Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 121,532 $ 119,546
Adjustments to reconcile net income to net cash used in operations:    
Depreciation and amortization 66 11,421
Amortization of stock option grants and restricted stock unit grants 34,579 34,608
Gain on extinguishment of liabilities (306,262)
Paid-in-kind interest - convertible bridge notes 68,125
Change in fair value of convertible bridge notes (446,875)
Amortization of preferred stock discount 1,062 34,661
Amortization of debt issuance costs (1,249)
Changes in operating assets and liabilities    
Decrease in prepaid expenses (1,118) 3,772
Increase in accounts payable and accrued expenses 36,265 83,297
Net cash used in operating activities (187,613) (18,957)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment on capitalized lease (600)
Proceeds from notes payable - related parties, net of issuance costs 18,100
Proceeds from convertible bridge notes, net of issuance costs 1,000,000
Net cash provided by financing activities 1,017,500
NET (DECREASE) INCREASE IN CASH (187,613) 998,543
CASH - Beginning of period 298,673 3,330
CASH - End of period 111,060 1,001,873
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of interest in cash 681 8,576
Accrual of contractual dividends on Series A convertible preferred stock 13,644 9,074
Restricted cash held in escrow by attorney from Bridge Offering 50,000
Conversion of payables, accrued interest, notes payable and notes payable - related parties to debentures $ 168,152