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, 2022
Dec. 31, 2021
Cash flows from Operating Activities    
Net loss $ (1,548,000) $ (1,420,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of common stock issued for services 0 40,000
Fair value of common stock issued as compensation 0 20,000
Fair value of options and warrants issued as compensation 127,000 45,000
Amortization of debt discount 149,000 59,000
Accrued interest expense 162,000 124,000
Decrease in operating lease right of use asset 143,000 22,000
Depreciation 4,000 7,000
Gain on partial forgiveness of PPP note payable (63,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (5,000) 32,000
Accounts payable and accrued expenses 16,000 230,000
Accounts payable – license agreements 236,000 235,000
Accrued expenses – related parties 0 (95,000)
Operating lease liabilities (144,000) (21,000)
Net cash used in operating activities (923,000) (722,000)
Cash flows from investing activities    
Purchase of property and equipment (1,000) 0
Net cash used in investing activities (1,000) 0
Cash flows from financing activities    
Net proceeds from sale of common stock 0 128,000
Net proceeds from issuance of convertible notes and warrants 393,000 658,000
Net proceeds from exercise of warrants and options 562,000 0
Principal payment on PPP loan payable (12,000) (2,000)
Net cash provided by financing activities 943,000 784,000
Net increase in cash 19,000 62,000
Cash, beginning of period 114,000 52,000
Cash, end of period 133,000 114,000
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 0 30,000
Recording of operating lease right of use asset and liability 0 165,000
Conversion of convertible notes to common stock, net 59,000 261,000
Value of warrants and beneficial conversion feature associated with issued convertible notes $ 283,000 $ 290,000