v3.26.1
Condensed Consolidated Statements of Cash Flows, Unaudited - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from Operating Activities    
Net loss $ (2,944,000) $ (11,813,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of vested stock options and warrants 1,290,000 6,740,000
Stock-based compensation expense – warrant modification 25,000 25,000
Fair value of common stock issued for services 345,000 1,451,000
Fair value of common stock issued as compensation 75,000 240,000
Amortization of debt discount 6,000 141,000
Accrued interest expense 67,000 91,000
Depreciation and amortization 0 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (38,000) (21,000)
Accounts payable and accrued expenses (54,000) 182,000
Accounts payable – license agreements 0 118,000
Net cash used in operating activities (1,228,000) (2,360,000)
Cash flows from financing activities    
Net proceeds from exercise of options and warrants 1,342,000 727,000
Net proceeds from issuance of convertible notes and warrants 0 2,285,000
Principal payment on PPP loan payable 0 (24,000)
Net cash provided by financing activities 1,342,000 2,988,000
Net increase in cash 114,000 628,000
Cash, beginning of period 6,000 150,000
Cash, end of period 120,000 778,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 1,600 1,600
Non-cash investing and financing activities    
Conversion of convertible notes and accrued interest into common stock 233,000 3,803,000
Cashless exercise of warrants applied to settlement of accounts payable 25,000 99,000
Relative fair value of warrants issued with convertible notes $ 0 $ 1,430,000

Source

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