Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (5,481,291) $ (11,977,065)
Adjustments to reconcile net loss to net cash provided by operations:    
Stock-based compensation for services and warrant modification 482,162 1,179,932
Stock-based compensation to employees and directors 1,534,964 7,826,779
Loss on conversion of bridge notes and accrued interest 744,505
Loss on conversion of debentures and accrued expenses to common stock 390,069
Amortization of debt issuance costs 36,300
Paid-in-kind interest - convertible bridge notes 35,983
Gain on conversion of convertible debt (54,281)
Gain on forgiveness of Paycheck Protection Program (142,942)
Changes in operating assets and liabilities    
Increase in prepaid expenses and other current assets (4,331) (122,118)
Increase in accounts payable and accrued expenses 155,833 283,660
Increase accrued payroll and related expenses 590,763 47,394
Increase in accrued interest 27,791
Net cash used in operating activities (2,712,090) (1,733,803)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayments on promissory notes - related parties (33,492)
Deferred offering costs 35,000 (35,000)
Proceeds from convertible notes payable 605,000
Proceeds from conversion of warrants 467,857
Proceeds from issuance of preferred stock - Series B 2,221,000
Proceeds from issuance of common stock 1,402,500
Net cash provided by financing activities 1,437,500 3,225,365
NET (DECREASE) INCREASE IN CASH (1,274,590) 1,491,562
CASH - Beginning of year 1,499,866 8,304
CASH - End of year 225,276 1,499,866
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 27,620 29,538
Accrual of contractual dividends on Series B convertible preferred stock $ 151,309 $ 153,343
Fair value allocation of warrants issued with debt 72,600
Deemed dividend on warrant modifications $ 41,225 $ 850,214
Deemed dividend on Series A conversion price modifications 342,497
Deemed dividend on Series B conversion price modifications 30,938
Deemed dividend on conversion of Series A 542,500
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 35,000 125,000
Conversion of accrued salary and bonus to common stock 606,981
Conversion of convertible debt and accrued interest 132,934
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