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, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net Loss $ (3,059,000) $ (4,835,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 435,000 888,000
Issuance of common stock for services 12,000 0
Amortization of debt discount and accrual of interest 955,000 1,713,000
Depreciation and amortization 22,000 19,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 4,000 (6,000)
Accounts payable and accrued expenses (90,000) 497,000
Accounts payable - license agreements 221,000 47,000
Accounts payable and accrued expenses - related parties 24,000 (104,000)
Deposits and other current liabiilities 0 (5,000)
Net cash used in operating activities (1,476,000) (1,786,000)
Cash flows from investing activities    
Purchase of equipment 0 (49,000)
Net cash used in investing activities 0 (49,000)
Cash flows from financing activities    
Net proceeds from private sale of restricted common stock 0 38,000
Net proceeds from issuance of convertible notes and warrants 1,778,000 1,469,000
Net proceeds from exercise of warrants and options 647,000 396,000
Net cash provided by financing activities 2,425,000 1,903,000
Net increase in cash 949,000 68,000
Cash, beginning of period 204,000 136,000
Cash, end of period 1,153,000 204,000
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 579,000 1,528,000
Deposit exchanged to convertible note payable 0 0
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,778,000 $ 1,469,000