Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (4,406,059) $ (437,402)
Adjustments to reconcile net loss to net cash used by operating activities:    
Stock-based compensation for services 652,392 20,833
Stock-based compensation and stock option modification 2,386,223 24,327
Loss on conversion of bridge notes and accrued interest 744,505
Loss on conversion of debentures and accrued expenses to common stock 390,068
Change in fair value of convertible bridge notes (31,357)
Amortization of debt issuance costs 1,250
Paid-in-kind interest - convertible bridge notes 35,983 131,107
Changes in operating assets and liabilities    
Decrease (increase) in prepaid expenses and other current assets (18,141) 4,249
Increase (decrease) in accounts payable and accrued expenses (75,035) 49,660
Increase accrued payroll and related expenses 76,765
Increase in accrued interest 1,914
Increase in accrued interest - related party 13,082
Net cash used in operating activities (288,150) (147,486)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from promissory notes - related parties 147,672
Proceeds from issuance of preferred stock - Series B 2,221,000
Net cash provided by financing activities 2,221,000 147,672
NET INCREASE IN CASH 1,932,850 186
CASH - Beginning of period 8,304 478
CASH - End of period 1,941,154 664
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrual of contractual and deemed dividends on Series A convertible preferred stock 550,397 8,317
Conversion of convertible bridge notes and accrued interest to 6,627,692 shares of common stock 3,633,983
Conversion of debentures and accrued expenses to common stock 125,000
Conversion of Series A preferred stock to common stock 120,000  
Conversion of notes payable with directors to Series B preferred stock and warrants $ 23,000