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 ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (19,365,689) $ (5,679,385)
Adjustments to reconcile net loss to net cash used in operating activities:    
(Gain)/Loss on sale of marketable securities (100) 214
Change in fair value of marketable securities 975 2,695
Change in fair value of derivatives 11,000 315,200
Change in fair value of warrants 4,393,000 (2,810,000)
Loss on issuance of Series F-1 Convertible Preferred Stock 3,737,000
Loss on issuance of Series G Convertible Preferred Stock 5,109,000
Stock based compensation    
Options issued to directors 345,056 559,224
Options issued to key employees 558,355 1,044,550
Options issued to non-employees 53,581 142,565
Change in assets and liabilities    
Prepaid Expenses (398,154) (949,973)
Trade and Other Payables 900,295 (516,769)
Operating Leases (1,481) 162
Deferred Compensation Payable 231,454
Dividends Payable (154,843)
Net cash used by operating activities (4,580,551) (7,891,517)
Cash flows from investing activities:    
Purchases of marketable securities (12,539,455) (13,199,409)
Proceeds from sale of marketable securities 2,250,360 5,749,970
Net cash consumed by investing activities (10,289,095) (7,449,439)
Cash flows from financing activities    
Redemption of Series F Convertible Preferred Stock (73,472)
Dividends on Series F Convertible Preferred Stock (1,133,762)
Premium on Series F Convertible Preferred Stock (68,104)
Proceeds from issuance of Series F Convertible Preferred Stock 14,685,689
Proceeds from issuance of Series F-1 Convertible Preferred Stock 5,050,000
Proceeds from the issuance of Series G Convertible Preferred Stock 8,950,000
Net cash provided by financing activities 12,724,662 14,685,689
Net decrease in cash (2,144,984) (655,267)
Cash at beginning of period 2,681,010 749,090
Cash at end of period $ 536,026 $ 93,823
Supplemental cash flow information    
Cash paid for: $ $
Interest
Income Taxes
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Issuance of common stock for redemptions of Series F Convertible Preferred Stock 155,137 511,889
Accrual of Series F Convertible Preferred Stock Dividend 403,758 532,129
Accrual of Series F-1 Convertible Preferred Stock Dividend 54,813
Accrual of Series G Convertible Preferred Stock Dividend 97,145
Initial fair value of warrant liabilities pursuant to the issuance of Series F Convertible Preferred Stock and Warrants 10,623,000
Initial fair value of derivative liabilities pursuant to the issuance of Series F Convertible Preferred Stock and Warrants 3,149,800
Initial fair value of warrant liabilities pursuant to the issuance of Series F-1 Convertible Preferred Stock and Warrants 7,933,000
Initial fair value of derivative liabilities pursuant to the issuance of Series F-1 Convertible Preferred Stock and Warrants 854,000
Initial fair value of warrant liabilities pursuant to the issuance of Series G Convertible Preferred Stock and Warrants 14,059,000
Reclass of warrant liability upon warrant modification for the Series F Warrants $ 7,961,000