Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
REVENUES
Operating Expenses    
Compensation and related expenses 8,290,699 379,242
Professional Fees 1,985,780 442,795
General and administrative 117,483 139,903
Research and development 647,302 362,456
Total Operating Expenses 11,041,264 1,324,396
Loss from Continuing Operations (11,041,264) (1,324,396)
Other Income (Expense) from continuing operations    
Financing costs including interest (44,171) (490,402)
Change in fair value of convertible bridge notes (3,170,236)
Gain on sale of equity method investment 100,000
Loss on conversion of bridge notes and accrued interest (744,505) (495,320)
Loss on conversion of debentures and notes payable with unrelated parties (68,373)
Loss on conversion of accrued salary and bonus, director fees, and notes payable with related parties (271,210)
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 (935,801) (4,495,541)
Loss from continuing operations before income taxes (11,977,065) (5,819,937)
Income Taxes
Income from discontinued operations 957,254
NET LOSS (11,977,065) (4,862,683)
PREFERRED STOCK    
Deemed dividend series B warrant modification (850,214)
Deemed dividends on series A conversion to common stock (542,500)
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (13,552,660) $ (4,898,123)
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: BASIC AND DILUTED:    
CONTINUING OPERATIONS $ (0.43) $ (1.06)
DISCONTINUED OPERATIONS $ 0.17
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED 31,663,946 5,522,771
Series A Preferred Stock [Member]    
PREFERRED STOCK    
Series B convertible contractual dividends $ (29,538) $ (35,440)
Series B Preferred Stock [Member]    
PREFERRED STOCK    
Series B convertible contractual dividends $ (153,343)