Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Details Narrative)

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NOTES PAYABLE (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2017
Dec. 31, 2016
Derivative liability $ 13,508 $ 13,508
Stock payable 400,082 400,082 3,921,973
Private Placement [Member]      
Principal amount 1,515,000 1,515,000 1,382,000
Proceeds from Issuance of Private Placement     $ 2,500,000
Derivative liability 288,676 288,676  
Royalty liability 991,386 991,386  
Stock payable $ 400,082 $ 400,082  
Converted shares 948,079    
Fair value of converted shares $ 446,564    
Gain on extinguishment of debt and related derivative liability 50,901    
Interest rate     7.50%
Notes conversion description  

The Company increased the Private Placement offering principal amount from $2.5 million to $11.5 million.

The notes are convertible into shares of common stock of the Company at a price per share equal to 90% of the closing bid price of the common stock during the 20 consecutive trading days immediately preceding such conversion. The notes mature 24 months after issuance, if not converted prior to the maturity date, the notes automatically convert into shares of common stock of the Company at a per share price equal to 80% of the closing bid price of the common stock of the Company during the 20 consecutive trading days immediately preceding the maturity date. The holders of the notes will receive, in the aggregate, pro rata based on investment, a total of five percent of the revenues of Caretta Therapeutics, LLC during the years ending December 31, 2017, 2018, 2019 and 2020. The investors shall also receive warrants to purchase a number of shares equal to 30% of the amount invested, for a period of two years, at an exercise price per share equal to 110% of the closing bid price of the common stock of the Company on the six month anniversary of the date of issuance of such warrant.

Debt discount for fair value of warrants issued with convertible debenture $ 39,231 $ 39,231