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, 2022
Jun. 30, 2021
Cash flows from Operating Activities    
Net loss $ (472,000) $ (645,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 27,000 18,000
Amortization of debt discount and accrued interest 125,000 158,000
Depreciation 1,000 3,000
Gain on partial forgiveness of PPP note payable (63,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,000) (5,000)
Decrease in operating lease right of use asset 17,000 3,000
Accounts payable and accrued expenses 109,000 45,000
Accounts payable – license agreements 118,000 117,000
Accounts payable and accrued expenses – related parties 0 44,000
Operating lease liabilities (16,000) (3,000)
Net cash used in operating activities (158,000) (265,000)
Cash flows from investing activities    
Purchase of property and equipment (1,000) 0
Net cash used in investing activities (1,000) 0
Cash flows from financing activities    
Net proceeds from private sale of restricted common stock 0 128,000
Net proceeds from issuance of convertible notes and warrants 0 238,000
Net proceeds from exercise of warrants 98,000 0
Net cash provided by financing activities 98,000 366,000
Net increase (decrease) in cash (61,000) 101,000
Cash, beginning of period 114,000 52,000
Cash, end of period 53,000 153,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 0 0
Non-cash investing and financing activities    
Adjustment for adoption of ASU 2020-06 0 30,000
Conversion of convertible debentures to common stock 6,000 0
Recording of right of use asset and lease liability 0 165,000
Conversion of convertible debentures and accrued interest to common stock 0 133,000
Value of warrants issued with convertible notes $ 0 $ 99,000