Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,210,638) $ (3,506,507)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 64,328 77,254
Amortization of discount on royalty obligation 477,436 480,656
Impairment of intellectual property 141,480 0
Amortization of right-of-use asset 104,615 89,517
Stock based compensation 209,515 355,040
Gain on settlement of debt (28,229) (26,000)
Changes in operating assets and liabilities:    
Accounts receivable (1,000) 250
Grant receivable 168,520 (38,211)
Prepaid expenses 72,864 55,790
Accounts payable and accrued expenses 698,631 483,778
Deposits 0 (2,584)
Lease liability (106,290) (83,790)
Deferred revenue-grant (65,560) 65,560
Deferred revenue (63,330) (102,625)
Net cash used in operating activities (3,537,658) (2,151,872)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (2,017) (9,227)
Purchase of intellectual property (47,980) 0
Net cash used in investing activities (49,997) (9,227)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from common stock subscription and royalty agreement 2,250,000 0
Advances from SBA 0 5,000
Proceeds from EIDL loan 0 74,300
Proceeds from PPP loan 131,440 28,000
Proceeds from notes payable 200,000 0
Proceeds from notes payable - related party 500,000 0
Net cash provided by financing activities 3,081,440 107,300
Net decrease in cash (506,215) (2,053,799)
Cash, beginning of the year 592,053 2,645,852
Cash, end of the year 85,838 592,053
Supplemental disclosures of cash flow information:    
Interest paid 0 0
Taxes paid 0 0
Non cash financing activities:    
Record right to use assets upon adoption of ASC 842 0 120,346
Record lease liability upon adoption of ASC 842 0 120,346
Recognition of down round feature 70,127 0
Common stock issued in connection with exercise of warrants $ 47 $ 0