with respect to these stock options.

 

On March 31, 2016, the Board of Directors of the Company awarded stock options for a total of 170,000,000 shares of common stock in various quantities to twelve individuals who are members of management, the Company’s Scientific Advisory Board, independent members of the Board of Directors, or outside service providers pursuant to the Company’s 2015 Plan. The stock options vested 25% on March 31, 2016, and will vest 25% on June 30, 2016, 25% on September 30, 2016 and 25% on December 31, 2016, and will expire on March 31, 2021. The exercise price of the stock options was established on the grant date at $0.0227 per share, which was the closing market price of the Company’s common stock on such date. The aggregate grant date fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was $3,774,000. During the three months ended March 31, 2016, the Company recorded a charge to operations of $951,825 with respect to these stock options.

 

See Note 5 for information with respect to the issuance of common stock options in connection with the settlement of debt obligations.

 

Information with respect to common stock awards issued to officers and directors as compensation is provided above under “Common Stock.”

 

A summary of stock option activity for the three months ended March 31, 2016 is presented below.

 

    Number of Shares     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Options outstanding at December 31, 2015     251,823,581     $ 0.0241          
Granted     170,000,000       0.0227          
Expired     -       -          
Forfeited     -       -          
Options outstanding at March 31, 2016     421,823,581     $ 0.0235       6.07  
                         
Options exercisable at December 31, 2015     168,890,074     $ 0.0262          
Options exercisable at March 31, 2016     247,928,256     $ 0.0247       5.46  

 

Total deferred compensation expense for the outstanding value of 173,895,324 unvested stock options was approximately $3,637,000 at March 31, 2016, which is being recognized subsequent to March 31, 2016 over a weighted-average period of approximately 8.2 months.

 

The exercise prices of common stock options outstanding and exercisable were as follows at March 31, 2016:

 

Exercise Price     Options
Outstanding
(Shares)
    Options
Exercisable
(Shares)
    Expiration Date
$ 0.0175       29,148,028       29,148,028     June 30, 2020
$ 0.0197       9,000,000       4,500,000     August 18, 2020
$ 0.0197       42,000,000       21,000,000     August 18, 2022
$ 0.0197       85,081,300       63,810,975     August 18, 2025
$ 0.0210       2,857,143       2,857,143     December 11, 2020
$ 0.0227       170,000,000       42,875,000     March 31, 2021
$ 0.0250       55,000,000       55,000,000     June 30, 2022
$ 0.0400       2,400,000       2,400,000     March 13, 2019
$ 0.0400       1,250,000       1,250,000     April 14, 2019
$ 0.0430       1,100,000       1,100,000     March 14, 2024
$ 0.0476       2,520,442       2,520,442     April 8, 2020
$ 0.0490       800,000       800,000     February 28, 2024
$ 0.0500       15,000,000       15,000,000     July 17, 2019
$ 0.0512       500,000       500,000     January 29, 2020
$ 0.0600       3,083,334       3,083,334     July 17, 2022
$ 0.0600       2,083,334       2,083,334     August 10, 2022
          421,823,581       247,928,256      

 

Based on a fair market value of $0.0227 per share on March 31, 2016, the intrinsic value of exercisable in-the-money common stock options was $424,360 as of March 31, 2016.

 

A summary of stock option activity for the three months ended March 31, 2015 is presented below.

 

    Number of
Shares
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Options outstanding at December 31, 2014     25,716,668     $ 0.0500          
Granted     500,000       0.0510          
Expired     -       -          
Forfeited     -       -          
Options outstanding at March 31, 2015     26,216,668     $ 0.0500       5.20  
                         
Options exercisable at December 31, 2014     25,716,668     $ 0.0500          
Options exercisable at March 31, 2015     26,216,668     $ 0.0500       5.20  

 

The exercise prices of common stock options outstanding and exercisable were as follows at March 31, 2015:

 

Exercise Price     Options
Outstanding
(Shares)
    Options
Exercisable
(Shares)
    Expiration Date
$ 0.0400       2,400,000       2,400,000     March 13, 2019
$ 0.0400       1,250,000       1,250,000     April 14, 2019
$ 0.0430       1,100,000       1,100,000     March 14, 2024
$ 0.0490       800,000       800,000     February 28, 2024
$ 0.0500       15,000,000       15,000,000     July 17, 2019
$ 0.0510       500,000       500,000     January 29, 2020
$ 0.0600       3,083,334       3,083,334     July 17, 2022
$ 0.0600       2,083,334       2,083,334     August 10, 2022
          26,216,668       26,216,668      

 

Based on a fair market value of $0.0491 per share on March 31, 2015, the intrinsic value of exercisable in-the-money common stock options was $40,005 as of March 31, 2015.

 

For the three months ended March 31, 2016 and 2015, stock-based compensation costs included in the condensed consolidated statements of operations consisted of general and administrative expenses of $1,030,831 and $0, respectively, and research and development expenses of $440,540 and $72,000, respectively.

 

Pier Contingent Stock Consideration

 

In connection with the merger transaction with Pier effective August 10, 2012, RespireRx issued 58,417,893 newly issued shares of its common stock with an aggregate fair value of $3,271,402 ($0.056 per share), based upon the closing price of RespireRx’s common stock on August 10, 2012. The shares of common stock were distributed to stockholders, convertible note holders, warrant holders, option holders, and certain employees and vendors of Pier in satisfaction of their interests and claims. The common stock issued by RespireRx represented approximately 41% of the 144,041,556 common shares outstanding immediately following the closing of the transaction.

 

Pursuant to the terms of the transaction, RespireRx agreed to issue additional contingent consideration, consisting of up to 18,314,077 shares of common stock, to Pier’s former security holders and certain other creditors and service providers (the “Pier Stock Recipients”) that received RespireRx’s common stock as part of the Pier transaction if certain of RespireRx’s stock options and warrants outstanding immediately prior to the closing of the merger were subsequently exercised. In the event that such contingent shares were issued, the ownership percentage of the Pier Stock Recipients, following their receipt of such additional shares, could not exceed their ownership percentage as of the initial transaction date.

 

The stock options and warrants outstanding at June 30, 2012 were all out-of-the-money on August 10, 2012. During late July and early August 2012, shortly before completion of the merger, the Company issued options to officers and directors at that time to purchase a total of 7,361,668 shares of common stock exercisable for ten years at $0.06 per share. By October 1, 2012, these options, as well as the options and warrants outstanding at June 30, 2012, were also out-of-the-money and continued to be out-of-the-money through March 31, 2016.

 

There were no stock options or warrants exercised subsequent to August 10, 2012 that triggered additional contingent consideration, and the only remaining stock options outstanding that could still trigger the additional contingent consideration generally remained out-of-the-money through March 31, 2016. As of March 31, 2016, due to the expirations and forfeitures of RespireRx stock options and warrants occurring since August 10, 2012, 2,111,445 contingent shares of common stock remained issuable under the Pier merger agreement.

 

The Company concluded that the issuance of any of the contingent shares to the Pier Stock Recipients was remote, as a result of the large spread between the exercise prices of these stock options and warrants as compared to the common stock trading range, the subsequent expiration or forfeiture of most of the options and warrants, the Company’s distressed financial condition and capital requirements, and that these stock options and warrants have generally remained out-of-the-money (and increasingly so) through March 31, 2016. Accordingly, the Company considered the fair value of the contingent consideration to be immaterial and therefore did not ascribe any value to such contingent consideration. If any such shares are ultimately issued to the former Pier stockholders, the Company will recognize the fair value of such shares as a charge to operations at that time.

 

Reserved and Unreserved Shares of Common Stock

 

At March 31, 2016, the Company had 1,400,000,000 shares of common stock authorized and 498,622,133 shares of common stock issued and outstanding. Furthermore, as of March 31, 2016, the Company had reserved an aggregate of 3,679 shares for issuance upon conversion of the Series B Preferred Stock; 180,274,428 shares for issuance upon exercise of warrants; 421,823,581 shares for issuance upon exercise of outstanding stock options; 20,551,702 shares to cover equity grants available for future issuance pursuant to the 2014 Plan; 103,507,142 shares to cover equity grants available for future issuance pursuant to the 2015 Plan; 78,650,575 shares for issuance upon conversion of the Series G 1.5% Convertible Preferred Stock; 18,766,564 shares for issuance upon conversion of the 10% Convertible Notes; and 2,111,445 shares issuable as contingent shares pursuant to the Pier merger. Accordingly, as of March 31, 2016, the Company had an aggregate of 825,689,116 shares of common stock reserved for issuance and 75,688,751 shares of common stock unreserved and available for future issuance. The Company expects to satisfy its future common stock commitments through the issuance of authorized but unissued shares of common stock.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.4.0.3
Related Party Transactions
3 Months Ended
Mar. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

7. Related Party Transactions

 

Dr. Arnold S. Lippa and Jeff E. Margolis, officers and directors of the Company since March 22, 2013, have indirect ownership interests and managing memberships in Aurora Capital LLC (“Aurora”) through interests held in its members, and Jeff. E. Margolis is also an officer of Aurora. Aurora is a boutique investment banking firm specializing in the life sciences sector that is also a full service brokerage firm.

 

On March 31, 2013, the Company accrued $85,000 as reimbursement for legal fees incurred by Aurora in conjunction with the removal of the Company’s prior Board of Directors on March 22, 2013, which amount has been included in accounts payable and accrued expenses at March 31, 2016 and December 31, 2015.

 

On June 30, 2015, the Board of Directors of the Company awarded cash bonuses totaling $215,000, including an aggregate of $195,000 to certain of the Company’s executive officers and an aggregate of $20,000 to the independent members of the Company’s Board of Directors. The cash bonuses awarded to executive officers were as follows: Dr. Arnold S. Lippa - $75,000; Jeff E. Margolis - $60,000; and Robert N. Weingarten - $60,000. The cash bonuses awarded to the two independent members of the Company’s Board of Directors were as follows: James E. Sapirstein - $10,000; and Kathryn MacFarlane - $10,000. The cash bonuses totaling $215,000 were awarded as partial compensation for services rendered by such persons from January 1, 2015 through June 30, 2015, and are included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016 and December 31, 2015.

 

On June 30, 2015, the Board of Directors also established cash compensation arrangements for certain of the Company’s executive officers at the following monthly rates: Dr. Arnold S. Lippa - $12,500; Jeff E. Margolis - $10,000; and Robert N. Weingarten - $10,000. In addition, the Company established quarterly cash board fees for the two independent members of the Company’s Board of Directors as follows: James E. Sapirstein - $5,000; and Kathryn MacFarlane - $5,000. This compensation was payable in arrears and commenced on July 1, 2015. These compensation arrangements have been extended through December 31, 2016. On August 18, 2015, the cash compensation arrangements for these executive officers were further revised as described below.

 

Both the cash bonuses and the cash monthly compensation will be accrued but not paid until such time as the Board of Directors of the Company determines that sufficient capital has been raised by the Company or is otherwise available to fund the Company’s operations on an ongoing basis.

 

Effective August 18, 2015, Company entered into new employment agreements with Dr. Arnold S. Lippa, Robert N. Weingarten and Jeff E. Margolis which superseded the compensation arrangements previously established for those officers on June 30, 2015, excluding the cash bonuses referred to above. See Note 8 for additional information with respect to the employment agreements entered into on August 18, 2015.

 

During the three months ended March 31, 2016 and 2015, the Company charged $0 and $10,000, respectively, to operations for consulting services rendered by an entity controlled by family members of Dr. Arnold S. Lippa.

 

See Notes 4 and 6 for a description of other transactions between the Company and Aurora.

 

See Note 4 for a description of advances and notes payable to officers.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies
3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8. Commitments and Contingencies

 

Pending or Threatened Legal Actions and Claims

 

By letter dated November 11, 2014, a former director of the Company, who joined the Company’s Board of Directors on August 10, 2012 in conjunction with the Pier transaction and who resigned from the Company’s Board of Directors on September 28, 2012, asserted a claim for unpaid consulting compensation of $24,000.

 

By letter dated February 5, 2016, the Company received a demand from a law firm representing a professional services vendor of the Company alleging that approximately $146,000 is due and owing for unpaid services rendered.

 

The Company is periodically the subject of various pending and threatened legal actions and claims. In the opinion of management of the Company, adequate provision has been made in the Company’s condensed consolidated financial statements at March 31, 2016 and December 31, 2015 with respect to such matters, including, specifically, the matters noted below. The Company intends to vigorously defend itself in the event that either of the matters described above results in the filing of a lawsuit.

 

Significant agreements and contracts are summarized as follows:

 

Employment and Consulting Agreements

 

Richard Purcell was appointed as the Company’s Senior Vice President of Research and Development effective October 15, 2014. Mr. Purcell provides his services to the Company on a month-to-month basis through his consulting firm, DNA Healthlink, Inc., through which the Company has contracted for his services, for a monthly cash fee of $12,500. Additional information with respect to shares of common stock issued to Mr. Purcell is provided at Note 6. Cash compensation expense pursuant to this agreement totaled $37,500 for the three months ended March 31, 2016 and 2015, and is included in research and development expenses in the Company’s condensed consolidated statements of operations for such periods.

 

On August 18, 2015, the Company entered into an employment agreement with Dr. James S. Manuso, Ph.D., to be its new President and Chief Executive Officer. Pursuant to the agreement, which is for an initial term of three years, Dr. Manuso is to receive an initial annual base salary of $375,000, subject to certain conditions, which will increase to $450,000 annually upon the first anniversary of his contract, again subject to certain conditions being met. Dr. Manuso will also be eligible to receive bonuses ranging from $100,000 to $300,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Dr. Manuso was granted stock options to acquire 85,081,300 shares of common stock of the Company and is eligible to receive additional awards under the Company’s Plans in the discretion of the Board of Directors. Dr. Manuso had also agreed to purchase newly issued securities of the Company in an amount of $250,000, which was accomplished by Dr. Manuso’s participation in the first closing of the unit offering of common stock and warrants on August 28, 2015, as described at Note 6. Dr. Manuso will also receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $16,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. He will also be reimbursed for business expenses. Additional information with respect to the stock options granted to Dr. Manuso is provided at Note 6. The payment obligation associated with the first year base salary is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to this agreement totaled $256,460 for the period August 18, 2015 through March 31, 2016, including $110,400 for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Dr. Manuso was also appointed to the Company’s Board of Directors and elected as Vice Chairman of the Board of Directors. Dr. Manuso will not receive any additional compensation for serving as Vice Chairman and on the Board of Directors.

 

On August 18, 2015, concurrently with the hiring of Dr. James S. Manuso as its new President and Chief Executive Officer, the Company accepted the resignation of Dr. Arnold S. Lippa, as President and Chief Executive Officer. Dr. Lippa continues to serve as the Company’s Executive Chairman and a member of the Board of Directors. Also on August 18, 2015, Dr. Lippa was named Chief Scientific Officer of the Company, and the Company entered into an employment agreement with Dr. Lippa in that capacity. Pursuant to the agreement, which is for an initial term of three years, Dr. Lippa is to receive an initial annual base salary of $300,000, subject to certain conditions, which will increase to $375,000 annually upon the first anniversary of his contract, again subject to certain conditions being met. Dr. Lippa will also be eligible to receive bonuses ranging from $75,000 to $150,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Dr. Lippa was granted stock options to acquire 10,000,000 shares of common stock of the Company and is eligible to receive additional awards under the Company’s Plans at the discretion of the Board of Directors. Dr. Lippa will also receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $12,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. He will also be reimbursed for business expenses. Additional information with respect to the stock options granted to Dr. Lippa is provided at Note 6. The payment obligation associated with the first year base salary is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to this agreement totaled $198,839 for the period August 18, 2015 through March 31, 2016, including $80,400 for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in research and development expenses in the Company’s condensed consolidated statement of operations. Cash compensation accrued to Dr. Lippa under a prior superseded arrangement, while still serving as the Company’s President and Chief Executive Officer, totaled $19,758 for the period July 1, 2015 through August 17, 2015 and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Dr. Lippa will not receive any additional compensation for serving as Executive Chairman and on the Board of Directors.

 

On August 18, 2015, the Company also entered into employment agreements with Jeff E. Margolis, in his continuing role as Vice President, Secretary and Treasurer, and Robert N. Weingarten, in his continuing role as Vice President and Chief Financial Officer. Pursuant to the agreements, which are for initial terms of one year, Mr. Margolis and Mr. Weingarten are each to receive an initial annual base salary of $195,000, subject to certain conditions, and each will also be eligible to receive bonuses ranging from $65,000 to $125,000, once certain conditions have been met or at the discretion of the Board of Directors. Additionally, Mr. Margolis and Mr. Weingarten each were granted stock options to acquire 10,000,000 shares of common stock of the Company and both are eligible to receive additional awards under the Company’s Plans at the discretion of the Board of Directors. Mr. Margolis and Mr. Weingarten will also each receive, beginning on the first anniversary of the agreement, additional compensation to cover automobile lease expenses (up to a maximum of $9,000 annually, on a tax-equalized basis) if certain conditions are met, and, until such time as the Company establishes a group health plan for its employees, $1,200 per month, on a tax-equalized basis, to cover the cost of health coverage and up to $1,000 per month, on a tax-equalized basis, for a term life insurance policy and disability insurance policy. Both will also be reimbursed for business expenses. Additional information with respect to the stock options granted to Mr. Margolis and Mr. Weingarten is provided at Note 6. The payment obligations associated with both of their first year base salaries is to accrue, but no payments are to be made, until at least $2,000,000 of net proceeds from any offering or financing of debt or equity, or a combination thereof, is received by the Company, at which time, scheduled payments are to commence. Cash compensation accrued pursuant to these agreements totaled $267,840 ($133,920 each) for the period August 18, 2015 through March 31, 2016, including $108,300 ($54,150 each) for the three months ended March 31, 2016, and is included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Cash compensation accrued to Mr. Margolis and Mr. Weingarten under prior superseded arrangements totaled $31,612 ($15,806 each) for the period July 1, 2015 through August 17, 2015 and is also included in accrued compensation and related expenses in the Company’s condensed consolidated balance sheet at March 31, 2016, and in general and administrative expenses in the Company’s condensed consolidated statement of operations. Mr. Margolis and Mr. Weingarten also continue to serve as Directors of the Company, but will not receive any additional compensation for serving on the Board of Directors.

 

University of California, Irvine License Agreements

 

The Company entered into a series of license agreements in 1993 and 1998 with the University of California, Irvine (“UCI”) that granted the Company proprietary rights to certain chemical compounds that acted as ampakines and to their therapeutic uses. These agreements granted the Company, among other provisions, exclusive rights: (i) to practice certain patents and patent applications, as defined in the license agreement, that were then held by UCI; (ii) to identify, develop, make, have made, import, export, lease, sell, have sold or offer for sale any related licensed products; and (iii) to grant sub-licenses of the rights granted in the license agreements, subject to the provisions of the license agreements. The Company was required, among other terms and conditions, to pay UCI a license fee, royalties, patent costs and certain additional payments.

 

Under such license agreements, the Company was required to make minimum annual royalty payments of approximately $70,000. The Company was also required to spend a minimum of $250,000 per year to advance the ampakine compounds until the Company began to market an ampakine compound. The commercialization provisions in the agreements with UCI required the Company to file for regulatory approval of an ampakine compound before October 2012. In March 2011, UCI agreed to extend the required date for filing regulatory approval of an ampakine compound to October 2015. During December 2012, the Company informed UCI that it would be unable to make the annual payment due to a lack of funds. The Company believes that this notice, along with its subsequent failure to make its minimum annual payment obligation, constituted a default and termination of the license agreements.

 

On April 15, 2013, the Company received a letter from UCI indicating that the license agreements between UCI and the Company had been terminated due to the Company’s failure to make certain payments required to maintain the agreements. Since the patents covered in these license agreements had begun to expire and the therapeutic uses described in these patents were no longer germane to the Company’s new focus on respiratory disorders, the loss of these license agreements is not expected to have a material impact on the Company’s current drug development programs. In the opinion of management, the Company has made adequate provision for any liability relating to this matter in its consolidated financial statements at March 31, 2016 and December 31, 2015.

 

University of Alberta License Agreement

 

On May 8, 2007, the Company entered into a license agreement, as amended, with the University of Alberta granting the Company exclusive rights to practice patents held by the University of Alberta claiming the use of ampakines for the treatment of various respiratory disorders. The Company agreed to pay the University of Alberta a licensing fee and a patent issuance fee, which were paid, and prospective payments consisting of a royalty on net sales, sublicense fee payments, maintenance payments and milestone payments. The prospective maintenance payments commence on the enrollment of the first patient into the first Phase 2B clinical trial and increase upon the successful completion of the Phase 2B clinical trial. As the Company does not at this time anticipate scheduling a Phase 2B clinical trial in the near term, no maintenance payments to the University of Alberta are currently due and payable, nor are any maintenance payments expected to be due in the near future in connection with the license agreement.

 

Transactions with Biovail Laboratories International SRL

 

In March 2010, the Company entered into an asset purchase agreement with Biovail Laboratories International SRL (“Biovail”). Pursuant to the asset purchase agreement, Biovail acquired the Company’s interests in CX717, CX1763, CX1942 and the injectable dosage form of CX1739, as well as certain of its other ampakine compounds and related intellectual property for use in the field of respiratory depression or vaso-occlusive crises associated with sickle cell disease. The agreement provided the Company with the right to receive milestone payments in an aggregate amount of up to $15,000,000 plus the reimbursement of certain related expenses, conditioned upon the occurrence of particular events relating to the clinical development of certain assets that Biovail acquired. None of these events occurred.

 

As part of the transaction, Biovail licensed back to the Company certain exclusive and irrevocable rights to some acquired ampakine compounds, other than CX717, an injectable dosage form of CX1739, CX1763 and CX1942, for use outside of the field of respiratory depression or vaso-occlusive crises associated with sickle cell disease. Accordingly, following the transaction with Biovail, the Company retained its rights to develop and commercialize the non-acquired ampakine compounds as a potential treatment for neurological diseases and psychiatric disorders. Additionally, the Company retained its rights to develop and commercialize the ampakine compounds as a potential treatment for sleep apnea disorders, including an oral dosage form of ampakine CX1739.

 

In September 2010, Biovail’s parent corporation, Biovail Corporation, combined with Valeant Pharmaceuticals International in a merger transaction and the combined company was renamed “Valeant Pharmaceuticals International, Inc.” (“Valeant”). Following the merger, Valeant and Biovail conducted a strategic and financial review of their product pipeline and, as a result, in November 2010, Biovail announced its intent to exit from the respiratory depression project acquired from the Company in March 2010.

 

Following that announcement, the Company entered into discussions with Biovail regarding the future of the respiratory depression project. In March 2011, the Company entered into a new agreement with Biovail to reacquire the ampakine compounds, patents and rights that Biovail had acquired from the Company in March 2010. The new agreement provided for potential future payments of up to $15,150,000 by the Company based upon the achievement of certain developments, including New Drug Application submissions and approval milestones. Biovail is also eligible to receive additional payments of up to $15,000,000 from the Company based upon the Company’s net sales of an intravenous dosage form of the compounds for respiratory depression.

 

At any time following the completion of Phase 1 clinical studies and prior to the end of Phase 2A clinical studies, Biovail retains an option to co-develop and co-market intravenous dosage forms of an ampakine compound as a treatment for respiratory depression and vaso-occlusive crises associated with sickle cell disease. In such an event, the Company would be reimbursed for certain development expenses to date and Biovail would share in all such future development costs with the Company. If Biovail makes the co-marketing election, the Company would owe no further milestone payments to Biovail and the Company would be eligible to receive a royalty on net sales of the compound by Biovail or its affiliates and licensees.

 

University of Illinois 2014 Exclusive License Agreement

 

On June 27, 2014, the Company entered into an Exclusive License Agreement (the “2014 License Agreement”) with the University of Illinois, the material terms of which were similar to a License Agreement between the parties that had been previously terminated on March 21, 2013. The 2014 License Agreement became effective on September 18, 2014, upon the completion of certain conditions set forth in the 2014 License Agreement, including: (i) the payment by the Company of a $25,000 licensing fee, (ii) the payment by the Company of outstanding patent costs aggregating $15,840, and (iii) the assignment to the University of Illinois of rights the Company held in certain patent applications, all of which conditions were fulfilled.

 

The 2014 License Agreement granted the Company (i) exclusive rights to several issued and pending patents in numerous jurisdictions and (ii) the non-exclusive right to certain technical information that is generated by the University of Illinois in connection with certain clinical trials as specified in the 2014 License Agreement, all of which relate to the use of cannabinoids for the treatment of sleep related breathing disorders. The Company is developing dronabinol (Δ9-tetrahydrocannabinol), a cannabinoid, for the treatment of OSA, the most common form of sleep apnea.

 

The 2014 License Agreement provides for various commercialization and reporting requirements commencing on June 30, 2015. In addition, the 2014 License Agreement provides for various royalty payments, including a royalty on net sales of 4%, payment on sub-licensee revenues of 12.5%, and a minimum annual royalty beginning in 2015 of $100,000, which is due and payable on December 31 of each year beginning on December 31, 2015. The 2015 minimum annual royalty of $100,000 was paid as scheduled in December 2015. In the year after the first application for market approval is submitted to the FDA and until approval is obtained, the minimum annual royalty will increase to $150,000. In the year after the first market approval is obtained from the FDA and until the first sale of a product, the minimum annual royalty will increase to $200,000. In the year after the first commercial sale of a product, the minimum annual royalty will increase to $250,000. During the three months ended March 31, 2016 and 2015, the Company recorded a charge to operations of $25,000 with respect to its minimum annual royalty obligation, which is included in research and development expenses in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2016 and 2015.

 

The 2014 License Agreement also provides for certain one-time milestone payments. A payment of $75,000 is due within five days after any one of the following: (a) dosing of the first patient with a product in a Phase 2 human clinical study anywhere in the world that is not sponsored by the University of Illinois, (b) dosing of the first patient in a Phase 2 human clinical study anywhere in the world with a low dose of dronabinol, or (c) dosing of the first patient in a Phase 1 human clinical study anywhere in the world with a proprietary reformulation of dronabinol. A payment of $350,000 is due within five days after dosing of the first patient with a product in a Phase 3 human clinical trial anywhere in the world. A payment of $500,000 is due within five days after the first new drug application filing with the FDA or a foreign equivalent for a product. A payment of $1,000,000 is due within 12 months after the first commercial sale of a product.

 

Research Contract with the University of Alberta

 

On January 12, 2016, the Company entered into a Research Contract with the University of Alberta in order to test the efficacy of ampakines at a variety of dosage and formulation levels in the potential treatment of Pompe Disease, apnea of prematurity and spinal cord injury, as well as to conduct certain electrophysiological studies to explore the ampakine mechanism of action for central respiratory depression. The Company agreed to pay the University of Alberta total consideration of approximately CAD$146,000 (currently approximately US$112,000), consisting of approximately CAD$85,000 (currently approximately US$66,000) of personnel funding in cash in four installments during 2016, to provide approximately CAD$21,000 (currently approximately US$16,000) in equipment, to pay patent costs of CAD$20,000 (currently approximately US$15,000), and to underwrite additional budgeted costs of CAD$20,000 (currently approximately US$15,000). As of March 31, 2016, CAD$85,000 (currently approximately US$66,000) was payable through September 1, 2016 under this agreement. The conversion to US dollars above utilizes an exchange rate of US$0.77 for every CAD$1.00.

 

The University of Alberta will receive matching funds through a grant from the Canadian Institutes of Health Research in support of the research. The Company will retain the rights to research results and any patentable intellectual property generated by the research. Dr. John Greer, Chairman of the Company’s Scientific Advisory Board and faculty member of the Department of Physiology, Perinatal Research Centre and Women & Children’s Health Research Institute, and Alberta Innovates - Health Sciences Senior Scientist with the Neuroscience and Mental Health Institute at the University of Alberta, will collaborate on this research. The studies are expected to be completed in 2016.

 

National Institute of Drug Abuse Agreement

 

On January 19, 2016, the Company announced that that it has reached an agreement with the Medications Development Program of the National Institute of Drug Abuse (“NIDA”) to conduct research on the Company’s ampakine compounds CX717 and CX1739. The agreement was entered into as of October 19, 2015, and on January 14, 2016, the Company and NIDA approved the proposed protocols, allowing research activities to commence. NIDA will evaluate the compounds using pharmacologic, pharmacokinetic and toxicologic protocols to determine the potential effectiveness of the ampakines for the treatment of drug abuse and addiction. Initial studies will focus on cocaine and methamphetamine addiction and abuse, and will be contracted to outside testing facilities and/or government laboratories, with all costs to be paid by NIDA. The Company will provide NIDA with supplies of CX717 and CX1739 and will work with the NIDA staff to refine the protocols and dosing parameters. The Company will retain all intellectual property, as well as proprietary and commercialization rights to these compounds.

 

Duke University Clinical Trial Agreement

 

On January 27, 2015, the Company entered into a Clinical Study and Research Agreement (the “Agreement”) with Duke University to develop and conduct a protocol for a program of clinical study and research at a total cost of $50,579, which was completed in March 2015 and charged to research and development expenses during the three months ended March 31, 2015. On October 30, 2015, the Agreement was amended to provide for additional services with respect to the Company’s Phase 2A clinical trial of CX1739 at a cost of $558,268, which services are expected to be provided in 2016. During the three months ended March 31, 2016, the Company charged $151,150 to research and development expenses with respect to work conducted pursuant to the amended Agreement.

 

Sharp Clinical Services, Inc. Agreement

 

On August 31, 2015, the Company entered into an agreement with Sharp Clinical Services, Inc. to provide packaging, labeling, distribution and analytical services for the Company with respect to CX1739 at a budgeted cost of $109,833, of which the remainder of such services of $45,041 is expected to be provided in 2016.

 

The following table sets forth the Company’s principal cash obligations and commitments for the next five fiscal years as of March 31, 2016 aggregating $3,075,319 at March 31, 2016. Amounts included in the 2016 column represent amounts contractually due at March 31, 2016 during the remainder of the 2016 fiscal year ending December 31, 2016.

 

          Payments Due By Year  
    Total     2016     2017     2018     2019     2020  
Research and development contracts   $ 73,101     $ 73,101     $     $     $     $  
Clinical trial agreements     518,772       518,772                          
License agreements     475,000       75,000       100,000       100,000       100,000       100,000  
Employment and consulting agreements*     2,120,100       800,250       754,200       565,650              
Total   $ 3,186,973     $ 1,467,123     $ 854,200     $ 665,650     $ 100,000     $ 100,000  

 

*The payment of such amounts is subject to the Company reaching certain financing milestones, as described above.

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Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

10. Subsequent Events

 

Series G 1.5% Convertible Preferred Stock

 

On April 17, 2016, the remaining unconverted 259.7 shares of Series G 1.5% Convertible Preferred Stock outstanding (including accrued but unpaid dividends) were automatically and mandatorily redeemed by conversion into 78,706,282 newly issued shares of common stock at a conversion price of $0.0033 per share.

 

Additional Closings of 2016 Private Placement

 

As described at Note 6, on January 8, 2016, the Company initiated a new equity private placement, consisting of units of common stock and warrants, up to an aggregate of $2,500,000, with each unit consisting of (i) one share of common stock, and (ii) one warrant to purchase two additional shares of common stock. During the three months ended March 31, 2016, the Company entered into purchase agreements with five accredited and three non-accredited, non-affiliated investors, pursuant to which an aggregate of 8,775,250 shares of common stock and an aggregate of 17,550,500 warrants were sold, generating gross proceeds of $194,635. During the period from April 1, 2016 through May 9, 2016, the Company entered into purchase agreements with two accredited, non-affiliated investors, pursuant to which an aggregate of 2,479,712 shares of common stock and an aggregate of 4,959,424 warrants were sold, generating gross proceeds of $55,000.

 

The unit price in the closings of the private placement was $0.02218. The warrants are exercisable at $0.0244, for each share of common stock to be acquired, and expire on February 28, 2021. The warrants include cashless exercise provisions and contain certain “blocker” provisions limiting the percentage of shares of the Company’s common stock that the purchaser can beneficially own upon conversion to not more than 4.99% of the issued and outstanding shares immediately after giving effect to the warrant exercise.

 

No registration rights were granted to the purchaser in the private placement with respect to (i) the shares of common stock issued as part of the units, (ii) the warrants, or (iii) the shares of common stock issuable upon exercise of the warrants.

 

Unit Exchange Agreements and Warrant Exercises

 

As described at Note 6, the Company entered into a unit offering with various accredited investors during the period from August 28, 2015 through November 2, 2015, for the sale of units, with each unit consisting of one share of the Company’s common stock and one warrant to purchase two additional shares of common stock. The warrants issued in this unit offering are exercisable through September 30, 2020 at a per unit price of $0.02103 for each share of common stock to be acquired upon exercise. Dr. James S. Manuso, the Company’s President and Chief Executive Officer, invested $250,000 in this unit offering. The shares of common stock issued in the unit offering and issuable upon exercise of the warrants were not subject to any registration rights.

 

During the period from April 1, 2016 through May 9, 2016, the Company entered into Unit Exchange Agreements with various accredited investors, including two affiliates, one of whom was Dr. Manuso, and the other of whom was a non-officer/director affiliate, both as described below. The Unit Exchange Agreements were substantially similar, and provided for the investors to exchange (i) existing warrants to purchase an aggregate of 56,320,496 shares of the Company’s common stock, plus (ii) an aggregate of $422,404 in cash, in return for (i) an aggregate of 28,160,248 shares of the Company’s common stock, and (ii) new warrants to purchase an aggregate of 28,160,248 shares of the Company’s common stock with an exercise price of $0.015 per share. The new warrants have the same expiration date as the original warrants (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share.

 

The Company entered into a Unit Exchange Agreement with Dr. Manuso effective April 7, 2016, pursuant to which Dr. Manuso exchanged a warrant to purchase 23,775,558 shares of the Company’s common stock that was originally issued to him in the Company’s August 28, 2015 unit offering, plus $178,317 in cash, in return for 11,887,779 shares of the Company’s common stock and the issuance of a new warrant to purchase 11,887,779 shares of the Company’s common stock. The new warrant has the same expiration date as the original warrant (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share. The closing market price of the Company’s common stock on April 7, 2016 was $0.0239 per share.

 

The Company entered into Unit Exchange Agreements with a non-officer/director affiliate (and his affiliate) effective May 4, 2016, pursuant to which this affiliate exchanged warrants to purchase 28,642,892 shares of the Company’s common stock that were originally issued to the affiliate in the Company’s August 28, 2015 unit offering, plus $214,822 in cash, in return for 14,321,446 shares of the Company’s common stock and the issuance of new warrants to purchase 14,321,446 shares of the Company’s common stock. The new warrants have the same expiration date as the original warrants (September 30, 2020) and may be exercised for cash or on a cashless basis at $0.015 per share. The closing market price of the Company’s common stock on May 4, 2016 was $0.018 per share.

 

10% Convertible Note Exchange Agreements and Warrant Exercises

 

As described at Note 4, on November 5, 2014, December 9, 2014, December 31, 2014 and February 2, 2015, the Company entered into purchase agreements with various accredited, non-affiliated investors, pursuant to which the Company sold an aggregate principal amount of $579,500 of its 10% convertible notes originally due September 15, 2015 and warrants to purchase shares of common stock. The convertible notes were convertible into a fixed number of shares of the Company’s common stock equal to the quotient obtained by dividing the outstanding principal amount, plus any accrued and unpaid interest, by $0.035. Each warrant to purchase shares of common stock was exercisable into a fixed number of shares of common stock of the Company calculated as each investor’s investment amount divided by $0.035. The warrants were originally exercisable through September 15, 2015 at a fixed price of $0.035 per share and did not have any cashless exercise provisions. The shares of common stock issuable upon conversion of the notes and exercise of the warrants were not subject to any registration rights.

 

Also as described at Note 4, on August 13, 2015, pursuant to the terms of the notes, the Company elected to extend the maturity date of the notes to September 15, 2016. As a consequence of this election, under the terms of the notes, the Company was required to issue to note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the notes (an aggregate amount of $579,500), plus accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the original 16,557,142 warrants issued to the investors. In connection with the extension of the maturity date of the notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original warrants to September 15, 2016, so that they were coterminous with the new maturity date of the notes.

 

During the period from April 1, 2016 through May 9, 2016, the Company entered into Note Exchange Agreements with various accredited investors, including one non-officer/director affiliate, as described below, representing an aggregate of $303,500 of principal amount of the 10% convertible notes. The Note Exchange Agreements were substantially similar, and provided for the investors to exchange their notes, original warrants and New Warrants (collectively, the “Exchanged Securities”), plus cash, in exchange for shares of the Company’s common stock. In the aggregate, $344,493 of principal amount (including accrued interest of $40,993) of the 10% convertible notes, original warrants to purchase 8,671,428 shares of the Company’s common stock and New Warrants to purchase 4,634,042 shares of the Company’s common stock, plus an aggregate of $232,846 in cash, were exchanged for 32,990,233 shares of the Company’s common stock. All of the Exchanged Securities were cancelled as a result of the respective exchange transactions. The Company entered into one Note Exchange Agreement with a non-officer/director affiliate effective May 4, 2016, pursuant to which this affiliate exchanged $28,498 of principal amount (including accrued interest of $3,498) of the 10% convertible notes, original warrants to purchase 714,286 shares of the Company’s common stock and New Warrants to purchase 382,837 shares of the Company’s common stock, plus $19,200 in cash, in return for 2,725,579 shares of the Company’s common stock.

 

The Company performed an evaluation of subsequent events through the date of filing of these financial statements with the SEC. Other than the above, there were no material subsequent events which affected the amounts or disclosures in the condensed consolidated financial statements.

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Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

The accompanying condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the financial statements of RespireRx and its wholly-owned subsidiary, Pier. Intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts may differ from those estimates.

Concentrations of Credit Risk

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company limits its exposure to credit risk by investing its cash with high quality financial institutions. The Company’s cash balances may periodically exceed federally insured limits. The Company has not experienced a loss in such accounts to date.

Cash Equivalents

Cash Equivalents

 

The Company considers all highly liquid short-term investments with maturities of less than three months when acquired to be cash equivalents.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers into and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required.

 

Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives.

 

Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange based derivatives, mutual funds, and fair-value hedges.

 

Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded, non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models.

 

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

 

The carrying amount of financial instruments (consisting of cash, cash equivalents, grants receivable and accounts payable) is considered by the Company to be representative of the respective fair values of these instruments due to the short-term nature of those instruments. With respect to the note payable to Samyang and the convertible notes payable, management does not believe that the credit markets have materially changed for these types of borrowings since the original borrowing date.

Deferred Financing Costs

Deferred Financing Costs

 

Costs incurred in connection with ongoing debt and equity financings, including legal fees, are deferred until the related financing is either completed or abandoned.

 

Costs related to abandoned debt or equity financings are charged to operations in the period of abandonment. Costs related to completed debt financings are presented as a direct deduction from the carrying amount of the related debt liability (see “Capitalized Financing Costs” below). Costs related to completed equity financings are charged directly to additional paid-in capital.

Capitalized Financing Costs

Capitalized Financing Costs

 

Through December 31, 2015, costs related to completed debt financings were capitalized on the balance sheet and amortized over the term of the related debt agreements. Amortization of these costs was calculated on the straight-line basis, which approximated the effective interest method, and was charged to interest expense in the consolidated statements of operations.

 

Pursuant to Accounting Standards Update No. 2015-03 (ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30), effective January 1, 2016, the Company is required to present debt issuance costs related to a debt liability in its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation for debt discounts. The Company is required to apply the new accounting guidance on a retrospective basis, wherein the balance sheet of each individual period presented is adjusted to reflect the period-specific effects of applying the new guidance, and is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., the debt issuance cost asset and the debt liability).

 

As the Company did not have any capitalized financing costs on its consolidated balance sheet at December 31, 2015 or at March 31, 2016, the implementation of ASU 2015-03 did not have any impact on the Company’s financial statements as presented herein.

Series G 1.5% Convertible Preferred Stock

Series G 1.5% Convertible Preferred Stock

 

The Series G 1.5% Convertible Preferred Stock (including accrued dividends) issued in 2014 is mandatorily convertible into common stock at a fixed conversion rate on April 17, 2016 (if not converted earlier) and provides no right to receive a cash payment. Additionally, the Series G 1.5% Convertible Preferred Stock includes no participatory or reset rights, or other protections (other than normal anti-dilution rights) based on subsequent events, including equity transactions. Accordingly, the Company has determined that the Series G 1.5% Convertible Preferred Stock should be categorized in stockholders’ equity (deficiency), and that there are no derivatives embedded in such security that would require identification, bifurcation and valuation. The Company did not issue any warrants to investors in conjunction with the Series G 1.5% Convertible Preferred Stock financing.

 

On March 18, 2014 and April 17, 2014, the Company issued 753.22 shares and 175.28 shares, respectively, of Series G 1.5% Convertible Preferred Stock at a purchase price of $1,000 per share. Each share of Series G 1.5% Convertible Preferred Stock has a stated value of $1,000 per share and is convertible into shares of common stock at a fixed price of $0.0033 per share of common stock. On March 18, 2014 and April 17, 2014, the per share fair value of the common stock into which the Series G 1.5% Convertible Preferred Stock was convertible, determined by reference to the closing market prices of the Company’s common stock on such closing dates, was $0.04 per share and $0.0348 per share, respectively, which was greater than the effective purchase price of such common shares of $0.0033 per share.

 

The Company accounted for the beneficial conversion features in accordance with Accounting Standards Codification (“ASC”) 470-20, Accounting for Debt with Conversion and Other Options. The Company calculated a deemed dividend on the Series G 1.5% Convertible Preferred Stock of $8,376,719 in March 2014 and $1,673,127 in April 2014, which equals the amount by which the estimated fair value of the common stock issuable upon conversion of the issued Series G 1.5% Convertible Preferred Stock exceeded the proceeds from such issuances. The deemed dividend on the Series G 1.5% Convertible Preferred Stock was amortized on the straight-line basis from the respective issuance dates through the earliest conversion date of June 16, 2014, in accordance with ASC 470-20. The difference between the amortization of the deemed dividend calculated based on the straight-line method and the effective yield method was not material.

 

Dr. Arnold S. Lippa, Ph.D., the Chairman of the Company’s Board of Directors and then Chief Executive Officer, purchased 250 shares for $250,000, representing 33.2% of the 753.22 shares of Series G 1.5% Convertible Preferred Stock sold in the initial closing of such financing on March 18, 2014. The second (and final) closing of such financing consisted entirely of Series G 1.5% Convertible Preferred Stock sold to unaffiliated investors. Accordingly, Dr. Lippa purchased 26.9% of the entire amount of Series G 1.5% Convertible Preferred Stock sold in the financing. Dr. Lippa had been an officer and director of the Company for approximately one year when he purchased the 250 shares of Series G 1.5% Convertible Preferred Stock, and his investment, which was only a portion of the first closing, was made on the same terms and conditions as those provided to the other unaffiliated investors who made up the majority of the financing. Dr. Lippa did not control, directly or indirectly, 10% or more of the Company’s voting equity securities at the time of his investment. The proportionate share of the deemed dividend attributable to Dr. Lippa’s investment in the Series G 1.5% Convertible Preferred Stock in March 2014 was $2,780,303. On April 18, 2014, the shares of Series G 1.5% Convertible Preferred Stock originally purchased by Dr. Lippa were transferred to the Arnold Lippa Family Trust of 2007. On April 15, 2015, these shares of Series G 1.5% Convertible Preferred Stock, plus accrued dividends of $4,120, were converted into 77,006,072 shares of common stock.

10% Convertible Notes Payable

10% Convertible Notes Payable

 

Original Issuance of Notes and Warrants

 

The convertible notes sold to investors in 2014 and 2015 have an interest rate of 10% per annum and are convertible into common stock at a fixed price of $0.035 per share. The convertible notes have no reset rights or other protections based on subsequent equity transactions, equity-linked transactions or other events. The warrants issued in connection with the sale of the convertible notes are exercisable at a fixed price of $0.035 per share, provide no right to receive a cash payment, and include no reset rights or other protections based on subsequent equity transactions, equity-linked transactions or other events. The Company has determined that there are no embedded derivatives to be identified, bifurcated and valued in connection with this financing.

 

On November 5, 2014, the Company sold an aggregate principal amount of $238,500 of its 10% convertible notes payable due September 15, 2015, which were subject to extension to September 15, 2016, at the option of the Company, subject to the issuance of additional warrants, and warrants to purchase shares of common stock exercisable into a fixed number of shares of common stock of the Company calculated as the principal amount of each convertible note divided by $0.035 (reflecting 100% warrant coverage). The warrants do not have any cashless exercise provisions and, when issued, were exercisable through September 30, 2015 at a fixed price of $0.035 per share. The shares of common stock issuable upon conversion of the notes payable and the exercise of the warrants are not subject to any registration rights.

 

On December 9, 2014, December 31, 2014, and February 2, 2015, the Company sold an additional $46,000, $85,000 and $210,000, respectively, of principal amount of the convertible notes and warrants to various accredited investors. The Company terminated this financing, which had generated aggregate gross proceeds of $579,500, and in connection with which the Company had issued 16,557,142 warrants, effective February 18, 2015.

 

The closing market prices of the Company’s common stock on the transaction closing dates of November 5, 2014, December 9, 2014, December 31, 2014 and February 2, 2015 were $0.0524 per share, $0.0411 per share, $0.0451 per share and $0.043 per share, respectively, as compared to the fixed conversion price of the convertible notes and the fixed exercise price of the warrants of $0.035 per share. Accordingly, the Company has accounted for the beneficial conversion features with respect to the sale of the convertible notes and the issuance of the warrants in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes to be representative of their fair value. The Company determined the fair value of the warrants based on the Black-Scholes option-pricing model. The relative fair value method generated respective fair values for each of the convertible notes and the warrants of approximately 50% for the convertible notes and approximately 50% for the warrants. Once these values were determined, the fair value of the warrants of $289,106 and the fair value of the beneficial conversion feature of $290,394 (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. As a result, this aggregate debt discount reduced the carrying value of the convertible notes to zero at each issuance date. The excess amount generated from this calculation was not recorded, as the carrying value of a promissory note cannot be reduced below zero. The aggregate debt discount was amortized as interest expense over the original term of the promissory notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

 

The cash fees paid to placement agents and for legal costs incurred from November 5, 2014 through February 2, 2015 with respect to this financing were deferred and capitalized as deferred offering costs and were amortized to interest expense over the original term of the convertible notes through September 15, 2015 on the straight-line method. The placement agent warrants were considered as an additional cost of the offering and were included in deferred offering costs at fair value. The difference between the amortization of the deferred offering costs calculated based on the straight-line method and the effective yield method was not material.

 

Extension of Notes and Original Warrants, and Issuance of New Warrants

 

On August 13, 2015, the Company elected to extend the maturity date of the convertible notes to September 15, 2016. As a consequence of this election, under the terms of the convertible notes, the Company was required to issue to note holders 8,903,684 additional warrants (the “New Warrants”) that are exercisable through September 15, 2016. As set forth in the convertible notes, the New Warrants are exercisable for that number of shares of common stock of the Company calculated as the principal amount of the convertible notes (an aggregate amount of $579,500), plus any accrued and unpaid interest (an aggregate amount of $43,758), multiplied by 50%, and then divided by $0.035. The New Warrants otherwise have terms substantially similar to the 16,557,142 original warrants issued to the investors. In connection with the extension of the maturity date of the convertible notes, the Board of Directors of the Company also determined to extend the termination date of the 16,557,142 original warrants to September 15, 2016, so that they were coterminous with the new maturity date of the convertible notes.

 

The Company reviewed the guidance in ASC 405-20, Extinguishment of Liabilities, and determined that the convertible notes had not been extinguished. The Company therefore concluded that the guidance in ASC 470-50, Modifications and Extinguishments, should be applied, which states that if the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the fees shall be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the interest method.

 

The Company deferred the debt modification costs related to the modification of the convertible notes and the issuance of the New Warrants (consisting of the fair value of the New Warrants) over the remaining term of the extended notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

The Company deferred the debt modification costs related to the extension of the original warrants (consisting of the fair value of the extension of the original warrants) over the remaining term of the extended convertible notes. The Company accounted for such costs as a discount to the convertible notes and amortized such costs to interest expense over the extended term of the convertible notes on the straight-line method. The difference between the amortization of these costs calculated based on the straight-line method and the effective yield method was not material.

 

The closing market price of the Company’s common stock on the extension date of September 15, 2015 was $0.031 per share, as compared to the fixed conversion price of the convertible notes and the fixed exercise price of both the original warrants and the New Warrants of $0.035 per share. The Company has accounted for the beneficial conversion features with respect to the extension of the convertible notes and the extension of the original warrants and the issuance of the New Warrants in accordance with ASC 470-20, Accounting for Debt with Conversion and Other Options.

 

The Company considered the face value of the convertible notes, plus the accrued interest thereon, to be representative of their fair value. The Company determined the fair value of the 8,903,684 New Warrants and the fair value of extending the 16,557,142 original warrants based on the Black-Scholes option-pricing model. The relative fair value method generated respective fair values for each of the convertible notes, including accrued interest, and the New Warrants and extension of the original warrants, of approximately 55% for the convertible notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original warrants. Once these values were determined, the fair value of the New Warrants and extension of the original warrants of $277,918 and the fair value of the beneficial conversion feature of $206,689 (which were calculated based on the effective conversion price) were recorded as a reduction to the face value of the promissory note obligation. The aggregate debt discount was amortized as interest expense over the extended term of the promissory notes. The difference between the amortization of the debt discount calculated based on the straight-line method and the effective yield method was not material.

Equipment

Equipment

 

Equipment is recorded at cost and depreciated on a straight-line basis over their estimated useful lives, which range from three to five years.

Long-Term Prepaid Insurance

Long-Term Prepaid Insurance

 

Long-term prepaid insurance represents the premium paid in March 2014 for directors and officer’s insurance tail coverage, which is being amortized on a straight-line basis over the policy period of six years. The amount amortizable in the ensuing twelve month period is recorded as a current asset in the Company’s consolidated balance sheet at each reporting date.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

 

The Company reviews its long-lived assets, including long-term prepaid insurance, for impairment whenever events or changes in circumstances indicate that the total amount of an asset may not be recoverable, but at least annually. An impairment loss is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. The Company has not deemed any long-lived assets as impaired at March 31, 2016.

Stock-Based Compensation

Stock-Based Compensation

 

The Company periodically issues common stock and stock options to officers, directors, Scientific Advisory Board members and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date of each grant.

 

The Company accounts for stock-based payments to officers and directors by measuring the cost of services received in exchange for equity awards based on the grant date fair value of the awards, with the cost recognized as compensation expense on the straight-line basis in the Company’s financial statements over the vesting period of the awards. The Company accounts for stock-based payments to Scientific Advisory Board members and consultants by determining the value of the stock compensation based upon the measurement date at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.

 

Stock grants, which are generally subject to time-based vesting, are measured at the grant date fair value and charged to operations ratably over the vesting period.

 

Stock options granted to members of the Company’s Scientific Advisory Board and to outside consultants are revalued each reporting period until vested to determine the amount to be recorded as an expense in the respective period. As the stock options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the value on the date of vesting.

 

The fair value of stock options granted as stock-based compensation is determined utilizing the Black-Scholes option-pricing model, and is affected by several variables, the most significant of which are the life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock over the term of the equity award. Estimated volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of common stock is determined by reference to the quoted market price of the Company’s common stock.

 

Stock options and warrants issued to non-employees as compensation for services to be provided to the Company or in settlement of debt are accounted for based upon the fair value of the services provided or the estimated fair value of the stock option or warrant, whichever can be more clearly determined. Management utilizes the Black-Scholes option-pricing model to determine the fair value of the stock options and warrants issued by the Company. The Company recognizes this expense over the period in which the services are provided.

 

For stock options granted during the three months ended March 31, 2016, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.23 %
Expected dividend yield     0 %
Expected volatility     201 %
Expected life     4.4 to 5 years  

 

For stock options granted during the three months ended March 31, 2015, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.3 %
Expected dividend yield     0 %
Expected volatility      249 %
Expected life     5 years  

 

The Company recognizes the fair value of stock-based compensation in general and administrative costs and in research and development costs, as appropriate, in the Company’s consolidated statements of operations. The Company issues new shares of common stock to satisfy stock option and warrant exercises. There were no stock options exercised during the three months ended March 31, 2016 and 2015.

Income Taxes

Income Taxes

 

The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, the Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities.

 

The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made.

 

Pursuant to Internal Revenue Code Sections 382 and 383, use of the Company’s net operating loss and credit carryforwards may be limited if a cumulative change in ownership of more than 50% occurs within any three-year period since the last ownership change. The Company may have had a change in control under these Sections. However, the Company does not anticipate performing a complete analysis of the limitation on the annual use of the net operating loss and tax credit carryforwards until the time that it anticipates it will be able to utilize these tax attributes.

 

As of March 31, 2016, the Company did not have any unrecognized tax benefits related to various federal and state income tax matters and does not anticipate any material amount of unrecognized tax benefits within the next 12 months.

 

The Company is subject to U.S. federal income taxes and income taxes of various state tax jurisdictions. As the Company’s net operating losses have yet to be utilized, all previous tax years remain open to examination by Federal authorities and other jurisdictions in which the Company currently operates or has operated in the past.

 

The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. As of March 31, 2016, the Company had not recorded any liability for uncertain tax positions. In subsequent periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense.

Foreign Currency Transactions

Foreign Currency Transactions

 

The note payable to Samyang, which is denominated in a foreign currency (the South Korean Won), is translated into the Company’s functional currency (the United States Dollar) at the exchange rate on the balance sheet date. The foreign currency exchange gain or loss resulting from translation is recognized in the related consolidated statements of operations.

Research Grants

Research Grants

 

The Company recognizes revenues from research grants as earned based on the percentage-of-completion method of accounting and issues invoices for contract amounts billed based on the terms of the grant agreement. Amounts recorded under research grants in excess of amounts earned are classified as unearned grant revenue liability in the Company’s consolidated balance sheet. Grant receivable reflects contractual amounts due and payable under the grant agreement. The payment of grants receivable are based on progress reports provided to the grant provider by the Company. The research grant was completed in April 2015. The Company has filed all required progress reports.

 

Research grants are generally funded and paid through government or institutional programs. Amounts received under research grants are nonrefundable, regardless of the success of the underlying research project, to the extent that such amounts are expended in accordance with the approved grant project. During the three months ended March 31, 2016 and 2015, the Company had research grant revenues of $0 and $74,534, respectively. At March 31, 2016 and December 31, 2015, the Company did not have any grants receivable or unearned grant revenues.

Research and Development Costs

Research and Development Costs

 

Research and development costs consist primarily of fees paid to consultants and outside service providers and organizations (including research institutes at universities), patent fees and costs, and other expenses relating to the acquisition, design, development and clinical testing of the Company’s treatments and product candidates.

 

Research and development costs incurred by the Company under research grants are expensed as incurred over the life of the underlying contracts, unless the terms of the contract indicate that a different expensing schedule is more appropriate.

 

The Company reviews the status of its research and development contracts on a quarterly basis.

License Agreements

License Agreements

 

Obligations incurred with respect to mandatory payments provided for in license agreements are recognized ratably over the appropriate period, as specified in the underlying license agreement, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Obligations incurred with respect to milestone payments provided for in license agreements are recognized when it is probable that such milestone will be reached, and are recorded as liabilities in the Company’s condensed consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s condensed consolidated statement of operations. Payments of such liabilities are made in the ordinary course of business.

Patent Costs

Patent Costs

 

Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, all patent costs, including patent-related legal and filing fees, are expensed as incurred.

Comprehensive Income (Loss)

Comprehensive Income (Loss)

 

Components of comprehensive income or loss, including net income or loss, are reported in the financial statements in the period in which they are recognized. Comprehensive income or loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income (loss) and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). The Company did not have any items of comprehensive income (loss) for the three months ended March 31, 2016 and 2015.

Earnings Per Share

Earnings per Share

 

The Company’s computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., warrants and options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

 

Net income (loss) attributable to common stockholders consists of net income or loss, as adjusted for actual and deemed preferred stock dividends declared, amortized or accumulated.

 

Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all warrants and stock options outstanding are anti-dilutive.

 

At March 31, 2016 and 2015, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    March 31,  
    2016     2015  
Series B convertible preferred stock     3,679       3,679  
Series G 1.5% convertible preferred stock     78,650,575       257,760,939  
10% convertible notes payable     18,766,564       17,034,702  
Common stock warrants     180,274,428       32,106,094  
Common stock options     421,823,581       26,216,668  
Total     699,518,827       333,122,082  

Reclassifications

Reclassifications

 

Certain comparative figures in 2015 have been reclassified to conform to the current year’s presentation. These reclassifications were immaterial, both individually and in the aggregate.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Based on the FASB’s Exposure Draft Update issued on April 29, 2015, and approved in July 2015, Revenue from Contracts With Customers (Topic 606): Deferral of the Effective Date, ASU 2014-09 is now effective for reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2014-09 is not expected to have any impact on the Company’s financial statement presentation or disclosures.

 

In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have any impact on the Company’s financial statement presentation and disclosures.

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s financial statement presentation or disclosures.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Summary of Fair Value of Option Estimated Using Black-Scholes Pricing Model with Valuation Assumptions

For stock options granted during the three months ended March 31, 2016, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.23 %
Expected dividend yield     0 %
Expected volatility     201 %
Expected life     4.4 to 5 years  

 

For stock options granted during the three months ended March 31, 2015, the fair value of each option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     1.3 %
Expected dividend yield     0 %
Expected volatility      249 %
Expected life     5 years  

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

At March 31, 2016 and 2015, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    March 31,  
    2016     2015  
Series B convertible preferred stock     3,679       3,679  
Series G 1.5% convertible preferred stock     78,650,575       257,760,939  
10% convertible notes payable     18,766,564       17,034,702  
Common stock warrants     180,274,428       32,106,094  
Common stock options     421,823,581       26,216,668  
Total     699,518,827       333,122,082  

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.4.0.3
Notes Payable (Tables)
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Schedule of Convertible Notes Payable

The 10% Convertible Notes Payable consist of the following at March 31, 2016 and December 31, 2015:

 

    March 31, 2016     December 31, 2015  
Principal amount of notes payable   $ 579,500     $ 579,500  
Add accrued interest payable     77,330       61,388  
      656,830       640,888  
Less unamortized costs:                
Stock warrant discounts     (127,569 )     (196,669 )
Beneficial conversion feature discounts     (94,874 )     (146,263 )
Capitalized financing costs     -       -  
    $ 434,387     $ 297,956  

Summary of Note Payable to Related Party

Note payable to Samyang consists of the following at March 31, 2016 and December 31, 2015:

 

    March 31, 2016     December 31, 2015  
Principal amount of note payable   $ 399,774     $ 399,774  
Accrued interest payable     183,218       171,257  
Foreign currency transaction adjustment     7,947       (9,463 )
    $ 590,939     $ 561,568  

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Deficiency (Tables)
3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Schedule of Warrants Activity

A summary of warrant activity for the three months ended March 31, 2016 is presented below.

 

    Number of
Shares
    Weighted
Average
Exercise Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Warrants outstanding at December 31, 2015     156,743,609     $ 0.02185          
Issued     23,530,819       0.02267          
Exercised     -       -          
Expired     -       -          
Warrants outstanding at March 31, 2016     180,274,428     $ 0.02196       3.81  
                         
Warrants exercisable at December 31, 2015     156,743,609     $ 0.02185          
Warrants exercisable at March 31, 2016     180,274,428     $ 0.02196       3.81  

 

A summary of warrant activity for the three months ended March 31, 2015 is presented below.

 

    Number of
Shares
    Weighted
Average
Exercise Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Warrants outstanding at December 31, 2014     25,686,096     $ 0.01744          
Issued     6,419,998       0.03500          
Exercised     -       -          
Expired     -       -          
Warrants outstanding at March 31, 2015     32,106,094     $ 0.02095       2.08  
                         
Warrants exercisable at December 31, 2014     25,686,096     $ 0.01744          
Warrants exercisable at March 31, 2015     32,106,094     $ 0.02095       2.08  

Schedule of Exercise Prices of Common Stock Warrants Outstanding and Exercisable

The exercise prices of common stock warrants outstanding and exercisable are as follows at March 31, 2016:

 

Exercise Price     Warrants Outstanding
(Shares)
    Warrants Exercisable
(Shares)
    Expiration Date
$ 0.00396       13,325,514       13,325,514     April 17, 2019
$ 0.01570       3,350,319       3,350,319     January 29, 2019
$ 0.20000       2,630,000       2,630,000     February 4, 2019
$ 0.02103       117,957,268       117,957,268     September 30, 2020
$ 0.02440       17,550,500       17,550,500     February 28, 2021
$ 0.03500       25,460,827       25,460,827     September 15, 2016
          180,274,428       180,274,428      

 

The exercise prices of common stock warrants outstanding and exercisable are as follows at March 31, 2015:

 

Exercise Price     Warrants Outstanding
(Shares)
    Warrants Exercisable
(Shares)
    Expiration Date
$ 0.00396       14,531,953       14,531,953     April 17, 2019
$ 0.03500       17,574,141       17,574,141     September 15, 2016
          32,106,094       32,106,094      

Schedule of Stock Options Activity

A summary of stock option activity for the three months ended March 31, 2016 is presented below.

 

    Number of Shares     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Options outstanding at December 31, 2015     251,823,581     $ 0.0241          
Granted     170,000,000       0.0227          
Expired     -       -          
Forfeited     -       -          
Options outstanding at March 31, 2016     421,823,581     $ 0.0235       6.07  
                         
Options exercisable at December 31, 2015     168,890,074     $ 0.0262          
Options exercisable at March 31, 2016     247,928,256     $ 0.0247       5.46  

 

A summary of stock option activity for the three months ended March 31, 2015 is presented below.

 

    Number of
Shares
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Life (in Years)
 
Options outstanding at December 31, 2014     25,716,668     $ 0.0500          
Granted     500,000       0.0510          
Expired     -       -          
Forfeited     -       -          
Options outstanding at March 31, 2015     26,216,668     $ 0.0500       5.20  
                         
Options exercisable at December 31, 2014     25,716,668     $ 0.0500          
Options exercisable at March 31, 2015     26,216,668     $ 0.0500       5.20  

Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable

The exercise prices of common stock options outstanding and exercisable were as follows at March 31, 2016:

 

Exercise Price     Options
Outstanding
(Shares)
    Options
Exercisable
(Shares)
    Expiration Date
$ 0.0175       29,148,028       29,148,028     June 30, 2020
$ 0.0197       9,000,000       4,500,000     August 18, 2020
$ 0.0197       42,000,000       21,000,000     August 18, 2022
$ 0.0197       85,081,300       63,810,975     August 18, 2025
$ 0.0210       2,857,143       2,857,143     December 11, 2020
$ 0.0227       170,000,000       42,875,000     March 31, 2021
$ 0.0250       55,000,000       55,000,000     June 30, 2022
$ 0.0400       2,400,000       2,400,000     March 13, 2019
$ 0.0400       1,250,000       1,250,000     April 14, 2019
$ 0.0430       1,100,000       1,100,000     March 14, 2024
$ 0.0476       2,520,442       2,520,442     April 8, 2020
$ 0.0490       800,000       800,000     February 28, 2024
$ 0.0500       15,000,000       15,000,000     July 17, 2019
$ 0.0512       500,000       500,000     January 29, 2020
$ 0.0600       3,083,334       3,083,334     July 17, 2022
$ 0.0600       2,083,334       2,083,334     August 10, 2022
          421,823,581       247,928,256      

 

The exercise prices of common stock options outstanding and exercisable were as follows at March 31, 2015:

 

Exercise Price     Options
Outstanding
(Shares)
    Options
Exercisable
(Shares)
    Expiration Date
$ 0.0400       2,400,000       2,400,000     March 13, 2019
$ 0.0400       1,250,000       1,250,000     April 14, 2019
$ 0.0430       1,100,000       1,100,000     March 14, 2024
$ 0.0490       800,000       800,000     February 28, 2024
$ 0.0500       15,000,000       15,000,000     July 17, 2019
$ 0.0510       500,000       500,000     January 29, 2020
$ 0.0600       3,083,334       3,083,334     July 17, 2022
$ 0.0600       2,083,334       2,083,334     August 10, 2022
          26,216,668       26,216,668      

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Principal Cash Obligations and Commitments

The following table sets forth the Company’s principal cash obligations and commitments for the next five fiscal years as of March 31, 2016 aggregating $3,075,319 at March 31, 2016. Amounts included in the 2016 column represent amounts contractually due at March 31, 2016 during the remainder of the 2016 fiscal year ending December 31, 2016.

 

          Payments Due By Year  
    Total     2016     2017     2018     2019     2020  
Research and development contracts   $ 73,101     $ 73,101     $     $     $     $  
Clinical trial agreements     518,772       518,772                          
License agreements     475,000       75,000       100,000       100,000       100,000       100,000  
Employment and consulting agreements*     2,120,100       800,250       754,200       565,650              
Total   $ 3,186,973     $ 1,467,123     $ 854,200     $ 665,650     $ 100,000     $ 100,000  

 

*The payment of such amounts is subject to the Company reaching certain financing milestones, as described above.

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Business (Details Narrative) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Aug. 10, 2012
Percentage of pier issued and outstanding share acquire       100.00%
Direct costs in clinical trial $ 163,000      
Net losses 2,680,951 $ 727,952 $ 5,961,892  
Negative operating cash flows 343,300 $ 200,403 1,296,100  
Stockholders' deficiency 3,783,947   $ 2,862,209  
Advance for clinical trial costs 111,654      
Expects To Incur In 2016 [Member]        
Direct costs in clinical trial $ 750,000      
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 08, 2016
Aug. 13, 2015
Feb. 18, 2015
Feb. 02, 2015
Dec. 31, 2014
Dec. 31, 2014
Dec. 09, 2014
Nov. 05, 2014
Nov. 05, 2014
Apr. 15, 2014
Mar. 18, 2014
Sep. 30, 2015
Apr. 30, 2014
Mar. 31, 2014
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Sep. 15, 2015
Jun. 30, 2015
Jun. 16, 2015
Apr. 17, 2014
Jun. 25, 2013
Aug. 10, 2012
Common stock fixed price per share                             $ 0.0451   $ 0.0186              
Common stock, price per share at closing dates                                               $ 0.056
Voting equity securities on preferred stock                             Cumulative Convertible Preferred Stock (non-voting, “9% Preferred Stock”)                  
Series G preferred share convertible into common stock                             78,650,575   78,353,485              
Percentage of convertible notes payable                             10.00%   10.00%           12.00%  
Debt instrument due date                             Sep. 15, 2015                  
Number of extension warrants issued during period 17,550,500                                              
Fixed exercise price of old and new warrants                             $ 0.035   $ 0.035              
Cumulative change in ownership percentage                             50.00%                  
Grant Revenues                             $ 0 $ 74,534                
Grant receivable                                            
Unearned grant revenue                                              
Comprehensive income (loss)                                            
Equipment [Member] | Minimum [Member]                                                
Furniture and equipment, estimated useful lives                             3 years                  
Equipment [Member] | Maximum [Member]                                                
Furniture and equipment, estimated useful lives                             5 years                  
Closing Market Price [Member]                                                
Closing market prices       $ 0.043 $ 0.0451 $ 0.0451 $ 0.0411 $ 0.0524 $ 0.0524                 $ 0.0451            
10% Convertible Notes Payable [Member]                                                
Proceeds from issuance of private placements       $ 210,000   $ 85,000 $ 46,000   $ 238,500                              
Gross proceeds     $ 579,500                                          
Number of extension warrants issued during period     16,577,142                                          
Accrued and unpaid interest                             $ 77,330                  
Investors [Member] | On 10% Convertible Notes Payable [Member]                                                
Percentage of convertible notes payable         10.00% 10.00%                     10.00% 10.00%            
Convertible into common stock fixed price per share                                 $ 0.035 $ 0.035            
Investors [Member] | Warrant Purchase Agreement [Member]                                                
Percentage of convertible notes payable               10.00% 10.00%                              
Convertible into common stock fixed price per share                       $ 0.035                        
Closing market prices               $ 0.035 $ 0.035                              
Warrant Purchase Agreement [Member] | Investors [Member]                                                
Debt instrument due date               Sep. 15, 2015                                
Warrant Purchase Agreement [Member] | Purchaser [Member]                                                
Proceeds from issuance convertible notes payable               $ 238,500                                
Debt instrument due date               Sep. 15, 2015                                
Percentage of warrants coverage               100.00%                                
Dr. Arnold S. Lippa [Member]                                                
Preferred stock purchased, shares                             250                  
Preferred stock purchased                             $ 250,000                  
Percentage of shares held on sale                             33.20%                  
Voting equity securities on preferred stock                             Dr. Lippa did not control, directly or indirectly, 10% or more of the Company’s voting equity securities at the time of his investment.                  
Accrued and unpaid interest                                         $ 877      
Series G 1.5% Convertible Preferred Stock [Member]                                                
Convertible preferred stock, per share                               $ 0.323705 $ 1.206190     $ 8.728190        
Preferred stock deemed dividend value                           $ 8,376,719                    
Preferrd stock demand dividend value attributable to lippa                           $ 2,780,303                    
Accrued dividends                   $ 4,120         $ 981 $ 3,198                
Series G preferred share convertible into common stock                   77,006,072           7,673,850 17,426,119     163,093,392        
Proceeds from issuance of private placements                             443,848                  
10% Convertible Notes Payable [Member]                                                
Proceeds from issuance of private placements         $ 85,000                                      
Accrued and unpaid interest                                 $ 61,388              
Series G 1.5% Convertible Preferred Stock [Member]                                                
Convertible preferred stock issued                     753.22                     175.28    
Convertible preferred stock, per share                     $ 1,000                     $ 1,000    
Common stock fixed price per share                     0.0033                     0.0033    
Common stock, price per share at closing dates                     $ 0.04                     $ 0.0348    
Preferred stock deemed dividend value                         $ 1,673,127                      
Series G 1.5% Convertible Preferred Stock [Member] | Dr. Arnold S. Lippa [Member]                                                
Preferred stock purchased, shares                     250                          
Sale of convertible preferred stock shares                     753.22                          
Percentage of purchase of convertible preferred stock                     26.90%                          
Warrants [Member]                                                
Debt instrument due date   Sep. 15, 2016                                            
Closing market prices         $ 0.035 $ 0.035                       $ 0.035            
Number of extension warrants issued during period   8,903,684                                            
Fair value of convertible notes, percentage         50.00% 50.00%                       50.00%            
Fair value of warrants, percentage         50.00% 50.00%                       50.00%            
Fair value of warrants                             289,106                  
Fair value of beneficial conversion feature value   $ 206,689                         290,394                  
Convertible notes prinicpal amount   579,500                                            
Accrued and unpaid interest   $ 43,758                                            
Percentage of unpaid interest multiplied   50.00%                                            
Dividend price per share   $ 0.035                                            
Fixed exercise price of old and new warrants         $ 0.031 $ 0.031                       $ 0.031            
Fair value of new warrants and extension of old warrants                             $ 277,918                  
Warrants extension, description   the New Warrants and extension of the original Warrants, of approximately 55% for the Notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original Warrants.                                            
Old Warrants [Member] | September 15, 2016 [Member]                                                
Number of original warrants issued during period                             16,557,142                  
Original Warrants [Member]                                                
Dividend price per share                                     $ 0.031          
Fixed exercise price of old and new warrants                                     0.035          
New Warrants [Member]                                                
Dividend price per share                                     0.031          
Fixed exercise price of old and new warrants                                     $ 0.035          
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies - Summary of Fair Value of Option Estimated Using Black-Scholes Pricing Model with Valuation Assumptions (Details)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Risk-free interest rate 1.23% 1.30%
Expected dividend yield 0.00% 0.00%
Expected volatility 201.00% 249.00%
Expected life   5 years
Minimum [Member]    
Expected life 4 years 4 months 24 days  
Maximum [Member]    
Expected life 5 years  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share 699,518,827 333,122,082
Series B Convertible Preferred Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share 3,679 3,679
Series G 1.5% Convertible Preferred Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share 78,650,575 257,760,939
10% Convertible Notes Payable [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share 18,766,564 17,034,702
Common Stock Warrants [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share 180,274,428 32,106,094
Common Stock Options [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share 421,823,581 26,216,668
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.4.0.3
Notes Payable (Details Narrative) - USD ($)
3 Months Ended 12 Months Ended
Feb. 02, 2016
Jan. 29, 2016
Jan. 08, 2016
Sep. 14, 2015
Aug. 13, 2015
Mar. 14, 2015
Feb. 18, 2015
Feb. 02, 2015
Dec. 31, 2014
Dec. 31, 2014
Dec. 09, 2014
Nov. 05, 2014
Nov. 05, 2014
Jun. 25, 2013
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Sep. 15, 2015
Jun. 16, 2015
Debt instruments maturity date                             Sep. 15, 2015        
Percentage of convertible notes payable                           12.00% 10.00%   10.00%    
Note automatically convert into common stock equivalent price                             $ 0.035        
Warrants exercise price per share                             $ 0.035   $ 0.035    
Warrants orginally exercisable fixed price per share                                   $ 0.035  
Amortization of capitalized financing costs                             $ 37,098      
Common shares issuable upon conversion     8,775,250                                
Amortization of debt discount                             $ 120,490 165,997      
Number of extension warrants issued during period     17,550,500                                
Stockholder's percentage                           20.00%          
Interest expense                             $ 246,765 228,534      
10% Convertible Notes Payable [Member]                                      
Proceeds from issuance of private placements                 $ 85,000                    
Converted into common stock                             18,766,564   18,311,079    
Number of conversion into common shares attributable to accrued interest                             2,209,421   1,753,936    
Accrued interest payable                                 $ 61,388    
Charged interest expense                             $ 69,100 0      
Interest expense                             51,390 0      
Dr. Arnold S. Lippa [Member]                                      
Accrued interest payable                                     $ 877
Stockholder's percentage                                     10.00%
Working capital requirements                                     $ 40,000
Dr. Lippa [Member]                                      
Percentage of convertible notes payable   10.00%                                  
Warrants exercise price per share   $ 0.0157                                  
Black-scholes option-pricing model                             48,245        
Warrants expiration date   Jan. 29, 2019                                  
Advances total   $ 52,600                                  
Issuance of fully vested warrant to purchase shares of common stock   3,350,319                                  
Dr. James S. Manuso [Member]                                      
Percentage of convertible notes payable 10.00%                                    
Warrants exercise price per share $ 0.02                                    
Black-scholes option-pricing model                             48,392        
Warrants expiration date Feb. 02, 2019                                    
Advances total $ 52,600                                    
Issuance of fully vested warrant to purchase shares of common stock 2,630,000                                    
Warrants [Member]                                      
Debt instruments maturity date         Sep. 15, 2016                            
Warrants exercise price per share                 $ 0.031 $ 0.031                  
Proceeds from borrowing were attributed to debt instrument                             290,394        
Fair value of warrants                             289,106        
Fair value of beneficial conversion feature value         $ 206,689                   $ 290,394        
Number of extension warrants issued during period         8,903,684                            
Exercise of warrant during period       1,017,000                              
Cashless basis issuance of common stock during period       47,109                              
Warrants exercised cashless basis gross       $ 35,595                              
Convertible notes prinicpal amount         $ 579,500                            
Accrued interest payable         $ 43,758                            
Percentage of unpaid interest multiplied         50.00%                            
Divided         $ 0.035                            
Warrants extension, description         the New Warrants and extension of the original Warrants, of approximately 55% for the Notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original Warrants.                            
New Warrants Issuance [Member] | Investors [Member]                                      
Debt instruments maturity date                             Sep. 15, 2016        
Fair value of beneficial conversion feature value                             $ 206,689        
Extension of original warrants amount                             $ 277,918        
Percentage of warrants description                             The relative fair value method generated respective fair values for each of the Notes, including accrued interest, and the New Warrants and extension of the original Warrants, of approximately 55% for the Notes, including accrued interest, and approximately 45% for the New Warrants and extension of the original Warrants. The 45% value attributed to the New Warrants and extension of the original Warrants of $277,918 was amortized as additional interest expense over the extended term of the Notes.        
Number of original warrants issued during period                             16,577,142        
Aurora Capital LLC [Member]                                      
Warrants exercise price per share                       $ 0.035 $ 0.035            
Financing cost paid in cash                       $ 33,425 $ 33,425            
Common shares issuable upon conversion                       955,000              
Warrants issued for placement                       16,557,142              
Samyang Optics Co Inc [Member]                                      
Interest expense                             $ 11,961 11,993      
Samyang Optics Co Inc [Member] | Won [Member]                                      
Secured note payable value                           $ 465,000,000          
Samyang Optics Co Inc [Member] | US Dollars [Member]                                      
Secured note payable value                           $ 400,000          
Warrant Purchase Agreement [Member] | Investors [Member]                                      
Debt instruments maturity date                       Sep. 15, 2015              
Private Placement [Member]                                      
Warrants exercise price per share                                   $ 0.035  
Financing consisting costs related note payable paid in cash               $ 93,110                      
Black-scholes option-pricing model               12,726                      
Value of placement warrants               36,666                      
Financing costs               $ 129,776                      
Amortization of capitalized financing costs                             0 37,098      
Warrants issued for placement               420,000                      
Amortization of debt discount                             0 82,667      
Amortization of debt discount related value attributed beneficial conversion feature                             0 $ 83,320      
Private Placement [Member] | Initial Closing [Member]                                      
Debt instruments maturity date                       Sep. 15, 2015              
Financing consisting costs related note payable paid in cash                       $ 16,695              
Percentage of common stock share convertible notes                       7.00%              
Number of placement warrants                       477,000 477,000            
Common stock exercisable price per share                       $ 0.07              
Private Placement [Member] | Second Closing Fees [Member]                                      
Financing consisting costs related note payable paid in cash                       $ 700              
Number of placement warrants                       20,000 20,000            
Private Placement [Member] | Third Closing Fees [Member]                                      
Financing consisting costs related note payable paid in cash                       $ 3,500              
Private Placement [Member] | Fourth Closing Fees [Member]                                      
Financing consisting costs related note payable paid in cash                       14,700              
Private Placement [Member] | 2014 Closing 1 [Member]                                      
Black-scholes option-pricing model                       19,986              
Private Placement [Member] | 2014 Closing 2 [Member]                                      
Black-scholes option-pricing model                       614              
Private Placement [Member] | 2014 Closing 3 [Member]                                      
Black-scholes option-pricing model                       $ 3,340              
Private Placement [Member] | Third Closing Fees [Member]                                      
Number of placement warrants                       100,000 100,000            
Private Placement [Member] | Fourth Closing Fees [Member]                                      
Number of placement warrants                       420,000 420,000            
Private Placement [Member] | 2014 Closing [Member]                                      
Number of placement warrants                       597,000 597,000            
Premium Financing Agreement [Member]                                      
Accrued note payable compounded annual interest percentage           5.08%                          
Premium Financing Agreement [Member] | Ten Monthly Installments [Member]                                      
Debt periodic payment           $ 3,697                          
10% Convertible Notes Payable [Member]                                      
Proceeds from issuance of private placements                       $ 238,500              
Proceeds from issuance of private placements               $ 210,000   $ 85,000 $ 46,000   $ 238,500            
Terminated short-term convertible notes and warrants             $ 579,500                        
Number of extension warrants issued during period             16,577,142                        
Accrued interest payable                             $ 77,330        
Promissory Note [Member]                                      
Early repayment of promissory note, date                           Feb. 14, 2016          
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.4.0.3
Notes Payable - Schedule of Convertible Notes Payable (Details) - 10% Convertible Notes Payable [Member] - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Principal amount of notes payable $ 579,500 $ 579,500
Add accrued interest payable 77,330 61,388
Notes payable, gross 656,830 640,888
Less unamortized discounts Stock warrant discounts (127,569) (196,669)
Less unamortized discounts Beneficial conversion feature discounts $ (94,874) $ (146,263)
Less unamortized discounts Capitalized financing costs
Convertible notes payable $ 434,387 $ 297,956
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.4.0.3
Notes Payable - Summary of Note Payable to Related Party (Details) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Total note payable $ 590,939 $ 561,568
Samyang Optics Co Inc [Member]    
Principal amount of note payable 399,774 399,774
Accrued interest payable 183,218 171,257
Foreign currency transaction adjustment 7,947 (9,463)
Total note payable $ 590,939 $ 561,568
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.4.0.3
Settlements (Details Narrative)
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 08, 2016
shares
Sep. 28, 2015
USD ($)
$ / shares
Jun. 30, 2015
USD ($)
Jun. 29, 2015
USD ($)
shares
Apr. 08, 2015
USD ($)
$ / shares
shares
Jan. 29, 2015
USD ($)
$ / shares
shares
Mar. 31, 2015
USD ($)
Mar. 31, 2016
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2015
USD ($)
Integer
$ / shares
shares
Jun. 25, 2013
Stock option exercise price per share | $ / shares                   $ 0.0278  
Stock option period                 5 years    
Percentage of note payable               10.00%   10.00% 12.00%
Accrued interest               $ 77,330   $ 61,388  
Outstanding obligation balance               3,186,973      
Number of common stock shares issued | shares 8,775,250                    
Gain on settlements with service providers                   75,375  
Settlement Agreements [Member] | Former Vice President and Chief Financial Officer [Member]                      
Made cash payment to settlement     $ 26,000       $ 6,000        
Issuance of stock options to purchase of common stock | shares           500,000          
Stock option exercise price per share | $ / shares           $ 0.0512          
Stock option period           5 years          
Stock option fair value           $ 25,450          
Gain on settlements           $ 92,550          
Portion of cash settlement paid             1,500        
Due to related party             $ 18,500   $ 18,500    
Settlement Agreements [Member] | Former Vice President and Chief Financial Officer [Member]                      
Made cash payment to settlement   $ 3,000   $ 3,000           15,500  
Issuance of stock options to purchase of common stock | shares       50,000              
Stock option exercise price per share | $ / shares   $ 0.018                  
Stock option period       5 years              
Stock option fair value       $ 840              
Gain on settlements               $ 92,550   91,710  
Due to related party                   12,500  
Accrued interest                   $ 775  
Settlement Agreements [Member] | Patent Law Firms [Member]                      
Amount of claims settled         $ 15,000            
Issuance of stock options to purchase of common stock | shares         2,520,442            
Stock option exercise price per share | $ / shares         $ 0.0476            
Stock option period         5 years            
Stock option fair value         $ 119,217            
Percentage of note payable         10.00%            
Due to related party         $ 194,736            
Short-term unsecured note payable         59,763            
Capital stock net proceeds         $ 2,000,000            
Executed Settlement Agreements [Member] | Options Tranche One [Member]                      
Stock option exercise price per share | $ / shares                   $ 0.0473  
Stock options exercisable | shares                   2,520,442  
Stock options exercisable per share | $ / shares                   $ 0.0476  
Executed Settlement Agreements [Member] | Tranche Two [Member]                      
Stock option exercise price per share | $ / shares                   $ 0.0168  
Stock option period                   5 years  
Stock option fair value                   $ 488,847  
Stock options exercisable | shares                   29,098,028  
Stock options exercisable per share | $ / shares                   $ 0.0175  
Executed Settlement Agreements [Member] | Options Tranche One [Member]                      
Stock option period                   5 years  
Stock option fair value                   $ 119,217  
Executed Settlement Agreements [Member] | Four Current Professional Service Providers [Member]                      
Amount of claims settled                   $ 15,000  
Issuance of stock options to purchase of common stock | shares                   31,618,470  
Number of current professional service providers | Integer                   4  
Outstanding obligation balance                   $ 916,827  
Notes payable                   $ 59,763  
Number of common stock shares issued | shares                   9,064,286  
Number of common stock value                   $ 158,625  
Shares issued price per share | $ / shares                   $ 0.0175  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Deficiency (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 17, 2016
Jan. 08, 2016
Dec. 11, 2015
Sep. 28, 2015
Sep. 14, 2015
Aug. 28, 2015
Aug. 25, 2015
Aug. 18, 2015
Aug. 18, 2015
Aug. 13, 2015
Mar. 18, 2015
Oct. 15, 2014
Sep. 18, 2014
Apr. 17, 2014
Apr. 15, 2014
Apr. 14, 2014
Mar. 18, 2014
Aug. 10, 2012
Dec. 31, 2015
Nov. 02, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Mar. 31, 2016
Mar. 31, 2015
Jun. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Preferred stock, shares authorized                                     5,000,000           5,000,000     5,000,000  
Preferred stock, par value                                     $ 0.001           $ 0.001     $ 0.001  
Preferred stock, shares designated                                     1,250,000           1,250,000     1,250,000  
Preferred stock voting                                                 Cumulative Convertible Preferred Stock (non-voting, “9% Preferred Stock”)        
Preferred stock, dividend percentage                                                 1.50%        
Preferred stock shares issuable upon conversion                                     78,353,485           78,650,575     78,353,485  
Purchase price per share                                   $ 0.056                      
Common stock fixed price per share                                     $ 0.0491           $ 0.0227     $ 0.0491  
Common shares issuable upon conversion of series G                                                 26,364,285        
Common stock, shares authorized                                     1,400,000,000           1,400,000,000     1,400,000,000  
Common shares issuable upon conversion   8,775,250                                                      
Number of warrants issued during period   17,550,500                                                      
Private placement per unit price   $ 0.02218                                                      
Warrant exercised price per share   $ 0.0244                                                      
Awarded an aggregate shares to directors                                                 5,000,000        
Fair value of stock awards, per share                                     $ 0.0278                 $ 0.0278  
Intrinsic value of exercisable of option                                                 $ 760,304        
Number of Warrants, Outstanding, Exercisable                                     156,743,609       32,106,094   180,274,428 32,106,094   156,743,609 25,686,096
Stock-based compensation expense                                                 $ 117,000        
Fair value of market price per share                                     $ 0.0491           $ 0.0278     $ 0.0491  
Stock warrant intrinsic value of exercisable                                     $ 903,768           $ 477,262     $ 903,768  
Number of unvested stock options shares outstanding                                     107,290,650                 107,290,650  
Number of unvested stock options value outstanding                                                 $ 2,048,000        
Unvested stock option weighted-average period                                                 8 years 2 months 12 days        
Stock option period                                                   5 years      
Common stock, shares outstanding                                   144,041,556 489,846,883           498,622,133     489,846,883  
Issuance of contingent shares of common stock                                                 2,111,445        
Convertible preferred stock, shares reserved for future issuance                                     18,311,079                 18,311,079  
Convertible preferred stock, shares unreserved for future issuance                                                 75,688,751        
Issuance of stock upon exercise of outstanding stock options                                     168,890,074       26,216,668   247,928,256 26,216,668   168,890,074 26,216,668
Common stock, shares issued                                     489,846,883           498,622,133     489,846,883  
Stock options to purchase                                     251,823,581       25,716,668   421,823,581 25,716,668   251,823,581 25,716,668
Stock option exerciable per share                                                 $ 0.069        
Stock option intrinsic value of exercisable                                                 $ 424,360        
Number of common stock reserved for issuance                                                 825,689,116        
Share granted during peirod                                                 170,000,000 500,000      
Deferred compensation expense                                                 $ 173,895,324        
Unvested stock options                                     $ 3,637,000                 $ 3,637,000  
Fair market value per shares                                     $ 0.0186           $ 0.0451     $ 0.0186  
Sold units for aggregate cash consideration                                   58,417,893                      
Percentage of common stock issued                                   41.00%                      
Issue additional contingent consideration                                   18,314,077                      
Option available for grant                                     20,551,702                 20,551,702  
Fair value of common stock                                   $ 3,271,402                      
Research and Development Member [Member]                                                          
Stock-based compensation expense                                                 $ 440,540     $ 72,000  
General and Administrative Expense [Member]                                                          
Stock-based compensation expense                                                 $ 1,030,831     $ 0  
Minimum [Member]                                                          
Stock option period                                                 4 years 4 months 24 days        
Maximum [Member]                                                          
Stock option period                                                 5 years        
Tranche Two [Member] | Placement Agents [Member]                                                          
Preferred stock, dividend percentage                                                       1.50%  
Received cash fees                                                       $ 3,465  
Percentage of common stock shares converted into convertible preferred stock                                                       12.00%  
Percentage of conversion price of common stock                                                       120.00%  
Proceeds from issuance of private placements                                                       $ 220,321  
Preferred stock fixed conversation price per share                                                       $ 0.00396  
Convertible preferred stock exercisable period                                                       5 years  
2014 Equity Plan [Member]                                                          
Share granted during peirod                                 105,633,002                        
2015 Stock and Stock Option Plan [Member]                                                          
Option available for grant                                     103,507,142                 103,507,142  
2015 Plan [Member]                                                          
Share granted during peirod                 80,000,000                                        
2014 Plan [Member]                                                          
Share granted during peirod                 5,081,300                                        
Placement Agents [Member] | Tranche Two [Member]                                                          
Common stock fixed price per share                                     $ 0.00396                 $ 0.00396  
Issuance of warrants to acquire common stock                                     6,386,120                 6,386,120  
Series G 1.5% Convertible Preferred Stock [Member]                                                          
Preferred stock, shares authorized                                     5,000,000                 5,000,000  
Preferred stock, par value                                     $ 1,000                 $ 1,000  
Preferred stock, shares issued                                     57.506190     538.208190 25.323705     25.323705 538.208190 57.506190  
Preferred stock shares issuable upon conversion, Per share                                     $ 1.206190     $ 8.728190 $ 0.323705     $ 0.323705 $ 8.728190 $ 1.206190  
Preferred stock shares issuable upon conversion                             77,006,072       17,426,119     163,093,392 7,673,850     7,673,850 163,093,392 17,426,119  
Number of stock issued for service                                                 12,865,151        
Received cash fees                                                 $ 3,955        
Percentage of common stock shares converted into convertible preferred stock                                                 5.6365%        
Percentage of conversion price of common stock                                                 120.00%        
Proceeds from issuance of private placements                                                 $ 443,848        
Common shares issuable upon conversion of series G                                                 18,766,564 303,030.3      
Preferred stock fixed conversation price per share                                                   $ 0.0033      
Financing fee                                                   $ 2,800      
Purchase of warrants                                                   10,427,029      
Convertible preferred stock exercisable period                                                 5 years        
Dividends preferred stock                             $ 4,120                   $ 981 $ 3,198      
Issuance of additional shares                                                 $ 0.9 $ 3.2      
Sold units for aggregate cash consideration                                                   928.5      
Sale of stock consideration, value                                                   $ 928,500      
Series G 1.5% Convertible Preferred Stock [Member] | 1.5% Dividend [Member]                                                          
Preferred stock, dividend percentage 1.50%                                                        
Preferred stock, shares issued 259.7                                                        
Accrued dividends                                     $ 6,847           $ 7,827     $ 6,847  
Effective conversion price per share of common stock $ 0.0033                                                        
Preferred stock shares issuable upon conversion 78,706,282                                   2,074,698           2,371,791     2,074,698  
Common shares issuable upon conversion of series G                                                 78,650,575     78,353,485  
Accrued interest                                     $ 5,859                 $ 5,859  
Series G 1.5% Convertible Preferred Stock [Member] | Minimum [Member]                                                          
Common stock, shares authorized                                     1,400,000,000                 1,400,000,000  
Series G 1.5% Convertible Preferred Stock [Member] | Maximum [Member]                                                          
Common stock, shares authorized                                     1,405,000,000                 1,405,000,000  
Series G 1.5% Cumulative Mandatorily Convertible Preferred Stock [Member]                                                          
Private placement representing the acquire number of share             2,412,878                                            
Resulted issuance of common stock             1,087,001                                            
Warrants exercised cashless basis gross             $ 4,778                                            
Cashless basis issuance of common stock during period             1,206,439                                            
Series G 1.5% Convertible Preferred Stock One [Member]                                                          
Preferred stock, shares issued                                     621.038085   57.506190             621.038085  
Preferred stock shares issuable upon conversion, Per share                                     $ 10.258085   $ 1.206190             $ 10.258085  
Preferred stock shares issuable upon conversion                                     188,193,359   17,426,119             188,193,359  
Purchase Agreement [Member]                                                          
Proceeds from issuance of private placements       $ 939,710   $ 3,000,000                           $ 1,194,710                  
Common shares issuable upon conversion       10,391,349   34,292,917                           12,125,536                  
Number of warrants issued during period                                       24,251,072                  
Sale of stock consideration, value       $ 218,530   $ 721,180                           $ 255,000                  
Employment Agreements [Member]                                                          
Percentage of vesting appointment rate                                                 25.00%        
Charge to operations with stock options                                                 $ 135,831        
Stock option fair value                                                 609,000        
Employment Agreements [Member] | March 31, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                                        
Employment Agreements [Member] | June 30, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                                        
Employment Agreements [Member] | September 30, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                                        
Employment Agreements [Member] | 2015 Stock and Stock Option Plan [Member]                                                          
Share granted during peirod                 10,000,000                                        
Common stock price per share                 $ 0.0216                                        
Stock option expiration date                 Aug. 18, 2022                                        
Stock option established on grant data price per share                 $ 0.0197                                        
Consulting Agreement For Investor Relations Services [Member] | 2015 Stock and Stock Option Plan [Member]                                                          
Charge to operations with stock options                                                 50,286        
Share granted during peirod     2,857,143                                                    
Stock option fair value                                                 $ 58,286        
Stock option expiration date     Dec. 11, 2020                                                    
Stock option established on grant data price per share     $ 0.021                                                    
Board of Directors [Member]                                                          
Preferred stock, shares undesignated                                                 3,505,800        
Share granted during peirod                                           55,000,000     500,000,000        
Board of Directors [Member] | March 31, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                               25.00%        
Charge to operations with stock options                                                 $ 110,702        
Stock option fair value                                                 $ 430,800        
Board of Directors [Member] | June 30, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                                        
Share granted during peirod                 9,000,000                                        
Stock option expiration date                 Aug. 18, 2020                                        
Board of Directors [Member] | September 30, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                                        
Share granted during peirod                 12,000,000                                        
Stock option expiration date                 Aug. 18, 2022                                        
Board of Directors [Member] | 2015 Plan [Member]                                                          
Number of stock shares awarded                                                 170,000,000        
Fair value of stock option                                                 $ 3,774,000        
Percentage of awards vesting upon chairman appointment                                                 25.00%        
Unrecognized compensation expense for outstanding unvested stock awards                                                 $ 951,825        
Common stock at an exercise price                                                 $ 0.0227        
Board of Directors [Member] | 2014 Equity Plan [Member]                                                          
Share granted during peirod               250,000,000                                          
Board of Directors [Member] | 2015 Stock and Stock Option Plan [Member]                                                          
Stock option period                                                     10 years    
Option issued to purchase number of common stock                                                     150,000,000    
Share granted during peirod                 21,000,000                                   15,000,000    
Common stock price per share                 $ 0.0216                                        
Stock option expiration date                 Aug. 18, 2022                                        
Stock option established on grant data price per share                 $ 0.0197                                        
Board of Directors [Member] | June 30, 2016 [Member] | 2015 Plan [Member]                                                          
Percentage of awards vesting upon chairman appointment                                                 25.00%        
Board of Directors [Member] | September 30, 2016 [Member] | 2015 Plan [Member]                                                          
Percentage of awards vesting upon chairman appointment                                                 25.00%        
Board of Directors [Member] | December 30, 2016 [Member] | 2015 Plan [Member]                                                          
Percentage of awards vesting upon chairman appointment                                                 25.00%        
Chairman and Chief Executive Officer [Member] | Securities Purchase Agreements [Member]                                                          
Stock issued to for services                                                       $ 250,000  
Stock issued for services, Shares                                                       250  
Board of Directors Chairman [Member]                                                          
Stock issued to for services                               $ 57,000,000                          
Executive One [Member]                                                          
Stock issued to for services                               15,000,000                          
Executive Two [Member]                                                          
Stock issued to for services                               15,000,000                          
Executive Three [Member]                                                          
Stock issued to for services                               15,000,000                          
Individual One [Member]                                                          
Stock issued to for services                               4,000,000                          
Individual Two [Member]                                                          
Stock issued to for services                               $ 8,000,000                          
Dr. Greer [Member]                                                          
Fair value of stock awards                         $ 99,000                         $ 33,000      
Fair value of stock awards, per share                         $ 0.066                                
Number of stock shares awarded                         2,000,000                                
Percentage of awards vesting upon chairman appointment                         25.00%                                
Percentage of vesting appointment rate                                             25.00% 25.00%   25.00%      
Mr Purcell [Member]                                                          
Awarded an aggregate shares to directors                       2,000,000                                  
Fair value of closing stock share per price                                                 $ 0.078        
Percentage of vesting appointment rate                       25.00%                                  
Stock option fair value                                                 $ 39,000        
Investors [Member] | Purchase Agreement [Member]                                                          
Proceeds from issuance of private placements       301,180                                                  
Three Executive Officers [Member]                                                          
Percentage of vesting appointment rate                                     25.00%   25.00% 50.00%              
Share granted during peirod                                           15,000,000              
Five Other Individuals [Member]                                                          
Stock options exercise price                                           $ 0.0075         $ 0.0075    
Charge to operations with stock options                                                       $ 946,000  
Share granted during peirod                                           2,000,000              
Common stock price per share                                           $ 0.0175              
Stock option expiration date                                           Jun. 30, 2022              
Stock option established on grant data price per share                                           $ 0.025              
Dr. Manuso [Member]                                                          
Option issued to purchase number of common stock                 85,081,300                                        
Percentage of vesting appointment rate                 50.00%                                        
Charge to operations with stock options                                                 222,727        
Share granted during peirod                 80,000,000                                        
Stock option fair value                                                 $ 1,786,707        
Common stock price per share                 $ 0.0216                                        
Stock option expiration date                 Aug. 18, 2025                                        
Dr. Manuso [Member] | February 18, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                                        
Dr. Manuso [Member] | August 18, 2016 [Member]                                                          
Percentage of vesting appointment rate                 25.00%                                        
Officer And Director [Member]                                                          
Stock option exerciable per share                                   $ 0.06                      
Share granted during peirod                                   7,361,668                      
Series B Convertible Preferred Stock [Member]                                                          
Preferred stock, shares authorized                                     37,500           37,500     37,500  
Preferred stock, par value                                     $ 0.001           $ 0.001     $ 0.001  
Preferred stock, shares issued                                     37,500           37,500     37,500  
Preferred stock shares issuable upon conversion, Per share                                     $ 0.09812           $ 0.09812     $ 0.09812  
Effective conversion price per share of common stock                                     $ 6.795           $ 6.795     $ 6.795  
Preferred stock shares issuable upon conversion                                     3,679           3,679     3,679  
Preferred stock redemption amount                                     $ 25,001           $ 25,001     $ 25,001  
Redeemed preferred stock price per share                                     $ 0.6667           $ 0.6667     $ 0.6667  
Preferred stock conversion into common stock description                                                 Each share of Series B Preferred is convertible into approximately 0.09812 shares of common stock at an effective conversion price of $6.795 per share of common stock, subject to adjustment under certain circumstances.     Each share of Series B Preferred Stock is convertible into approximately 0.09812 shares of common stock at an effective conversion price of $6.795 per share of common stock, which is subject to adjustment under certain circumstances.  
Fair value of stock awards, per share                                                 $ 0.0491        
Fair value of stock option                                                 $ 40,005        
Convertible preferred stock, shares reserved for future issuance                                     3,679                 3,679  
Series A Junior Participating Preferred Stock [Member]                                                          
Preferred stock, shares designated                                     205,000           205,000     205,000  
Number of stock shares awarded                                                 55,000,000        
Series G 1.5% Convertible Preferred Stock [Member]                                                          
Preferred stock, par value                                     $ 1,000           $ 1,000     $ 1,000  
Preferred stock, shares designated                                     1,700           1,700     1,700  
Preferred stock shares issuable upon conversion, Per share                           $ 1,000     $ 1,000                        
Purchase price per share                           0.0348     0.04                        
Fair market value per shares                           0.0033     $ 0.0033                        
Series G 1.5% Convertible Preferred Stock [Member] | Securities Purchase Agreements [Member]                                                          
Purchase price per share                           $ 1,000                              
Aggregate purchase amount of shares                     $ 753,220     $ 175,280                              
Fair value of stock awards                     $ 2,280,000                                    
Sold units for aggregate cash consideration                     753.22     175.28                              
Series G 1.5% Convertible Preferred Stock [Member] | Securities Purchase Agreements [Member] | Private Placement [Member]                                                          
Aggregate purchase amount of shares                           $ 928,500                              
Sold units for aggregate cash consideration                           928.5                              
Series G 1.5% Convertible Preferred Stock [Member] | Placement Agents [Member]                                                          
Percentage of conversion price of common stock                           120.00%                              
Common shares issuable upon conversion of series G                           281,363,634                              
Preferred stock fixed conversation price per share                           $ 0.00396                              
Convertible preferred stock exercisable period                           5 years                              
Resulted issuance of common stock                           19,251,271                              
Warrants [Member]                                                          
Warrants exercised cashless basis gross         $ 35,595                                                
Cashless basis issuance of common stock during period         47,109                                                
Number of warrants issued during period                   8,903,684                                      
Accrued interest                   $ 43,758                                      
Number of Warrants, Outstanding, Exercisable                                             32,106,094   180,274,428 32,106,094     25,686,096
Fair value of market price per share                                                         $ 0.0451
Stock warrant intrinsic value of exercisable                                                         $ 710,501
Warrants [Member] | Purchase Agreement [Member]                                                          
Proceeds from issuance of private placements       $ 250,000                                                  
Number of warrants issued during period       20,782,698   68,585,834                                           2,240,517  
Private placement per unit price       $ 0.02103                                                  
Percentage of aggregate amount paid for unit sold                                                       6.50%  
Warrant exercisable date       Sep. 30, 2020                                                  
Warrant exercised price per share       $ 0.02103                                                  
Fee paid                                     $ 47,118                 $ 47,118  
Warrants [Member] | Purchase Agreement [Member] | Second Closing [Member]                                                          
Number of warrants issued during period                                                       884,594  
Percentage of aggregate amount paid for unit sold                                                       8.50%  
Fee paid                                     $ 18,603                 $ 18,603  
Warrants [Member] | Purchase Agreement [Member] | Third Closing [Member]                                                          
Received cash fees                                                       $ 3,429  
Percentage of conversion price of common stock                                                       4.99%  
Proceeds from issuance of private placements                                                       $ 2,500,000  
Fair value of stock awards                                                       $ 194,635  
Number of warrants issued during period                                                       1,212,553  
Percentage of aggregate amount paid for unit sold                                                       10.00%  
Service cost paid                                                       $ 10,164  
Sale of stock consideration, value                                                       $ 25,500  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Deficiency - Schedule of Warrants Activity (Details) - $ / shares
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Equity [Abstract]    
Number of Warrants, Outstanding, Beginning balance 156,743,609 25,686,096
Number of Warrants, Outstanding, Exercisable, Beginning balance 156,743,609 25,686,096
Number of Warrants, Issued 23,530,819 6,419,998
Number of Warrants, Exercised
Number of Warrants, Expired
Number of Warrants, Outstanding, Ending balance 180,274,428 32,106,094
Number of Warrants, Outstanding, Exercisable Ending balance 180,274,428 32,106,094
Weighted Average Exercise Price, Outstanding, Beginning $ 0.02185 $ 0.01744
Weighted Average Exercise Price, Exercisable Beginning 0.02185 0.01744
Weighted Average Exercise Price, Issued $ 0.02267 $ 0.03500
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Expired
Weighted Average Exercise Price, Outstanding, Ending $ 0.02196 $ 0.02095
Weighted Average Exercise Price, Exercisable, Ending $ 0.02196 $ 0.02095
Warrants outstanding ,Weighted Average Remaining Contractual Life (in Years) 3 years 9 months 22 days 2 years 29 days
Warrants exercisable, Weighted Average Remaining Contractual Life (in Years) 3 years 9 months 22 days 2 years 29 days
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Deficiency - Schedule of Exercise Prices of Common Stock Warrants Outstanding and Exercisable (Details) - $ / shares
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Warrants, Outstanding (Shares) 180,274,428 32,106,094 156,743,609 25,686,096
Warrants, Exercisable (Shares) 180,274,428 32,106,094 156,743,609 25,686,096
Warrants [Member]        
Warrants, Outstanding (Shares) 180,274,428 32,106,094    
Warrants, Exercisable (Shares) 180,274,428 32,106,094   25,686,096
Exercise Price Range One [Member] | Warrants [Member]        
Warrants, Exercise Price $ 0.00396 $ 0.00396    
Warrants, Outstanding (Shares) 13,325,514 14,531,953    
Warrants, Exercisable (Shares) 13,325,514 17,574,141    
Warrants, Expiration Date Apr. 17, 2019 Apr. 17, 2019    
Exercise Price Range Two [Member] | Warrants [Member]        
Warrants, Exercise Price $ 0.01570 $ 0.03500    
Warrants, Outstanding (Shares) 3,350,319 14,531,953    
Warrants, Exercisable (Shares) 3,350,319 17,574,141    
Warrants, Expiration Date Jan. 29, 2019 Sep. 15, 2016    
Exercise Price Range Three [Member] | Warrants [Member]        
Warrants, Exercise Price $ 0.20000      
Warrants, Outstanding (Shares) 2,630,000      
Warrants, Exercisable (Shares) 2,630,000      
Warrants, Expiration Date Feb. 04, 2019      
Exercise Price Range Four [Member] | Warrants [Member]        
Warrants, Exercise Price $ 0.02103      
Warrants, Outstanding (Shares) 117,957,268      
Warrants, Exercisable (Shares) 117,957,268      
Warrants, Expiration Date Sep. 30, 2020      
Exercise Price Range Five [Member] | Warrants [Member]        
Warrants, Exercise Price $ 0.02440      
Warrants, Outstanding (Shares) 17,550,500      
Warrants, Exercisable (Shares) 17,550,500      
Warrants, Expiration Date Feb. 28, 2021      
Exercise Price Range Six [Member] | Warrants [Member]        
Warrants, Exercise Price $ 0.03500      
Warrants, Outstanding (Shares) 25,460,827      
Warrants, Exercisable (Shares) 25,460,827      
Warrants, Expiration Date Sep. 15, 2016      
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Deficiency - Schedule of Stock Options Activity (Details) - $ / shares
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Equity [Abstract]    
Number of Options, Outstanding, Beginning balance 251,823,581 25,716,668
Number of Options, Exercisable, Beginning balance 168,890,074 26,216,668
Number of Options, Granted 170,000,000 500,000
Number of Options, Expired  
Number of Options, Forfeited  
Number of Options, Outstanding, Ending balance 421,823,581 25,716,668
Number of Options, Exercisable, Ending balance 247,928,256 26,216,668
Weighted Average Exercise Price, Outstanding, Beginning $ 0.0241 $ 0.0500
Weighted Average Exercise Price, Exercisable, Beginning 0.0262 0.0500
Weighted Average Exercise Price, Granted $ 0.0227 0.0510
Weighted Average Exercise Price, Expired  
Weighted Average Exercise Price, Forfeited  
Weighted Average Exercise Price, Outstanding, Ending $ 0.0235 0.0500
Weighted Average Exercise Price, Exercisable, Ending $ 0.0247 $ 0.0500
Options Outstanding, Weighted Average Remaining Contractual Life (in Years) 6 years 26 days  
Options Exercisable, Weighted Average Remaining Contractual Life (in Years) 5 years 5 months 16 days  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Deficiency - Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable (Details) - $ / shares
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Options Outstanding (Shares) 421,823,581 25,716,668 251,823,581 25,716,668
Options Exercisable (Shares) 247,928,256 26,216,668 168,890,074 26,216,668
Stock Option One [Member]        
Options Exercise Price $ 0.0175 $ 0.0400    
Options Outstanding (Shares) 29,148,028 2,400,000    
Options Exercisable (Shares) 29,148,028 2,400,000    
Options, Expiration Date Jun. 30, 2020 Mar. 13, 2019    
Stock Option Two [Member]        
Options Exercise Price $ 0.0197 $ 0.0400    
Options Outstanding (Shares) 9,000,000 1,250,000    
Options Exercisable (Shares) 4,500,000 1,250,000    
Options, Expiration Date Aug. 18, 2020 Apr. 14, 2019    
Stock Option Three [Member]        
Options Exercise Price $ 0.0197 $ 0.0430    
Options Outstanding (Shares) 42,000,000 1,100,000    
Options Exercisable (Shares) 21,000,000 1,100,000    
Options, Expiration Date Aug. 18, 2022 Mar. 14, 2024    
Stock Option Four [Member]        
Options Exercise Price $ 0.0197 $ 0.0490    
Options Outstanding (Shares) 85,081,300 800,000    
Options Exercisable (Shares) 63,810,975 800,000    
Options, Expiration Date Aug. 18, 2025 Feb. 28, 2024    
Stock Option Five [Member]        
Options Exercise Price $ 0.0210 $ 0.0500    
Options Outstanding (Shares) 2,857,143 15,000,000    
Options Exercisable (Shares) 2,857,143 15,000,000    
Options, Expiration Date Dec. 11, 2020 Jul. 17, 2019    
Stock Option Six [Member]        
Options Exercise Price $ 0.0227 $ 0.0510    
Options Outstanding (Shares) 170,000,000 500,000    
Options Exercisable (Shares) 42,875,000 500,000    
Options, Expiration Date Mar. 31, 2021 Jan. 29, 2020    
Stock Option Seven [Member]        
Options Exercise Price $ 0.0250 $ 0.0600    
Options Outstanding (Shares) 55,000,000 3,083,334    
Options Exercisable (Shares) 55,000,000 3,083,334    
Options, Expiration Date Jun. 30, 2022 Jul. 17, 2022    
Stock Option Eight [Member]        
Options Exercise Price $ 0.0400 $ 0.0600    
Options Outstanding (Shares) 2,400,000 2,083,334    
Options Exercisable (Shares) 2,400,000 2,083,334    
Options, Expiration Date Mar. 13, 2019 Aug. 10, 2022    
Stock Option Nine [Member]        
Options Exercise Price $ 0.0400      
Options Outstanding (Shares) 1,250,000      
Options Exercisable (Shares) 1,250,000      
Options, Expiration Date Apr. 14, 2019      
Stock Option Ten [Member]        
Options Exercise Price $ 0.0430      
Options Outstanding (Shares) 1,100,000      
Options Exercisable (Shares) 1,100,000      
Options, Expiration Date Mar. 14, 2024      
Stock Option Eleven [Member]        
Options Exercise Price $ 0.0476      
Options Outstanding (Shares) 2,520,442      
Options Exercisable (Shares) 2,520,442      
Options, Expiration Date Apr. 08, 2020      
Stock Option Twelve[Member]        
Options Exercise Price $ 0.0490      
Options Outstanding (Shares) 800,000      
Options Exercisable (Shares) 800,000      
Options, Expiration Date Feb. 28, 2024      
Stock Option Thirteen [Member]        
Options Exercise Price $ 0.0500      
Options Outstanding (Shares) 15,000,000      
Options Exercisable (Shares) 15,000,000      
Options, Expiration Date Jul. 17, 2019      
Stock Option Fourteen [Member]        
Options Exercise Price $ 0.0512      
Options Outstanding (Shares) 500,000      
Options Exercisable (Shares) 500,000      
Options, Expiration Date Jan. 29, 2020      
Stock Option Fifeen [Member]        
Options Exercise Price $ 0.0600      
Options Outstanding (Shares) 3,083,334      
Options Exercisable (Shares) 3,083,334      
Options, Expiration Date Jul. 17, 2022      
Stock Option Sixteen [Member]        
Options Exercise Price $ 0.0600      
Options Outstanding (Shares) 2,083,334      
Options Exercisable (Shares) 2,083,334      
Options, Expiration Date Aug. 10, 2022      
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.4.0.3
Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Jun. 30, 2015
Mar. 31, 2013
Cash bonuses     $ 215,000  
Board of Directors [Member] | 2015 Stock and Stock Option Plan [Member]        
Cash bonuses     215,000  
Executive Officers [Member]        
Cash bonuses     195,000  
Independent [Member]        
Cash bonuses     20,000  
Jeff E. Margolis [Member]        
Cash bonuses     60,000  
Cash compensation     10,000  
Robert N Weingarten [Member]        
Cash bonuses     60,000  
Cash compensation     10,000  
James E. Sapirstein [Member]        
Cash bonuses     10,000  
Cash compensation     5,000  
Kathryn MacFarlane [Member]        
Cash bonuses     10,000  
Cash compensation     5,000  
Aurora Capital LLC [Member]        
Reimbursement for legal fees accrued       $ 85,000
Dr. Arnold S. Lippa [Member]        
Cash bonuses     75,000  
Cash compensation     $ 12,500  
Consulting fees paid to family member's $ 0 $ 10,000    
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies (Details Narrative)
1 Months Ended 2 Months Ended 3 Months Ended 7 Months Ended 12 Months Ended
Oct. 30, 2015
USD ($)
Aug. 31, 2015
USD ($)
Aug. 18, 2015
USD ($)
shares
Aug. 18, 2015
USD ($)
shares
Jan. 27, 2015
USD ($)
Nov. 11, 2014
USD ($)
Oct. 15, 2014
USD ($)
Jun. 27, 2014
USD ($)
Mar. 10, 2010
USD ($)
Dec. 31, 2015
USD ($)
shares
Aug. 17, 2015
USD ($)
Aug. 16, 2015
USD ($)
Mar. 31, 2016
USD ($)
shares
Dec. 31, 2015
USD ($)
shares
Mar. 31, 2015
USD ($)
shares
Mar. 31, 2016
USD ($)
shares
Dec. 31, 2015
USD ($)
shares
Dec. 31, 2015
CAD
shares
Dec. 31, 2014
shares
Cash compensation expense                         $ 117,000            
Stock options to purchase | shares                   251,823,581     421,823,581 251,823,581 25,716,668 421,823,581 251,823,581 251,823,581 25,716,668
Minimum annual royalty payment amount                         $ 70,000            
Minimum amount to be spent to advance the ampakine compounds                         250,000            
Clinical study and research total cost         $ 50,579                            
Estimated cost expected $ 558,268                                    
Principal cash obligations and commitments                         3,075,319     $ 3,075,319      
Research and development expenses                         917,136   $ 440,792        
Neuroscience and Mental Health Institute at University of Alberta [Member]                                      
Research grants award amount                                 $ 112,000    
Additional cost budgeted under research grant                                 66,000    
Funding cash installments                                 16,000    
Payments to patent costs                                 15,000    
Underwrite additional budgeted costs                                 $ 15,000    
Foreign conversion exchange rate                   0.77       0.77     0.77 0.77  
Research and development expenses                         151,150            
Neuroscience and Mental Health Institute at University of Alberta [Member] | CAD [Member]                                      
Research grants award amount | CAD                                   CAD 146,000  
Additional cost budgeted under research grant | CAD                                   85,000  
Funding cash installments | CAD                                   21,000  
Payments to patent costs | CAD                                   20,000  
Underwrite additional budgeted costs | CAD                                   CAD 20,000  
Research consideration total                         85,000            
Foreign conversion exchange rate                   1.00       1.00     1.00 1.00  
University Of Illinois 2014 Exclusive License Agreement [Member]                                      
Minimum annual royalty payment amount                                 $ 100,000    
License agreement effective date               Sep. 18, 2014                      
License fee               $ 25,000                      
Outstanding patent costs               $ 15,840                      
Percentage of royalty on net sale                                 4.00% 4.00%  
Percentage of payment on sub licensee revenue                                 12.50% 12.50%  
University Of Illinois 2014 Exclusive License Agreement [Member] | ResearchAndDevelopmentExpenses [Member]                                      
Minimum annual royalty payment amount                         250,000 $ 250,000 25,000        
Maximum [Member] | University Of Illinois 2014 Exclusive License Agreement [Member]                                      
Minimum annual royalty payment amount                                 $ 100,000    
Maximum [Member] | University Of Illinois 2014 Exclusive License Agreement [Member] | First Sale Of Product [Member]                                      
Minimum annual royalty payment amount                                 150,000    
Maximum [Member] | University Of Illinois 2014 Exclusive License Agreement [Member] | First Commercial Sale Of Product [Member]                                      
Minimum annual royalty payment amount                                 200,000    
Mr. Manuso [Member]                                      
Cash compensation expense     $ 375,000                   110,400     256,460      
Increase annually upon the first anniversary     $ 450,000                                
Stock options to purchase | shares     85,081,300 85,081,300                              
Purchase newly issued securities     $ 250,000                                
Automobile lease expenses     16,000                                
Maximum health coverage amount per month     1,000                                
Proceeds from offering financing debt     2,000,000                                
Health plan for employees expense     1,200                                
Mr. Manuso [Member] | Minimum [Member]                                      
Bonuses     100,000 $ 100,000                              
Mr. Manuso [Member] | Maximum [Member]                                      
Bonuses     $ 300,000 300,000                              
Dr. Arnold S. Lippa [Member]                                      
Cash compensation expense       300,000                       198,839      
Increase annually upon the first anniversary       $ 375,000                              
Stock options to purchase | shares     10,000,000 10,000,000                              
Automobile lease expenses       $ 12,000                              
Maximum health coverage amount per month       1,000                              
Employee health plan       1,200                              
Proceeds from offering financing debt       2,000,000                              
Dr. Arnold S. Lippa [Member] | Minimum [Member]                                      
Bonuses     $ 75,000 75,000                              
Dr. Arnold S. Lippa [Member] | Maximum [Member]                                      
Bonuses     $ 150,000 150,000                              
President And Chief Executive Officer [Member]                                      
Cash compensation expense                       $ 19,758              
Mr Margolis And Mr Weingarten [Member]                                      
Cash compensation expense       $ 195,000           $ 267,840 $ 31,612   108,300            
Stock options to purchase | shares     10,000,000 10,000,000                              
Automobile lease expenses       $ 9,000                              
Maximum health coverage amount per month       1,000                              
Employee health plan       1,200                              
Proceeds from offering financing debt       2,000,000                              
Mr Margolis And Mr Weingarten [Member] | Minimum [Member]                                      
Bonuses     $ 65,000 65,000                              
Mr Margolis And Mr Weingarten [Member] | Maximum [Member]                                      
Bonuses     $ 125,000 $ 125,000                              
Mr Margolis [Member]                                      
Cash compensation expense                   $ 133,920 15,806   54,150            
Mr Weingarten [Member]                                      
Cash compensation expense                     $ 15,806                
Biovail [Member]                                      
Reimbursement related expenses                 $ 15,000,000                    
Payments for future potential                 $ 15,150,000                    
Sharp Clinical Services, Inc [Member]                                      
Estimated cost expected   $ 45,041                                  
Budgeted cost   $ 109,833                                  
DNA Healthlink, Inc [Member] | Richard Purcell [Member]                                      
Cash fee             $ 12,500                        
Employment and Consulting Agreements [Member]                                      
Cash compensation expense                         37,500   $ 37,500        
Due Within Five Days After Closing Of First Patient Product Phase Two Human Clinical Study [Member] | University Of Illinois 2014 Exclusive License Agreement [Member]                                      
Payment for sale of product                                 75,000    
Due Within Five Days After Closing Of First Patient Product Phase Three Human Clinical Trial [Member] | University Of Illinois 2014 Exclusive License Agreement [Member]                                      
Payment for sale of product                                 350,000    
Due Within Five Days After First New Drug Application Filing [Member] | University Of Illinois 2014 Exclusive License Agreement [Member]                                      
Payment for sale of product                                 500,000    
Due Within Twelve Months After First Commercial Sale Of Product Member [Member] | University Of Illinois 2014 Exclusive License Agreement [Member]                                      
Payment for sale of product                                 $ 1,000,000    
February 5, 2016 [Member]                                      
Due and owing for unpaid services rendered                         146,000     $ 146,000      
Former Director [Member]                                      
Unpaid consulting compensation           $ 24,000                          
Dr. Arnold S. Lippa [Member]                                      
Cash compensation expense                         $ 80,400            
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies - Schedule of Principal Cash Obligations and Commitments (Details)
Mar. 31, 2016
USD ($)
2016 $ 1,467,123
2017 854,200
2018 665,650
2019 100,000
2020 100,000
Total 3,186,973
Research and Development Contracts [Member]  
2016 $ 73,101
2017
2018
2019
2020
Total $ 73,101
Clinical Trial Agreements [Member]  
2016 $ 407,118
2017
2018
2019
2020
Total $ 518,772
License Agreements [Member]  
2016 75,000
2017 100,000
2018 100,000
2019 100,000
2020 100,000
Total 475,000
Employment and Consulting Agreements [Member]  
2016 800,250
2017 754,200
2018 $ 565,650
2019
2020
Total $ 2,120,100 [1]
[1] The payment of such amounts is subject to the Company reaching certain financing milestones, as described above.
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended
May. 09, 2016
May. 04, 2016
Apr. 17, 2016
Apr. 07, 2016
Jan. 06, 2016
Aug. 13, 2015
May. 09, 2016
Nov. 02, 2015
Mar. 31, 2016
Number of common stock shares       11,887,779     56,320,496    
Maximum proceeds from private placements             $ 422,404    
Per unit price of private placement $ 0.015     $ 0.0239     $ 0.015 $ 0.02103  
Warrants expire date             Sep. 30, 2020 Sep. 30, 2020  
Received subscriptions               $ 250,000  
Unit Exchange Agreements [Member]                  
Number of common stock shares   28,642,892              
Maximum proceeds from private placements   $ 214,822              
Per unit price of private placement   $ 0.018              
10% Convertible Note Exchange Agreements and Warrant Exercises [Member]                  
Warrants exercisable price per share           $ 0.035     $ 0.035
Debt instruments interest rate 10.00%         50.00% 10.00%   10.00%
Accrued and unpaid interest           $ 43,758     $ 0
Additional warrants           8,903,684      
Principal amount of notes exchanged $ 303,500           $ 303,500    
10% Convertible Notes [Member]                  
Number of common stock shares             32,990,233   13,305,470
Warrant to purchase common stock during period                 4,634,042
Maximum proceeds from private placements                 $ 232,846
Warrants exercisable price per share                 $ 0.0175
Issued a demand promissory note principal amount                 $ 8,671,428
Accrued and unpaid interest                 $ 40,993
Note Exchange Agreement [Member]                  
Number of common stock shares   2,725,579              
Warrant to purchase common stock during period   714,286              
Maximum proceeds from private placements   $ 19,200              
Issued a demand promissory note principal amount   $ 28,498              
Debt instruments interest rate   10.00%              
Accrued and unpaid interest   $ 3,498              
Additional warrants   $ 382,837              
Dr. Manuso [Member]                  
Number of common stock shares       23,775,558          
Maximum proceeds from private placements       $ 178,317          
Per unit price of private placement       $ 0.015          
Investors [Member] | 10% Convertible Note Exchange Agreements and Warrant Exercises [Member]                  
Additional warrants           $ 16,557,142      
Minimum [Member]                  
Per unit price of private placement $ 0.018           $ 0.018    
Minimum [Member] | 10% Convertible Notes [Member]                  
Warrants exercisable price per share 0.018           0.018   $ 0.035
Maximum [Member]                  
Per unit price of private placement 0.0239           0.0239    
Maximum [Member] | 10% Convertible Notes [Member]                  
Warrants exercisable price per share $ 0.0239           $ 0.0239   $ 0.175
Common Stock One [Member]                  
Number of common stock shares             28,160,248    
Common Stock Two [Member]                  
Number of common stock shares             28,160,248    
Common Stock [Member] | Unit Exchange Agreements [Member]                  
Number of common stock shares   14,321,446              
Per unit price of private placement   $ 0.015              
Exchanged Securities [Member] | 10% Convertible Note Exchange Agreements and Warrant Exercises [Member]                  
Number of common stock shares 8,671,428                
Warrant to purchase common stock during period 32,990,233                
Maximum proceeds from private placements $ 232,846                
Issued a demand promissory note principal amount 344,493           $ 344,493    
Accrued and unpaid interest 40,993                
Additional warrants $ 4,634,042                
Purchase Agreement [Member]                  
Sold units for aggregate cash consideration         $ 2,500,000        
Number of common stock shares             2,479,712   8,775,250
Warrant to purchase common stock during period             4,959,424   17,550,500
Maximum proceeds from private placements             $ 55,000   $ 194,635
Per unit price of private placement                 $ 0.02218
Warrants exercisable price per share                 $ 0.0244
Warrants expire date         Feb. 28, 2021        
Percentage of beneficially own upon conversion         4.99%        
Series G 1.5% Cumulative Mandatorily Convertible Preferred Stock [Member]                  
Number of common stock shares     259.7            
Warrant to purchase common stock during period     78,706,282            
Per unit price of private placement     $ 0.0033            
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