Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss from ongoing operations $ (3,999,950) $ (15,197,336)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain (loss) on sale of marketable securities (416) 5,964
Change in fair value of marketable securities (514) (2,958)
Change in fair value of derivatives (3,088,800)
Change in fair value of warrants (9,756,000)
Stock based compensation:    
Options issued to directors 944,834
Options issued to key employees 1,962,138 338,922
Options issued to non-employees 142,565 105,420
Warrants issued for services 84,851
Restricted stock units to non-employees 165,997
Change in assets and liabilities    
Prepaid expenses (327,439) 540,560
Trade and other payables 1,042,997 1,686,595
Operating leases (578) 1,917
Deferred compensation payable 100,538
Net cash used by operating activities (12,980,625) (12,270,068)
Cash flows from investing activities:    
Purchases of marketable securities (13,454,304) (4,836,837)
Proceeds from sale of marketable securities 15,300,030 11,750,000
Net cash provided by investing activities 1,845,726 6,913,163
Cash flows from financing activities    
Redemption of Series F Convertible Preferred Stock (89,635)
Dividends on Series F Convertible Preferred Stock (1,452,145)
Premium on Series F Convertible Preferred Stock (77,090)
Net proceeds from the issuance of preferred stock 14,685,689
Net proceeds from issuance of common stock 5,550,028
Net cash provided by financing activities 13,066,819 5,550,028
Net increase in cash and cash equivalents 1,931,920 193,123
Cash and cash equivalents at beginning of year 749,090 555,967
Cash and cash equivalents at end of year 2,681,010 749,090
Supplemental cash flow information    
Interest 13,322
Income Taxes
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Operating lease right-of-use asset obtained in exchange for lease obligation 53,196
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