v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from Operating Activities    
Net loss $ (1,934,000) $ (1,224,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of warrants issued as compensation 152,000 37,000
Fair value of common stock issued for services 140,000 0
Amortization of debt discount 98,000 103,000
Accrued interest expense 213,000 182,000
Depreciation 1,000 4,000
Gain on partial forgiveness of PPP note payable 0 0
Changes in operating assets and liabilities:    
Operating lease right of use asset 0 0
Prepaid expenses 1,000 7,000
Accounts payable and accrued expenses (73,000) 26,000
Accounts payable – license agreements 235,000 236,000
Operating lease liabilities 0 0
Net cash used in operating activities (1,167,000) (629,000)
Cash flows from investing activities    
Purchase of property and equipment (2,000) 0
Net cash used in investing activities (2,000) 0
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 1,230,000 532,000
Net proceeds from exercise of warrants and options 52,000 52,000
Principal payment on PPP loan payable (33,000) (18,000)
Net cash provided by financing activities 1,249,000 566,000
Net increase (decrease) in cash 80,000 (63,000)
Cash, beginning of period 70,000 133,000
Cash, end of period 150,000 70,000
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 to common stock, net 1,034,000 350,000
Cashless exercise of warrants applied to settlement of accounts payable 18,000 0
Relative fair value of warrants associated with issued convertible notes $ 782,000 $ 231,000

Source

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