Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from Operating Activities    
Net loss $ (909,000) $ (1,168,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 31,000 41,000
Amortization of debt discount 90,000 194,000
Accrued interest expense 115,000 92,000
Depreciation 3,000 5,000
Gain on partial forgiveness of PPP note payable (63,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,000) 36,000
Lease right of use asset 27,000 13,000
Accounts payable – license agreements 177,000 176,000
Accounts payable and accrued expenses (12,000) 65,000
Accounts payable and accrued expenses – related parties 0 44,000
Lease liabilities (26,000) (12,000)
Net cash used in operating activities (571,000) (514,000)
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 private sale of restricted common stock 0 128,000
Net proceeds from issuance of convertible notes and warrants 393,000 412,000
Net proceeds from issuance of warrants and options 326,000 0
Principal payment on PPP loan payable (9,000) 0
Net cash provided by financing activities 710,000 540,000
Net increase in cash 138,000 26,000
Cash, beginning of period 114,000 52,000
Cash, end of period 252,000 78,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 0 0
Non-cash investing and financing activities    
Adjustment for adoption of ASU 2020-06 0 30,000
Recording of right of use asset and lease liability 0 165,000
Conversion of convertible debentures and accrued interest to common stock 20,000 332,000
Value of warrants issued with convertible notes $ 283,000 $ 156,000