Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (4,305,432) $ (8,364,455)
Adjustments to reconcile net loss to net cash used in operations:    
Common stock issued for services 325,719 1,039,932
Stock-based compensation to employees and directors 1,156,674 5,252,599
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 27,225
Gain on forgiveness of debt (142,942)
Changes in operating assets and liabilities    
Decrease (increase) in prepaid expenses and other current assets 68,855 (6,301)
(Decrease) increase in accounts payable and accrued expenses 451,329 (44,392)
Increase in accrued payroll and related expenses 715,054
Increase in accrued interest – related parties 1,478
Net cash used in operating activities (1,560,576) (1,093,525)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayments on promissory notes – related parties (33,492)
Deferred offering costs 35,000 (35,000)
Proceeds for the issuance of preferred stock – Series B 2,221,000
Sale of common stock and warrants 925,000
Net cash provided by financing activities 960,000 2,152,508
NET INCREASE (DECREASE) IN CASH (600,576) 1,058,982
CASH - Beginning of period 1,499,866 8,304
CASH - End of period 899,290 1,067,287
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of interest in cash
Payment of income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrual of contractual Series A convertible preferred stock 20,420 22,238
Accrual of contractual dividends on Series B convertible preferred stock 113,276 168,370
Deemed dividend on conversion of Series A preferred stock to common stock   542,500
Deemed dividend on warrant modifications 41,225 850,213
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