v3.22.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (3,071,692) $ (7,310,262)
Adjustments to reconcile net loss to net cash used in operations:    
Common stock issued for services 254,751 693,566
Stock-based compensation to employees and directors 747,937 4,825,472
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 18,150
Changes in operating assets and liabilities    
Decrease (increase) in prepaid expenses and other current assets 26,793 (12,621)
(Decrease) increase in accounts payable and accrued expenses 425,143 (69,366)
Increase in accrued payroll and related expenses 493,405
Net cash used in operating activities (1,105,513) (702,655)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayments on promissory notes – related parties (33,492)
Deferred offering costs 35,000
Proceeds for the issuance of preferred stock – Series B 2,221,000
Net cash provided by financing activities 35,000 2,187,508
NET INCREASE (DECREASE) IN CASH (1,070,513) 1,484,853
CASH - Beginning of period 1,499,866 8,304
CASH - End of period 429,353 1,493,157
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of interest in cash
Payment of income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrual of contractual and deemed dividends on Series A convertible preferred stock 13,220 557,577
Accrual of contractual dividends on Series B convertible preferred stock 75,241
Deemed dividend on warrant modifications 41,225
Conversion of convertible bridge notes and accrued interest to 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