Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (2,064,160) $ (1,344,371)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 3,430 3,423
Amortization expense 1,800 1,800
Stock based compensation 75,000
Accretion of debt discount 1,088,849 160,854
Accretion of original issuance costs 102,776 41,455
Modification of warrants (224,362)
Changes in operating assets and liabilities:    
Other current assets (43,220) (45,631)
Accounts payable 12,427 259,464
Accrued payroll and payroll taxes 156,278 68,698
Other current liabilities (85)
Net cash used in operating activities (891,267) (854,308)
Cash flows from investing activities:    
Purchase of property and equipment (859)
Net cash used in investing activities (859)
Cash flows from financing activities:    
Proceeds from short-term convertible notes 882,000 525,000
Advance from shareholder 30,000
Fees associated with filing of Form S-1 (5,456) (3,498)
Net cash provided by financing activities 906,544 521,502
Net (decrease) increase in cash 15,277 (333,665)
Cash at beginning of period 8,356 340,956
Cash at end of period 23,633 7,291
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 578,016 331,353
Original issue discount issued in conjunction with debt 88,200 52,500
Common stock issued to third parties in conjunction with conversion of debt 198,000
Conversion of common stock for Series A preferred stock 611
Amortization of warrants issued in connection with a debt modification $ 97,939