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 from ongoing operations $ (29,889,045) $ (9,487,824)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued interest/dividends (3,024) 177,556
Accretion of debt discount 608,460 1,191,859
Amortization of intangible assets 18,334
Gain on sale of marketable securities (39,597)
Unrealized loss on marketable securities 42,793
Gain on forgiveness of debt (180,258)
Stock based compensation:    
Stock option modification expense 15,036,051 2,009,145
Common stock options 855,000
Stock issued to non-employees 90,002
Change in assets and liabilities    
Prepaid expenses (912,815) 16,254
Trade and other payables (4,268,961) 557,286
Operating leases (81) (1,156)
Net cash used by operating activities (19,516,475) (4,663,546)
Cash flows from investing activities:    
Purchases of marketable securities (13,403)
Proceeds from sale of marketable securities 18,483,176
Net cash received in business combination 1,380,852
Net cash provided by investing activities 19,850,625
Cash flows from financing activities    
Repayment of the line of credit – related party (3,062,444)
Net proceeds from borrowings 120,000 1,426,731
Net proceeds from note payable 1,826,137 1,200,000
Net proceeds from issuance of common stock 1,980,000
Net proceeds from the Payroll Protection Program 70,600
Net proceeds from the exercise of warrants for common stock 1,189,840
Net cash provided by financing activities 73,533 4,677,331
Net increase in cash and cash equivalents 407,683 13,785
Cash and cash equivalents at beginning of year 148,284 134,499
Cash and cash equivalents at end of year 555,967 148,284
Supplemental cash flow information    
Interest 271,800
Income Taxes
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Operating lease right-of-use asset obtained in exchange for lease obligation 141,387 527,195
Stock options issued and modified recorded as deferred financing charges 1,719,477
Investment in Oravax Medical, Inc. $ 1,500,000