Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Loss from continuing operations $ (7,793,897) $ (3,119,530)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 122,152 110,463
Write-off of capitalized patents 20,660 14,707
Stock-based compensation 868,648 184,339
Stock issued for services 50,000 0
Warrant inducement expense 3,720,866 0
Decrease (increase) in operating assets:    
Accounts receivable (170,287) 0
Prepaid expenses and other assets 147,185 85,729
Increase (decrease) in operating liabilities:    
Accounts payable (80,972) 88,753
Accrued expenses 96,613 104,956
Net cash used in operating activities (3,019,032) (2,530,583)
Net cash used in operating activities - discontinued operations 0 (688,074)
Cash flows from investing activities:    
Purchase of property and equipment (13,940) (4,253)
Acquisition of intangible assets (53,220) (99,845)
Net cash used in investing activities (67,160) (104,098)
Net cash provided by investing activities - discontinued operations 0 23,587
Cash flows from financing activities:    
Proceeds from loans 91,407 0
Net proceeds from exercise of warrants 3,094,359 0
Net proceeds from issuance of common stock and pre-funded warrants 0 3,098,773
Net cash provided by financing activities 3,185,766 3,098,773
Net increase in cash and cash equivalents - continuing operations 99,574 464,092
Net decrease in cash and cash equivalents - discontinued operations 0 (664,487)
Cash and cash equivalents at beginning of year 3,057,682 3,258,077
Cash and cash equivalents at end of year $ 3,157,256 $ 3,057,682