Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (21,295,080) $ (1,636,391)
Adjustments to reconcile net loss to net cash used in operating activities:    
(Gain)/Loss on sale of marketable securities (651) 714
Change in fair value of marketable securities (3,771) 371
Change in fair value of derivatives 367,000 (2,251,700)
Change in fair value of warrants 4,410,000 (8,166,000)
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 410,810 769,657
Options issued to key employees 496,494 1,429,693
Options issued to non-employees 63,450 142,565
Change in assets and liabilities    
Prepaid Expenses (491,875) (697,691)
Trade and Other Payables 444,119 (639,381)
Operating Leases (1,481) 168
Deferred Compensation Payable (100,538)
Dividend Payable (1,356,709)
Net cash used by operating activities (8,212,232) (11,047,995)
Cash flows from investing activities:    
Purchases of marketable securities (12,703,405) (13,338,466)
Proceeds from sale of marketable securities 5,500,450 9,250,000
Net cash used by investing activities (7,202,955) (4,088,466)
Cash flows from financing activities    
Redemption of Series F Convertible Preferred Stock (73,472)
Net proceeds from the issuance of Series F Convertible Preferred Stock 14,685,689
Net proceeds from the issuance of Series F-1 Convertible Preferred Stock 5,050,000
Net proceeds from the issuance of Series G Convertible Preferred Stock 8,950,000
Net cash provided by financing activities 13,926,528 14,685,689
Net decrease in cash (1,488,659) (450,772)
Cash and cash equivalents at beginning of period 2,681,010 749,090
Cash and cash equivalents at end of period 1,192,351 298,318
Supplemental cash flow information    
Interest
Income Taxes
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Accrual of Series F Convertible Preferred Stock Dividend 204,194
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
Reclass of warrant liability upon warrant modification for the Series F-1 Warrants 6,965,000
Reclass of warrant liability upon warrant modification for the Series G Warrants $ 12,343,000