Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (8,364,454) $ (3,734,635)
Adjustments to reconcile net loss to net cash used in operations:    
Stock-based compensation for services and warrant modification 1,039,932 177,000
Stock-based compensation to employees and directors 5,252,599  
Stock-based compensation and stock option modification 24,327
Loss on conversion bridge notes and accrued interest 744,505
Loss on conversion of debentures and accrued expense to common stock 390,068
Change in fair value of convertible bridge notes 1,666,422
Amortization of debt issuance costs 1,250
Paid-in-kind interest - convertible bridge notes 35,983 427,360
Loss on extinguishment of debt 503,762
Gain on forgiveness of debt (142,942)
Changes in operating assets and liabilities    
Increase in prepaid expenses and other current assets (6,301) (1,335)
Deferred offering costs (35,000)
(Decrease) increase in accounts payable and accrued expenses (44,393) 75,278
Increase accrued payroll and related expenses 194,881
Increase in accrued interest– related parties 1,478 45,572
Net cash used in operating activities (1,128,525) (620,118)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from convertible notes payable and notes payable - related parties 335,873
Repayment on promissory notes – related party (33,492)  
Proceeds from convertible notes payable 142,500
Proceeds for the issuance of preferred stock – Series B 2,221,000  
Proceeds from Paycheck Protection Program 142,942
Net cash provided by financing activities 2,187,508 621,315
NET INCREASE IN CASH 1,058,983 1,197
CASH - Beginning of period 8,304 478
CASH - End of period 1,067,287 1,675
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 22 26,366
Accrual of contractual dividends on Series B convertible preferred stock 168,370
Deemed dividend on conversion of Series A preferred stock to common stock 542,500
Deemed Dividend on warrant modifications 850,214
Conversion of convertible bridge notes and accrued interest to 6,627,692 and 11,418,069 shares of common stock, respectively 3,633,983 2,511,975
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