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, 2021
Dec. 31, 2020
Cash flows from Operating Activities    
Net loss $ (1,420,000) $ (2,415,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of common stock issued for services 40,000 0
Fair value of common stock issued as compensation 20,000 0
Fair value of options and warrants issued as compensation 45,000 377,000
Amortization of debt discount 59,000 398,000
Accrued interest expense 124,000 145,000
Amortization of operating lease right of use asset 22,000 0
Depreciation 7,000 7,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 32,000 52,000
Accounts payable and accrued expenses 230,000 143,000
Accounts payable – license agreements 235,000 236,000
Accrued expenses – related parties (95,000) 88,000
Operating lease liabilities (21,000) 0
Net cash used in operating activities (722,000) (969,000)
Cash flows from financing activities    
Net proceeds from sale of common stock 128,000 30,000
Net proceeds from issuance of convertible notes and warrants 658,000 299,000
Net proceeds from exercise of warrants and options 0 61,000
(Payment of) proceeds from loan payable (2,000) 152,000
Net cash provided by financing activities 784,000 542,000
Net increase (decrease) in cash 62,000 (427,000)
Cash, beginning of period 52,000 479,000
Cash, end of period 114,000 52,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 1,600 1,600
Non-cash investing and financing activities    
Adjustment for adoption of ASU 2020-06 30,000 0
Recording of operating lease right of use asset and liability 165,000 0
Conversion of convertible notes to common stock, net 261,000 410,000
Value of warrants and beneficial conversion feature associated with issued convertible notes $ 290,000 $ 299,000