Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (2,969,886) $ (2,070,880)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 5,146 5,139
Amortization expense 2,100 2,700
Stock based compensation 112,500
Accretion of debt discount 1,309,703 309,226
Accretion of original issuance costs 146,731 85,875
Modification of warrants (226,929)
Changes in operating assets and liabilities:    
Other current assets (42,345) (5,179)
Accounts payable 34,112 266,147
Accrued payroll and payroll taxes 375,124 29,052
Other current liabilities (1,572) (555)
Net cash used in operating activities (1,255,316) (1,378,475)
Cash flows from investing activities:    
Purchase of property and equipment (860)
Net cash used in investing activities (860)
Cash flows from financing activities:    
Proceeds from short-term convertible notes 1,272,000 1,110,000
Advance from shareholder 45,000
Fees associated with filing of Form S-1 (5,456) (43,498)
Net cash provided by financing activities 1,311,544 1,066,502
Net (decrease) increase in cash 56,228 (312,833)
Cash at beginning of period 8,356 340,956
Cash at end of period 64,584 28,123
Cash paid during the period for:    
Interest
Income taxes
Non-cash investing and financing activities:    
Beneficial conversion feature in conjunction with debt issuance 385,631
Warrants issued to third parties in conjunction with debt issuance 833,708 331,353
Original issue discount issued in conjunction with debt 127,200 52,500
Original issue discount issued in conjunction with extension of debt 305,319  
Common stock issued to third parties in conjunction with conversion of debt 198,000
Conversion of common stock for Series A preferred stock 647
Amortization of warrants issued in connection with a debt modification $ 97,939