Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net Loss $ (9,163,366) $ (9,105,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
Warrants/stock issued for services rendered 32,775 2,302,044
Warrants and options issued for services - related parties 0 297,248
Gain on forgiveness of debt and accrued interest (122,520) 0
Employee and director equity-based compensation expense 3,377,512 1,248,615
Non-cash lease expense 22,138 620
Amortization of deferred R&D obligations - participation agreements (555,745) 0
Changes in assets and liabilities:    
Prepaid expenses (28,125) (6,672)
Security deposits 0 (3,000)
Accounts payable (905,295) 187,199
Advanced payments for R&D obligations - participation agreements 85,304 1,836,800
Lease liabilities (29,171) 0
Accrued liabilities 483,160 654,460
Net cash (used) in operating activities (6,803,333) (2,588,415)
Cash flows from investing activities:    
Net cash (used) in investing activities 0 0
Cash Flow from Financing Activities:    
Proceeds from loans payable, related parties 0 129,000
Proceeds of loans payable, other 190,500 121,700
Payment of loans payable, other (190,500) 0
Proceeds from sale of common stock warrants - participation agreements 55,697 898,200
Proceeds from exercise of common stock warrants 0 830,400
Proceeds from public sale of common stock 15,644,507 0
Expenses related to public offering (1,697,828) 0
Proceeds from sale of common stock, related party 50,000 0
Proceeds from sales of common stock 1,514,970 400,866
Net cash provided by financing activities 15,567,346 2,380,166
Increase (decrease) in cash 8,764,013 (208,249)
Cash at beginning of period 137,862 346,111
Cash at end of period 8,901,875 137,862
Cash paid during the period for:    
Interest 3,084 0
Income taxes $ 0 $ 0