Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,506,507) $ (6,048,321)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 77,254 29,413
Amortization of discount on royalty obligation 480,656 358,882
Bad debt expense 0 2,400
Interest expense paid with common stock 0 21,000
Amortization of debt discount 0 783,650
Amortization of right-of-use asset 89,517 67,091
Loss on sale of fixed assets 0 1,902
Stock based compensation 355,040 1,965,703
Gain on settlement of debt (26,000) 0
Changes in operating assets and liabilities:    
Accounts receivable 250 4,850
Other receivable (38,211) (186,668)
Prepaid expenses 55,790 (181,825)
Accounts payable and accrued expenses 483,778 473,490
Deposits (2,584) (28,514)
Lease liability (83,790) (21,420)
Deferred revenue-grant 65,560 0
Deferred revenue (102,625) (178,760)
Net cash used in operating activities (2,151,872) (2,937,127)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (9,227) (122,593)
Proceeds from sale of property and equipment 0 800
Net cash used in investing activities (9,227) (121,793)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 0 100,000
Proceeds from common stock subscription and royalty agreement 0 6,000,000
Advances from SBA 5,000 0
Proceeds from EIDL loan 74,300 0
Proceeds from PPP loan 28,000 0
Repayments of notes payable 0 (675,000)
Net cash provided by financing activities 107,300 5,425,000
Net (decrease) increase in cash (2,053,799) 2,366,080
Cash, beginning of the year 2,645,852 279,772
Cash, end of the year 592,053 2,645,852
Supplemental disclosures of cash flow information:    
Interest paid 0 61,397
Taxes paid 0 0
Non cash financing activities:    
Record right to use assets per ASC 842, net of deferred rent 120,346 525,798
Record lease liability per ASC 842 120,346 526,559
Common stock issued in connection with conversion of notes payable $ 0 $ 4,160,000