Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (1,341,036) $ (678,046)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,715 1,704
Amortization expense 900 900
Stock based compensation 37,500
Accretion of debt discount 791,708 52,257
Accretion of original issuance costs 42,737 16,522
Modification of warrants (15,806)
Changes in operating assets and liabilities:    
Other current assets (28,219) (10,170)
Accounts payable (62,432) 156,473
Accrued payroll and payroll taxes 11,000
Other current liabilities (640) 789
Net cash used in operating activities (562,573) (459,571)
Cash flows from investing activities:    
None
Net cash used in investing activities
Cash flows from financing activities:    
Proceeds from short-term convertible notes 882,000 200,000
Fees associated with filing of Form S-1 (5,456)
Net cash provided by financing activities 876,544 200,000
Net (decrease) increase in cash 313,971 (259,571)
Cash at beginning of period 8,356 340,956
Cash at end of period 322,327 81,385
Cash paid during the period for:    
Interest
Income taxes
Non-cash investing and financing activities:    
Beneficial conversion feature in conjunction with debt issuance 303,984
Warrants issued to third parties in conjunction with debt issuance 578,016 162,362
Original issue discount issued in conjunction with debt $ 88,200 $ 20,000