UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____________ to _____________
Commission File Number 001-38185
PRESSURE BIOSCIENCES, INC.
(Exact name of registrant as specified in its charter)
| Massachusetts | 04-2652826 | |
| (State or other jurisdiction of | (I.R.S. Employer | |
| incorporation or organization) | Identification No.) |
| 14 Norfolk Avenue | ||
| South Easton, Massachusetts | 02375 | |
| (Address of principal executive offices) | (Zip Code) |
(508) 230-1828
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | None | None |
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.
[X] Yes [ ] No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
[X] Yes [ ] No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer [ ] | Accelerated filer [ ] |
Non-accelerated filer [X] |
Smaller reporting company [X] | Emerging growth company [ ] |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act.
[ ] Yes [X] No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of December 10, 2019.
| Class | Number of Shares | |||
| Common Stock, par value $.01 per share | 2,399,674 |
TABLE OF CONTENTS
| 2 |
PART I - FINANCIAL INFORMATION
PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| September 30, 2019 | December 31, 2018 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 135,364 | $ | 103,118 | ||||
| Accounts receivable, net of $0 reserve at September 30, 2019 and December 31, 2018 | 411,442 | 474,830 | ||||||
| Inventories, net of $273,547 reserve at September 30, 2019 and December 31, 2018 | 713,886 | 765,478 | ||||||
| Prepaid expenses and other current assets | 239,216 | 170,734 | ||||||
| Total current assets | 1,499,908 | 1,514,160 | ||||||
| Investment in equity securities | 16,643 | 16,643 | ||||||
| Property and equipment, net | 94,242 | 69,272 | ||||||
| Other assets | 201,534 | 136,385 | ||||||
| Intangible assets, net | 598,558 | 663,462 | ||||||
| TOTAL ASSETS | $ | 2,410,885 | $ | 2,399,922 | ||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 612,839 | $ | 658,856 | ||||
| Accrued employee compensation | 393,498 | 456,932 | ||||||
| Accrued professional fees and other | 1,573,872 | 1,112,995 | ||||||
| Other current liabilities | 2,536,812 | 1,233,325 | ||||||
| Deferred revenue | 27,495 | 20,623 | ||||||
| Operating lease liability | 92,950 | 59,799 | ||||||
| Convertible debt, net of unamortized discounts of $326,380 and $156,180, respectively | 4,888,935 | 4,000,805 | ||||||
| Other debt, net of unamortized discounts of $7,036 and $9,118, respectively | 1,808,237 | 852,315 | ||||||
| Other related party debt | 79,000 | 15,000 | ||||||
| Total current liabilities | 12,013,638 | 8,410,650 | ||||||
| LONG TERM LIABILITIES | ||||||||
| Operating lease liability, net of current portion | - | 76,586 | ||||||
| Deferred revenue | 21,776 | 37,757 | ||||||
| TOTAL LIABILITIES | 12,035,414 | 8,524,993 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 5) | ||||||||
| STOCKHOLDERS’ DEFICIT | ||||||||
| Series D Convertible Preferred Stock, $.01 par value; 850 shares authorized; 300 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively (Liquidation value of $300,000) | 3 | 3 | ||||||
| Series G Convertible Preferred Stock, $.01 par value; 240,000 shares authorized; 80,570 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively | 806 | 806 | ||||||
| Series H Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 10,000 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively | 100 | 100 | ||||||
| Series H2 Convertible Preferred Stock, $.01 par value; 21 shares authorized; 21 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively | - | - | ||||||
| Series J Convertible Preferred Stock, $.01 par value; 6,250 shares authorized; 3,458 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively | 35 | 35 | ||||||
| Series K Convertible Preferred Stock, $.01 par value; 15,000 shares authorized; 6,880 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively | 68 | 68 | ||||||
| Series AA Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 7,899 and 6,499 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively | 80 | 65 | ||||||
| Common stock, $.01 par value; 100,000,000 shares authorized; 2,172,163 and 1,684,182 shares issued and outstanding on September 30, 2019 and December 31, 2018 respectively | 21,722 | 16,842 | ||||||
| Warrants to acquire common stock | 22,064,307 | 19,807,247 | ||||||
| Additional paid-in capital | 43,263,325 | 39,777,301 | ||||||
| Accumulated deficit | (74,974,975 | ) | (65,727,538 | ) | ||||
| Total stockholders’ deficit | (9,624,529 | ) | (6,125,071 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 2,410,885 | $ | 2,399,922 | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements
| 3 |
PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For
the Three Months Ended | For
the Nine Months Ended September 30, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Revenue: | ||||||||||||||||
| Products, services, other | $ | 501,158 | $ | 461,017 | $ | 1,530,061 | $ | 1,664,679 | ||||||||
| Grant revenue | - | 60,749 | - | 106,634 | ||||||||||||
| Total revenue | 501,158 | 521,766 | 1,530,061 | 1,771,313 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of products and services | 285,794 | 234,320 | 899,678 | 829,155 | ||||||||||||
| Research and development | 276,712 | 262,054 | 832,954 | 910,862 | ||||||||||||
| Selling and marketing | 133,032 | 223,286 | 507,856 | 722,696 | ||||||||||||
| General and administrative | 874,611 | 735,505 | 3,155,800 | 2,270,953 | ||||||||||||
| Total operating costs and expenses | 1,570,149 | 1,455,165 | 5,396,288 | 4,733,666 | ||||||||||||
| Operating loss | (1,068,991 | ) | (933,399 | ) | (3,866,227 | ) | (2,962,353 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (2,124,477 | ) | (733,209 | ) | (4,001,711 | ) | (3,015,596 | ) | ||||||||
| (Loss) Gain on extinguishment of debt | (185,203 | ) | (140,765 | ) | (332,474 | ) | 335,132 | |||||||||
| Incentive shares/warrants | - | - | - | (663,130 | ) | |||||||||||
| Other income (expense) | 4,674 | (1,283 | ) | 4,400 | (15,595 | ) | ||||||||||
| Total other expense | (2,305,006 | ) | (875,257 | ) | (4,329,785 | ) | (3,359,189 | ) | ||||||||
| Income tax benefit | 217,168 | - | 217,168 | - | ||||||||||||
| Net loss | (3,156,829 | ) | (1,808,656 | ) | (7,978,844 | ) | (6,321,542 | ) | ||||||||
| Deemed dividend on down round feature | - | - | - | (213,012 | ) | |||||||||||
| Deemed dividend on beneficial conversion feature | (675,979 | ) | (1,146,280 | ) | (2,625,710 | ) | (11,678,571 | ) | ||||||||
| Preferred stock dividends | (492,494 | ) | (277,439 | ) | (1,268,593 | ) | (373,318 | ) | ||||||||
| Net loss attributable to common stockholders | $ | (4,325,302 | ) | (3,232,375 | ) | $ | (11,873,147 | ) | (18,586,443 | ) | ||||||
| Basic and diluted net loss per share attributable to common stockholders | $ | (2.20 | ) | $ | (2.01 | ) | $ | (6.29 | ) | $ | (12.67 | ) | ||||
| Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation | 1,967,872 | 1,606,575 | 1,887,393 | 1,466,424 | ||||||||||||
The accompanying notes are an integral part of these unaudited consolidated
| 4 |
PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| For the Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2019 | 2018 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (7,978,844 | ) | $ | (6,321,542 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Non-cash lease expense | 43,435 | - | ||||||
| Common stock issued for debt extension | - | 33,218 | ||||||
| Depreciation and amortization | 68,849 | 70,681 | ||||||
| Accretion of interest and amortization of debt discount | 886,950 | 1,405,490 | ||||||
| Issuance of incentive shares and common stock warrants | - | 663,130 | ||||||
| Issuance of shares for services rendered | 245,000 | - | ||||||
| Inventory reserve recovery | - | (39,900 | ) | |||||
| Loss(Gain) on extinguishment of debt | 332,474 | (335,132 | ) | |||||
| Stock-based compensation expense | 722,576 | 299,584 | ||||||
| Shares issued with debt | - | 7,800 | ||||||
| Impairment loss on investment | - | 3,182 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 63,388 | (167,481 | ) | |||||
| Inventories | 51,593 | (2,372 | ) | |||||
| Prepaid expenses and other assets | (177,066 | ) | 141,214 | |||||
| Accounts payable | 838,278 | 16,390 | ||||||
| Accrued employee compensation | (63,434 | ) | 3,702 | |||||
| Operating lease liability | (43,435 | ) | - | |||||
| Deferred revenue and other accrued expenses | (9,109 | ) | 606,454 | |||||
| Net cash used in operating activities | (5,019,345 | ) | (3,615,582 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property plant and equipment | (28,915 | ) | - | |||||
| Net cash used in investing activities | (28,915 | ) | - | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Net proceeds from revolving note payable | - | 460,000 | ||||||
| Net proceeds from Series AA Convertible Preferred Stock | 3,185,100 | 1,255,463 | ||||||
| Net proceeds from convertible debt | 4,601,300 | 3,848,484 | ||||||
| Net proceeds from non-convertible debt – third party | 2,956,750 | 1,595,901 | ||||||
| Net proceeds from non-convertible debt – related party | 239,000 | 116,100 | ||||||
| Payments on convertible debt | (3,705,485 | ) | (2,097,750 | ) | ||||
| Payments on non-convertible debt | (2,021,159 | ) | (1,579,130 | ) | ||||
| Payments on non-convertible debt – related party | (175,000 | ) | (58,600 | ) | ||||
| Net cash provided by financing activities | 5,080,506 | 3,540,468 | ||||||
| NET INCREASE (DECREASE) IN CASH | 32,246 | (75,114 | ) | |||||
| CASH AT BEGINNING OF YEAR | 103,118 | 81,033 | ||||||
| CASH AT END OF PERIOD | $ | 135,364 | $ | 5,919 | ||||
| SUPPLEMENTAL INFORMATION | ||||||||
| Interest paid in cash | $ | 2,571,231 | $ | 856,562 | ||||
| NON CASH TRANSACTIONS: | ||||||||
| Loan extension fees added to principal | $ | 77,500 | ||||||
| Common stock issued for conversion of debt and accrued interest | 342,250 | - | ||||||
| Common stock issued in lieu of cash for dividend | 190,123 | - | ||||||
| Common stock issued in lieu of cash for interest | - | 201,432 | ||||||
| Common stock issued for services to be rendered | - | 173,520 | ||||||
| Common stock issued with debt | 226,133 | 222,272 | ||||||
| Discount from warrants issued with convertible debt | - | 162,023 | ||||||
| Discount from one-time interest | - | 169,500 | ||||||
| Preferred stock dividends | 1,268,593 | 373,318 | ||||||
| Conversion of debt into preferred stock | - | 12,688,634 | ||||||
| Conversion of preferred stock into common stock | 160 | - | ||||||
| Contingent beneficial conversion feature on convertible note | 451,665 | 253,000 | ||||||
| Deemed dividend-triggered down round feature | - | 213,012 | ||||||
| Deemed dividend-beneficial conversion feature | 2,625,710 | 11,678,571 | ||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements
| 5 |
CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
| Series D Preferred Stock | Series G Preferred Stock | Series H Preferred Stock | Series H(2) Preferred Stock | Series J Preferred Stock | Series K Preferred Stock | Series AA Preferred Stock | Common Stock | Stock | Additional Paid-In | Accumulated other comprehensive | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Warrants | Capital | loss | Deficit | Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE, December 31, 2017 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | - | - | 1,342,858 | $ | 13,429 | $ | 9,878,513 | $ | 30,833,549 | $ | - | $ | (55,349,299 | ) | $ | (14,622,796 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 86,020 | - | - | 86,020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for dividends paid-in-kind | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22,606 | 226 | - | 80,529 | - | - | 80,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock issued for debt extension | 7,000 | 70 | - | 28,420 | 28,490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15,750 | 158 | - | 59,106 | - | - | 59,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 118,416 | - | - | - | 118,416 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized loss on investments, net of tax | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2,231,654 | ) | (2,231,654 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE, March 31, 2018 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | - | $ | - | 1,388,214 | $ | 13,883 | $ | 9,996,929 | $ | 31,087,624 | $ | - | $ | (57,580,953 | ) | $ | (16,481,505 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 62,249 | - | - | 62,249 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for services | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Down round feature triggered | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,532,291 | - | 213,012 | 10,532,291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Shares/Warrants | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 110,833 | 1,108 | 312,637 | $ | 339,149 | - | - | 652,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrant exercise | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (95,879 | ) | (95,879 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contingent beneficial feature on convertible notes | $ | 253,000 | $ | 253,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants for services | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of debt and interest for preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | 51 | - | - | 6,826,710 | 5,861,874 | - | - | 12,688,635 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for dividends paid-in-kind | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,637 | 26 | - | 9,242 | - | - | 9,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deemed dividend-beneficial conversion feature | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (10,532,291 | ) | - | $ | (213,012 | ) | (10,532,291 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of Series K convertible preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock offering | - | - | - | - | - | - | - | - | - | - | - | - | 120 | 1 | - | - | 172,932 | 127,067 | - | - | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offering costs for issuance of preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 37,782 | (111,691 | ) | - | - | (73,909 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 35,410 | 354 | - | 118,927 | - | - | 119,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 43,607 | - | - | - | 43,607 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrant modification | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 60,120 | - | - | 60,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2,281,232 | ) | (2,281,232 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE, June 30, 2018 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | $ | 120 | $ | 52 | 1,537,094 | $ | 15,371 | $ | 17,450,717 | $ | 37,747,441 | $ | - | $ | (59,958,064 | ) | $ | (4,743,471 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 151,315 | - | - | 151,315 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for services | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 48,000 | 480 | - | 173,040 | - | - | 173,520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Shares/Warrants | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrant exercise | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (277,439 | ) | (277,439 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for dividends paid-in-kind | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 30,764 | 308 | - | 111,101 | - | - | 111,409 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of Series G convertible preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deemed dividend-beneficial conversion feature | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock offering | - | - | - | - | - | - | - | - | - | - | - | - | 460 | 5 | - | 679,707 | 470,288 | - | - | 1,150,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offering costs for issuance of preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 160,265 | (280,895 | ) | - | - | (120,630 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock issued for debt extension | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7,200 | 72 | - | 25,056 | - | - | 25,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 34,078 | 341 | - | 107,286 | - | - | 107,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized loss on investments, net of tax | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (1,752,154 | ) | (1,752,154 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE, September 30, 2018 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | $ | 580 | $ | 57 | 1,657,136 | $ | 16,572 | $ | 18,290,689 | $ | 38,504,632 | $ | - | $ | (61,987,657 | ) | $ | (5,174,695 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Series D Preferred Stock | Series G Preferred Stock | Series H Preferred Stock | Series H(2) Preferred Stock | Series J Preferred Stock | Series K Preferred Stock | Series AA Preferred Stock | Common Stock | Stock | Additional Paid-In | Accumulated other comprehensive | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Warrants | Capital | loss | Deficit | Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE, December 31, 2018 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | 6,499 | 65.00 | 1,684,184 | $ | 16,842 | $ | 19,807,247 | $ | 39,777,301 | $ | - | $ | (65,727,538 | ) | $ | (6,125,071 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 245,392 | - | - | 245,392 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (355,610 | ) | (355,610 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of shares for services | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50,000 | 500 | 167,500 | - | - | 168,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beneficial conversion feature on Series AA convertible preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,060,199 | - | - | 1,060,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deemed dividend-beneficial conversion feature | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (1,060,199 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||