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, 2019
Dec. 31, 2018
Cash flows from Operating Activities    
Net Loss $ (5,621,000) $ (3,059,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 383,000 435,000
Issuance of common stock for services 68,000 12,000
Amortization of debt discount and of interest expense 2,514,000 955,000
Depreciation and amortization 7,000 22,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (62,000) 4,000
Accounts payable and accrued expenses (101,000) (90,000)
Accounts payable - license agreements 182,000 221,000
Accounts payable and accrued expenses - related parties (48,000) 24,000
Net cash used in operating activities (2,678,000) (1,476,000)
Cash flows from investing activities    
Purchase of equipment (6,000) 0
Net cash used in investing activities (6,000) 0
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 1,362,000 1,778,000
Net proceeds from exercise of warrants and options 648,000 647,000
Net cash provided by financing activities 2,010,000 2,425,000
Net increase (decrease) in cash (674,000) 949,000
Cash, beginning of period 1,153,000 204,000
Cash, end of period 479,000 1,153,000
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 2,373,000 579,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 1,362,000 $ 1,778,000