Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows (Unaudited)

v3.23.2
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (2,744,924) $ (3,071,692)
Adjustments to reconcile net loss to net cash used in operations:    
Common stock issued for services 501,183 254,751
Stock-based compensation to employees and directors 291,803 747,937
Amortization of debt discount 36,300 18,150
Inducement expense 397,937
Changes in operating assets and liabilities    
Decrease in prepaid expenses and other current assets 66,423 26,793
Increase in accounts payable and accrued expenses 199,515 425,143
Increase in accrued payroll and related expenses 493,405
Increase in accrued interest – related parties 6,930
Net cash used in operating activities (1,244,833) (1,105,513)
CASH FLOWS FROM FINANCING ACTIVITIES    
Deferred offering costs 35,000
Proceeds from warrant exercise 1,095,001
Proceeds from sale of common stock and warrants 314,246
Net cash provided by financing activities 1,409,247 35,000
NET INCREASE (DECREASE) IN CASH 164,414 (1,070,513)
CASH - Beginning of period 225,276 1,499,866
CASH - End of period 389,690 429,353
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 14,400 13,220
Accrual of contractual dividends on Series B convertible preferred stock 74,827 75,241
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
Deferred Compensation for Employees and Consultants 1,459,884
Conversion of notes payable to common stock $ 519,712