Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.23.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
REVENUES
Operating Expenses    
Compensation and related expenses 2,899,987 8,290,699
Professional Fees 1,262,860 1,985,780
General and administrative 275,923 117,483
Research and development 1,022,412 647,302
Total Operating Expenses 5,461,182 11,041,264
Loss from Operations (5,461,182) (11,041,264)
Other Income (Expense) from operations    
Financing costs including interest (74,390) (44,171)
Gain on sale of equity method investment 100,000
Loss on conversion of bridge notes and accrued interest (744,505)
Gain on conversion of convertible debt 54,281
Loss on debentures and accrued expenses converted to common stock (390,067)
Gain on forgiveness of debt from Paycheck Protection Program 142,942
Total Other Expenses, net (20,109) (935,801)
Loss from operations before income taxes (5,481,291) (11,977,065)
Income Taxes
NET LOSS (5,481,291) (11,977,065)
PREFERRED STOCK    
Series A convertible contractual dividends (27,620) (29,538)
Series B convertible contractual dividends (151,310) (153,343)
Deemed dividend Series B warrant modification (41,225) (850,214)
Deemed dividends on Series A conversion to common stock (542,500)
Deemed dividends from Series A and B conversion price reduction (373,435)
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (6,074,881) $ (13,552,660)
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: BASIC AND DILUTED: $ (3.45) $ (17.20)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED 1,762,160 791,599