Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows (Unaudited)

v3.23.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (1,507,042) $ (1,788,246)
Adjustments to reconcile net loss to net cash used in operations:    
Common stock issued for services 256,569 254,751
Stock-based compensation to employees and directors 169,333 320,353
Amortization of debt discount 36,300 9,075
Inducement expense 397,937
Changes in operating assets and liabilities    
Decrease in prepaid expenses and other current assets 43,103 42,006
Increase in accounts payable and accrued expenses 156,522 248,069
Increase in accrued payroll and related expenses 251,192
Increase in accrued interest – related parties 6,818
Net cash used in operating activities (440,460) (662,800)
CASH FLOWS FROM FINANCING ACTIVITIES    
Deferred offering costs 35,000
Proceeds from warrant exercise 812,332
Proceeds from sale of common stock and warrants 254,246
Net cash provided by financing activities 1,066,578 35,000
NET INCREASE (DECREASE) IN CASH 626,118 (627,800)
CASH - Beginning of period 225,276 1,499,866
CASH - End of period 851,394 872,066
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 7,200 7,202
Accrual of contractual dividends on Series B convertible preferred stock 37,207 37,206
Deemed dividend on warrant modifications 282,309 41,225
Incremental value of Series A conversion modifications 96,245
Incremental value of Series B conversion modifications 168,835
Subscription receivable 342,669
Conversion of notes payable to common stock $ 519,712