v3.22.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (1,788,246) $ (4,406,059)
Adjustments to reconcile net loss to net cash used in operations:    
Common stock issued for services 254,751 652,392
Stock-based compensation to employees and directors 320,353
Stock-based compensation and stock option modification 2,386,223
Loss on conversion of bridge notes and accrued interest 744,505
Loss on conversion of debentures and accrued expense to common stock 390,068
Paid-in-kind interest - convertible bridge notes 35,983
Amortization of debt discount 9,075
Changes in operating assets and liabilities    
Decrease (increase) in prepaid expenses and other current assets 42,006 (18,141)
Deferred offering costs 35,000
(Decrease) increase in accounts payable and accrued expenses 248,069 (75,035)
Increase accrued payroll and related expenses 251,192
Increase in accrued interest 1,914
Net cash used in operating activities (627,800) (288,150)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds for the issuance of preferred stock – Series B 2,221,000
Net cash provided by financing activities 2,221,000
NET INCREASE (DECREASE) IN CASH (627,800) 1,932,850
CASH - Beginning of period 1,499,866 8,304
CASH - End of period 872,066 1,941,154
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of interest in cash
Payment of income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrual of contractual dividends on Series A convertible preferred stock 7,202 550,397
Accrual of contractual dividends on Series B convertible preferred stock 37,206
Deemed Dividend on warrant modifications 41,225
Conversion of convertible bridge notes and accrued interest to and 165,692 shares of common stock 3,633,983
Conversion of debentures and accrued expenses to common stock 125,000
Conversion of Series A preferred stock to common stock 120,000
Conversion of notes payable with related parties to Series B preferred stock and warrants $ 23,000