Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows (Unaudited)

v3.21.2
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (7,310,262) $ (1,310,046)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation for services 693,566 45,833
Stock-based compensation to employees and directors 4,825,472 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 323,185
Amortization of debt issuance costs 1,250
Paid-in-kind interest - convertible bridge notes 35,983 276,565
Accrued interest - related party 27,470
Changes in operating assets and liabilities    
Decrease (increase) in prepaid expenses and other current assets (12,621) 7,665
(Decrease) increase in accounts payable and accrued expenses (70,656) 97,005
Increase accrued payroll and related expenses 160,254
Increase in accrued interest 1,290
Net cash used in operating activities (702,655) (346,492)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from promissory notes - related parties 162,673
Repayments on promissory notes - related parties (33,492)
Proceeds from convertible notes payable 60,000
Proceeds from issuance of preferred stock - Series B 2,221,000
Proceeds from Paycheck Protection Program 142,942
Net cash provided by financing activities 2,187,508 365,615
NET INCREASE IN CASH 1,484,853 19,123
CASH - Beginning of period 8,304 478
CASH - End of period 1,493,157 19,601
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrual of contractual and deemed dividends on Series A convertible preferred stock 557,577 17,292
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 related parties to Series B preferred stock and warrants $ 23,000