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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, UNAUDITED - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from Operating Activities    
Net loss $ (9,674,000) $ (449,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of vested stock options and warrants 6,649,000 5,000
Fair value of common stock issued for services 1,403,000 140,000
Fair value of common stock issued as compensation 240,000 0
Amortization of debt discount 46,000 15,000
Accrued interest expense 57,000 49,000
Depreciation and amortization 0 1,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (29,000) 1,000
Accounts payable and accrued expenses 93,000 10,000
Accounts payable – license agreements 59,000 58,000
Net cash used in operating activities (1,156,000) (170,000)
Cash flows from financing activities    
Net proceeds from exercise of warrants 216,000 4,000
Net proceeds from issuance of convertible notes and warrants 1,326,000 181,000
Principal payment on PPP loan payable (10,000) (7,000)
Net cash provided by financing activities 1,532,000 178,000
Net increase in cash 376,000 8,000
Cash, beginning of period 150,000 70,000
Cash, end of period 526,000 78,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 1,600 0
Non-cash investing and financing activities    
Conversion of convertible notes and accrued interest into common stock 2,345,000 77,000
Cashless exercise of warrants applied to settlement of accounts payable 71,000 0
Relative fair value of warrants issued with convertible notes $ 782,000 $ 85,000

Source

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