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, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,376,832) $ (5,210,638)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 27,450 64,328
Amortization of discount on royalty obligation 477,436 477,436
Amortization of debt discount 17,399 0
Impairment of intellectual property 0 141,480
Amortization of right-of-use asset 114,515 104,615
Stock based compensation 354,509 209,515
Loss on contingency 322,000 0
Loss on settlement of debt 198,939 0
Gain on settlement of debt (133,424) (28,229)
Noncash interest for debt discount 378,686 0
Changes in operating assets and liabilities:    
Accounts receivable (33,878) (1,000)
Grant receivable (73,793) 168,520
Prepaid expenses 1,864 72,864
Accounts payable and accrued expenses 838,071 698,631
Lease liability (119,734) (106,290)
Deferred revenue-grant 0 (65,560)
Deferred revenue (34,981) (63,330)
Net cash used in operating activities (2,041,773) (3,537,658)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment 0 (2,017)
Purchase of intellectual property 0 (47,980)
Net cash used in investing activities 0 (49,997)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from common stock subscription and royalty agreement 1,250,000 2,250,000
Payment to Economic Injury Disaster loan (450) 0
Proceeds from Paycheck Protection Program loan 0 131,440
Proceeds from notes payable 100,000 200,000
Proceeds from notes payable - related party 675,000 500,000
Net cash provided by financing activities 2,024,550 3,081,440
Net decrease in cash (17,223) (506,215)
Cash, beginning of the year 85,838 592,053
Cash, end of the year 68,615 85,838
Supplemental disclosures of cash flow information:    
Interest paid 0 0
Taxes paid 0 0
Common stock issued in connection with issuance of promissory notes 167,641 0
Common stock issued in connection with conversion of promissory notes and accounts payable 1,062,632 0
Recognition of down round feature 0 70,127
Common stock issued in connection with exercise of warrants $ 0 $ 47