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, 2020
Dec. 31, 2019
Cash flows from Operating Activities    
Net Loss $ (2,415,000) $ (5,621,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 377,000 383,000
Issuance of common stock for services 0 68,000
Amortization of debt discount 398,000 2,446,000
Accrued interest expense 145,000 68,000
Depreciation and amortization 7,000 7,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 52,000 (62,000)
Accounts payable and accrued expenses 143,000 (101,000)
Accounts payable - license agreements 236,000 182,000
Accounts payable and accrued expenses - related parties 88,000 (48,000)
Net cash used in operating activities (969,000) (2,678,000)
Cash flows from investing activities    
Purchase of equipment 0 (6,000)
Net cash used in investing activities 0 (6,000)
Cash flows from financing activities    
Net proceeds from private sale of restricted common stock 30,000 0
Net proceeds from issuance of convertible notes and warrants 299,000 1,362,000
Net proceeds from exercise of warrants and options 61,000 648,000
Proceeds from loan payable 152,000 0
Net cash provided by financing activities 542,000 2,010,000
Net decrease in cash (427,000) (674,000)
Cash, beginning of period 479,000 1,153,000
Cash, end of period 52,000 479,000
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0 0
Cash paid during the year for: Income taxes 1,600 1,600
Non-cash investing and financing activities    
Conversion of convertible debentures to common stock 410,000 2,373,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 299,000 $ 1,362,000