Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,212,102) $ (3,770,490)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 33,145 26,808
Amortization of discount on royalty obligation 480,656 477,436
Amortization of debt discount 621,506 166,198
Impairment of intellectual property 0 47,980
Amortization of right-of-use asset 62,104 173,128
Loss on settlement of debt 164,602 34,338
Other income (32,405) 0
Stock based compensation 1,219,254 277,055
Imputed interest for related party advances 43,861 0
Changes in operating assets and liabilities:    
Accounts receivable 740 34,638
Grant receivable 76,266 53,886
Prepaid expenses 14,928 37,874
Accounts payable and accrued expenses 1,442,160 803,117
Deposits 2,584 0
Lease liability (66,098) (181,994)
Deferred revenue (4,045) (33,256)
Deferred revenue, grant 56,590 0
Net cash used in operating activities (1,096,254) (1,853,282)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from common stock subscription and royalty agreement 0 915,000
Payment to Economic Injury Disaster loan (1,437) (1,384)
Payment of notes payable - related party (11,000) (35,000)
Proceeds from notes payable 200,000 600,000
Proceeds from notes payable - related party 931,502 371,273
Net cash provided by financing activities 1,119,065 1,849,889
Net increase (decrease) in cash 22,811 (3,393)
Cash, beginning of the year 65,222 68,615
Cash, end of the year 88,033 65,222
Supplemental disclosures of cash flow information:    
Interest paid 10,731 17,188
Taxes paid 0 0
Noncash Investing and Financing Items    
Common stock issued in connection with issuance of promissory notes 213,342 92,623
Common stock issued in connection subscription agreement 9 0
Record right to use assets per ASC 842 (225,663) 0
Record lease liability per ASC 842 225,663 0
Common stock issued in connection with conversion of promissory notes and accounts payable 1,249,385 361,892
Derivative liability recognized in connection with issuance of promissory notes 26,730 53,460
Warrants issued in connection with issuance of promissory notes $ 83,552 $ 373,127