COATES INTERNATIONAL LTD \DE\

CIK:0000948426|SEC Filings

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Statements of Operations (Unaudited) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statements of Operations [Abstract]
Sublicensing fee revenue	$ 4,800	$ 4,800	$ 14,400	$ 14,400
Total Revenues	4,800	4,800	14,400	14,400
Expenses:
Research and development costs	99,435		194,680	196,598
Stock-based compensation expense	819,483	1,715,597	2,702,916	4,927,152
Compensation and benefits	45,492	156,171	226,328	382,098
General and administrative expenses	147,283	101,977	433,764	245,087
Depreciation and amortization	11,342	12,249	32,351	36,746
Total Operating Expenses	1,123,035	1,985,994	3,590,039	5,787,681
Loss from Operations	(1,118,235)	(1,981,194)	(3,575,639)	(5,773,281)
Other Expenses:
Decrease (increase) in estimated fair value of embedded derivative liabilities	44,491	(118,570)	49,406	(281,957)
Loss on conversion of convertible notes	(40,492)	(84,625)	(69,078)	(245,372)
Interest expense, net	(211,882)	(266,064)	(739,329)	(969,447)
Total other expenses	(207,883)	(469,259)	(759,001)	(1,496,776)
Loss Before Income Taxes	(1,326,118)	(2,450,453)	(4,334,640)	(7,270,057)
Provision for income taxes
Net Loss	$ (1,326,118)	$ (2,450,453)	$ (4,334,640)	$ (7,270,057)
Basic net loss per share	$ (0.01)	$ (0.09)	$ (0.04)	$ (0.35)
Basic weighted average shares outstanding	245,993,739	26,990,814	116,958,625	20,816,989
Diluted net loss per share	$ (0.01)	$ (0.09)	$ (0.04)	$ (0.35)
Diluted weighted average shares outstanding	245,993,739	26,990,814	116,958,625	20,816,989

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement of Cash Flows [Abstract]
Net Cash Used in Operating Activities	$ (483,317)	$ (663,268)
Net Cash Used in Investing Activities
Cash Flows Provided by Financing Activities:
Issuance of convertible promissory notes	374,200	723,300
Deposit received on sale of property	200,000
Issuance of promissory notes to related parties	68,230	60,340
Issuance of common stock under equity purchase agreements		42,944
Issuance of promissory note		30,000
Repayment of promissory notes and accrued interest to related parties	(103,194)	(122,000)
Repayment of mortgage loan	(45,000)	(45,000)
Repayment of promissory notes		(30,000)
Net Cash Provided by Financing Activities	494,236	659,584
Net Increase (Decrease) in Cash	10,919	(3,684)
Cash, beginning of period	6,807	9,163
Cash, end of period	17,726	5,479
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	81,084	135,960
Supplemental Disclosure of Non-cash Financing Activities:
Conversion of convertible promissory notes	$ 420,503	$ 449,614

Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash	$ 17,726	$ 6,807
Inventory	102,164	103,610
Other current assets	50,799	608
Total Current Assets	170,689	111,025
Property, plant and equipment, net	2,004,553	2,031,684
Deferred licensing costs, net	30,669	33,882
Total Assets	2,205,911	2,176,591
Current Liabilities
Accounts payable and accrued liabilities	2,806,192	2,544,002
Deferred compensation payable	1,892,211	1,621,322
Promissory notes to related parties	1,437,445	1,472,409
Derivative liability related to convertible promissory notes	311,047	358,996
Deposit on sale of property	200,000
Convertible promissory notes, net of unamortized discount	159,172	96,816
Unearned revenues	150,595	150,595
Current portion of mortgage loan payable	60,000	1,273,158
Sublicense deposits	19,200	60,725
Total Current Liabilities	7,035,862	7,578,024
Non-current portion of mortgage loan payable	1,180,490
Non-current portion of sublicense deposits	635,100	607,975
Total Liabilities	8,851,452	8,185,999
Commitments and Contingencies
Stockholders' Deficiency
Preferred stock, $0.001 par value, 100,000,000 and 350,000 ,shares authorized at September 30, 2018 and December 31, 2017, respectively:
Series A Preferred Stock, 1,000,000 and 5,000 shares designated, 15,620 and 3,601 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	16	4
Series B Convertible Preferred Stock, 10,000,000 and 345,000 shares designated, 3,261,396 and 228,471 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	3,261	228
Common Stock, $0.0001 par value, 2,400,000,000 and 120,000,000 shares authorized, 577,968,318 and 36,943,242 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	57,797	3,694
Additional paid-in capital	71,341,235	67,699,876
Accumulated deficit	(78,047,850)	(73,713,210)
Total Stockholders' Deficiency	(6,645,541)	(6,009,408)
Total Liabilities and Stockholders' Deficiency	$ 2,205,911	$ 2,176,591