Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net Loss $ (2,043,000) $ (4,728,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation expense 296,000 275,000
Issuance of common stock for services 0 68,000
Amortization of debt discount 339,000 2,348,000
Accrued interest expense 118,000 44,000
Depreciation and amortization 5,000 5,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 9,000 (211,000)
Accounts payable and accrued expenses 176,000 (158,000)
Accounts payable - license agreements 177,000 123,000
Accounts payable and accrued expenses - related parties 47,000 (50,000)
Deposits and other current liabilities 0 0
Net cash used in operating activities (876,000) (2,284,000)
Cash flows from investing activities    
Purchase of equipment 0 (6,000)
Net cash used in investing activities 0 (6,000)
Cash flows from financing activities    
Net proceeds from private sale of restricted common stock 25,000 0
Net proceeds from issuance of convertible notes and warrants 212,000 1,350,000
Net proceeds from exercise of warrants 61,000 292,000
Net proceeds from PPP Loan 151,000 0
Net cash provided by financing activities 449,000 1,642,000
Net decrease in cash (427,000) (648,000)
Cash, beginning of period 479,000 1,153,000
Cash, end of period 52,000 505,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 0 1,600
Non-cash investing and financing activities    
Conversion of convertible debentures and accrued interest to common stock 375,000 2,354,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes $ 212,000 $ 1,350,000